Bank of Maharashtra Home Loan

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Bank of Maharashtra Home Loan

Bank of Maharashtra Home Loan Key Features

Feature Value
Interest Rate 6.90% onwards
EMI / Lakh Rs. 662
Loan Tenure Up to 30 years
Loan Amount Percentage based on property value
Loan to Value Ratio Up to 90% of property value
Loan Available on the Following Types of Property
  • New flat
  • Ready to Move-in House
  •  Plot From MHADA, DDA, etc.
  • Home construction
  • Home extension
  • Home renovation
Special Offer for Women Interest rate concession of 0.05%
Processing Fee Up to 0.5% of loan amount excluding GST
Prepayment Charges No prepayment charges for floating rates
Part Payment Charges Nil
Guarantor Required Nil

Please Note: The above figures are only indicative and are subject to change without any prior notice.


Bank of Maharashtra Home Loan Interest Rates & Offers

The home loan interest rates charged under different schemes of home loan are:

Bank of Maharashtra Home Loan Schemes Interest Rate For Women Interest Rate for Others
Bank of Maharashtra Home Loan 6.90% – 7.95% 7.00% – 8.00%
Bank of Maharashtra Reach Loan 8.75% – 14.00% 8.75% – 14.00%
Plot Loan 7.05% – 8.05% 7.10% – 8.10%
Rural Housing Loan 6.90% – 8.70% 7.00% – 8.70%
Home Improvement Loan 6.90% – 7.95% 7.00% – 8.00%
Home Extension Loan 6.90% – 7.95% 7.00% – 8.00%
Home Loan Top Up As per home loan slabs As per home loan slabs
Home Loan Balance Transfer 6.90% onwards 6.90% onwards

Please Note: The above rates and values are floating in nature and are based on adjustable rates. These are subject to change at the time of loan disbursement.

Bank of Maharashtra Home Loan Eligibility Criteria 

The eligibility criteria for home loans Provided to salaried and self-employed individuals vary on a few provisions, which are discussed as follows:

Salaried Individual:

  1. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
  2. The applicant’s nationality should be Indian.
  3. Must have working experience and a legitimate source of salary, i.e. working under the same employer for at least one year.

Self Employed Individual:

Applicants who are not professionally engaged in the working sector but have their own source of steady income are also eligible for the Bank of Maharashtra Home Loan. This includes everybody who is from some categories such as :

  • Commission agent
  • Traders
  • Contractors

The following criteria must be met to apply for a home loan:

  1. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
  2. The applicant’s nationality should be Indian.

Self Employed Professionals:

Applicants who are professionally engaged in the working sector are also eligible for the Bank of Maharashtra Home Loan. This includes everybody who is a:

  • Charted Accountant
  • Doctors
  • Lawyers
  • Consultant
  • Engineer
  • Company Secretary
  • Architect

The following criteria must be met to apply for a home loan:

  1. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
  2. The applicant’s nationality should be Indian.

Additional Criteria for Co-applicants:

  • Co-applicant must be a family member of the primary applicant.
  • All co-applicants are not required to be the co-owners of the property.

Please find more information on Eligibility by visiting Dialabank.

Common Documents for Salaried and Self-Employed

The home loan documents required to be submitted by the applicant are mentioned here:

Salaried Individual:

Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as PAN, Aadhaar, Driving License, Passport, Voter ID, etc.

Income Proof:

  • Latest Salary Slips from the last 3 months.
  • Latest Form-16 and IT returns.
  • Employment Contract/Appointment Letter if the current employment is less than a year old.
  • Bank Statements showing salary credits from the last 6 months.

Property Related Documents:

  • A cheque for processing fee favouring ‘Bank of Maharashtra.’
  • Copy of the Buyer Agreement/Allotment Letter
  • Receipt/(s) of payment/(s) made to the developer

Self Employed Individual:

Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Previous 3 years Profit/Loss Account and Balance Sheet.
  • Business Profile and Previous 3 years Income Tax returns (Both self and business)

Proof Of Business: 

  • Educational Qualifications Certificates
  • Business achievements (Certificate or awards if any)

Property Related Documents:

  • A cheque for processing fee favouring ‘Bank of Maharashtra.’
  • Copy of the Buyer Agreement or Allotment Letter 
  • Receipt/(s) of payment/(s) made to the developer

Agriculturists:

KYC Proof – PAN Card (Mandatory) and any Driving License/Voter ID/Passport

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Copies of title documents of agricultural Land showing crops being cultivated

Property Related Documents:

  • A cheque for processing fee favouring ‘Bank of Maharashtra.’
  • Copy of the Allotment Letter / Buyer Agreement
  • Receipt/(s) of payment/(s) made to the developer

Additional requirements for Co-applicants:

Passport size photograph of all co-applicants to be affixed on the Application Form and signed across.

