Bank Maharashtra Home Loan Interest Rates 2022

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 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

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%

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%

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 of Maharashtra offers multiple home loan schemes at affordable interest rates. However, you must compare between Bank of Maharashtra housing loan interest and other bank’s home loan rates before applying:-

Particulars	Bank of Maharashtra	SBI	HDFC
Interest Rate	6.35% - 7.80%	6.65% - 7.05%	6.75% - 7.95%
Processing Fees	Upto 0.25%	NIL	Min ₹ 3,000
Loan Tenure	30 Years	30 Years	30 Years
Maximum Loan Amount	₹ 10 Cr	₹ 7 Cr	₹ 5 Cr
Age	21 - 65 Years	18 - 70 Years	24 - 65 Years
Benchmark Rate	RLLR	RLLR	PLR
Lowest EMI Per Lakh	₹ 622 per lakh	₹ 642 per lakh	₹ 649 per lakh

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%.

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

✅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.