Bank of Maharashtra Home Loan

Be it for construction, repairs or purchasing a house, the Bank of Maharashtra Home Loan offers quick and easy financing. In existence since 1935, the Bank of Maharashtra (BOM) received the National MSME Award 2022 from the Indian PM and offers innovative financing solutions. 

The Bank of Maharashtra Home Loan interest rate is competitive and allows you to plan repayment affordably. The maximum tenure of up to 30 years further helps you pay monthly instalments comfortably. 

Moreover, you can choose from multiple home financing solutions at BOM and go for one that fits your needs best. Read on to know more about the terms of home loan eligibility of Bank of Maharashtra as well as its other features. 

Currently, the BOM Home Loan interest rate starts at 8.60% p.a. BOM also offers women borrowers a reduction of 0.05% in interest. 

The Bank of Maharashtra Housing Loan interest rate you get depends on:

• Your credit score

• Employment and income 

• Other eligibility terms 

Here is a detailed structure of how the rate of interest of the Bank of Maharashtra Home Loan differs based on these parameters: 

Comparing interest rates of different types of lenders will give you a better idea of prevailing rates. This way, you can find the best offer for your home loan. Here is a quick glance at the rates of partner lenders on Bajaj Markets.

Disclaimer: Interest rates mentioned above are subject to change at the lender’s discretion. 

You may use the Bank of Maharashtra Home Loan calculator online to plan your repayment. Using this digital tool also helps you select the right home loan amount and tenure by comparing different EMIs. 

What’s more, you can use the Bank of Maharashtra Home Loan EMI calculator to compare offers from different lenders. If you find a lender offering competitive rates, you can opt for a home loan balance transfer option and transfer your existing outstanding amount to a new lender.

This is an easy way to check the impact of the home loan interest rate on your monthly instalments. So, use a home loan EMI calculator to assess your EMIs well in advance and plan your finances better.

You can complete the Bank of Maharashtra loan application process with minimal documentation. You can submit all your documents through the web portal for quick loan processing. 

Here is a checklist of all the Bank of Maharashtra Home Loan documents you need to keep at hand. 

• Completely filled and signed home loan application form 

• Two passport-size photographs

• Identity Proof: Aadhaar card, PAN card, Voter ID, Driver’s license or Passport 

• Proof of Residence: Utility bills (electricity or landline telephone), Aadhaar card with residential address, Passport, Driver’s license or Employment photo ID 

• Property Documents:

  1. Sale agreement or sale deed

  2. Allotment letter

  3. Payment receipts of purchase of property 

  4. Approved drawings of the construction 

  5. Permission letter for construction 

• Income Proof

1. For Salaried Applicants:

• Last 3 months’ salary slip

• ITR or Form 16 for the last 2 years

• Bank statement for the last 6 months 

2. For Self-Employed Applicants:

• Recent ITR for the last 3 years 

• Profit and loss statement or balance sheet attested by CA 

• Audit report 

• Bank statements for the last 1 year 

• Business registration licence and tax registration

Since all banks have slight variables when it comes to eligibility criteria, make sure you qualify for the loan before you apply. The terms of home loan eligibility of the Bank of Maharashtra are quite simple. 

While they differ for different schemes, here are the salient features:

• You can get a maximum tenure of 30 years or until you reach the age of 75, whichever comes first 

• You must be at least 21 when you apply 

• You may be salaried, self-employed or a business owner or an agriculturist 

• Both salaried and non-salaried applicants can get financing up to 75% of the latest monthly earnings 

• LTV for homes under ₹30 Lakhs is 90%

• LTV for homes above ₹30 Lakhs and below ₹75 Lakhs is 80% 

• LTV for homes above ₹75 Lakhs is 75%

Home loans serve a variety of purposes, and the Bank of Maharashtra Home Loan is customised based on specific use. You can get a Bank of Maharashtra Home Loan to buy a ready-to-move-in house, construct it, purchase land or even renovate your property. 

Here is a list of home loan schemes offered by the Bank of Maharashtra.

• Maha Super Housing Loan Scheme for Construction or Acquisition of House or Flat and Extension of Existing House or Flat

You can avail this home loan scheme for constructing a new house or acquiring an existing flat, which is not older than 30 years. This loan has a maximum repayment tenure of 30 years with a moratorium period of 3 years. The applicable interest rates start from 8.60% p.a. for salaried individuals and from 8.80% p.a. for non-salaried individuals.

• Maha Super Housing Loan Scheme for Purchase of Plot & Construction Thereon

This loan is ideal for purchasing plots and construction of houses thereon. The LTV ratio is minimum 30% of the total registered plot value. There is no moratorium period when you use funds for purchasing the plot. The maximum repayment tenure is 30 years or when the borrower reaches 75 years of age, whichever is earlier.

• Maha Super Housing Loan Scheme for Repairs, Renovation, Alteration of Existing House or Flat for New Standalone Borrowers

You can get up to 100% off the total home renovation or repair cost. This scheme has a maximum repayment tenure of 20 years with zero moratorium period. You need to have a minimum annual income of ₹3 Lakhs if you are a salaried employee or a self-employed professional.

Apart from these types of home loans, you can also get a Maha Super Flexi Housing Loan Scheme, which is a term loan that is linked to a savings account. In addition, you can get a loan against property from BOM as well. 

Here are the steps to apply for a Bank of Maharashtra Housing Loan digitally: 

• Step 1: Visit the Bank of Maharashtra Home Loan webpage and click on ‘Online Loans’

• Step 2: Under ‘Retail Loans’ click on ‘Apply For Home Loan’

• Step 3: If you are an existing account holder, choose ‘Yes’ and enter your account number and mobile number; if you are not an existing account holder, enter your mobile number and register with an OTP

• Step 4: Upload your personal, occupational and income details in the new window and click ‘Next’

• Step 5: Read the declaration and confirm by clicking the checkbox and click on ‘Next’

• Step 6: If you want to add co-applicants, click ‘Yes’ and add all relevant details or select No’ and click ‘Next’

• Step 7: Now share the loan and property-related details such as the amount you need, tenure, purpose and more and click ‘Next’

• Step 8: Select the closest branch to your location and click ‘Next’

• Step 9: Complete eKYC verification with PAN number and more and select the instant loan offer

All you need to do now is review the offer and click ‘Apply for loan’. Now, you can download and print your Bank of Maharashtra Home Loan details in the form of an offer letter. Keep the application ID to track the status of your BOM home loan. 

• To get in touch with customer support, you can call: 020 - 25514501 to 12

• You can also WhatsApp the bank by clicking on the relevant icon on their website

• Get in touch via these toll-free numbers: 1800-233-4526 / 1800-102-2636

• Finally, you can email the bank at mahaconnect@mahabank.co.in

With all this information, you can easily apply for and get quick credit from the Bank of Maharashtra. 

Use the financing to build your home, buy an apartment, purchase a plot and even renovate or extend your home. Simply make sure you plan your repayment using the Bank of Maharashtra Home Loan EMI calculator.