Bank of Maharashtra Home Loan

Last Updated : April 1, 2025, 7:04 p.m.

Is the regular payout of rent weighing you down? Are you tired of the constant hassle of shifting homes? These are common concerns if you don't own a home. Buying a home requires a strategic approach, as it involves taking out a loan that must be repaid in Equated Monthly Installments (EMIs) over 20-30 years. For those looking to secure a home loan , Bank of Maharashtra offers a reliable option through its Maha Super Housing Loan Scheme. This loan can be availed for various purposes, including the purchase or construction of a new home.

• Purchase of a new or existing flat or home
• Construction of an existing flat or home
• Purchase of a plot for the construction of the house
• Repairs, renovation, or extension of a home buyer's

Bank of Maharashtra Home Loan Interest Rate Details 2025

Here are the details of the home loan and the latest Bank of Maharashtra Home Loan interest rates -

Types of Bank of Maharashtra Home Loan

For Purchase/Construction/Extension of House/Flat

Available for purchasing or constructing a new home/flat (not more than 30 years old), extending an existing house/flat, or purchasing a ready-to-move-in or under-construction flat from builders/Developers/Authorities/Societies. Existing home loan borrowers from other banks/HFCs can transfer their loans to Bank of Maharashtra at lower interest rates.

LTV Ratio :

• Up to Rs. 30 lakh: Up to 90%
• Above Rs. 30 lakh to Rs. 75 lakh: Up to 80%
• Above Rs. 75 lakh: Up to 75%

Tenure : Up to 30 years or until 75 years of age, whichever is earlier.

For Plot Purchase and Construction

Available for purchasing a plot and constructing a house on it.

LTV Ratio :

• Plot Purchase : At least 25% of the registered value or realizable value of the plot, whichever is lower.
• House Construction :

- Up to Rs. 30 lakh: Up to 90%
- Above Rs. 30 lakh to Rs. 75 lakh: Up to 80%
- Above Rs. 75 lakh: Up to 75%

For Repair/Renovation/Alteration of Existing House/Flat

Available for repairs, renovations, or alterations of an existing house/flat.

• Tenure : Up to 20 years

LTV Ratio :

• 100% of the cost of repair/renovation/alteration
• Up to 25% of the property value

Maha Bank Top-up Loan (for Repair/Renovation/Extension/Furnishing)

Available for existing Bank of Maharashtra home loan borrowers to meet financial needs for repairs, renovations, extensions, or furnishing.

• Tenure : Up to 15 years

LTV Ratio :

• Up to 100% of the estimated cost, provided the overall LTV ratio does not exceed 75% (including existing home loan)
• For balance transfer applicants: Up to 100% of the estimated cost, provided the overall LTV ratio (including existing home loan) does not exceed 75% based on the latest valuation report (not older than 3 months).

Maha Bank Top-up Loan (for Other Purposes)

Available for existing home loan borrowers for personal needs such as education, weddings, and medical treatment.

• LTV Ratio : The overall LTV ratio, including the existing home loan, cannot exceed 75% of the property value based on a valuation report (not older than 3 years).

Tenure : Up to 15 years or until 75 years of age at the time of loan maturity.

Maha Super Flexi Housing Loan

An overdraft facility where borrowers can deposit surplus amounts in the linked overdraft account and withdraw as needed.

• Loan Amount : Rs. 50 lakh onwards
• Tenure : Up to 30 years or until 75 years of age at the time of loan maturity.

LTV Ratio :

• Up to Rs. 75 lakh: Up to 80%
• Above Rs. 75 lakh: Up to 75%

This breakdown includes various schemes under the Maha Super Housing Loan, offering flexibility for home buyers, owners looking for repairs, or those wanting top-up loans for personal needs.

Bank of Maharashtra Home Loan Eligibility Criteria

Maha Super Housing Loan Scheme Eligibility

• Salaried Individuals : Minimum income of Rs. 3 lakh (based on last year's income). ITR/Form 16 for the last 2 years is mandatory.
• Self-employed Professionals : Minimum income of Rs. 3 lakh (based on last year's ITR income). ITR for the past 2 years with supporting documents is required.
• Businessmen : Minimum income of Rs. 3 lakh (based on last year's ITR income). ITR for the past 3 years with supporting documents is mandatory.
• Agriculture and Allied Activities : Minimum income of Rs. 3 lakh with ascertainable income from agriculture or related activities.

MahaBank Top-up Loan Eligibility

• Existing/Takeover Housing Loan Borrowers : Must have a minimum of 18 months standing (12 months for takeover loans) with standard category repayment status, and repayment should start from the next month post disbursement.
• Existing/Balance Transfer Housing Loan Borrowers : Must have a minimum of 24 months standing, including moratorium (maximum 18 months), with standard category repayment status.
• Old Housing Loan Borrowers : Regular and standard category borrowers who have repaid and closed their home loan with a maximum repayment tenure of 180 months.
• Age Limit : There is no cap on the maximum age of the borrower for the top-up loan, provided that the loan maturity age does not exceed 75 years.

