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Bank Of Maharashtra Home Loan Interest Rate
A home loan is an excellent option to help you fund your dream home. A house is a valuable, and often an appreciating asset. Owning your home can offer lifelong mental peace of mind as well, provided you plan your finances intelligently and are responsible with paying off your dues. Taking a home loan is not a piece of cake and demands a significant chunk of your income towards making your monthly EMI payment.
Buying or building your very own home is the ultimate step to adulthood. Many banks and NBFC’s offer home loans at attractive terms and rates. With the wide variety of home loan options available for people who have a good credit rating, it is easier than ever to own a home.
Before applying for a home loan, you need to make sure you are eligible in order to avoid rejections which might inadvertently hurt your credit score. Also, you need to compare the different home loan offers in the market in order to land the best deal with the lowest interest rate as applicable to your credit profile.
Interest on a home loan plays an important role that determines the outgo towards the repayment from your salary. Lower interest rate on a home loan will help you save a significant amount in the long run.
Bank of Maharashtra, one of the popular banks in the country, has been offering competitive interest rates on home loans to their customers. The interest rates offered on home loans may not be the same for all the applicants. It can vary based on various other factors such as age, credit score, income, etc.
Bank of Maharashtra Home Loan Eligibility
Your eligibility to avail the home loan has significant influence on determining the rate of interest rate. If you are planning apply for a home loan with Bank of Maharashtra, you must have the following eligibility criteria.
- You must be a salaried government or private employee or self-employed with a regular source of income.
- Farmers who have 5 acres of irrigated land with sufficient disposable income
- Individuals either singly or jointly with family members can apply.
- You must be a minimum of 21 years of age at the time of loan application and a maximum of 65 years of age at loan maturity. The age of the borrower should not exceed 75 at the time of loan maturity.
Bank of Maharashtra Home Loan Interest Rate
The interest rate on Bank of Maharashtra home loan is determined based on MCLR rates.
| Tenor | MCLR Rates |
|---|---|
| Overnight | 8.20% |
| 1 month | 8.25% |
| 3 months | 8.45% |
| 6 months | 8.50% |
| 1 Year | 8.70% |
Below are the details of the interest rate on various housing loans of Bank of Maharashtra.
1. Maha Super Housing Loan: For construction, acquiring existing or new house, flat and extension of existing house or flat:
| Loan Amount | Credit Score | Rate of Interest | |
|---|---|---|---|
| Salaried | Non-Salaried | ||
| Up to Rs. 100 Lakhs | 750 & above | MCLR (Y) | MCLR (Y) + 0.05% |
| 700 to 749 | MCLR (Y) + 0.10% | MCLR (Y) + 0.20% | |
| 650 to 699 | MCLR (Y) + 0.10% | MCLR (Y) + 0.30% | |
| 600 to 649 | MCLR (Y) + 0.10% | MCLR (Y) + 0.40% | |
| Below 600 | MCLR (Y) + 0.20% | MCLR (Y) + 0.50% | |
| No credit score | MCLR (Y) + 0.05% | MCLR (Y) + 0.30% | |
| Above Rs. 100 Lakhs | 750 & above | MCLR (Y) +0.10% | MCLR (Y) + 0.20% |
| 700 to 749 | MCLR (Y) + 0.20% | MCLR (Y) + 0.30% | |
| 650 to 699 | MCLR (Y) + 0.20% | MCLR (Y) + 0.40% | |
| 600 to 649 | MCLR (Y) + 0.20% | MCLR (Y) + 0.50% | |
| Below 600 | MCLR (Y) + 0.30% | MCLR (Y) + 0.75% | |
| No credit score | MCLR (Y) + 0.15% | MCLR (Y) + 0.50% | |
2. For repairs and renovation:
| Loan Amount | Rate of interest |
|---|---|
| Up to Rs. 100 Lakhs | MCLR (Y) + 1.25% |
| Above Rs. 100 Lakhs | MCLR (Y) +1.75% |
From the above table, it is clearly seen that credit score plays an important role in determining your interest rate on the home loan. If you have a good credit score, you are very much likely to get a good rate on the housing loan.
Besides credit score, your monthly income, down payment and relationship with the bank are other determinants on your home loan interest rate.
Bank of Maharashtra Home Loan Overview
- Flexible repayment tenure up to 30 years
- No maximum loan amount for urban areas, up to Rs. 15 Lakhs for rural areas and up to Rs. 25 Lakhs for semi-urban areas
- 0.10% of the loan amount for documentation charges
- No foreclosure charges on floating rate of interest
- Waiver of up to 2 EMIs for borrowers who repay consistently
Bank of Maharashtra Home Loan Status
Once you submit your application with your complete contact details and employment history, a Bank of Maharashtra representative will collect the required documents from you. Upon the successful verification of your documents, and if you are found eligible, Bank of Maharashtra will make a loan offer.
You can check your Bank of Maharashtra home loan status by contacting your branch and referencing the application number. You can also contact Bank of Maharashtra customer care for help with tracking your application.
How to Apply for Bank of Maharashtra Home Loan
- You can check your eligibility and apply for a home loan by signing up with CreditMantri. It is quick, simple and above all free.
- You can apply online by visiting the official website of Bank of Maharashtra. You may need to feed your personal and contact details and submit the online application form. A representative will contact you for further processing.
- You can visit the nearby branches of Bank of Maharashtra and apply for the home loan.
- You can call up the customer care of the bank and seek the help of the executives of the bank.
Bank of Maharashtra Home Loan FAQs
1. Who is eligible to avail a home loan from Bank of Maharashtra?
You are eligible for a loan if you are an Indian citizen and are a salaried/ self- employed professional/ a businessman with a regular source of income.
2. What percentage of property value can be funded?
- For Metro and Urban area: No Maximum Limit
- For Rural areas: Up to Rs.15 lakh
- For Semi-Urban areas: Up to Rs. 25 lakhs
- Margin is a minimum 30% of the registered value of the plot
3. What is the maximum loan term that I can avail by taking a home loan from Bank of Maharashtra?
The maximum loan tenure offered by Bank of Maharashtra on its home loan is 30 years.
4. Is there a prepayment charge?
There is no foreclosure charges/prepayment penalties on floating rate housing loans.
5. Does my property need to be insured?
Yes, property insurance is mandatory in order to protect your property against uncertainties like earthquake, fire or any damage and destruction due to natural and man-made calamities, during the tenure of the loan.
Bank Of Maharashtra Home Loan Interest Rate - Customer Reviews
Franklin
A very detailed and in-depth analysis of my credit report,
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