Bank of Maharashtra currently offers home loans to eligible customers at 7.05%. The bank also charges minimum processing fees of Rs. 2,000 on home loans. The maximum loan amount that can be availed is Rs. 30 lakhs while repayment tenure is set to a maximum of 30 years including an 18-month moratorium.
Here are some of the key features of home loans offered by the Bank of Maharashtra:
|
Interest Rate |
7.05% p.a. |
|
Loan Amount |
Salaried applicants: 60 times of Gross Monthly Salary or 75 times of Net Monthly Salary (whichever is higher) |
|
Processing Fee |
0.25% of the loan amount, a maximum of Rs.25,000 |
|
Prepayment Charges |
Nil for floating home loan rates |
|
Maximum Tenure |
Up to 30 years |
|
Rate options |
Floating/Fixed |
Are there different interest rates for different home loan amounts from the Bank of Maharashtra?
Here are the interest rate offerings for different home loan amounts offered by the bank:
|
Loan Amount |
Interest Rate |
|
Up to Rs. 30 Lakhs |
7.05% to 7.50% p.a. |
|
Rs. 30 Lakhs - 75 Lakhs |
7.05% to 7.70% p.a. |
|
Above Rs. 75 Lakhs |
7.15% to 7.95% p.a. |
|
Home Loan Top Up |
7.55% to 8.30% p. a |
Additional Read – Bank of Maharashtra home loan details
Bank of Maharashtra is one of the well-established banks in the country that offers competitive interest rates on home loans. The interest rates offered on home loans are not necessarily the same for all the applicants. It depends on various factors such as age, credit score, income, etc. Applicants have to meet the bank’s eligibility criteria to avail of a home loan.