Bank Maharashtra Home Loan Interest Rate Calculator - Jun 2017

Bank of Maharashtra Home Loan

Bank of Maharashtra offers home loan to the people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.

Home Loan Bank Maharashtra

Home loan interest rates offered by Bank of Maharashtra depends upon MCLR.

• Fixed rates allow you to borrow loan at a fixed price which won’t change in the whole tenure in case of change in MCLR rate and should be chosen only if you believe that the rates will not hike in future.
• Floating rates changes with a single change in MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates.

Bank of Maharashtra offers home loan based on 1 Year MCLR rates which is currently 8.75%.

Bank of Maharashtra home loan interest rate depends upon

• Loan amount: Home loan rate in Bank of Maharashtra depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
• Company where you work: Bank of Maharashtra has a list of companies to which they lend Home loan. Interest rate will be less if your company is listed
• Your Salary: Income helps you in identifying your rate of interest. Bank of Maharashtra interest rate varies with your monthly income. Higher the income, less will the rate of interest

Home Loan Charges

• Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Bank of Maharashtra allows prepayment of home loan with Nil prepayment charges
• Processing Fee - Bank of Maharashtra asks for a processing fee of 0.00% of loan amount with applicable service tax

Bank Maharashtra Home Loan EMI Calculator

Home Loan EMI of Bank of Maharashtra is a fixed amount that you pay each month towards the repayment of your home loan till the end of tenure

• Home Loan EMI calculator of Bank of Maharashtra helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on home loan.
• You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
• Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
• Loan tenure matters equally as higher tenure reduces your EMI

What are the benefits of calculating Bank of Maharashtra Home Loan EMI?

• EMI calculator of Bank of Maharashtra helps you to calculate your monthly EMI at different rate of interest
• Bank of Maharashtra Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
• You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Bank Maharashtra Home Loan Eligibility Calculator

Eligibility of House loan in Bank of Maharashtra relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

• Age: Age plays an important role to know your eligibility and repayment capacity. Bank of Maharashtra offers Home loan to salaried at the age of 21 to 60 years and self employed individuals at 21 to 65 years
• Income: In case of salaried person, Bank of Maharashtra Loan eligibility significantly depends upon the income. Usually bank set minimum levels of income to apply for house loan. Salaried employee should be in government job or working with a reputed private company and getting regular salary in bank account with salary slip, form 16
• Job stability and Profession: Job stability is important to improve your status and eligibility for Home loan from Bank of Maharashtra. In case you are salaried, you must be in a full time job for at least 1 months. In case you are self-employed, you must be in current profession or business for at least 5 years and should preferably own either your office or your place of residence. Minimum turnover and minimum net income criteria may apply. Business must be registered with at least one government agency such as service tax, VAT, excise, shops and establishment registrar. Other than job stability, profession is also an important factor which can affect your Bank of Maharashtra eligibility. If you are working with a reputed company, probability of getting home loan from Bank of Maharashtra increases as the income is considered to be more stable
• CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your Home loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your Home loan eligibility
• Loan Amount: Bank of Maharashtra gives you Home loan depending upon your income. Bank of Maharashtra gives you an amount ranging from Rs. 1,500,000 to Rs. 100,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service

Bank of Maharashtra Floating Rate Home Loans

Bank of Maharashtra Home Loan Top up, Transfer

Bank of Maharashtra offers home loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Bank of Maharashtra
You can avail additional top-up home loan from Bank of Maharashtra, subject to your eligibility

Housing Loan Bank Maharashtra documents required

Home Loan for Salaried employee Bank of Maharashtra documents required

• 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

Home Loan for Self-Employed Bank of Maharashtra documents required

• Filled up loan application form
• 2 Passport Size Photo
• Identity Proof - Passport/ Driving License/ Voter ID/ PAN
• ITR of last 2 years
• 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

Frequently Asked Questions

Bank Maharashtra Home Loan in India