Bank of Maharashtra Home Loan Interest Rate

Here is the Bank of Maharashtra housing loan interest rate 2024-

Table of Maharashtra Bank home loan interest rate for housing:

The table of home loan interest rates Maharashtra Bank for renovations:

Bank of Maharashtra offers a variety of home loan packages to meet the diverse demands of its customers. The bank provides the following types of house loans:

For new standalone borrowers, the scheme is available for repairs/alterations/renovation of existing houses/flats. Hundred percent loan amount of the actual cost of repairs/alterations/renovation up to a maximum of 25% of the property's realizable worth based on the most recent valuation report of no more than three months. Loan parameters of up to 20 years are available.

For the motive of building or purchasing a new or existing flat/house that is less than 30 years old. Also, for the aim of extending your current home.

Scheme for existing Bank of Maharashtra home loan borrowers.

For taking over or transferring a home loan from another bank, with the added benefit of a top-up loan for house repairs/furnishing/renovation. There are no age restrictions or limits - but it is as long as the loan tenure does not exceed the loan maturity date of the home loan against which the top-up loan is granted.

For existing clients, the loan amount should not exceed 100% of the projected cost of repairing/furnishing/renovating your home, or the overall Loan-to-Value (LTV) ratio should not exceed 75%. 

The loan amount would be according to the prevailing norms for balance transfers under this scheme, and the maximum top-up loan is up to overall LTV is equivalent or less than 75% based on the most recent valuation report, which is not more than three months old, or hundred percent of the estimated cost of repair/renovation/furnishing/extension of your house, whichever is lower.

For the aim of purchasing land and building on it. Within three years, the home will be built on the land. The loan amount is 70% of the plot's registered value. The cost of the land should not be more than 75% of the total cost of building the house. You may submit an application with a co-applicant. Loan duration or repayment length of up to 30 years. 

On floating rate home loans, there are no foreclosure or prepayment penalties. Home loan balance transfers are possible. Two EMIs are waived for house loan borrowers with consistent repayments of 20 years or more (for fresh sanctions only).

Individuals with a self-occupied property, commercial property, or building in your name for a period of at least one year are eligible. Permanent employees of the Central/State Governments/PSUs (including schools, colleges, and educational institutions)/reputable companies/MNCs/individual businessmen/professionals, and self-employed individuals with a minimum of two years of experience. 

Loans against third-party property, open land, and rental property are forbidden. Loan value will range from Rs.2 lakh to Rs.3 crore for properties in metropolitan areas and Rs.1 crore for homes in remote areas.

Combo financing for a house and an automobile. Home loan for building/purchasing a new or existing house/flat or for extending an existing house/flat. A car loan to purchase a new four-wheeler. Permanent employees of the Central/State Government, PSUs, and reputable firms with one year of service in the current fiscal year are eligible.

Self-employed professionals and business owners with a consistent revenue from two IT returns are also qualified. For paid workers, a housing loan amount of up to 60 times your gross pay or 75 times your net monthly salary, whichever is greater, is available. 

Housing loans of up to five times the last two years' average income based on IT results are available to self-employed individuals. For salaried workers, a car loan amount of up to 24 times net monthly pay based on the last salary drawn is possible.

Car loans of up to two times average annual income based on two years of IT return, or two times gross taxable income based on the most recent IT returns are available. Processing fees of 0.15% of the loan amount, up to a maximum of Rs.25,000, apply to combo loans. There are no processing fees for female borrowers.

• For the Maha Bank Top Up Loan - 0.50% 
• For the Housing Loan - 0.25% 

There are two major ways to apply for the home loan from this bank, and that is the offline mode, and the online mode. You can choose the online mode by visiting the official portal of the website, or you could apply offline by visiting the bank's nearest branch.

Applicants who fit into the below mentioned criteria can apply for the home loan from the bank:

Salaried: Rs. 3 lakh (as of last year's income) - A minimum of two years' ITR/Form 16 from the employer is required.

Rs. 3 lakh for self-employed professionals (as per last year ITR income) - A minimum of two years' worth of ITRs with supporting documentation is required.

For Businessmen: Rs 3 lakh (as per last year's ITR income) - A minimum of three years of ITR with supporting papers is required.

Individuals employed in Agriculture and Allied Activities with a minimum income of Rs 3 lakh.

Here are the required documents while applying for the home loan-

• Application
• ID, Age, and Address proof
• Salary slip
• Bank statement
• Title documents
• Form 16 and ITR

• Application form
• ID, Age, and Address proof
• ITR
• Bank statement
• Company proof
• Title document

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