Bank of Maharashtra Home Loan

The interest rates for home loans are based on CIBIL scores irrespective of the quantum of loan. Any interest rate concessions, including for women borrowers (0.05%) is applicable only for those with CIBIL scores below 725 and is subject to the RLLR which is taken as the minimum floor rate.

Maha Bank Top Up Loan for Repair, Renovation, and Other Purposes

The rate of interest for top-up home loans for renovation and repairs is 20bps higher than that of the Maha Super Housing Loan scheme.

Compare: Home Loan Interest Rate all Banks

Bank of Maharashtra Home Loan Schemes

Maha Super Housing Loan Scheme for Construction

1. For construction or purchase of a new/existing house (not older than 30 years).
2. Also applicable for house extension purposes.

2. Housing Loan for Renovation

1. Meant for standalone borrowers for repairs, alterations, or renovation.
2. Loan covers 100% of repair cost (up to 25% of property's value).
3. Tenure: Up to 20 years.

3. Maha Super Home Loan for Plot Purchase & Construction

1. Loan for purchasing a plot and building a house within 3 years.
2. 70% of registered plot value.
3. Plot cost must not exceed 75% of total construction cost.
4. Loan tenure: Up to 30 years.
5. Co-applicant allowed; No foreclosure/prepayment charges.
6. Balance transfer available.
7. Waiver of 2 EMIs (for new loans with 20+ years tenure).

4. Top-up Home Loan

1. Available to existing Bank of Maharashtra home loan borrowers.
2. Can be used for repairs, renovation, or furnishing.
3. No age limit (tenure must match original home loan).
4. Top-up allowed up to 100% of estimated renovation cost or as per 75% LTV limit.

5. Maha Combo Home Loan Scheme (Home + Car Loan)

1. For salaried employees and self-employed individuals.
2. Combine housing loan and car loan.
3. Loan limits:
   1. Housing: Up to 60x gross salary or 75x net salary (salaried).
   2. Housing: 5x average income (self-employed).
   3. Car: Up to 24x net monthly salary or 2x annual income.
4. Processing fee: 0.15% of loan amount (max Rs.25,000); Nil for women borrowers.

6. Loan Against Self-Occupied Property

1. Loan against residential/commercial self-occupied property.
2. Applicant must own property for at least 1 year.
3. Loan range: Rs.2 lakh to Rs.3 crore (urban); Rs.1 crore (other areas).
4. Not available for rental, open land, or third-party property.

7. Loan Against Property

1. Available for those with a minimum annual income of Rs.5 lakh.
2. Security required.
3. Processing fee: 1% of loan amount + GST.

Bank of Maharashtra Home Loan EMI Calculator

Compute the Equated Monthly Instalment (EMI) payable towards your housing loan using the Bank of Maharashtra Home Loan EMI calculator. The minimum EMI per lakh is Rs.776.

Enter the required information such as interest rate, loan amount, loan tenure and the processing fee on the Home Loan EMI calculator and select Calculate'. You'll be redirected to a new page wherein you'll be able to see the break-up of the total amount payable along with the total interest due and the EMIs payable during the loan period.

Bank of Maharashtra Home Loan Eligibility Criteria

Documents Required for Home Loan Applications Under BoM

For Salaried Individuals:

1. Proof of identity (Aadhaar, Passport, Voter ID, etc.)
2. Proof of address (Utility bill, Aadhaar, etc.)
3. PAN card copy
4. Proof of income:
   1. Last 1 year’s Income Tax Returns (ITR)
   2. Form 16
   3. Last 3 months’ salary slips
   4. Last 6 months’ bank statements

For Self-Employed Individuals:

1. Proof of identity
2. Proof of address
3. PAN card copy
4. Proof of income:
   1. Last 2 years’ ITR
   2. Audited balance sheet
   3. Last 12 months’ bank statement

For Agriculturalists:

1. If not filing ITR: Income certificate issued by Tahsildar, Mandal Revenue Officer, or a Gazetted Revenue Department Officer at the state level

Property Documents Required:

1. Registered agreement for purchase (between buyer and seller)
2. Payment receipts made to seller
3. Approved/sanctioned building plan
4. Detailed estimate by architect/engineer
5. Agreement of development (if applicable)
6. Sanctioned flat scheme plan
7. Title documents:
8. Sale deed / Partition deed / Gift deed / Lease deed / Allotment letter
9. Land record extracts (e.g., 7/12 extract or property register card)
10. N.A. (Non-agricultural) permission if property was originally agricultural
11. Latest tax receipts (maintenance, municipal, water, etc.) in applicant’s name
12. NOC from society if plot is owned by a society
13. Power of Attorney (if developer is acting on behalf of landowner)
14. Registered agreement of sale and payment schedule or tripartite agreement
15. NOC from co-operative society and mortgage clearance letter
16. Encumbrance certificate before and after the sale (if applicable)

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