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BANK OF MAHARASHTRA HOME LOAN

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.

Bank of Maharashtra

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With competitive interest rate starting from 8.10%, 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!

FEATURES AND BENEFITS

Bank of Maharashtra Home Loan

MAHA SUPER HOUSING LOAN SCHEME: FOR BUILDING, BUYING, OR EXPANDING A NEW OR EXISTING HOUSE/FLAT

Category Details
Purpose
  • Purchasing new Residential units (House, flat, Bungalow etc.) under construction or ready from builders/developers/society/other agencies/Development authority.
  • Purchasing old Residential units (House, flat, Bungalow etc.).- Construction of a residential unit on owned Plot/Land.
  • Extension (additional construction) in the existing house/flat.
  • Takeover of existing Housing Loan accounts from other Banks/Financial Institutions.
Eligibility
  • Resident Indian Citizen.
  • Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), or Overseas Citizens of India (OCIs).
Eligible Quantum of Loan Maximum loan amount will be the lowest of Loan amount assessed on the basis of

  • Permissible Deduction norms.
  • Maximum permissible LTV ratio.
  • Loan amount requested.
Loan to Value and Margins Norms LTV Ratio:–

  • Up to Rs.30.00 Lakh: 90%
  • Above Rs.30.00 Lakh and up to Rs. 75.00 Lakhs: 80%
  • Above Rs.75.00 Lakhs: 75%
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
  • For salaried individuals: Up to 80% based on latest monthly income.
  • For Non-Salaried Individuals: Up to 80% based on average annual income.
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.


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MAHA SUPER HOUSING LOAN SCHEME: PURCHASE OF PLOT & CONSTRUCTION THEREON

Category Details
Purpose For purchase of plot and construction thereon.
Eligibility
  • Resident Indian Citizen
  • Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), or Overseas Citizens of India (OCIs)
Eligible Quantum of Loan Maximum loan amount is the lowest of:- Home Loan amount assessed based on Permissible Deduction norms- Maximum permissible LTV ratio- Loan amount requested
Loan to Value and Margins Norms
  • For Purchase of Plot: Minimum 25% of the registered or realizable value of the plot, whichever is lower.
  • For Construction of House: Overall project cost (including value of the plot) is considered for LTV, with separate margins for the plot:- Up to Rs.30.00 Lakh: 90%- Above Rs.30.00 Lakhs: 80%- Above Rs.75.00 Lakhs: 75%
Moratorium Period
  • For Purchase of Plot: No moratorium period.
  • For Construction of House: Up to 18 months from the date of the first disbursement.
Repayment Period Maximum of 30 years, or until the borrower reaches the age of 75 years, whichever is earlier.
Deduction
  • For Salaried Individuals: Up to 80% based on latest monthly income.
  • For Non-Salaried Individuals: Up to 80% based on average annual income
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.


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MAHA SUPER HOUSING LOAN: FOR REPAIRS, RENOVATION, OR ALTERATION OF EXISTING HOMES/FLATS FOR NEW STANDALONE BORROWERS

Category Details
Purpose For repairs, renovation, or alteration of an existing house/flat for new standalone borrowers on an unencumbered house property.
Eligibility
  • For Salaried: Minimum income of Rs.3.00 lakh (last year), with the last 2 years’ ITR/Form 16 from the employer mandatory.
  • For Self-employed Professionals: Minimum income of Rs.3.00 lakh (as per last year’s ITR), with the last 2 years’ ITR and supporting documents mandatory.
  • For Businessmen: Minimum income of Rs.3.00 lakh (as per last year’s ITR), with the last 3 years’ ITR and supporting documents mandatory.
  • For Persons in Agriculture & Allied Activities: Ascertainable minimum income of Rs.3.00 lakh.
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
  • For Salaried Individuals: Up to 80% based on latest monthly income.
  • For Non-Salaried Individuals: Up to 80% based on average annual income.
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.


