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Bank Maharashtra Home Loan Interest Rates 2022

Bank of Maharashtra Housing Loan Interest Rate -Today

Last Updated 10th May 2022

  • Current Bank of Maharashtra Home Loan interest rates May 2022 starts at 6.35% p.a. for a maximum tenure of 30 years.
  • The processing fee on Bank of Maharashtra housing loans is Upto 0.25%. Check Best Offers.
  • Bank of Maharashtra offers a special discount of 0.05% on interest rates for women borrowers.
  • Use Bank of Maharashtra home loan interest calculator to calculate EMI on lowest rates.
Interest Rate General 6.40% - 7.80%
Interest Rates for Women 6.35% - 6.35%
Benchmark rate RLLR
Processing Fees NIL
Part Payment/Foreclosure Charges Nil for floating rate home loans
Balance Transfer Rates 6.50%
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Voucher

Bank of Maharashtra Home Loan Interest

Bank of Maharashtra offers home loans to both salaried individuals and self-employed at a minimum rate starting at 6.35%. Apart from the interest rate, the bank also has various other charges such as Bank of Maharashtra processing fee and foreclosure and prepayment fee for closing or prepaying the loan before the loan tenure ends.

  • Current Bank of Maharashtra Bank housing loan interest rates range between 6.40% to 7.80% for male borrowers.
  • Bank of Maharashtra home loan interest for women borrowers is less than the general housing loan rates and starts at 6.40%.
  • Existing customers can get the lowest Bank of Maharashtra bank home loan rate by negotiation with the bank.

Bank of Maharashtra Housing 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. 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;
Part Prepayment Charges Allowed
Foreclosure Charges Nil for floating rate home loans

Interest Rates on Bank Maharashtra Home Loans Schemes

Bank of Maharashtra offers a housing loan interest rate of 6.35%. If you want to avail of the home loan at the lowest rates, you should have a good CIBIL score, debt-income ratio and repayment capacity. In addition, Bank of Maharashtra home loan interest rates are lower for existing customers of the bank and individuals who are working with reputed corporations with a stable employment history.

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

Bank of Maharashtra Home Loan Scheme IR Salaried (Male) IR Salaried (Female) IR Self-employed (Male) IR Self-employed (Female)
Bank of Maharashtra Home Loan Floating 6.40% 6.40% 6.65% 6.65%

Bank Maharashtra Home Loan Interest Rate for Salaried and Self-Employed

The home loan interest rates in Bank Maharashtra for salaried and self-employed is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 30 Lakh 6.40%
₹ 30 Lakh - ₹ 75 Lakh 6.40%
₹ 75 Lakh - 1 Cr 6.40%
Above ₹ 1 Cr 6.40%

Housing Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 30 Lakh 6.65%
₹ 30 Lakh - ₹ 75 Lakh 6.65%
₹ 75 Lakh - 1 Cr 6.65%
Above ₹ 1 Cr 6.65%

Bank Maharashtra Bank Home Loan Interest Rate For Women & Govt Employee

Loan Amount Bank Maharashtra Home Loan Interest For Women Bank Maharashtra Home Loan Interest For Govt Employee
Upto ₹ 30 Lakh 6.35% 6.40%
₹ 30 Lakh - ₹ 75 Lakh 6.35% 6.40%
₹ 75 Lakh - 1 Cr 6.35% 6.40%
Above ₹ 1 Cr 6.40% 6.40%

Bank Maharashtra Home Loan Balance Transfer Interest Rates

Bank of Maharashtra home loan balance transfer facility is ideal for existing home loan customers paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Bank of Maharashtra at a lower interest rete without closing the account. However, you 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 loan balance transfer rate of 6.50%.

Illustration on Home Loan Interest Rate Bank of Maharashtra
Maximum Annual Percentage Rate (APR) 6.36% to 7.81%
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: 6.35% to 7.80%
  • Processing Fee payable to: Upto ₹ 250
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 622 for 30 Years ₹ 1,00,000 loan at 6.35% (lowest rate, longest time period) to ₹ 2,018 for 5 Years ₹ 1,00,000 loan at 7.80% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 6.36% to 7.81%
  • Total cost payable over loan tenure: ₹ 1,17,226 for 5 Years loan to ₹ 2,24,256 for 30 Years loan

Bank Maharashtra Home Loan Rate Trends (Historical)

Bank of Maharashtra has reduced interest rates on home loans by 0.55% on 27 Sep, 2021. After the cut in Bank of Maharashtra home loan rates, the latest rates start from 6.35%. The past home loan interest rate trend of Bank of Maharashtra is as below:
Last Revised Date Lowest Home Loan Interest Rate of Bank Maharashtra Rate Difference
27 Sep, 20216.90% -0.55%
03 Sep, 20216.90% -0.55%
06 Jul, 20216.90% -0.55%

FAQs

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

Bank of Maharashtra offers home loans at both fixed and floating rates. In the case of the fixed rate, the interest remains the same throughout the tenure. On the other hand, the home loan rates vary as per the market fluctuations for floating home loan rates.

What is the Bank of Maharashtra home loan interest rate for existing customers?

Existing customers of Bank of Maharashtra who have any other loan accounts or investment accounts in Bank of Maharashtra can get a discounted rate than the general Bank of Maharashtra bank home loan interest rate. The current Bank of Maharashtra home finance rate of interest is 6.35%.

What is the Bank of Maharashtra home loan rate today?

Bank of Maharashtra offers home loan interest rate today is in the range of 6.35% to 7.80%. The bank does not charge any processing fees on the home loan amount. You can get the lowest Bank of Maharashtra interest rate if you have a good CIBIL and existing relationship with the bank.

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

Bank of Maharashtra offers the lowest balance transfer rates on housing loans. At the lowest rates, your housing loan EMI will be ₹ 622. If you are paying an EMI of more than ₹ 622, you should transfer your outstanding loan from the existing bank to Bank of Maharashtra. Apart from the discounted rates, you can also avail of flexible loan tenure, top-up loans and other benefits.

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 Bank Maharashtra interest rates. Apart from the home loan rates, you can also negotiate over the processing fee.

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 6.40%, the home loan interest rate for women starts at 6.35%.

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.


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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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