Bank of Maharashtra Home Loan Interest Rates
Bank of Maharashtra home loan interest rates start at 8.10% p.a. and offer a term of 30 years. Whether you are a homeowner looking to buy a new home, build a home, or transfer your existing loan, the Bank of Maharashtra offers multiple dedicated, specialized home loan products available to you.
Bank of Maharashtra Home Loan Interest Rates
Bank of Maharashtra offers attractive home loan interest rates for aspiring homeowners. As of February 2025, the starting interest rate for regular customers is 8.60% per annum, making it an appealing option for individuals looking to purchase their dream homes. The Bank of Maharashtra home loan interest rates extend special benefits for women applicants, senior citizens, and NRIs, providing them with even more competitive interest rates.
Bank of Maharashtra home loan tenure can extend up to 30 years, offering flexibility to borrowers in repaying the loan. Additionally, eligible applicants can avail of substantial loan amounts, with certain types of loans having no upper limit on the loan amount, making the home-buying process easier and more accessible. Don’t miss out on this excellent opportunity to fulfill your homeownership aspirations with Bank of Maharashtra’s attractive home loan offerings.
Bank of Maharashtra Home Loan Interest Rates
| Credit Score | ROI | City | <=30 Lakh | 30<75 Lakh | 75 Lakh< | Process | Amount |
| 800+ | 8.10% | Hyderabad | 90.00% | 80% + Interior | 75%+ Interior | Processing Fees | 0 |
| 750-799 | 8.15% | Bangalore | 90.00% | 80% + Interior | 75%+ Interior | Legal | 6000 |
| 725-749 | 8.55% | Mumbai | 90% | 80% + Interior | 75%+ Interior | Technical | 5000 |
| 700-724 | 9.05% | Pune | 90.00% | 80% + Interior | 75%+ Interior | MODT | 0.60% |
| 650-699 | 9.55% | Chennai | 90.00% | 80% + Interior | 75%+ Interior | Documentation | 3000 |
| -1 | 8.75% | Delhi | 90.00% | 80% + Interior | 75%+ Interior | DDP | 1100 |
Features of Bank of Maharashtra Home Loan Interest Rates
City-wise Loan Breakdown
| City | Credit Score Range | Funding Limit | Interest Rate | Charges/Fees |
| Hyderabad | 800+ | Up to 90% | 8.10% | No Processing Fee |
| Bangalore | 750–799 | 90%, 80%, 75% | 8.15% | Legal Fees: ₹6,000 |
| Mumbai | 725–749 | 90%, 80%, 75% (assumed) | 8.55% | Technical Fees: ₹5,000 |
| Pune | 700–724 | Not specified | 9.05% | MODT Charges: 0.60% of Loan Amount |
| Chennai | 650–699 | Not specified | 9.55% | Documentation Fees: ₹3,000 |
| Delhi | Not specified | Not specified | 8.75% | DDP Charges: ₹1,100 |
Different Types of Home Loans Offered by Bank of Maharashtra
Bank of Maharashtra offered a wide array of housing loans to suit the needs of the varied customer demographic.
| Home Loan Type | Purpose | Key Features | Maximum Tenure | LTV Ratio |
| Maha Super Housing Loan | Purchase, construction, or resale of property | Loan up to ₹3 crore, interest linked to RLLR, tenure up to 30 years | Up to 30 years | Up to 90% (based on property value & profile) |
| Maha Combo Loan | Home loan + personal loan for furnishings/interior | Higher combined eligibility, bundled EMI repayment | Up to 30 years | Up to 90% (housing portion); lower for combo part |
| Maha Top-Up Loan | Additional funds for renovation, education, or emergencies | Available over existing home loans, lower rate than personal loans | Up to 20 years or the remaining tenure | Up to 75% of the property value, including the existing loan |
| Maha Plot Loan | Purchase of residential plot | Up to 70% of the plot value, construction to begin within 2 years | Up to 15 years | Up to 70–75% of the plot cost |
| Maha Home Renovation Loan | Repairs, renovation, or home extension | Based on renovation cost, competitive interest, and flexible repayment | Up to 15 years | Up to 75% of the renovation cost |
| Maha Housing Loan for NRIs | Buy or build residential property in India | Available for NRIs with verified overseas income, with similar terms to domestic customers | Up to 20 years | Up to 80–85% (subject to income and location) |
| Maha Home Loan Balance Transfer | Transfer existing home loans from other banks | Lower interest, reduced EMIs, and a top-up loan facility are available | Remaining loan tenure | Up to 90% of the outstanding loan or property value |
Maha Bank Top-up Scheme
| CIBIL Score | Interest Rate (p.a.) |
