|Loan Name||Interest Rate||Processing Fee||Loan Amount||Tenure|
|Maha Ghar Housing Loan||8.75% - 9.50%, Floating||0||maximum of up to Rs 30,00,000||360 months|
|Special Housing Loan Scheme||0||0||based on applicants requirements||up to 30 years|
Proof of Address
Proof of Identification
For Salaried Class
Latest salary slips for the last 3 months
Last 1-year ITR
Bank statement for last 6 months
For Non-Salaried Class
|Loan Against Self Occupied Property for Personal Needs||0||0.50% on loan amount||As per requirements||up to 7 years|
|TopUp Loan for Home Loan Borrowers||1 Year MCLR||0.50% of the loan amount||maximum of 100% of estimated cost of repair||up to 15 years|
|Particulars||Deduction up to 60% of Gross Income||Deduction more than 60% of Gross Income|
|Rate of Interest||Rate of Interest|
|"For repair / Renovation /Furnishing / Extension of house"|
|1 Year MCLR||1 Year MCLR + 0.25%|
|For other purpose||1 Year MCLR + 1.00%||1 Year MCLR + 1.25%|
Q: What is the interest rate of home loan in Bank of Maharashtra?
A: The Bank of Maharashtra offers an attractive interest for home loan borrowers.
Bank of Maharashtra home loan interest rate is in the range of 8.70% to 8.80%. The interest rate is decided by the bank based on the applicant's profile.
Q: Are there any concession for women borrowers on a home loan?
A: Yes. There is a home loan scheme which is specifically designed for women home buyers, which offers a concessional interest rate of 0.05%. However, the following two criteria should be satisfied and they are:
Q: What is the floating rate home loan?
A: If the interest rate on the loan varies periodically over the loan tenure, then it is called a floating rate home loan. Lenders have their own base rate which determines the rate of interest charged on a home loan. The base rates of banks are revised from time to time based on RBI directives as well as other factors, which leads to an increase or decrease in the EMI amount payable.
Q: What is the difference between an apartment loan and a plot of land loan?
A: Both the Apartment loan and a plot of land loan come under the home loan.
Q: What are the costs not covered by a home loan?
A: Apart from the margin, some other charges will have to be borne by the borrower. Some of the key expenses in this regard include the initial down payment cost, stamp duty costs, registration costs and transfer charges among others.