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CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Get Bank Of Maharashtra home loans at affordable interest rates. Bank Of Maharashtra Home Loan interest rates vary based on the home loan tenure, home loan amount, credit score, and many other factors. Also, women can obtain home loans at slightly lower rates.
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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.
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.
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.
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.
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?
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.
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