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Bank of Maharashtra Home Loan Balance Transfer

Home Loan Transfer to Bank of Maharashtra

Last Updated 11th May 2021

Interest Rate7.00%
Processing FeeNil
Lowest EMI per lakh₹ 665
Loan Tenure30 years
  • Bank of Maharashtra offers home loan balance transfer facility at low interest rates starting at 7.00% for a tenure of upto 30 years.
  • Transfer home loan to Bank of Maharashtra to reduce EMIs and save more on interest.
  • Avail 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 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.

Home Loan Rates 6.75%
Processing Fees NIL
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of Bank of Maharashtra Home Loan Transfer

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.

Eligibility for Bank of Maharashtra Home Loan Transfer

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

  • You must have an existing home loan with any bank except for Bank Maharashtra.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Bank of Maharashtra.
  • You must be an Indian resident and fulfil the age criteria of Bank of Maharashtra. The minimum & maximum age to avail a Bank of Maharashtra home loan is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of Bank of Maharashtra Home Loan Transfer

Here are key features of Bank of Maharashtra Home Loan Transfer:

  • Lower Interest Rates: Bank of Maharashtra offers lower home loan rates starting at 6.75% 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 & fulfil the eligibility criteria of Bank of Maharashtra, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With Bank of Maharashtra home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the Bank of Maharashtra.

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
  • Aadhar 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 7.00%.

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 place your request through net banking/mobile banking. Bank of Maharashtra also allows the home loan transfer facility through phone banking by calling 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 such as for Bank of Maharashtra home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

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, Bank of Maharashtra home loan balance transfer 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 - Jun 2021
  • 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.
  • 2021-02-23 : Bank of Maharashtra waived its processing fee
    Bank of Maharashtra reduced the processing fee of home and car loans to zero. The primary aim of the move is to lure the borrower and increase the credit portfolio.
  • 2021-01-19 : Bank of Maharashtra reported Q3 profit up of ₹154 crore
    Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
  • 2020-10-20 : Bank of Maharashtra reported Q2FY21 PAT of Rs. 130.44 crores
    Bank of Maharashtra reported total income of Rs.3319.34 crores backed by retail loans like home, personal, gold, two-wheeler, car loans along with mudra and business loan during the period ended September 30, 2020. Further, the bank posted a net profit of Rs.130.44 crores for the period ended September.
  • 2020-09-30 : Bank of Maharashtra waives off processing fee for gold, housing and car loans
    Bank of Maharashtra announced the launch of a festive bonanza that offers attractive benefits to its customers. The bank further waived off processing fee for gold, housing and car loans.
*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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