Bank Maharashtra Home Loan Interest Rate 2020

Bank of Maharashtra Home Loan

Bank of Maharashtra offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Bank of Maharashtra Housing loan rate of interest is best in the market.

Home Loan Interest Rates Bank of Maharashtra

Bank of Maharashtra home loan interest rates are in the range of 8.50% to 8.80%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 8.50%.

Products	Interest Rates
Bank of Maharashtra Home Loan Floating	8.50% - 8.80%

Lowest Bank Maharashtra Home Loan Rate	8.50% Compare with Other Banks
Interest Rate Linked to	MCLR
Processing Fee	Upto 0.50%
Max Tenure	30 years
Lowest EMI	₹ 769 per lakh
Prepayment Charges	Allowed with Nil charges for floating rate loans Check Prepayment Rules
Age	Min 21 and Max 60 years for Salaried Min 21 and Max 65 years for Self Employed

Latest Bank Maharashtra home loan rate starts from 8.50% , as applicable based on the 1 Year MCLR, which is 8.25%, last announced on 07th Jan 20. Any change in MCLR will translate into a similar change in the bank’s home finance rate.

• Loan amount: Housing loan rate in Bank of Maharashtra depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
• Your Salary: Income helps in identifying the amount of loan that you can be eligible for. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate as higher will be the loan amount.
• Type of loan opted for: Bank of Maharashtra also offers differential rates for women borrowers under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers as per its features.
• Existing bank customers: Bank of Maharashtra offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

Bank of Maharashtra Home Loan Processing Fee and Other Charges

In addition to interest rates, home finance from Bank of Maharashtra also carry some other charges which include:

• Processing Fee - Bank of Maharashtra applies 0.50% processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.
• Technical and Legal Charges - Bank of Maharashtra also charges technical and legal charges which are explained to the customer during the loan process. Once you go through the loan application process, you will need to pay these charges based on Bank of Maharashtra rules.
• Prepayment Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Bank of Maharashtra. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with Bank of Maharashtra at Nil charges.

Affordable Housing Loan Scheme by Bank of Maharashtra

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) Pradhan Mantri Awas Yojana: Launched in 2015 to provide houses to the homeless. You can apply for PMAY scheme at Bank of Maharashtra if you fulfil the eligibility criteria.

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: Its 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 encourage 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.

If you want to get a housing loan from Bank of Maharashtra, the process of getting the loan is fairly easy. All you need to do is to apply for a home loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online, and Bank of Maharashtra’s representatives will get in touch to begin the process of getting a home finance. You will also be assisted by MyLoanCare’s housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from Bank of Maharashtra.

You can also make a comparison of Bank of Maharashtra’s Home Loan Interest rates and other charges using the MyLoanCare comparison tool. Once you apply online, you can check the real time status of your home loan application in your customer account section of MyLoanCare.

Bank Maharashtra Home Loan Documents

• 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

• 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

Maximum Annual Percentage Rate (APR)

8.5% to 8.8%

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: Rs. 1 Lakh Time period: 5 years to 30 years Bank of Maharashtra Home Loan Interest Rate: 8.50% to 8.80% Processing Fee payable to Bank of Maharashtra: Upto Rs. 10,000. Current offer for processing fee is Upto 0.50% Fee payable to MyLoanCare: NIL Total Monthly Cost – From Rs. 769 for a 30 years Rs. 1 Lakh loan at 8.50% (lowest rate, longest time period) to Rs. 2,066 for a 5 years Rs. 1 Lakh loan at 8.80% (highest rate, shortest time period). This is inclusive of principal repayment. Annual Percentage Rate (APR) of charge including all applicable fees: 8.5% to 8.8% Total cost payable over loan tenure: Rs. 33,968 for 5 years loan to Rs. 1.87 Lakh for 30 years loan Bank of Maharashtra’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Bank of Maharashtra.

Frequently Asked Questions