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Bank Maharashtra Home Loan Balance Transfer

Home Loan Transfer to Bank of Maharashtra: Details

Last Updated 11th Nov 2021

Interest Rate6.90%
Processing FeeNil
Lowest EMI per lakh₹ 659
Loan Tenure30 years
  • Bank of Maharashtra offers a home loan balance transfer facility at low interest rates starting at 6.90% for a tenure of upto 30 years.
  • You can transfer your home loan to Bank of Maharashtra to reduce EMIs and save more on interest.
  • Avail home loan top up from Bank of Maharashtra at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Bank Maharashtra Home Loan Transfer

Bank Maharashtra, the largest Public Sector Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Bank of Maharashtra at the lowest interest rates. To transfer your housing loan to Bank of Maharashtra, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of Bank Maharashtra.

Bank of Maharashtra Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to Bank of Maharashtra, compare and calculate all the costs of loan transfer. The table below mentions Bank of Maharashtra home loan transfer interest rate and other home loan transfer charges of Bank of Maharashtra.

Bank Maharashtra Home Loan Transfer Rates 6.90%
Processing Fees Upto 0.25%
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of Bank of Maharashtra Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: Bank of Maharashtra offers lower home loan rates starting at 6.90% along with Nil processing on home loans. Thus, you can save on your home loan by transferring your loan to Bank of Maharashtra.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of Bank of Maharashtra, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this Bank of Maharashtra home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for Bank of Maharashtra Home Loan Transfer

To transfer your home loan to Bank of Maharashtra, you must fulfil the following eligibility criteria:

  • First, you must have an existing home loan with any bank except for Bank Maharashtra.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Bank of Maharashtra.
  • You must be an Indian resident within the age criteria of Bank of Maharashtra. The minimum & maximum age to avail a Bank of Maharashtra home loan takeover is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use Bank of Maharashtra home loan balance transfer calculator to estimate the best balance transfer offers and costs associated with it.

Process to Transfer Your Existing Home Loan to Bank of Maharashtra

The home loan balance transfer process to Bank of Maharashtra is smooth and quick. To transfer your existing home loan to Bank of Maharashtra, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Bank of Maharashtra upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to Bank of Maharashtra and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Bank of Maharashtra will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to Bank of Maharashtra will be completed.

Document Required for Bank Maharashtra Home Loan Transfer

To avail of home loan balance transfer from Bank Maharashtra, you need to submit the following documents to Bank Maharashtra.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to Bank Maharashtra?

Yes, transferring your home loan to Bank of Maharashtra is a good idea for home loan borrowers as Bank of Maharashtra provides lower home loan rates starting at 6.90%, and minimal processing fee is Nil.

How can I transfer my Bank Maharashtra home loan from one branch to another?

To transfer your Bank of Maharashtra home loan from one branch to another, you can request through net banking/mobile banking. Bank of Maharashtra also allows the home loan transfer facility through phone banking by calling the home loan customer care.

Are there any charges while applying for Bank Maharashtra home loan balance transfer?

Yes, Bank of Maharashtra charges home loan transfer fees. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank. As the amount will be transferred to a new bank, the processing fee will also be levied accordingly.

What are the benefits of taking a Bank Maharashtra home loan balance transfer?

If you apply for a home loan transfer to Bank of Maharashtra, you can clear off your existing home loan at lower rates and save more on interest. Besides that, it can also help you avail top-up on your existing home loan.

How can I check the status of my Bank of Maharashtra home loan balance transfer?

To know your Bank of Maharashtra home loan status, you can call Bank of Maharashtra home loan customer care number or visit Bank Maharashtra official website to check the status.


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Bank Maharashtra Home Loan News - Dec 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.
*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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