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Bank Maharashtra Home Loan Interest Rates 2021

Bank of Maharashtra Housing Loan Interest Rate -Today

Last Updated 21st Jun 2021

Current Bank of Maharashtra Home Loan interest rates Jul 2021 starts at 6.90% p.a. for a maximum tenure of 30 years. The processing fee on its housing loans is Upto 0.25%. 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 Lakh6.95%6.90%
₹ 30 Lakh - ₹ 75 Lakh6.95%6.90%
₹ 75 Lakh - ₹ 1 Cr6.95%6.90%
Above ₹ 1 Cr6.95%6.90%
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

Current Bank of Maharashtra Home Loan Rate

Today Bank of Maharashtra home loan interest rates are in the range of 6.90% to 7.90%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 6.90%.

Below-mentioned are Bank of Maharashtra home loan rates for multiple housing schemes.

Bank of Maharashtra Home Loan Scheme Interest Rates
Bank of Maharashtra Home Loan Floating6.90% - 7.90%

Bank Maharashtra Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in Bank Maharashtra for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate Rate for women Borrowers
Upto ₹ 30 Lakh 6.95% 6.90%
₹ 30 Lakh - ₹ 75 Lakh 6.95% 6.90%
₹ 75 Lakh - 1 Cr 6.95% 6.90%
Above ₹ 1 Cr 6.95% 6.95%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate Rate for women Borrowers
Upto ₹ 30 Lakh 7.05% 7.00%
₹ 30 Lakh - ₹ 75 Lakh 7.05% 7.00%
₹ 75 Lakh - 1 Cr 7.05% 7.00%
Above ₹ 1 Cr 7.05% 7.05%

Bank of Maharashtra Home Loan Processing Fee and Other Charges

Bank of Maharashtra home loan processing charges are upto 0.25% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to 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.

Processing Fees Upto 0.25% of the loan amount;
Foreclosure Charges Nil for floating rate home loans

Bank Maharashtra Home Loan Balance Transfer Interest Rates

Bank of Maharashtra home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Bank of Maharashtra at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, Bank of Maharashtra offers the lowest home loan balance transfer rate of 6.90%.

Illustration on Home Loan Interest Rate Bank of Maharashtra
Maximum Annual Percentage Rate (APR) 6.91% to 7.91%
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: 6.90% to 7.90%
  • Processing Fee payable to: Upto ₹ 250
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 659 for 30 Years ₹ 1,00,000 loan at 6.90% (lowest rate, longest time period) to ₹ 2,023 for 5 Years ₹ 1,00,000 loan at 7.90% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 6.91% to 7.91%
  • Total cost payable over loan tenure: ₹ 1,18,775 for 5 Years loan to ₹ 2,37,346 for 30 Years loan


What is Bank Maharashtra Home Loan Interest Rate?

Bank Maharashtra Home Loan interest rate ranges between 6.90% to 7.90%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has Bank Maharashtra reduced home loan rates?

As per the current rates, Bank Maharashtra has cut its home loan rates by 0.1% from 7.00% to 6.90%, which is one of the best rates in the market. The new rates are effective from 01 Apr, 2021.

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

Bank of Maharashtra offers lowest Home Loan EMI of ₹ 659 per lakh availed at the lowest interest rate 6.90% for a maximum tenure of 30 years. you are paying an EMI more than ₹ 659 per lakh, you should consider the option for a loan transfer to Bank of Maharashtra from your existing bank.

  • Bank of Maharashtra offers RBI Repo Rate linked Home Loan which starts at 6.90%. Current Repo Rate of RBI is 4.00%. The 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 2.9% 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 the 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 6.90% to 6.75%.

What is the current Bank of Maharashtra Home Loan rate?

The current Bank Maharashtra Home Loan rate starts from 6.90% with a processing fee of Upto 0.25%.Bank Maharashtra housing loan rate varies across the applicant’s eligibility and the scheme they opt for. Bank Maharashtra offers different home loan rates for different home loan products.

Can Bank of Maharashtra housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with Bank Maharashtra to lower the home loan rates.

What are the interest rates of home improvement loans in Bank Maharashtra?

You can avail of Bank Maharashtra home loans for home improvement at regular home loan rates starting at 6.65%.

Can Bank Maharashtra revise the home loan interest rates for their existing customers?

Bank Maharashtra home loan rates change for the existing customers if they have availed home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does Bank Maharashtra offer a concessional home loan interest rate for women?

Yes, Bank Maharashtra offers special home loan interest rates for women. As against Bank Maharashtra home loan rates for male which is 6.95%, the home loan interest rate for women starts at 6.90%.

What is the Bank Maharashtra home loan rate of ₹ 25 Lakh for 15 years?

Bank Maharashtra home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, Bank Maharashtra provides home loan interest rate starting at 6.65%.

At what interest rate does an Bank Maharashtra employee get a home loan?

Bank Maharashtra offers concessional home loan rates of about 1% than the current home loan rates to Bank Maharashtra employees.

Is Bank of Maharashtra home loan a floating rate loan or fixed-rate loan?

Bank Maharashtra home loan is offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.

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Bank of Maharashtra Home Loan News - Jul 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.
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