| 800 and above | The premium of 50 bps over & above the applicable interest rate for a Maha Super Housing Loan |
| 750 to 799 | The premium of 75 bps over & above the applicable interest rate for a Maha Super Housing Loan |
| 681 to 749 | The premium of 100 bps over & above the applicable interest rate for a Maha Super Housing Loan |
| 680 and below | The premium of 300 bps over & above the applicable interest rate for a Maha Super Housing Loan |
Maha Home Loans Interest Rate Offered for Commercial Real Estate
| Loan Amount | Interest Rate (p.a.) |
| Up to Rs 1 crore | The premium of 100 bps over and above the applicable interest rate for a normal housing loan |
| Above Rs 1 crore | The premium of 125 bps over and above the applicable interest rate for a normal housing loan Housing Loan |
Bank of Maharashtra Home Loan Comparison with Other Banks
| Bank/ NBFC Name | Interest Rate |
| Axis Bank | 8.85% – 14.00% |
| Aditya Birla Capital Home Loan | 9% – 12.50% |
| Bandhan Bank | 8.65% – 13.65% |
| Bank of Baroda | 8.50% – 10.60% |
| Bank of India | 7.80% – 9.65% |
| Bank of Maharashtra | 8.40% – 10.80% |
| Canara Bank | 8.85%- 11.25% |
| Central Bank of India | 8.45% – 9.20% |
| Citibank | 8.45% |
| Corporation Bank | 8.60% – 11.20% |
| Dena Bank | 8.40% |
| Federal Bank | 10.15% – 10.30% |
| Fullerton Bank | 9.50% |
| HDFC Bank | 8.95% – 9.85% |
| HSBC | 8.60% |
| ICICI Bank | 9.00% – 10.05% |
| IDBI Bank | 8.75% – 11.45% |
| IDFC First Bank | 8.85% |
| Indian Overseas Bank Home Loan | 9.55% |
| Indiabulls Housing Finance | 8.75% |
| Jammu and Kashmir Bank | 8% |
| Karnataka Bank | 9.08% – 10.38% |
| Karur Vysya Bank | 9.23% – 12.13% |
| Kotak Mahindra Bank | 8.85% – 9.40% |
| LIC HFL | 8.70% |
| PNB HFL | 8.50% – 10.85% |
| Reliance Home Finance | 9.35% – 13% |
| State Bank of India | 8.25% – 9.65% |
| Sundaram Home Finance Ltd Home Loan | 6.95% – 8.30% |
| Tata Capital | 8.95% |
| Union Bank of India | 8.75% |
| YES Bank | 9.15% – 11.25% |
*Interest rates are subject to change without further notice.
Bank of Maharashtra Home Loan Features and Benefits
Bank of Maharashtra offers a wide range of home loan products with attractive features and benefits, making homeownership accessible to individuals. Here are some key features and benefits:
Features:
- Flexible loan tenure of up to 30 years, allowing borrowers to choose a comfortable repayment period.
- Competitive interest rates are based on the applicant’s creditworthiness and CIBIL score.
- Minimal processing fees and the burden of additional expenses.
- Special interest rates for women borrowers, promoting women’s empowerment in homeownership.
- Home loans for various purposes, including purchase, construction, renovation, and extension.
- Loan options are available for salaried, self-employed, and NRI individuals.
Benefits:
- Simplified application process with quick approval and disbursal.
- Tailored loan solutions to suit the financial needs and capabilities of borrowers.
- Transparent terms and conditions, ensuring clarity throughout the loan journey.
- Dedicated customer support to address queries and provide assistance.
- Tax benefits under Section 80C and Section 24(b) of the Income Tax Act, 1961, for eligible borrowers.
How to apply for a Bank of Maharashtra Home Loan?
- Research and Documentation:
a. Gather all necessary documents, including identity proof, address proof, income documents, property papers, etc.
b. Calculate the loan amount required and assess eligibility based on income and credit score. - Online Application:
a. Visit the official Bank of Maharashtra website and navigate to the home loan section.
b. Fill in the online application form with accurate details and submit the required documents. - In-Person Application:
a. Visit the nearest Bank of Maharashtra branch and meet with a loan officer.
b. Fill out the application form and submit the required documents. - Verification and Processing:
a. The bank will verify the submitted documents and assess the applicant’s eligibility.
b. The loan processing team will review the application and carry out a property valuation. - Loan Approval and Disbursal:
a. Upon successful verification and approval, the loan will be sanctioned.
b. The loan amount will be disbursed to the borrower’s account or directly to the seller/developer.
