Home Loan Schemes of Bank of Maharashtra

You can apply for a home loan and select the best housing loan program for your needs with Bank of Maharashtra. For women and defense personnel, there is a 0.05% discount.

Interest Rate for Home Loans from Bank of Maharashtra in 2023

For loan up to Rs.30 lakh

For loan above Rs.30 lakh

Housing Loan Repair and Top Up Loan Repair/Renovation

For loan up to Rs.30 lakh

For loan above Rs.30 lakh up to Rs.75 lakh

The Bank of Maharashtra provides home loans with attractive interest rates beginning at 7.80% per annum.

Bank of Maharashtra Home Loans Schemes

Bank of Maharashtra offers a variety of home loan programs to meet the needs of its clients. The bank offers the following types of home loans:

1. Maha Super Housing Loan Scheme for Construction
   • To build or purchase a brand-new or pre-existing apartment or house that is less than 30 years old.
   • For the purpose of extending your current home.
2. Renovation Housing Loan 
   • For new, independent borrowers, the program is available for repairing, altering, or renovating an existing home or apartment.
   • 100% of the actual loan amount for repairs, alterations, or renovations, up to a maximum of 25% of the property’s marketable value as determined by the most recent valuation report, which cannot be older than three months.
   • Loan tenure of up to 20 years.
3.  

1. Maha Super Home Loan for Building and Plot Purchase
   • For the purpose of buying land and construction on it.
   • Construction of the house on the plot within a period of three years.
   • 70% of the registered plot value is being financed with loans.
   • The price of the plot shouldn’t be higher than 75% of the total cost of building the house.
   • You can apply along with a co-applicant.
   • Loan term of up to 30 years for repayment.
   • Home loans with floating rates don’t have prepayment or foreclosure penalties.
   • Home loan balance transfers are possible.
   • Two EMIs are waived for home loan borrowers who have made regular payments for at least 20 years (only for new sanctions).
2. Top-up Home Loan
   • Scheme for current Bank of Maharashtra home loan borrowers.
   • For takeover or balance transfer of home loan of other banks and an additional benefit of top-up loan for repairs/furnishing/renovation of your house. 
   • There is no upper age limit as long as the loan term does not exceed the loan maturity date of the mortgage being topped up. 
   • Existing customers should not have a Loan-to-Value (LTV) ratio of more than 75% or a loan amount equal to 100% of the estimated cost of repairing, furnishing, or renovating their home.
   • The maximum top-up loan under this scheme is up to the overall LTV is equivalent or less than 75% based on the most recent valuation report, which is not longer than three months or 100% of the estimated cost of repair/renovation/furnishing/extension of your house, whichever is lower.
3. Maha Combo Home Loan Scheme 
   • combo loan for a car and a house.
   • Home loan for contruction, buying, or expanding a new or existing home or apartment.
   • vehicle loan for a new four-wheeler.
   • Those who have worked as permanent employees for one year in the current fiscal year in Central/State Government, PSUs, or reputable businesses are eligible.
   • Individuals in the business world who are self-employed and have two IT returns proving a consistent source of income are also eligible.
   • For salaried individuals, a housing loan amount of up to 60 times your gross salary or 75 times your net monthly salary, whichever is higher.
   • According to IT returns for self-employed people, housing loans can be up to five times the average income of the previous two years.
   • If you are a salaried person, you may borrow up to 24 times your net monthly salary as a car loan.
   • Up to two times the average annual income calculated using the most recent IT returns for the previous two years, or two times the gross taxable income.
   • Processing fees for combo loans of 0.15% of the loan amount, up to a maximum of Rs. 25,000.
   • processing fees waived for female borrowers.
4. Loan Against Self-Occupied Property
   • offered to people who have a building or self-occupied, commercial property in their name for a minimum of one year.
   • Permanent employees of Central/State Government, PSUs (including schools, colleges, and educational institutions), reputable businesses, MNCs, professionals, and self-employed people with a minimum of two years’ experience are eligible.
   • Loans against privately owned property, vacant land, and rental property are prohibited.
   • For properties located in urban areas, the loan amount ranges from Rs. 2 lakh to Rs. 3 crore, while it is Rs. 1 crore for properties located in other centers.
5. Loan Against Property
   • The annual income must be at least Rs. 5 lakh.
   • Security must be provided.
   • A loan of 1% of the loan sum plus GST is required.

Bank of Maharashtra Home Loan EMI Calculator

Use the Bank of Maharashtra Home Loan EMI calculator to determine the Equated Monthly Instalment (EMI) due on your mortgage. The minimum EMI is Rs. 776 per lakh.

On the home loan EMI calculator, enter the necessary data, such as the interest rate, loan amount, loan tenure, and processing fee, and then click Calculate. You will be redirected to a new page where you can see how the total amount due is divided up along with the total amount of interest owed and the monthly installments (EMIs) due for the duration of the loan.

Home Loan Eligibility Criteria

Required Documents for All Home Loan Applications with Bank of Maharashtra

The following paperwork must be submitted to Bank of Maharashtra in order to apply for a home loan:

For Salaried:

• Proof of identity.
• Proof of address.
• PAN (Permanent Account Number) card copy.
• Proof of income:
  • Last 1-year IT(Income Tax) Returns.
  • Form 16.
  • Last three months’ salary slips.
  • Last six months’ bank statement.

For Self-Employed:

• Proof of identity.
• Proof of address.
• PAN card copy.
• Proof of income:
  • Last two years IT returns.
  • Audited Balance Sheet.
  • Last 12 months bank statement.

For Agriculturalists:

• You must submit an income certificate signed by a Tahsildar, Mandal Revenue Officer, or Revenue Department Officer with State Level Gazetted rank if you are not filing income tax returns.

Property Documents:

• The buyer (loan applicant) and seller have a registered purchase agreement.
• receipts from prior payments made to the seller.
• A copy of the approved building plan or sanctioned plan.
• detailed quote from the architect or engineer.
• Developmental agreement.
• Plan approved for the flat scheme.
• Copies of the property’s title documents that the owner has:
  • Sale Deed/Partition Deed/Gift Deed/Lease Deed/Allotment Deed of the plot.
  • Property extract such as 7/12 extract or extract of property register card of city survey (Akhiv Patrika).
  • N.A. permission, if originally agricultural property.
  • Paid receipt of latest maintenance, water tax, municipal tax and any such taxes in the name of the loan applicant.
  • If the plot is owned by the society, No Objection Certificate (NOC) for the mortgage of plot and construction thereon.
  • Copy of Power of Attorney given by the landlord in favour of the developer or the builder.
  • Registered Agreement of sale conveying undivided share and stages of payment or Tripartite agreement.
  • Non encumbrance letter from co-operative society.
  • No Objection Certificate (NOC) from the society for a mortgage.
  • Non-encumbrance certificate, both before and after the sale (wherever applicable).

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