Embarking on the path to homeownership is a thrilling and transformative experience. At the Bank of Maharashtra, we understand that every homeowner’s journey is unique, which is why we offer a wide range of home loan products tailored to meet diverse needs. Whether you’re a first-time buyer, planning to renovate, or looking to refinance, our solutions are designed with you in mind.
With competitive interest rates, personalized options, and a commitment to full transparency, the Bank of Maharashtra is your trusted partner in making your dream of owning a home a reality. Choose us and take confident steps toward a future filled with the happiness of owning your perfect home!
Category | Details |
Purpose |
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Eligibility |
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Eligible Quantum of Loan | Maximum loan amount will be the lowest of Loan amount assessed on the basis of
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Loan to Value and Margins Norms | LTV Ratio:–
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Moratorium Period | Maximum of 48 months, with interest potentially capitalized for a maximum period of 18 months, thereafter interest to be serviced as and when applied. |
Repayment Period | Maximum Repayment period of 30 years, or until the borrower reaches the age of 75 years, whichever is earlier. |
Deduction |
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Security | Equitable/Registered Mortgage of Property. |
Processing Fee | 0.25% of the loan amount (Subject to a maximum of Rs. 25,000).Full waiver of Processing Fee for Government/State/Central Government/Public sector employees in the case of Takeover Loans. |
Inclusion of Cost for Solar Systems | The cost of a rooftop Solar Photovoltaic System or Rooftop Solar plant may be included in the project cost for determining Home Loan eligibility for purchase, construction, or extension of residential units. All applicants willing to install such systems will have costs based on quotes from authorized dealers/agencies. |
Category | Details |
Purpose | For purchase of plot and construction thereon. |
Eligibility |
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Eligible Quantum of Loan | Maximum loan amount is the lowest of:- Loan amount assessed based on Permissible Deduction norms- Maximum permissible LTV ratio- Loan amount requested |
Loan to Value and Margins Norms |
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Moratorium Period |
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Repayment Period | Maximum of 30 years, or until the borrower reaches the age of 75 years, whichever is earlier. |
Deduction |
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Security | Equitable / Registered Mortgage of Property. |
Processing Fee | 0.25% of the loan amount (Subject to a maximum of Rs. 25,000). Full waiver of processing fees for government/state/central government/public sector employees in case of takeover loans. |
Inclusion of Cost for Solar Systems | The cost of a rooftop Solar Photovoltaic System or Rooftop Solar plant may be included in the project cost for determining Home Loan eligibility for purchase/construction/extension of residential units. This is applicable for all applicants willing to install such systems, with costs based on quotes from authorized dealers/agencies. |
Category | Details |
Purpose | For repairs, renovation, or alteration of an existing house/flat for new standalone borrowers on an unencumbered house property. |
Eligibility |
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Eligible Quantum of Loan | a. 100% of the actual cost of repairs, renovations, or alterations. b. Maximum up to 25% of the realizable value of the property based on the latest valuation report (not older than 3 months). c. The lower of (a) or (b). |
Repayment Period | Maximum repayment period of 20 years.No moratorium period is allowed. |
Deduction |
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Security | Equitable/Registered Mortgage of Property. |
Processing Fee | 0.25% of the loan amount (Subject to a maximum of Rs. 25,000). |
Inclusion of Cost for Solar Systems | The cost of a rooftop Solar Photovoltaic System or Rooftop Solar plant may be included in the cost/agreement of sale value for determining Home Loan eligibility for purchase, construction, or extension of residential units. All applicants willing to install such systems will have costs based on quotes from authorized dealers/agencies. |
Home Loan Linked with a Savings Account (Flexi Term Loan)
This home loan scheme links the borrower’s loan account to a dedicated savings account, providing flexibility and interest-saving benefits. When surplus funds are deposited into the linked savings account, they are treated as a credit towards the loan, reducing the interest on the outstanding balance. Borrowers can also withdraw the surplus funds when required, and the loan is rebalanced accordingly.
