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Bank Maharashtra Home Loan Eligibility Calculator

Home Loan Eligibility Calculator Bank of Maharashtra 2022

Last Updated 10th May 2022

Eligibility CriteriaBank of Maharashtra Home Loan
Eligible Age of Borrower21 - 60 years
Work Experience for Salaried1 years
Business Stability for Self Employed1 years
Home Loan Eligibility Calculator

What is Bank Maharashtra Home Loan Eligibility?

Bank Maharashtra offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Bank Maharashtra home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a Bank Maharashtra home loan using the Bank Maharashtra home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by Bank Maharashtra?

Bank Maharashtra Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

Bank Maharashtra Home Loan Eligibility Based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum Bank of Maharashtra home loan age limit to get a Bank of Maharashtra home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. Bank of Maharashtra offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

Bank Maharashtra Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much Bank of Maharashtra home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 7.00% offered by Bank of Maharashtra, the loan amount that you will be eligible for would be ₹ 28,81,557 to ₹ 52,23,101 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 57,63,114 to ₹ 1,04,46,202 for the same property at the same rate depending on your age at the time of loan application. However, Bank of Maharashtra asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years52.23 Lakh78.35 Lakh1.04 Cr
30 years52.23 Lakh78.35 Lakh1.04 Cr
35 years48.81 Lakh73.21 Lakh97.62 Lakh
40 years44.11 Lakh66.17 Lakh88.22 Lakh
45 years37.66 Lakh56.50 Lakh75.33 Lakh
50 years28.82 Lakh43.22 Lakh57.63 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your Bank of Maharashtra home loan eligibility.

  • Nature of employment: Bank of Maharashtra will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Bank of Maharashtra requires minimum income history and job stability of more than 1 years for salaried individuals and of 1 years for self-employed individuals.

Home Loan Eligibility Bank of Maharashtra based on Value of Property

  • Value of property: Bank of Maharashtra does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Bank of Maharashtra's legal team.

The housing loan eligibility calculator of Bank of Maharashtra can be a useful tool to assess your eligibility for the loan.

Bank Maharashtra Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Bank of Maharashtra to determine your home loan eligibility. Bank of Maharashtra considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an Bank of Maharashtra home loan is 0.65. Calculate your eligibility with the Bank of Maharashtra home loan calculator and apply for the eligible loan amount hassle-free.

Bank of Maharashtra Home Loan Eligibility for Women

In the case of a sole woman applicant, Bank of Maharashtra offers a concessional home loan rate of 6.35% for women borrowers, although the eligibility criteria are the same for them. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for Bank Maharashtra Home Loan

Bank Maharashtra considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from Bank Maharashtra. However, a low CIBIL score reduces your chances to get a home loan. Bank Maharashtra requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance Bank Maharashtra Home Loan Eligibility?

You can enhance the Bank Maharashtra home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use Bank Maharashtra’s Home Loan Eligibility Calculator?

To check Bank of Maharashtra home loan eligibility perform the following steps:-

  • Go to the Bank of Maharashtra website
  • Now navigate to the option Bank of Maharashtra home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number 1800-233-4526/ 1800-102-2636.


What is the criteria to get Bank of Maharashtra home loan?

The basic criteria to get a home loan from Bank of Maharashtra are as following:

Age21 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Bank of Maharashtra?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Bank of Maharashtra?

The minimum salary required to avail home loan from Bank of Maharashtra is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Bank of Maharashtra.

Is Bank of Maharashtra good for home loan?

The lowest interest rate provided by Bank of Maharashtra is 6.35% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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Bank Maharashtra Home Loan News - May 2022
  • 2022-02-10 : Bank of Maharashtra Tops PSU lenders Chart in Q3
    State-owned Bank of Maharashtra has emerged as the top performer among public sector lenders in terms of loans and savings deposit growth during the third quarter of the current financial year. The bank recorded a 22.9 per cent increase in gross advances at Rs 1,29,006 crore in the October-December period of 2021-22, as per the data published by the bank.
  • 2021-12-13 : Bank of Maharashtra Revises Home Loan Rates
    Bank of Maharashtra has cut home loan rates to 6.40% from 13th December 2021. Earlier, the lowest home loan rates were 6.80%.
  • 2021-10-22 : Bank of Maharashtra Q2 Profit Jumps To 103 percent
    Bank of Maharashtra posted a 102.71 percent Y-o-Y rise in its net profit to Rs 264 crore for the September quarter (Q2). The net interest margin improved to 3.27 percent on a Y-o-Y basis against 2.3% in the comparable quarter last year. Net interest income increased by 33.84 percent to Rs 1,500 crore, compared with Rs 1,120 crore during Q2FY21.
  • 2021-08-16 : Bank of Maharashtra emerge as a top performer
    Bank of Maharashtra has emerged as a top performer among public sector lenders in terms of loans and deposits. The bank has recorded 14.46 percent increase in gross advances at Rs 1,10,592 lakh crore in April-June period of 2021-22.
  • 2021-08-10 : Bank of Maharashtra offers Retail Bonanza-Monsoon Dhamaka
    State-run bank, Bank of Maharashtra has waived off processing fees on gold loans, car loans and home loans till September 30, 2021. The lender is also offering a lower interest rate on car loans and home loans, the interest rate starts at 7.30% and 6.90%, respectively.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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