Bank of Maharashtra Home Loan Interest Rates
Home Loan Bank Information
Bank of Maharashtra Home Loan Interest Rate
The Bank of Maharashtra is a Public Sector Bank with a sizable home loan portfolio that caters to a diverse spectrum of borrowers. The bank’s headquarters are in Pune, and it takes a customer-centric approach to business, delivering the finest products to meet the requirements and preferences of its customers. Their home loan products are appropriately titled after their brand “Maha.”
Features of the Bank of Maharashtra home loan
The Bank of Maharashtra home loans have a number of advantages that might persuade a discerning consumer to take out a loan with them.
- Subject to other eligibility criteria, there is no upper limit.
- Flexible tenures ranging from 30 to 75 years of age.
- Affordable interest rates dependent on the amount borrowed and credit score.
- Simple application procedure.
- At Rs.776 per lakh for a 30-year term, it has one among the lowest EMIs.
- An 18-month moratorium, which can be extended to 36 months.
- PMAY subsidy up to 2.67 lacs
- No prepayment, preclosure, or part payment penalties
- ROI concession for housing loan borrowers in vehicle loans and educational loans
- Waiver of the final two EMIs on regular payment
Bank of Maharashtra Home Loan Interest Rates
Rates are current as of 2019.
The rate on a house loan in the retail category is based on the MCLR pattern, which is based on the repo rates announced by the RBI. They announce the interest rate in the one-year MCLR format, which is 8.60 % (MCLR Y) as on July 7, 2019.
|
उत्पाद |
Amount (Rs) |
CIBIL Score |
Rate of Interest |
|
|---|---|---|---|---|
|
सेलरीड |
Non-salaried |
|||
|
MSHL construction |
Up to 100L |
<600 to 750+ |
8.60% टू 8.80% |
8.65% टू 9.10% |
|
Above 100 L |
<600 to 750+ |
8.70% टू 8.90% |
8.80% टू 9.30% |
|
|
MSHL Repairs |
Up to 100L |
9.85% |
||
|
Above 100 L |
10.35% |
|||
|
MSHL Top Up |
Repair / Extension |
Deduction < 60% |
Deduction > 60% |
|
|
8.60% |
8.85% |
|||
|
For Others |
9.60% |
9.85% |
||
Bank of Maharashtra Home Loan Schemes
Some of the Home loans offered by the Bank pf Maharashtra are:
- Maha Housing Super Loan Scheme
- Maha Housing Super Loan Scheme for Repairs
- Maha Housing Super Loan Scheme for Top Up
- Maha Housing Super Loan Scheme for plot and construction
- Maha Housing Ghar Loan
The various Home Loans in their portfolio are:
| Name of the Scheme | Rate of Interest Applicable. | |
|---|---|---|
| सेलरीड | Non Salaried | |
| Maha Housing Super Loan Scheme | Up to Rs.100L -8.60% to 8.80% | Up to Rs.100 L 8.65% to 9.10% |
| Above Rs.100 L -8.70% to 8.90% | Above Rs.100 L 8.80% to 9.30% | |
| Maha Housing Super Loan Scheme for Repairs | Up to Rs.100L 9.85% | |
| Above Rs.100 L 10.35% | ||
| Maha Housing Super Loan Scheme for Top Up | Depending on the ratio of deduction to gross income, 8.60 percent to 8.85 percent is deducted for repairs and extensions. | |
| It ranges from 9.60 percent to 9.85 percent for others, depending on the proportion of deduction. | ||
| Maha Housing Super Loan Scheme for plot and construction | The same terms are applicable to the Maha Housing Super Loan Scheme | |
| Maha Housing Ghar Loan | 8.60% across all sections. | |
Bank of Maharashtra provides qualified clients home loans based on the current Repo Rate Linked Lending Rate (RRLR), which is 7.05 percent. The processing fees start at Rs.2,000. The maximum loan amount is Rs.30 lakh, with a 30-year payback period that includes an 18-month grace period.
With Bank of Maharashtra, you may apply for a house loan and pick from a variety of housing loan plans to fit your needs. A house loan of up to 75 times the applicant’s net monthly earnings is possible.
| Rate of Interest | 7.05% p.a. |
|---|---|
| Amount of Loan | Remunerated: 60 times of Gross Monthly Salary/75 times of Net Monthly Salary (whichever is higher) Independently-Employed: 5 times of last 2 years average income based on IT returns. |
| Processing Fee | 0.25% of the loan amount subject to a maximum of Rs.25,000 |
| Charges for Prepayment | Nil in case of home loan floating interest rates |
| Maximum Term | Up to 30 years |
| ROI Packages Available | Fixed and Floating |
Bank of Maharashtra Home Loan Interest Rate 2021
| Amount of Loan | Interest Rate per annum |
|---|---|
| Upto 30 Lacs | 7.05% – 7.50% |
| 30 to 75 Lacs | 7.05% – 7.70% |
| 75 Lacs or more | 7.15% – 7.95% |
| Maha Home Loan Top Up | 7.55% – 8.30% |
The latest updates for the Bank of Maharashtra home loan interest rate are as follows:
- The current interest rates as of September 2021 starts at 6.90% for a maximum duration of 30 years
- The processing fee for the Bank of Maharashtra home loans is up to 0.25%
- The Bank of Maharashtra offers special discount of 0.05% on the rate of interest for women borrowers
| Amount of loan | Bank of Maharashtra home loan floating rate of interest | Interest rates for women borrowers |
|---|---|---|
| Up to ₹30 Lac | 6.95% | 6.90% |
| From ₹30 Lac to ₹75 Lacs | 6.95% | 6.90% |
| From ₹75 Lacs to ₹ 1 CR | 6.95% | 6.90% |
| Above ₹ 1 CR | 6.95% | 6.90% |
FAQ
Is home insurance necessary if you have a home loan?
Yes. This allows for the recovery of bank debts in the event of an unforeseen event and minimises the loan applicant’s obligation to a certain extent.
Is it possible to get a home loan to buy a plot?
The Bank of Maharashtra does not provide housing loans merely for the purchase of a plot; however, you can get a housing loan to buy a plot and build a house within two years of receiving the loan. It’s a loan that covers both the land and the house’s construction.
Is the cost of stamp duty taken into account when applying for a house loan?
Yes. For a home loan, the bank considers stamp duty of up to Rs.1 lakh.
When considering a house loan, what sort of MCLR does Bank of Maharashtra take into account?
When granting a home loan to the applicant, the bank analyses the 1-year MCLR.
Who is qualified for a house loan from the Bank of Maharashtra?
Agriculturalists, salaried professionals, and self-employed professionals are all eligible to qualify for a home loan from the Bank of Maharashtra.