Bank of Maharashtra offers home loans at an interest rate of 8.2% to its employees. The bank’s home loan products are branded with the bank’s identity “Maha”. The home loans offered by the bank come with a host of features that attract numerous borrowers every year. Here are some of the noteworthy features:

    Easy application process for employees. Attractive interest rates are based on the loan amount and credit score of an applicant. The upper limit on home loans depends on the applicant’s eligibility. Flexible loan tenures that can be extended up to 30 to 75 years of age. Low EMI at Rs. 776 per lakh for a 30-year loan tenure. Loan moratorium of 18 months that can be extended to 36 months.

The interest rate offered by the Bank of Maharashtra home loan is directly linked with the Repo Rate Linked Lending Rate (RLLR). Currently, it stands at 8.20%. The total interest rate applicable on a home loan is a mix of RLLR and Credit RISK Premium basis the applicant’s credit score.

What is the home loan eligibility criteria set by the Bank of Maharashtra? 

Here are the eligibility criteria for availing home loan from the Bank of Maharashtra:

Eligible Profiles

Salaried and Self-employed individuals

Requirement

● Salaried Employees: should be employed for at least 2 years in the current role ● Self-Employed: should have a business unit or be in the practice of the profession for at least 2 years

Loan Amount

Up to 90% of the property value

Age

Minimum: 21 years Maximum: 75 years (at the time of loan maturity)