Documents Required for Bank of Maharashtra Home Loan

Here’s a simplified list of required documents for a Bank of Maharashtra Home Loan application -

Basic Documents:

• A duly filled and signed application form with two passport-size photographs
• ID Proof : PAN card, Aadhaar card, voter ID, passport, driving license, or employer-issued ID
• Address Proof : Electricity/telephone bill, Aadhaar card, passport, driving license, or employer-issued ID

For Salaried Individuals:

• Last 3 months’ salary slips
• ITR for the last 2 years (acknowledged by the IT Dept.)
• Form 16 for the last 2 years
• Last 6 months’ bank statement
• Employer’s undertaking for EMI remittance

For Self-Employed/Business Owners:

• ITR for the last 3 years, including balance sheet & P&L statement
• Tax registration copy
• Last 1 year’s bank statement
• Shop Establishment Act license or company registration certificate

For Loan Takeover:

• Last 1 year’s loan account statement
• Loan outstanding statement as of the current date
• Receipt of documents acknowledged by the bank

Property Documents:

• Payment receipt for property purchase
• Approved building plan/drawings
• Allotment letter from the builder/development authority/housing society
• Sale agreement/deed or construction cost estimate by a registered architect/engineer
• Permission under the Urban Land Ceiling & Regulation Act (if applicable)

Additional Documents for NRIs:

• Employer-issued ID card & latest work permit
• NRE bank account statement (last 6 months)
• An overseas bank statement showing salary credits
• Salary certificate/income proof attested by a competent authority
• Employment contract & copy of VISA

Additional Documents for PIOs:

• PIO card or Indian

Bank of Maharashtra Home Loan Eligibility Calculator

Now that you understand the logic behind the home loan eligibility calculator, let’s get down to the tenets of the Wishfin Bank Maharashtra home Loan EMI calculator of the bank. The reason I am saying this is that the calculator figures out the payout you need to be ready with each month. You can understand the function of the calculator by taking the help of an example below.

Example-

You plan to avail a 20-year home loan of Rs. 20 lacs to buy a home at the interest rate of 8.10% p.a. Up to 10.95% p.a. depending upon the applicant’s profile. What will be the EMI for the month? You can check below the table to find the payout in each year till 20 years.

Fees/Charges of Bank of Maharashtra Home Loan

The additional fee/charges apart from the home loan interest rate offered by the Bank of Maharashtra, check them to know more.

Features of Bank of Maharashtra Home Loan

These are some of the benefits and features of the home loan offered by Bank of Maharashtra -

• Low EMI : Bank of Maharashtra offers flexible repayment options, allowing borrowers to keep their monthly installments low and manageable. This helps ensure financial stability throughout the loan tenure.
  
• Higher Loan Amount : The bank offers substantial loan amounts based on your income and property value, allowing you to purchase or construct a home of your choice without financial constraints.
  
• Track My Loan : With this feature, borrowers can easily track the status of their home loan application and monitor the loan disbursement process via online platforms, ensuring transparency and convenience.
  
• Approved Projects : Bank of Maharashtra offers home loans for properties from approved builders, developers, and authorities, ensuring that the property is legal and meets quality standards.
  
• Simplified Disbursement : The disbursement process is streamlined and quick, making it easier for borrowers to receive the loan amount in stages or as a lump sum, based on their requirements.
  
• No Processing Fee : Bank of Maharashtra waives the processing fee for home loan applicants, which reduces the upfront cost of availing the loan and makes the process more affordable.
  
• No Hidden Charges : The bank ensures transparency by not charging any hidden fees, so you won’t face unexpected costs throughout the loan tenure.
  
• No Prepayment Penalty : Borrowers have the freedom to make extra payments or fully repay their loan early without incurring any prepayment charges, helping them save on interest costs over time.

Bank of Maharashtra Home Loan Customer Care

Any query or complaint regarding the bank’s home loan services? Get in touch with the toll-free numbers of Bank of Maharashtra -

• 1800-233-4526 and 1800-102-2636

Conclusion

Bank of Maharashtra home loan has multiple options that are designed to meet the diverse needs of its customers, whether they are first-time homebuyers, looking to renovate their existing property, or seeking to purchase a plot for construction. With long tenures of up to 30 years, Bank of Maharashtra makes homeownership accessible for a wide range of individuals, including salaried employees, self-employed professionals, and businessmen. Whether you are buying, building, or renovating, Bank of Maharashtra Home Loans offers a comprehensive and reliable solution to turn your dream of owning a home into reality.