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Bank of Maharashtra Home Loan

Bank of Maharashtra Home Loan is tailored to assist those low and moderate income families who are dreaming to buy a home of their dream. The bank offers several home loans program depending on the eligibility and the repaying ability of the homebuyers. Bank of Maharashtra home loans can be availed for a number of purposes such as building a new house, buying a new house/existing flat or making repairs and renovation of existing house.

Bank of Maharashtra Home Loan Interest Rates

The bank offers competitive interest rates with their housing loan programs. The home loan rates will also differ according to the loan amount and the repayment tenure. The following chart highlights the prevailing Bank of Maharashtra home loan rate of interest.

Tenor Fixed/ Floating P.A. Upto and inclusive of 5 years Above 5 years and Upto and inclusive of 10 years Above 10 years but below & inclusive of 20 years
Sanctioned Loan amount upto Rs.30.00 lakh. Floating BPLR-3.75% 8.50% BPLR-3.50% 8.75% BPLR-3.25% 9.00%
Fixed 9.50% 10.00% -
Sanctioned Loan amount above Rs.30.00 lakh. Floating BPLR-3.25% 9.00% BPLR-2.75% 9.50% BPLR-2.50% 9.75%
Fixed 10.25% 10.50% -

Bank of Maharashtra Home Loan Eligibility

Several types of home buyers can be eligible if they have the repaying ability for the loan term. For instance, salaried individuals, professionals as well as businessmen with adequate income can apply for this housing loan program. On the other hand, non resident Indians and farmers having at least five acres of irrigated land are also eligible to obtain housing finance loan. The age of the borrowers in case of salaried individuals is a minimum a 21 years up to a maximum of 50 years. The maximum age limit for borrowers other than salaried person is 55 years. Borrowers will have to submit certain documents to prove their identity, income status and age along with the home loan application form.

Loan Amount

For salaried borrowers, Bank of Maharashtra offers 50 times the gross salary or 60 times the net monthly salary. Businessmen can qualify for loan quantum equal to his average income for the last 3 years. As for the farmers, the bank offers 4 times the average annual net income of the borrowers. There is no maximum loan limit for metro and urban areas whereas; Rs.15 lakh is the maximum loan quantum in semi urban and rural area. The bank allows a maximum of Rs. 5 lakh for renovation and repairs in all areas. Bank of Maharashtra also provides home insurance with coverage against fire, earthquake and several other damages.

Before applying for any loan term, it is advisable for the borrowers to use the home loan calculator in order to find out the suitable loan term that they can actually afford. This calculator will also help the borrowers in getting some idea about the Emi that they will have to pay on their loan term.
Bank of Maharashtra has enabled a large number of low income home buyers to get their dream home with the help of housing loan. Check the complete features of the loan term.



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