Bank of Maharashtra Home Loan Procedure

Collecting a home loan from the Maharashtra Bank is very straightforward with an online application form. In five simple stages, you can receive a home loan from the Bank of Maharashtra:

  • Complete the loan amount, property facts, your personal details, occupational data, and contact numbers of an approved online channel associate on the Bank of Maharashtra website, branch or website.
  • An employee of Maharashtra Bank or an online partner can contact you for the eligibility of your loan, as well as loan rates, terms, processing costs and other costs.
  • You must file for an application online to continue the loan, otherwise, a representative of the Bank of Maharashtra will return to your homes and offices for the retrieval of your income and property statements.
  • Bank of Maharashtra is applying for transaction fees that will take a couple of days to conduct a credit evaluation and a professional house examination.
  • If you are entitled and your property is eligible for a loan, you will receive a sanction letter from Maharashtra Bank and will be asked to sign an agreement with the bank for loans. You then pay the loan to your account.

Different Home Loan Schemes By Bank of Maharashtra

Bank of Maharashtra Home Loan – For Resident Indians

This type of Home Loan is specifically for those individuals who are Indian residents and require funds to purchase a house or a plot for further construction.

Specific Information for Home Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 30 years

Bank of Maharashtra Reach Loans – For Indians With Income Of At least Rs. 10,000 Per Month

Bank of Maharashtra home loan is specifically for those individuals who are Indian residents with an income of Rs. 2 Lakhs per annum. This loan can cover the costs of purchasing a new or already built house, a new plot for further construction, renovations, and extension or construction on both residential and non-residential properties.

Specific Information for Reach Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 80% of the value of Property
Interest Rate 8.75% onwards
Processing Fee Up to 2% of the loan amount + GST
Loan Tenure 30 years

Bank of Maharashtra Plot Loans – For Buying a New Plot

Bank of Maharashtra home loan is specifically established for those individuals who are looking to purchase a new plot. This loan supports buying a new direct allotment plot or a plot from the resale.

Specific Information for Plot Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 80% of the value of Property
Interest Rate 7.10% onwards (0.05% concession to women)
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Bank of Maharashtra Rural Housing Loans – For Indians Living in Rural Areas

Bank of Maharashtra home loan for rural housing is specifically for those individuals who are agriculturists, dairy farmers, planters, horticulturists, and others who are living in remote areas and are willing to buy a new residential property or under-construction property or an existing residential property in rural and urban areas. This loan is also eligible for agricultural individuals who are salaried or self-employed!

Specific Information for Rural Housing Loan Scheme
Eligible Profiles Available to Salaried, Sef-employed Individuals and Agriculturists
Loan Amount Up to 90% of the value of Property
Interest Rate 7.00% onwards (0.05% concession to women)
Processing Fee Salaried/Self-employed – Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST

Agriculturists/ Self-Employed Non-Professionals – Up to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + GST

Loan Tenure 30 years

Bank of Maharashtra Home Improvement Loans – For Covering Home Renovation Costs

This type of loan is specifically for those customers who want to renovate their homes but are not able to do so due to a lack of funds.

Specific Information for Home Improvement Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount New Customer – Up to 90% of the estimates from improvements.

Existing Customer – Up to 100% of the estimates from improvements.

Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Bank of Maharashtra Home Extension Loans – For Adding Space in Your Home

This type of loan is specifically for those individuals who want to extend or add space to their home property.

Specific Information for Home Extension Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 20 years

Bank of Maharashtra Top Up Loans – For Dena Bank Home Loan Borrowers

This scheme helps the borrowers for additional funding over their already opted home loan. The funds from this scheme can be used for various personal and business purposes by the customers under the scheme.

Specific Information for Top-Up Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate New Customer – 8.30% onwards

Existing Customer – As per Home Loan Slabs

Processing Fee  Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Bank of Maharashtra Home Loan Balance Transfer – For All Home Loan Borrowers

Bank of Maharashtra Home Loan Balance Transfer is available to those customers who are willing to lower their repayments and can get additional loans up to 50 lakhs by this scheme.