Bank of Maharashtra Home Loan Eligibility
Eligibility for Bank of Maharashtra Home Loan is determined based on various factors to ensure that applicants have the financial capacity to repay the loan. You can check that through the home loan eligibility calculator. Here are the key eligibility criteria:
| Criteria | Details |
| Age |
|
| Income |
|
| Credit Score |
|
| Employment Status |
|
Documents Required for Bank of Maharashtra Home Loan
To apply for a Bank of Maharashtra Home Loan, applicants need to provide the following documents:
| Document Type | Accepted Documents |
| Identity Proof | Aadhaar Card, Passport, Voter ID, Driving Licence, PAN Card |
| Address Proof | Utility Bills, Passport, Ration Card, Rent Agreement, Aadhaar Card |
| Income Proof | Salaried: Salary Slips, Form 16, Bank Statements, ITR
Self-employed: ITR, Profit & Loss Account, Balance Sheet, Bank Statements |
| Property Documents | Sale Deed, NOC from Builder/Society, Allotment Letter, Approved Building Plan |
| Photographs | Recent Passport-sized Photos of Applicant(s) |
| Other Documents | Business Proof (for self-employed), NRI Documents (for NRI applicants), Loan Application Form |
Ensuring that all required documents are submitted accurately and promptly helps streamline the loan application process and increases the chances of a Bank of Maharashtra Home Loan approval.
Bank of Maharashtra Home Loan EMI Calculator – How to Calculate Bank of Maharashtra Home Loan EMI?
To calculate the Equated Monthly Instalment (EMI) for your Bank of Maharashtra home loan, you can use the formula provided:
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
Where:
- P = Loan Amount
- R = Monthly Interest Rate (Annual Rate ÷ 12)
- N = Loan Tenure in Months (Years × 12)
Example:
For a ₹30 lakh loan at 8.60% annual interest for 20 years:
- R = 8.60% ÷ 12 = 0.007167
- N = 20 × 12 = 240 months
Plug values into the formula:
EMI ≈ ₹72,914.91/month
This is the monthly payment you’ll make for 20 years until the loan is repaid.
Factors that Affect the Bank of Maharashtra Home Loan Interest Rate
- Credit Score: A higher credit score indicates good creditworthiness, leading to lower interest rates as it reduces the risk for the bank.
- Loan Amount and Tenure: Larger loan amounts or longer tenures may result in higher interest rates due to increased risk for the lender.
- Income and Employment Stability: Stable and higher income, along with a secure job, can lead to lower interest rates as it assures the bank of the borrower’s repayment capacity.
- Loan-to-Value (LTV) Ratio: A lower LTV ratio (loan amount compared to the property’s value) may result in better interest rates as it reduces the bank’s risk.
- Market Conditions: Prevailing economic conditions, inflation rates, and monetary policies can influence interest rates.
Tips to Avail Bank of Maharashtra Home Loan at a Lower Interest Rate
- Improve Credit Score: Maintain a good credit score by paying bills on time, reducing outstanding debts, and avoiding defaults.
- Higher Down Payment: Make a higher down payment, reducing the loan amount and resulting in a lower LTV ratio.
- Stable Employment: Demonstrate a stable employment history to enhance your credibility as a borrower.
- Compare Offers: Research and compare interest rates and loan terms from different lenders to find the best deal.
- Negotiate with the Bank: Discuss your eligibility and financial position with the bank to negotiate for lower interest rates based on your profile.
- Opt for Shorter Tenure: Choose a shorter loan tenure if possible, as it may lead to a reduced interest burden.
- Balance Transfer: Consider transferring your existing home loan to the Bank of Maharashtra if it offers better interest rates and terms.
Bank of Maharashtra Home Loan Customer Care/Grievance Redressal
- All India Toll-free Numbers: 1800-233-4526; 1800-102-2636
- Head Office Address: Bank of Maharashtra, Head Office, ‘Lokmangal’,1501, Shivajinagar, Pune-411005
- Telephone Numbers: 020-25514501-05; 020-25514501; 020-25513781
Get Affordable EMIs with Bank of Maharashtra Home Loans
By considering these factors and following these tips, borrowers can increase their chances of availing of a Bank of Maharashtra home loan at a lower interest rate, resulting in more affordable EMIs and overall cost savings.
When considering a home loan, understanding the factors that influence Bank of Maharashtra home loan interest rates is crucial. As a trusted financial institution, the Bank of Maharashtra offers flexible and competitive home loan options, empowering aspiring homeowners to turn their dreams into reality. Whether you are a salaried individual, self-employed professional, doctor, or NRI, exploring the diverse home loan options offered by the Bank of Maharashtra can bring you closer to your dream home. Compare the offers, meet the eligibility criteria, and secure your future with a Bank of Maharashtra Home Loan Interest Rate that best suits your needs.
For personalized assistance and a smooth loan application process, consider leveraging the expertise of our home loan specialists at the Bank of Maharashtra. Head over to our website to find out how NoBroker home loan services can help you achieve your homeownership goals seamlessly.
Disclaimer: This article is solely for educational purposes. NoBroker doesn’t take any responsibility for the information or claims made in the blog.
Also Check:
