What is a Home loan and how does it work?

Home loans are availed for1. Construction/acquiring of new or existing house/flat and extension of existing house/flat.2. Purchase of plot and construction there on.3. For Repairs /renovation/alternation of existing house/flat for new standalone borrowers.A Bank of Maharashtra home loan provides numerous benefits such as facility to apply online, quick loan processing, attractive interest rates, customized repayment options and simple & hassle-free documentation.

What are features of Home loan?

1. Waiver of last two EMI on regular repayment.2. 0.05% concession to women and defence personal.3. Maximum tenure up to 30 years/up to 75 years of age.4. PMAY subsidy up to Rs.2.67 lakhs5. No Pre-payment/Pre-closure/Part payment charges.6. Concession in ROI for Housing Loan borrower in Car Loan and Education loan.

Maha Super Housing Loan | Lower Interest Rate

इंटरनेट बँकिंग

डाउनलोड

कॅल्क्युलेटर

Last Visited Page

Construction/acquiring of new or existing house/flat and extension of existing house/flat.
Purchase of plot and construction there on.
For Repairs /renovation/alteration of existing house/flat for new standalone borrowers.

A Bank of Maharashtra home loan provides numerous benefits such as facility to apply online, quick loan processing, attractive interest rates, customized repayment options and simple & hassle-free documentation.

Interest Rate

6.40%P.A

Apply Now Apply Online

Features & Benefits

Processing Fee waived up to 31 March 2022 under Festive offer
Waiver of last THREE EMI on regular repayment.
0.05% concession to women and defence personal.
Maximum Tenure up to 30 Years / up to 75 years of age.
PMAY subsidy up to 2.67 Lakhs.
No Pre-Payment / Pre-closure / Part payment Charges.
Concession in ROI for Housing Loan borrower in Car Loan & Education Loan.

Documents Required

Application form duly complete and signed.
Two Passport Size Photographs.
Proof of Identification : (any one)
- Election ID Card
- Pan Card
- Aadhar Card
- Driving License
- Photo Identity card issued by the current Employer
- Passport
Proof of Residence : (any one)
- Electricity Bill
- Election ID Card
- Telephone Bill (Landline)
- Aadhar Card
- Driving License
- Photo Identity card issued by the current Employer
- Passport
For Salaried Persons
- Original/Certified copy of the latest salary slips for the past 3 months
- Copies of IT returns of last 2 years duly acknowledged by IT Dept/IT assessment orders or Form 16 for last 2 years from the Employer.
- Undertaking from employer for remittance of monthly installment, wherever feasible.
- Bank Account (Salaried Account) statement for the last 6 months (in case of other Bank)
For Non-Salaried Class /Businessman /Professional
- Latest 3 years of IT returns (2 years in case of Professionals) including computation of income, profit and Loss Account, Balance sheet, Audit Report etc.
- Shop Establishment Act
- Tax Registration Copy
- Company Registration License
- Bank statement for past one year
Guarantor forms along with net worth proof /income proof (if applicable)
Guarantor’s IT return along with KYC documents as mentioned in point 3 & 4
In case of Takeover(Refinance):
1. Loan Outstanding statement as on date
2. Loan account statement for last 12 months
3. Documents Acknowledgement Receipt from Bank
Property Documents:
1. Receipts for payments made for purchase of the residential unit
2. Copy of approved drawings of proposed construction/purchase
3. Permission from competent authority for construction of flat/house
4. Permission from competent authority under Urban Land ceiling & Regulation Act 1976
5. Agreement of Sale/Sale Deed/Detailed cost estimate from Regd.Architect/Engineer for the property to be constructed.
6. Allotment letter from the Builder/Co-operative Society/Development Authorities/Association of apartment owners etc.
7. Other documents depending upon:
  1. Property to be purchased directly from Builder (Ready/Under-construction)
  2. Property belonging to a Registered Co-operative Housing Society
  3. Purchase in resale.
  4. Direct sale by any Development authority
  5. Construction of house on separate plot of land.
Additional Documents for NRIs
- Copy of employment Contract (if the contract is in any language other than English, the same has to be translated into English and attested by Employer /Indian Embassy)
- Copy of Identity Card issued by the current Employer
- Continuous Discharge certificate, if applicable
- Copy of latest work permit
- Copy of Visa stamped on the passport
- NRE Bank account passbook or statement of account
- Overseas Bank account statements for last 6 months in which salary is credited
- A Salary certificate/income statement duly attested by out foreign office including subsidiary office/certified by the competent authority available in the country may be produced. This may also include Chartered /Certified Accountants, Officials of Inland Revenue dept.(similar to Income Tax Authorities in India) or any other agency specified for the purpose. Where ever attestation is not possible, this may be submitted duly notarized.
Additional Documents for PIOs
1. A photocopy of PIO card or any of the under noted documents:-
2. Current Passport indicating birth place of India/Abroad
3. Indian Passport, if held earlier
4. Parents or grandparents passport with details there in substantiating his claim of being PIO.

Interest Rates

Housing Loan Interest Rate

6.40%P.A

Fore more Interest Rates & Charges Click here

EMI Calculator

Principal Loan Amount *:

Interest Rate ( % p.a ) *:

Loan Term (Years) * :

SHOW EMI

Check Eligibility

How will Bank of Maharashtra decide the home loan amount i am eligible for?

Maximum loan amount will be lowest of loan amount assessed on the basis of Permissible Deduction norms, Maximum permissible LTV ratio, Loan amount requested.

Frequently Asked Questions (FAQs)

Home loans are availed for

Construction/acquiring of new or existing house/flat and extension of existing house/flat.
Purchase of plot and construction there on.
For Repairs /renovation/alternation of existing house/flat for new standalone borrowers.

The features of Maha Super Housing Loan are as below:

Waiver of last two EMI on regular repayment.
0.05% concession to women and defence personal.
Maximum tenure up to 30 years/up to 75 years of age.
PMAY subsidy up to Rs.2.67 lakhs
No Pre-payment/Pre-closure/Part payment charges.
Concession in ROI for Housing Loan borrower in Car Loan and Education loan.

Maximum loan amount will be lowest of loan amount assessed on the basis of Permissible Deduction norms, Maximum permissible LTV ratio, Loan amount requested.

EMI's begins from the month subsequent to the month in which disbursement of the loan is done. For loans for under-construction properties EMI usually begins after the complete home loan is disbursed but customers can choose to begin their emi’s as soon as they avail their first disbursement and their emi’s will increase proportionately with every subsequent disbursement. For resale cases, since the whole loan amount is disbursed in one go, emi on the whole loan amount start from the subsequent to the month of disbursement

How to Apply

Scan this Code to see
How to Apply for Digital Loans Online

Follow the step by step instructions to avail digital loan facility from our bank.

Please click on the following link to view how to apply for Digital Loan Online:

How to Apply for Digital Loans Online

Similar Products

Purchase of New House/Flat

Bank of Maharashtra provide loan for purchase a new house or for purchase a flat.

6.40% Interest

Home Extension Loan

It is a loan to extend or add space to your home such as additional rooms and floors etc.

6.40% Interest

Plot Purchase Loan

For purchase of a plot through direct allotment or a second sale transaction as well...

6.40% Interest

House Renovation Loans

It is a loan for renovating your home in many ways such as tiling, flooring and painting etc.

7.30% Interest