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Bank Maharashtra Home Loan Interest Rates 2021

Bank of Maharashtra Housing Loan Interest Rate

Last Updated 26th Mar 2021

Current Bank of Maharashtra Home loan interest rates for Apr 2021 starts at 7.00% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is NIL. Bank of Maharashtra offers a special discount of 0.05% on interest rates for women borrowers.

Loan AmountBank of Maharashtra Home Loan Floating RateRate for Female Borrower
Upto ₹ 30 Lakh7.05%7.00%
₹ 30 Lakh - ₹ 75 Lakh7.05%7.00%
₹ 75 Lakh - ₹ 1 Cr7.05%7.00%
Above ₹ 1 Cr7.05%7.00%
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Bank of Maharashtra Home Loan Interest Rates

Bank of Maharashtra offers various products on home loan. Bank of Maharashtra home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • Bank of Maharashtra Home Loan Interest Rate starts from 7.00%.
  • Bank of Maharashtra charges a processing fees of NIL.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Bank of Maharashtra is ₹ 665 per lakh offered at the lowest interest rate of 7.00% at the longest loan tenure of 30 years.
  • Bank of Maharashtra allows prepayment of home loans with Nil charges on floating rate loans.
  • Bank of Maharashtra has an average customer rating of 2.5/5.0 from customers who have taken a home loan from the bank.

Bank of Maharashtra Home Loan Rate

Current Bank of Maharashtra home loan interest rates are in the range of 7.00% to 8.05%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 7.00%. The table below gives the interest rates on various housing finance schemes of Bank of Maharashtra.

Bank of Maharashtra Home Loan Scheme Interest Rates
Bank of Maharashtra Home Loan Floating7.00% - 8.05%

Bank of Maharashtra Home Loan Charges

Bank of Maharashtra Home Loan Processing Fee

The bank charges a minimum processing of ₹ 3,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to Bank of Maharashtra housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Bank Maharashtra Home Loan Documents

Documents for Salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Bank of Maharashtra Pradhan Mantri Awas Yojana

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at Bank of Maharashtra if you fulfil the eligibility criteria. Know more about PMAY Scheme

b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

Illustration on Bank of Maharashtra Home Loan Interest Rate
Maximum Annual Percentage Rate (APR) 7% to 8.05%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 30 Years
  • Bank of Maharashtra Home Loan Interest Rate: 7.00% to 8.05%
  • Processing Fee payable to: Upto ₹ 0
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 665 for 30 Years ₹ 1,00,000 loan at 7.00% (lowest rate, longest time period) to ₹ 2,030 for 5 Years ₹ 1,00,000 loan at 8.05% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 7% to 8.05%
  • Total cost payable over loan tenure: ₹ 18,807 for 5 Years loan to ₹ 1,39,508 for 30 Years loan

FAQs

What is Bank Maharashtra Home Loan interest rate?

Bank Maharashtra Home Loan interest rate ranges between 7.00% to 8.05%.

Why should I opt for balance transfer to Bank of Maharashtra?

Bank of Maharashtra offers competitive Home Loan rates with the best EMI of ₹ 665 per lakh availed at a low-interest rate of 7.00% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 665 per lakh, you should consider the option for a loan transfer to Bank of Maharashtra from your existing bank. EMIs can be calculated through Bank of Maharashtra Home Loan EMI calculators.

Do I get tax benefits on a Home Loan from Bank of Maharashtra?

As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

What is the effect of part prepayments on Bank of Maharashtra housing finance EMI ?

Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

How to increase my eligibility on Bank of Maharashtra housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

  • Bank of Maharashtra offers RBI Repo Rate linked Home Loan which starts at 7.00%. Current Repo Rate of RBI is 4.00%. Bank adds a mark up on RBI’s repo rate which is called Bank of Maharashtra Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 3% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the Bank Maharashtra Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then Bank of Maharashtra Repo Rate linked Home Loan rate will cut from 7.00% to 6.85%.

What is the current Bank of Maharashtra Home Loan rate?

The current Bank Maharashtra Home Loan rate starts from 7.00% with a processing fee of NIL


Bank of Maharashtra Home Loan Reviews 2.5/5  by 1 customers
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Bank of Maharashtra Home Loan News - Apr 2021
  • 2021-03-26 : Bank of Maharashtra opened 6 more branches
    Bank of Maharashtra opened additional 6 branches. The Bank is aiming to serve its large customer base and increase its loan portfolio which includes home, personal, LAP, Business, gold, two-wheeler and car loan.
  • 2021-02-23 : Bank of Maharashtra waived its processing fee
    Bank of Maharashtra reduced the processing fee of home and car loans to zero. The primary aim of the move is to lure the borrower and increase the credit portfolio.
  • 2021-01-19 : Bank of Maharashtra reported Q3 profit up of ₹154 crore
    Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
  • 2020-10-20 : Bank of Maharashtra reported Q2FY21 PAT of Rs. 130.44 crores
    Bank of Maharashtra reported total income of Rs.3319.34 crores backed by retail loans like home, personal, gold, two-wheeler, car loans along with mudra and business loan during the period ended September 30, 2020. Further, the bank posted a net profit of Rs.130.44 crores for the period ended September.
  • 2020-09-30 : Bank of Maharashtra waives off processing fee for gold, housing and car loans
    Bank of Maharashtra announced the launch of a festive bonanza that offers attractive benefits to its customers. The bank further waived off processing fee for gold, housing and car loans.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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