Bank of Maharashtra Home Loan
Home Loan Bank Information
Table of Contents
- Bank of Maharashtra Home Loan Interest Rates
- Eligibility Criteria for Bank of Maharashtra Home Loan
- Bank of Maharashtra Home Loan Schemes
- Bank of Maharashtra Home Loan Types
- How to Apply for Bank of Maharashtra Home Loan
- Document Checklist for Bank of Maharashtra for Home Loan
Introduction
Bank of Maharashtra is one of the Public Sector Banks holding an impressive home loan portfolio catering to a wide range of borrowers. The bank operates with their headquarters in Pune, with a customer centric approach offering the best of products to cater to the specific needs and preferences. Their home loan products are named suitably with their identity “Maha”. Their loans have a host of features that can truly convince a discerning customer to borrow a loan from them.
- There is no upper limit subject to other eligibility norms.
- Flexible tenures extending up to 30 years to 75 years of age.
- Attractive interest regime based on the amount and credit score.
- Easy application process.
- One of the lowest EMI at Rs.776 per lakh for a 30 year tenure.
- Moratorium of 18 months which can be extended to 36 months.
Bank of Maharashtra Home Loan Interest Rates
Interest Rates are as of 2019
The rate applied to the home loan under the retail category is floating as per the MCLR pattern defined on the repo rates declared by RBI. They post the interest in the one year MCLR format which is 8.60 % (MCLR Y) effective from 7th July 2019.
| Product | Amount (Rs) | CIBIL Score | Rate of Interest | ||
|---|---|---|---|---|---|
| Salaried | Non-salaried | ||||
| MSHL construction | Up to 100L | <600 to 750+ | 8.60% to 8.80% | 8.65% to 9.10% | |
| Above 100 L | <600 to 750+ | 8.70% to 8.90% | 8.80% to 9.30% | ||
| MSHL Repairs | Up to 100L | 9.85% | |||
| Above 100 L | 10.35% | ||||
| MSHL Top Up | Repair / Extension | Deduction < 60% | Deduction > 60% | ||
| 8.60% | 8.85% | ||||
| For Others | 9.60% | 9.85% | |||
While the interest is the major factor impacting your cost of capital, it is prudent to check the other applicable charges that impact your overall outflow of funds reflected in a higher EMI.
| Processing charges for Bank of Maharashtra Housing Loans | |
|---|---|
| Scheme Name | Rate applied |
| Maha Housing | 0.25% of the loan amount subject to max Rs.25000 |
| Maha Top Up | 0.50% of the loan amount on income criteria of the target audience with the minimum as Rs.2000. |
| One time fee Conversion from old housing loan to Maha Super Scheme |
Note: There is a 50% concession in the one-time processing fees where the residual tenor is less than 3 years. |
| Foreclosure Fees |
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| Documentation charges for Bank of Maharashtra Housing Loans | |
|---|---|
| Scheme Name | Rate applied |
| All Housing Loans | 0.10% of the loan amount subject to max Rs.10000 |
Eligibility Criteria for Bank of Maharashtra Home Loan
| Housing Finance Schemes offered by Bank of Maharashtra as term loan only | |||
|---|---|---|---|
| Scheme Name | Maha Super Housing Loan Scheme | ||
| Criteria | Eligibility |
Individuals falling in the following category:
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| Age |
In no case shall the age exceed 75 years at liquidation of the loan. |
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| Quantum |
The income of close blood relatives can be considered for clubbing to augment the quantum of loan subject to repayment capacity and their inclusion as c-borrowers. |
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| Deduction permitted | Salaried | ||
| Monthly gross income | Maximum allowed | ||
| < Rs.25 K | 60% | ||
| Rs.25 K to Rs. 2 L | 65% | ||
| Ø Rs.2 L | 70% | ||
| All others | |||
| Monthly gross income | Maximum allowed | ||
| < Rs.3 L | 60% | ||
| Rs.3 L to Rs. 20 L | 65% | ||
| Ø Rs.20 L | 70% | ||
| Amount Limits on Location |
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| Margin |
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| Tenure |
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| Holiday | Maximum 36 months subject to the interest being capitalized for a maximum of 18 months. | ||
| Scheme Name | Maha Super Housing Loan Scheme for Repairs | ||
| Criteria | Eligibility |
Same as Maha Super Housing Loan with income criteria:
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| Quantum on location |
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| Margin | Nil | ||
| Tenure | Maximum 20 years. | ||
| Scheme Name | Maha Super Housing Loan Scheme for purchase of plot and construction | ||
| Criteria | Eligibility | Same as Maha Super Housing Loan | |
| Quantum on location |
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| Margin | Same as Maha Super Housing Loan | ||
| Tenure | Same as Maha Super Housing Loan. Maximum 30 years | ||
| Repayment | Repayment will start one month after purchase of the plot. | ||
| Scheme Name | Maha Super Housing Loan Scheme for Top Up | ||
| Criteria | Eligibility |
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| Quantum | 100% of the project cost or overall LTV 75% | ||
| Margin | Nil | ||
| Tenure | Maximum 15 years. | ||
Bank of Maharashtra Home Loan Schemes
The various Home Loans in their portfolio are:
| Scheme Name | Applicable Rate of Interest. | |
|---|---|---|
| Maha Super Housing Loan Scheme | Salaried | Non Salaried |
| Up to Rs.100L -8.60% to 8.80% | Up to Rs.100 L 8.65% to 9.10% | |
| Above Rs.100 L -8.70% to 8.90% | Above Rs.100 L 8.80% to 9.30% | |
| Maha Super Housing Loan Scheme for Repairs | Up to Rs.100L 9.85% | |
| Above Rs.100 L 10.35% | ||
| Maha Super Housing Loan Scheme for Top Up | For repairs and extension 8.60% to 8.85%, depending on the ratio of deduction to the gross income. | |
| For others it is 9.60% to 9.85%, again based on the percentage of deduction. | ||
| Maha Super Housing Loan Scheme for plot and construction | The same terms applicable to the Maha Super Housing Loan Scheme | |
| Maha Ghar Housing Loan | 8.60% across all categories. | |
Bank of Maharashtra Home Loan Types
The bank has a host of schemes under the home loan segment to cater to a wide clientele of resident Indians. The main housing loan and other variants are described in brief below for comprehension.