Specific Information for Home Loan Balance Transfer Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to Rs. 50 Lakhs
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 30 years

Bank of Maharashtra Home Loan for NRI/PIO – For NRIs and PIOs

This type of loan is available to those who are NRIs, PIO, and OCI. The loan helps the individual who is willing to:

  • Construct on a plot allotted by a Development Authority in India or a freehold/leasehold plot.
  • Properties can be purchased in an existing Co-operative Housing Society, Apartment Owners Association, Development Authorities settlements, or privately built-up homes.
  • Purchase a flat, row house, bungalow in India from private developers in approved projects.
  • Properties can be purchased from Development Authorities such as DDA, MHADA, etc.

Bank of Maharashtra Home Loans under Pradhan Mantri Awas Yojana

Bank of Maharashtra home loan is specially established for EWS/LIG, families under MIG-I, and MIG -II categories. The validity of this scheme is up to 31 march 2022 (EWS/LIG), 31 march 2021 (Families under MIG-I and MIG -II categories).

Specific Information for Home Loan Pradhan Mantri Awas Yojana Scheme
Eligible Profiles Available to EWS/LIG, MIG-I, and MIG -II
Loan Amount No Cap
Interest Subsidy 3.00% onwards
Maximum Subsidy Up to Rs. 2.67 Lakhs
Loan Tenure 20 years

Bank of Maharashtra Pradhan Mantri Awas Yojana Subsidy 2021

The Government of India’s Pradhan Mantri Awas Yojana is a home loan subsidy programme designed to encourage everybody to own a home. The scheme provides financial assistance to lower-income classes in society who receive less than 18 lakh rupees per annum by providing them with home loans with subsidised interest rates. 

EWS (economically weaker section), LIG (lower-income group), MIG-1 (middle-income group-1) and MIG-2 (middle-income group-2) are the four income groups. On Bank of Maharashtra home loans, a gross subsidy of approximately 2.67 lakh can be obtained via PMAY. The Bank of Maharashtra PMAY Home loan has a 15-year maturity period. Applicants for a home loan from the Bank of Maharashtra that is qualifying for the PMAY subsidy will do so. PMAY, or the Home Loan Subsidy Scheme, was founded in 2015 to help the homeless find housing. If you meet the eligibility requirements, you can apply for PMAY at the Bank of Maharashtra. The following are the PMAY plans supported by the Bank of Maharashtra: 

  • The Pradhan Mantri Gramin Awas Yojana helps homeless families by providing pucca houses with basic facilities.
  • The DDA Housing Scheme seeks to provide housing to low-income, middle-income, and high-income families.
  • The Tamil Nadu Housing Board Scheme began in 1961 with the aim of providing housing to people of all income levels.
  • Mhada Lottery Scheme: Every year, the Mhada Lottery Scheme is launched for buyers of various income categories.
  • The Rajiv Awas Yojana was founded in 2009 with the goal of getting the illicit building into the formal framework and encouraging India to become slum-free.

Both of these programmes have their own set of eligibility requirements, as well as limits to the amount of money that can be lent and the interest rate that can be charged.

Advantages of Bank of Maharashtra home loan

Bank of Maharashtra Home Loan

Bank of Maharashtra Home Loan is a saviour to those who are in need of financial support relating to homes and plots. It offers the following:

  • Easy application with minimum documentation and paperwork.
  • Provides loan approval prior to the selection of the property.
  • It is a part of the Pradhan Mantri Awas Yojana.
  • A huge variety of home loan schemes.
  • Provide a 0.05% concession to women to encourage them for their own homeownership.
  • Provide several repayment methods to choose from and opt for the one best suited to you.
  • Full transparency as Bank of Maharashtra promises no hidden costs and fees.

Compare Bank of Maharashtra Home Loan with Other Banks

Particulars Bank of Maharashtra SBI HDFC
Interest Rate 7.00% – 8.05% 6.70% – 7.05% 6.75% – 8.20%
Processing Fees NIL Min ₹ 10,000 Min ₹ 3,000
Loan Tenure 30 Years 30 Years 30 Years
Maximum Loan Amount ₹ 10 Cr ₹ 7 Cr ₹ 5 Cr
Age 21 – 65 Years 18 – 70 Years 24 – 65 Years
Benchmark Rate RLLR RLLR PLR
Lowest EMI Per Lakh ₹ 665 per lakh ₹ 645 per lakh ₹ 649 per lakh

