Key Features of Bank of Maharashtra Home Loans
Competitive Interest Rates
Bank of Maharashtra offers home loans at attractive interest
rates, starting from as low as 8.10% p.a. for eligible applicants. Rates are linked
to the Repo Linked Lending Rate (RLLR), which makes them competitive in the current market.
Women applicants and defense personnel receive special interest rate concessions.
Flexible Loan Tenure
Borrowers can enjoy repayment tenures of up to 30 years or till
the age of 75 years, whichever comes earlier. This ensures lower monthly EMIs and better
financial planning for long-term stability..
High Loan Amount with Low EMI
Finance up to 90% of your property’s value, based on eligibility.
The bank ensures your monthly EMI fits within your financial comfort zone, offering you peace of
mind during your repayment journey.
Zero Prepayment & Foreclosure Charges
Enjoy the freedom to pay off your loan early without any penalty. No
prepayment or foreclosure charges apply on floating interest rate home loans.
Types of Home Loans Offered by Bank of Maharashtra
Maha Super Housing Loan
This is the flagship home loan scheme for individuals looking to
purchase, construct, or extend a house or flat. It offers low interest rates, flexible terms,
and easy processing to make your housing goals a reality.
Maha Super Flexi Housing Loan
A unique scheme that allows borrowers to link their home loan to a savings
account. This helps in reducing interest liability by depositing surplus funds, making it a
smart choice for financially savvy individuals.
Home Renovation & Extension Loan
Whether you're upgrading your kitchen, adding a room, or renovating the entire
house, this scheme covers home repair and improvement needs. The loan amount
can go up to 100% of the renovation cost, subject to 25% of the property's market value.
Plot Purchase + Construction Loan
Need a loan for land and construction? This product lets you buy a plot and build
your home on it within three years. Up to 70% of the land cost can be financed, depending on the
total project cost.
To apply for a home loan with Bank Of Maharashtra Ltd, you will need to provide
specific documents for verification. The requirements vary between salaried and self-employed
individuals. Below is a list:
To avail of a home loan from Bank of Maharashtra, you must meet the following
eligibility parameters:
Minimum age: 21 years
Maximum age at loan maturity: 75 years
Employment: Salaried, self-employed, or
professional
Credit Score: A CIBIL score of at least
700 is ideal.
Income: Monthly income sufficient to
cover EMI (not more than 60% of net monthly income)