Particulars | Scheme Guidelines |
Nature of Facility | Term Loan linked with Saving Account. |
Purpose |
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Eligibility | Individual salaried employees, self-employed professionals, businessmen, and agriculturists. |
Eligible Quantum of Loan | Maximum loan amount will be the lowest of loan amount assessed on the basis of:
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Loan Amount |
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Loan to Value and Margins Norms | Category of Loan (Individual Home Loan amount):– Up to Rs.75.00 Lakh: 80% LTV- Above Rs.75.00 Lakh: 75% LTV |
Repayment Period | Maximum repayment period of 30 years, or until the borrower reaches the age of 75 years, whichever is earlier. |
Rate of Interest | Additional 0.25% above the existing ROI as per the “Maha Super Housing Loan scheme”. |
Deduction |
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Flexi Credit Arrangement | The Home Loan will be linked with a Flexi Home Saving Account, which carries a zero interest rate. After full loan disbursement and other conditions are met, borrowers can deposit surplus funds in excess of EMIs into the Flexi SB account and withdraw them as needed. Daily credits in the Flexi Home Saving Account are netted against the outstanding Home Loan balance at day’s end, reducing the interest charged based on the net balance. |
Security | Equitable/Registered Mortgage of Property. |
Processing Fee | 0.25% of the loan amount (capped at Rs. 25,000), currently waived until 30.09.2024. Full waiver of processing fees for government/state/central government/public sector employees in the case of takeover loans. |
Maha Bank Top-Up Loan Scheme for Home Loan Customers
Category | Details |
Purpose | Any personal purpose such as expenses on children’s education, marriages, medical treatments, etc., other than speculative purposes. The purpose of the loan must be specified and cannot be used for speculative activities, including real estate speculation and equity shares trading. |
Nature of Facility | Term Loan |
Eligibility |
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Age Limit | No cap on maximum age for TOP-UP loan borrowers, provided that the age at maturity of the loan should not exceed 75 years. |
Quantum of Loan |
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LTV (Loan to Value) | Maximum up to Overall LTV (Loan to Value): Outstanding Home Loan + Proposed Top-Up Loan (Based on Realizable Value) LTV Ratio (HL + Top-Up):
At the time of sanction, Overall LTV should be calculated based on the outstanding balance plus the undrawn portion, if any, in the existing Housing Loan account plus the proposed Top-up loan together. |
Deduction | Deduction norms / FOIR-Fixed Obligation to Income Ratio (Repayment capacity) to be calculated in line with Home Loan. |
Repayment | Lowest of the following:
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Rate of Interest |
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Processing Charges | 0.50% of the loan amount, maximum Rs. 50000/- exclusive of GST. |
Account Handling Fees | Rs. 500 + 0.10% of Loan, maximum Rs. 11000/- exclusive of GST |
Particulars | Scheme Guidelines |
Name of the Scheme | Loan against Property – for Individuals |
Purpose of Loan | To cater to the requirements of meeting personal expenses. |
Eligibility | Permanent Employees of Central/State Govt./Public Sector Undertakings (PSUs) (including Schools/Colleges/Educational Institutions), Individual Businessmen, professionals, and Self-employed individuals who own residential or commercial property/buildings in their own name that are unencumbered and under self-occupation. |
Min Annual Income | Minimum annual income: ₹5.00 Lakhs. |
Maximum Quantum of Loan | Based on repaying capacity and subject to the following ceilings:-
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Margin |
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Repayment Period | Maximum Repayment period of 10 years or until the borrower reaches the age of 75 years, whichever is earlier. |
Deduction | Not to exceed 60% of the Gross Income including Proposed EMI / Notional Interest. |
Security | Mortgage of the Property |
Processing Fee | 1% of the loan amount + GST |
Eligibility for a home loan is determined by various factors including the applicant’s age, income, employment status, credit history, and the value of the property. Generally, applicants should be between 18 to 60 years old, have a stable source of income, and meet the minimum credit score requirements.
The required documents typically include a completed application form, identity proof (such as PAN card, Aadhaar card), address proof, income proof (salary slips, tax returns), and property-related documents (title deed, no objection certificates). Additional documents may be requested based on your employment type and the loan requirements.
You can calculate your monthly EMI using the EMI calculator available on the Bank of Maharashtra website. Input the loan amount, the interest rate, and the loan tenure to receive an estimate of your monthly payments.
The Bank of Maharashtra offers a variety of home loans, including loans for purchasing new or pre-owned homes, construction loans, home improvement loans, and home extension loans. Each type of loan caters to different housing needs, so please consult with a loan advisor to find the one that best suits your requirements.
The approval process can vary depending on the completeness and accuracy of the documents submitted, and the specific details of the loan application. Generally, loan approvals can take anywhere from a few days to a few weeks. To expedite the process, ensure all necessary documents are submitted correctly and promptly.
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