Bank of Maharashtra Home Loan Charges and Fees

Particulars Charges
Processing Fees Salaried Individuals: 0.50% of the loan amount or Rs. 3,000, whichever is higher
Self Employed Professionals: 0.50% of the loan amount or Rs. 3,000, whichever is higher
Self Employed Non-Professionals: Up to 1.50% of the loan amount or Rs. 4,500, whichever is higher
Prepayment charges No prepayment charges for floating rates
Check dishonour charges Up to Rs. 200
List of documents Up to Rs. 500
Photocopy Of documents Up to Rs. 500
PDC Swap Up to Rs. 200
Disbursement cheque cancellation charges post disbursement. Up to Rs. 200
Increase/Decrease in the loan term Up to Rs. 500
Re-appraisal of loan post 6 months from sanction Up to Rs. 2,000

How to apply for the Bank of Maharashtra Home Loan

  • Visit Dialabank for a Home Loan.
  • Fill out all the details required in the Home Loan application form.
  • Go to the Dena Bank Home Loan page.
  • Check out all the eligibility and documents criteria for a Home Loan.
  • Once done, our representative will soon contact you for a further stress-free process.

Bank of Maharashtra Home Loan Customer Care

Bank of Maharashtra is famous for its customer relations management; as a result, they provide special home loan customer care service and a special contact number to ensure convenience for the customer:

1800 233 4526  or 1800 102 2636

Customers do not need to look up all these customer care numbers every time. They can just get one contact number for all their financial needs with India’s First Financial Helpline and just contact us for assistance in any matter.

Dialabank: 9878981166

Bank of Maharashtra Home Loan EMI Calculator

Bank of Maharashtra Home Loan Pre Calculated EMIs

it is the choice of the applicant where to apply for a home loan; a home loan EMI calculator might prove helpful to understand the terms offered by a bank or NBFC.

Other Loan Products from Bank of Maharashtra

Bank of Maharashtra Personal Loan Bank of Maharashtra Education Loan Bank of Maharashtra credit card 

Bank of Maharashtra Home Loan FAQ

How to repay my Bank of Maharashtra home loan?

There are different payment methods through which you can repay your Dena Bank home loan, and this can be done:

  • By issuing Standing Instructions to pay the loan instalments through Electronic Clearing System.
  • By opting for direct deduction of monthly instalments by your employer.
  • By issuing post-dated cheques from your salary account.

When can you apply for the Bank of Maharashtra’s top-up loan?

A year after the disbursement of the existing loan amount and the possession or completion of the financed property.

What is the maximum loan amount from the home loan can I get on my salary?

A customer can get the loan amount on his/her salary, depends on their repayment capacity. To determine the repayment capacity, the following variables are considered: age, education qualification, current liabilities, the number of dependants, credit history, etc.

What is a Floating Interest Rate?

Floating interest rates are different from the fixed rates, and the rates are not the same throughout the loan tenure. It may vary with the change in the lender’s benchmark rate.

How can Dialabank help you get a Home Loan?

Dialabank works as a bridge to find the best option between several Banks and NBFCs by providing you with a detailed and structured market comparison of different banks. This eliminates the unnecessary worries about the complex information and process you have to go through.

If you want to apply for a Bank of Maharashtra Home Loan, get in touch with Dialabank by phone by dialling 9878981166 or by visiting Dialabank.

News for Bank of Maharashtra Home Loan

2021-03-26

The Bank of Maharashtra opened six new branches on January 3, 2021. Six new branches of the Bank of Maharashtra have opened. The bank wants to expand its loan portfolio, which includes house, family, LAP, company, gold, two-wheeler, and car loans, in order to better serve its broad customer base.

2021-02-23:

Bank of Maharashtra waived its processing fee on 2021-02-23. The processing fee for home and auto loans has been lowered to nil by the Bank of Maharashtra. The transfer is mostly intended to entice the creditor and expand the loan portfolio.

2021-01-19: 

The Bank of Maharashtra registered a profit of 154 crores in the third quarter of 2020. In the third quarter ended December 31, 2020, the Bank of Maharashtra posted a net profit of Rs. 154 crores, compared to Rs. 135 crores the previous quarter. Home, family, motorcycle, two-wheeler, and gold loans, as well as company and mudra loans, increased by 12% year on year to Rs 1,04,904 crore. Deposits, which include FDs and Rds, have risen by 14% to 1,61,971 crore. From 50.51 per cent in the previous year, the share of low-cost current account, savings account (CASA) deposits increased to 50.91 per cent of overall deposits.

2020-10-20: 

The Bank of Maharashtra registered a PAT of Rs. 130.44 crores for the second quarter of fiscal year 21. During the time ended September 30, 2020, Bank of Maharashtra posted a total income of Rs.3319.34 crores, backed by retail loans such as residential, personal, gold, two-wheeler, and auto loans, as well as mudra and company loans. In addition, for the month of September, the bank made a net profit of Rs.130.44 crores.

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