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Bank Maharashtra Home Loan

Bank Maharashtra Housing Loan 2021

Last Updated 11th Nov 2021

Bank of Maharashtra is a large Public Sector Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 6.90% with quick approval and online process. Home Loan in Bank of Maharashtra is quite popular with its special features and attractive rates under various Bank of Maharashtra home loan schemes for different income and occupation groups. Some of the key features of Bank of Maharashtra housing loan are:

  • Bank of Maharashtra offers a special discount on home loan rates for women borrowers.
  • Bank of Maharashtra also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Bank of Maharashtra has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Bank of Maharashtra home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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Bank of Maharashtra Home Loan Details

Bank Maharashtra offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Bank Maharashtra

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 6.90%
Interest Rate Linked To RLLR
Processing Fee Upto 0.25%
Lowest EMI Per Lakh ₹ 659
  • Purpose of Loan: Bank Maharashtra house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Bank Maharashtra Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 6.90% to 8.05%.
    • Bank Maharashtra home loan EMI per lakh starts from ₹ 659. However, you can calculate your home loan EMI using Bank Maharashtra home loan calculator 2021.
  • Special schemes: Bank Maharashtra offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Bank of Maharashtra Home Loans

Some of the features and benefits of Bank of Maharashtra Home Loans are listed as follows:-

  • Bank of Maharashtra Home Loan Interest Rate starts from 6.70%.
  • Bank of Maharashtra charges a processing fees of Upto 0.25%.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Bank of Maharashtra is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • Bank of Maharashtra allows prepayment of home loans with Nil charges on floating rate loans.
  • Bank of Maharashtra has an average customer rating of 2.5/5.0 from customers who have taken a home loan from the bank.

How to Get Easy Home Loan from Bank of Maharashtra?

Getting a home loan from Bank Maharashtra is fairly easy with an online application process. 5 Steps for Bank Maharashtra Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Bank Maharashtra and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of Bank Maharashtra or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Bank Maharashtra’s representative will visit your home or office to collect your documents.
  • Step 4: Bank Maharashtra will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Bank Maharashtra and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Bank of Maharashtra Home Loan Documents Required

To apply for a home loan in Bank Maharashtra, the bank asks you to submit the following Bank Maharashtra Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Bank Maharashtra account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Bank of Maharashtra Home Loan EMI Calculator

Bank Maharashtra home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Bank of Maharashtra Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Bank of Maharashtra Home Loan Eligibility Calculator

Bank of Maharashtra Home loan eligibility calculator is an online tool that helps the Bank Maharashtra home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Bank of Maharashtra Home Loan with Other Banks


What are the documents required for home loan Bank Maharashtra?

To apply for Bank of Maharashtra Home Loan, you will be required to submit Bank Maharashtra home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Bank of Maharashtra ?

Below-mentioned is the reason why you must avail a home loan from Bank Maharashtra

Can I apply for an Bank Maharashtra home loan online?

Yes, you can apply for a Bank Maharashtra home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Bank Maharashtra home loan scheme?

Choosing the best Bank Maharashtra home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Bank Maharashtra home loan scheme is based on one’s needs.

Is Bank Maharashtra good for a home loan?

Bank Maharashtra is one of the best home loan lenders in the country. Currently, Bank Maharashtra home loan interest rate 2021 starts at 6.50%.

How can I check my Bank Maharashtra home loan status?

One can check their Bank Maharashtra home loan status on Bank Maharashtra’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Bank Maharashtra mobile app

What is the eligibility for a Home Loan of Bank of Maharashtra?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Bank of Maharashtra Home Loan procedure?

There are two methods to complete the application for Bank of Maharashtra Home Loan Process online:

  • Apply online at Bank of Maharashtra official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

What is the maximum loan tenure I can opt under Bank of Maharashtra house loan?

Bank of Maharashtra offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

Does Bank of Maharashtra check CIBIL for home loan?

Yes, to avail home loan from Bank of Maharashtra, you must fulfill Bank of Maharashtra Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

Can I transfer my house loan from another bank to Bank of Maharashtra?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to Bank of Maharashtra can allow you to save interest, pay lower EMIs, and save money.

Can I club the income of my spouse with mine and apply for joint Home Loan?

You can club the income of your spouse to increase your Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Bank of Maharashtra is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.

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Bank Maharashtra Home Loan News - Nov 2021
  • 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.
  • 2021-08-09 : Bank of Maharashtra Waives Off Processing fee on Gold loan, Home Loan and Car Loans.
    The State-run Bank of Maharashtra announced attractive offers for its retail customer. It includes the waiver of the processing fee for gold, housing, and car loans till September 30, 2021. In addition, the lender is offering housing and car loans at an interest rate starting from 6.90% and 7.30%, respectively.
  • 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.
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