Bank of Maharashtra Home Loan: How To Apply Online, Benefits & More

Do you need a Home Loan? This is a big decision and can have a lasting impact on your life. If you are thinking of borrowing money to buy a home, you will want to make sure that you get the best possible deal. This is where Bank of Maharashtra comes in. Bank of Maharashtra offers competitive interest rates and flexible lending options to help you get a home loan.

Bank of Maharashtra Home Loan Key Features

Interest Rate	Starting from 7.80% p.a.
Loan Tenure	Up to 30 years
Loan Amount (LTV Ratio)	Up to 90% of the property value
Processing Charges	0.25% of loan amount

What is a Home Loan?

A home loan is a loan taken out to purchase, build, or improve a property. The loan can be used for a variety of purposes, such as purchasing a home, refinancing an existing home, or constructing a new home.

Bank of Maharashtra Home Loan

Bank of Maharashtra Home Loan is a type of home loan offered by Bank of Maharashtra. This bank is one of the leading lenders in India, and they offer a wide variety of products that can be used to buy a home. Bank of Maharashtra home loans are generally offered in the form of fixed-rate loans starting at 7.80% p.a. and have a repayment tenure of up to 30 years. Bank of Maharashtra waives the last three EMIs on regular repayment of home loan. The interest rates on these loans are generally lower than other types of home loans, and they come with a number of benefits that make them a good option for borrowers.

Read Also – PNB Gold Loan

Bank of Maharashtra Home Loan Interest Rates 2022

Bank of Maharashtra offer competitive interest rates on home loans, and they also have a wide range of products available. Bank of Maharashtra home loan interest rates start from 7.80% p.a. and go up to 9.95% p.a. These rates depend on various factors like loan type, credit score, profession, and loan amount, loan tenure etc. Bank has a special interest rate for women, typically 0.05% lower than the standard interest rate. They also offer a lower rate to millions of soldiers and officers. Click here for more information.

Loan Amount	Interest Rate (p.a.)
Up to Rs.30 lakh	7.80% to 8.65%
Above Rs.30 lakh	7.80% to 9.95%
Maha Home Loan Top Up	9.35% to 9.60%

Bank of Maharashtra Home Loan Calculator

If you are looking to take a home loan, then you should check out the Bank of Maharashtra’s home loan emi calculator. This calculator can help you find the most affordable home loan that meets your needs. You can also use the calculator to figure out your monthly payments, interest rates, and more. If you have any questions about the Bank of Maharashtra’s home loan emi calculator, don’t hesitate to contact us. We would be happy to help you out!

Bank of Maharashtra Home Loan Schemes

The Bank of Maharashtra is one of the leading banks in India. It offers a variety of home loan schemes that are perfect for anyone looking to buy a home. The bank has several schemes that are tailored to different types of borrowers.

• Maha Super Housing Loan: You can avail this loan for purchase/construction of new/existing house/flat which is not more than 30 years old, expansion of existing house/flat for purchase of under construction residential flat।
• Home Renovation Loan: This scheme is for repair/renovation/transformation of existing house/flat.
• Plot Purchase Loan: You can take advantage of this scheme for purchase of plot plus house construction.
• Maha Bank Top-up Loan: This scheme is for availing additional loan amount over and above the existing home loan.

Pradhan Mantri Awas Yojna (PMAY)

The Pradhan Mantri Awas Yojna (PMAY) is a flagship scheme of the Indian government that aims to provide affordable housing for economically weaker sections low income groups and middle income groups with interest subsidy of up to Rs 2.67 lakh. The scheme was launched in 2015 and has so far provided Rs 46,000 crore to over 11.5 million families.

Bank of Maharashtra Home Loan Features & Benefits

Bank of Maharashtra offers home loans to residents in India. The bank has a wide range of features and benefits for home loan applicants, including:

• Low interest rates: The bank offers competitive interest rates on home loans, ranging from 7.80% to 9.95% p.a. This means that borrowers can enjoy low monthly payments on their home loans.
• Loan tenure: The duration of the loan can be between 6 and 30 years, depending on the product selected by the borrower.
• EMI: Bank of Maharashtra offers fixed monthly installments for standard residential loans. Commercial loans offer flexible 
• Easy application process: The application process at Bank of Maharashtra is easy and straightforward. Applicants only need to fill out an online application form and submit required documents.
• Easily accessible funding options: Bank of Maharashtra offers a variety of funding options, including instant approval, online banking transfers and cheques. This means that borrowers can easily access the money they need to purchase a home.
• Convenient customer service: Bank of Maharashtra offers 24/7 customer service support, which ensures that borrowers can always get help when they need it.

Bank of Maharashtra Home Loan Eligibility

In order to avail a home loan from Bank of Maharashtra, you must meet the following eligibility criteria:

• Minimum age limit of 21 years and a maximum of 65 years.
• You must be a resident of India.
• You must have a valid passport or ID card.
• You must not have any outstanding debt or loans from any other financial institutions.
• To apply for a Salaried position, you must have Rs. 3 lakh (as per last year’s income) and you are required to provide two years of ITRs from your employer.
• self-employed professional, you require Rs. 3 lakh as yearly earnings and two years of self-organized ITRs with supporting documents.

Bank of Maharashtra Home Loan Required Documents

If you are looking to take out a home loan from Bank of Maharashtra, you will need to provide some documentation. Here is a list of the required documents:

• Loan application form
• Two recent passport-size photographs
• Identity Proof: Aadhar Card, PAN Card, Passport or another travel document with photo.
• Address Proof: Voter ID card, driving license, property deed.
• Any other documents as required.

For Salaried Individuals

• Proof of Income: Salary slip of last 3 months, Bank statement of the past 6 months, Form-16 and Income Tax Returns (ITR) details of two years.

For Self Employed Individuals

• Proof of Income: ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA), Bank statement of the past 12 months.
• Title document of the property along with business address proof.

Bank of Maharashtra Home Loan Apply online

If you are looking for a home loan to purchase your dream home, then you should definitely consider applying for a Bank of Maharashtra home loan. Here is a complete guide on how to apply for a home loan with Bank of Maharashtra:

• Step 1: Complete the online application form at www.bankofmaharashtra.in.
• Step 2: Verify your eligibility criteria and submit the required documents.
• Step 3: Wait for the bank’s approval. The processing time may take up to 10 business days. You may also need to furnish additional documents if requested.
• Step 4: Once your application has been approved, receive a notification letter from the bank. Make sure to print out the notification letter and bring it with you when you visit the bank for the formal signing of the loan agreement.

Bank of Maharashtra Home Loan Contact Number

If you are looking for a home loan, you may want to contact the Bank of Maharashtra. The bank offers a variety of loans that can fit your needs. You can find out more about the loans available through the bank by calling their toll-free number.

• Toll-Free Numbers: 1800 233 4526; 1800-102-2636
• Anti-Corruption Hotline: 1800-22-8444
• Email ID: mahasecure@mahabank.co.in

Conclusion

If you’re looking for a quality home loan, Bank of Maharashtra is definitely worth considering. They offer competitive rates and have a wide range of products available, so whether you’re looking to buy or build your dream home, they have the perfect option for you. So if you’re ready to take the next step in your home ownership journey, be sure to give Bank of Maharashtra a call!

Read Also – Union Bank Car Loan Review

FAQs