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MAHA SUPER FLEXI HOUSING LOAN SCHEME

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.

Key Features

Benefits to Borrowers

Maha Super Flexi Housing Loan Applicable for:

Particulars Scheme Guidelines
Nature of Facility Term Loan linked with Saving Account.
Purpose
  • Purchase of ready-built residential flats directly from Builders/Developers/Society/Other Agencies/Development Authority.
  • Purchase of new or existing house/flat not older than 30 years, ensuring the residual life of the building is at least 5 years more than the loan tenure at the time of sanction.
  • Takeover of existing Housing Loan accounts under standard category from other Banks/Housing Financial Institutions.
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:

  • Permissible Deduction norms.
  • Maximum permissible LTV ratio.
  • Loan amount requested.
Loan Amount
  • Minimum: Rs 50.00 Lakh
  • Maximum: No limit
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
  • For Salaried individuals: Up to 80% based on latest gross monthly income.
  • For Non-Salaried Individuals: Up to 80% based on average annual income.
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.


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TOP-UP LOAN FOR HOUSING LOAN BORROWERS

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
  • All existing Home Loan borrowers including NRIs/PIOs and Staff Members who have availed Home Loan under Public scheme as well as under Staff Housing Loans schemes, provided the account conduct is satisfactory and classified as a Standard Asset category.
  • Satisfactory repayment track record of the last 12 months in existing Housing Loan (either with our Bank or another Bank/FI in case of takeover).
  • Old Housing Loan borrowers (Regular and Standard only) of our bank who have repaid and closed their existing housing loan are eligible for a Top-up loan.
  • The property must be in the name and possession of the borrower. The loan should not be considered for under-construction property.
  • CIBIL score of the borrowers should be 700 & above.
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
  • Minimum Loan amount: Rs 1.00 Lakh
  • Maximum Loan amount: Rs 10.00 Crore
  • 200% of the Housing Loan sanction limit for loans that have run for more than 2 years after commencement of repayment or Rs 10.00 Cr, whichever is lower.
  • 125% of the Housing Loan for loans that have run for more than 1 year and up to 2 years after commencement of repayment or Rs 10.00 Cr, whichever is lower.
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):

  1. Up to Rs. 75.00 Lakhs: 80% LTV, 20% Margin
  2. Loans above Rs. 75.00 Lakhs: 75% LTV, 25% Margin

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:

  • Maximum Repayment period of 180 months
  • Borrower attaining age of 75 years (subject to assessment at the time of sanction of the adequacy of income to meet repayment until the age of 75 years).
  • Five years prior to the residual age of the building, i.e., the loan should be liquidated 5 years prior to the residual age of the building.
Rate of Interest
  • CIBIL Score 800 & above: Premium of 50 bps over & above applicable ROI for Maha Super Housing Loan based on CIBIL score structure.
  • CIBIL Score 750 to 799: Premium of 75 bps over & above applicable ROI for Maha Super Housing Loan based on CIBIL score structure.
  • CIBIL Score 700 to 749: Premium of 100 bps over & above applicable ROI for Maha Super Housing Loan based on CIBIL score structure.
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


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LOAN AGAINST PROPERTY (LAP) FOR INDIVIDUALS

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:-

  • Min: ₹0.05 crore
  • Max: ₹10.00 crore for properties located at Metros; ₹5.00 crore for properties located at other centres
Margin
  • For Loans up to ₹1.00 Cr: 40% of the Realizable value of the property
  • For Loans above ₹1.00 Cr: 50% of the Realizable value of the property
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


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Frequently Asked Questions

What are the eligibility criteria for a home loan from the Bank of Maharashtra?

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.

What documents are required to apply for a home loan with the Bank of Maharashtra?

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.

How can I calculate the EMI for my home loan?

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.

What types of home loans does the Bank of Maharashtra offer?

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.

How long does the home loan approval process take at the Bank of Maharashtra?

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.