Transferring your existing mortgage to Bank of Maharashtra can be advantageous, offering lower interest rate starting from 8.10%, flexible repayment terms, and zero prepayment fees.
Choose Bank of Maharashtra for a seamless transfer of your home loan and enjoy the benefits as you move closer to owning your dream home.
| Loan Amount | CIBIL score | Rate of Interest | |||
| Salaried | Non Salaried | ||||
| ROI | Eff. ROI (%) | ROI | Eff. ROI (%) | ||
| Irrespective of Loan Amount | 800 & above | RLLR – 0.95 | 8.10 | RLLR – 0.85 | 8.15 |
Additional 0.25% premium above applicable Rate of interest under Housing Loan Scheme
Category | Details | |
1 | Purpose | Loans for personal purposes like children’s education, marriages, medical treatment, etc., excluding speculative purposes. The specific purpose of the loan must be declared and it cannot be used for speculation in real estate or equity shares. |
2 | Nature of Facility | Term Loan |
3 | Eligibility | All existing home loan borrowers including NRIs/PIOs and staff members with loans under public schemes or staff housing loans, provided the account is satisfactorily managed and classified as a Standard Asset. A satisfactory repayment track of the last 12 months is required. Property must be owned and in possession of the borrower. |
4 | Age Limit | No maximum age cap for top-up loan borrowers, but age at loan maturity should not exceed 75 years. |
5 | Quantum of Loan | Minimum: Rs 1 lakh; Maximum: Rs 10 crore or up to 200% of the housing loan sanction limit after 2 years of repayment, or up to 125% of the loan limit after 1 year of repayment, whichever is lower. |
6 | LTV (Loan to Value) | Up to 80% for loans up to Rs. 75 lakhs (20% margin) and up to 75% for loans above Rs. 75 lakhs (25% margin). Overall LTV calculated at the time of sanction includes outstanding home loan plus proposed top-up, based on the realizable value. |
7 | Deduction | Deduction norms/FOIR (Fixed Obligation to Income Ratio) calculated in line with home loan requirements. |
8 | Repayment | The lesser of 180 months maximum repayment period, borrower reaching 75 years of age, or five years prior to the residual age of the building. Repayment capacity assessed at sanction. |
9 | Rate of Interest | Based on CIBIL Score: 800 & above: +50 bps over Maha Super Housing Loan rate; 750-799: +75 bps; 700-749: +100 bps. |
10 | Processing Charges | 0.50% of the loan amount, max Rs. 50,000, exclusive of GST. |
11 | Account Handling Fees | Rs. 500 + 0.10% of the loan amount, max Rs. 11,000, exclusive of GST. |
To transfer your home loan to Bank of Maharashtra, begin by submitting an application form online through our home loan application portal. After application submission, you will need to provide necessary documents for verification. Once your application is approved, the bank will disburse the loan amount to your existing lender, and your property documents will be transferred to Bank of Maharashtra.
Eligibility includes all existing home loan borrowers, including NRIs/PIOs and staff members who have availed home loans under public or staff housing loan schemes. The account should be satisfactorily managed and classified as a Standard Asset with a CIBIL score of 700 & above. Additionally, the property should be in the name and possession of the borrower.
Documents required include a loan outstanding statement from your current lender, loan account statements for the last 12 months, property-related documents such as the sale deed and approved plan, income proof, identity proof, address proof, and bank statements for the past six months.
Benefits of transferring your home loan include access to lower interest rates, flexible repayment options up to 30 years or until the age of 75, and no charges on prepayment or pre-closure of the loan.
The loan amount for a balance transfer can range from a minimum of Rs 1 lakh to a maximum of Rs 10 crore, depending on 200% of the housing loan sanction limit for loans that have run for more than 2 years, or 125% of the housing loan limit for loans running between 1 and 2 years after the commencement of repayment, whichever is lower.
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