Main home loan by Bank of Maharashtra
An important point to remember is that all the schemes are provided as term loans.
- Maha Super Housing Loan Scheme: This is an all – purpose housing loan designed to fund the acquisition of ready to occupy house or flat, construct a new house or flat and also for extension of an existing residence. The only type of loan under this scheme is in the form of Term Loan. It also has to be additionally ensured that the readymade house or flat is not more than 30 years old.
- Maha Super Housing Loan Scheme for Repairs: The name is suggestive of the primary feature of this loan. In fact it covers a gamut of activities related to your residence including repairs, renovation, furnishing, alteration etc. both to existing as well new standalone borrowers, but only on the unencumbered property. This loan is also a term loan.
- Maha Super Housing Loan Scheme for purchase of plot and construction: Many times the project is new with the requirement of plot and construction of house thereon. This term loan is ideally suited for such eventuality. There is a restriction of 3 years by which the construction has to be completed after the purchase of the plot. A declaration to that effect is mandatorily sought from the borrower. This loan is applicable for takeover also subject to meeting the bank’s policies. The repayment tenure for such loan will factor in by reducing the tenor by the period already enjoyed in the existing bank.
- Maha Super Housing Loan Scheme for Top Up: This loan primarily caters to the need of existing borrowers to enable them to repair, renovate or extend their residence. This facility is further permitted to transfer Home Loans as an additional fund to meet the evolving needs after the take-over.
Housing Finance Scheme for NRI or PIO:
Though the categories of bank’s clientele have a range of services provided by their Maha Bharati, they are presently not covered by any housing finance scheme specifically for them. However, below are some services they provide to this important segment of their client base.
- Non Resident Ordinary (NRO) Account.
- Non Resident External (NRE) Account.
- Foreign Currency Non Resident (FCNR) Account.
- Resident Foreign Currency (RFC) Account.
- Inward Remittance
- Remittance2India: A digital interface.
Housing Loan for High-net-worth Individuals
There is no definite description for high-net-worth individuals. In simple terms, one can be described as an HNWI if he has abundant liquid assets at his disposal. Any client who is asset rich with meager liabilities ought to be regarded as a valued customer and is offered a host of credit facilities to meet his every need. When it comes to housing finance, any single scheme cannot be designated as customized for them.
However, since their Housing Loan is not restricted to any upper limit, any of them could suit the needs of the HNWI individual subject to complying with the other rules. On the flip side, the bank is on safe ground with such loans as there are next to nil chances of default impacting the health of this loan.
Amount of loan that can be taken under this loan scheme
The bank’s two primary Housing Finance schemes do not have any upper limit for a loan subject to the meeting other eligibility parameters.
Bank of Maharashtra Home loan For NRI:
At present there is no specific scheme for them.
How to Apply for Bank of Maharashtra Home Loan
There is a digital platform for submitting the preliminary housing loan at the bank’s user-friendly website. The submission of the form remains preliminary with you evincing interest in Bank of Maharashtra Home Loan, which they shall follow up. Alternatively you can download the form and submit it at the nearest branch for processing. Being customer centric, the bank offers a seamless transparent experience to the customers.
Another option to you is to invoke Housing.com to meet your needs optimally through a digital one stop interface.
Document Checklist for Bank of Maharashtra for Home Loan
You have to submit the requisite documents defined by the bank to process your home application. The documents are categorized as pre-sanction and post-sanction. Since the latter comes into play with the signing of an agreement and other internal documents including executing an equitable mortgage, a checklist of the pre-sanction documents is imperative.
| Type | Particulars |
|---|---|
| Property Documents |
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| Documents for KYC |
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| Salaried |
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| Pensioners |
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| Self Employed/ Professionals/ Businessmen |
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| Agriculturists |
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