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Bank of Maharashtra, a trusted public sector bank with roots in Pune since 1935, delivers home loans that prioritize affordability and ease for everyday Indians. As of October 2025, interest rates start as low as 7.35% p.a. for eligible borrowers under schemes like the Maha Super Housing Loan, covering everything from buying a new flat to renovating your current home. Loan amounts go up to ₹5 crore or more based on your income and property value, with tenures stretching to 30 years to keep EMIs manageable. Whether you're a salaried professional in Mumbai or a self-employed trader in rural Maharashtra, the bank's focus on quick processing—often within 7-10 days—and minimal fees makes it a go-to for first-time buyers or those refinancing high-rate loans from private lenders
|
Feature |
Details |
|
Interest Rate |
Starts at 7.35% p.a. (up to 9.90% p.a. based on CIBIL score, income, and loan purpose) |
|
Processing Fee |
0.25% of loan amount + GST (waived until December 31, 2025) |
|
Loan Amount |
Up to ₹5 crore+ (depending on eligibility and property value) |
|
Repayment Tenure |
Up to 30 years (or until age 75, whichever is earlier) |
|
Applicant Age |
21 to 70 years (at loan maturity) |
|
Approval & Disbursal Time |
7–10 working days after document verification |
|
Prepayment Charges |
Nil for floating rate loans (individuals) |
|
Eligibility (Salaried) |
Minimum ₹20,000 monthly income; 1+ year in current job |
|
Eligibility (Self-Employed) |
Minimum 2–3 years in business; ITR showing ₹3 lakh+ annual income |
Bank of Maharashtra bases its home loan interest rates on the Repo-Linked Lending Rate (RLLR), currently at 9.05% as of October 2025, plus a spread adjusted for your profile. The Maha Super Housing Loan kicks off at 7.35% p.a. for high-credit-score salaried applicants (CIBIL 750+), ideal for purchasing or constructing a home up to ₹75 lakh. Rates edge up to 8.50%–9.90% for self-employed borrowers or larger loans, but women and defense personnel snag a 0.05% concession, potentially saving ₹5,000–₹10,000 in interest over 20 years. Floating rates mean you benefit from RBI cuts, like the recent 0.25% repo drop in April 2025 that trimmed EMIs for millions.
|
Borrower Category |
Starting Rate |
Max Rate |
Key Influencing Factors |
|
Salaried (CIBIL ≥750) |
7.35% |
8.50% |
Stable job, employer type, income ₹25,000+ monthly |
|
Self-Employed Professionals |
8.00% |
9.00% |
ITR trends, 3+ years practice, audited accounts |
|
Self-Employed Non-Professionals |
8.50% |
9.90% |
Business vintage, cash flow, industry risks |
|
Balance Transfer/Top-Up |
7.85% |
9.50% |
Existing repayment history, new property appraisal |
Public sector banks like Bank of Maharashtra hold an edge for low rates, especially post-RBI's 2025 repo adjustments. Private banks offer faster digital tools but at a premium.
|
Bank |
Starting Rate (p.a.) |
Processing Fee |
Max Tenure |
|
Bank of Maharashtra |
7.35% |
0.25% (waived till Dec 2025) |
30 years |
|
State Bank of India (SBI) |
7.50% |
Up to 0.35% |
30 years |
|
HDFC Bank |
8.15% |
0.5%–1% |
30 years |
|
ICICI Bank |
8.75% |
0.5%–1% |
30 years |
For a ₹50 lakh loan over 20 years, Bank of Maharashtra's 7.35% rate yields an EMI of about ₹38,500—₹2,000 less monthly than ICICI's 8.75%. That's ₹4.8 lakh saved in interest, perfect if you're budgeting for family expenses like kids' education.
As a borrower-focused public bank, Bank of Maharashtra stands out for its no-frills approach. Imagine applying online and getting funds in under 10 days—no endless branch visits. Key perks include zero prepayment penalties on floating rates, letting you clear dues early without extra costs, and EMI waivers for the last three months on timely repayments. It's inclusive too: NRIs with 2+ years abroad qualify easily, and joint loans with family boost eligibility for bigger amounts. Compared to private banks' hidden fees, BoM's transparency—no surprises on stamp duty or valuation—builds trust. Plus, link it to a salary account for 0.10% rate cuts, slashing long-term costs. If you're refinancing, their balance transfer saves up to 1% on old rates, ideal for the 2025 property boom in tier-2 cities like Nagpur or Nashik.
Planning finances? The bank's free online EMI calculator at bankofmaharashtra.in/tools is a game-changer. Input loan amount, rate (e.g., 7.50%–9.00%), and tenure—get instant breakdowns of principal, interest, and total payout. It even shows amortization tables to track equity buildup.
Loan Amount: ₹40 lakh
Interest Rate: 7.50% p.a.
Tenure: 20 years
|
Monthly EMI |
Total Interest Payable |
Total Amount Payable |
|
₹32,200 |
₹37.28 lakh |
₹77.28 lakh |
Shorten to 15 years? EMI jumps to ₹37,100, but you save ₹12 lakh in interest. Use it to test scenarios—like adding a co-applicant to lower rates—and align with your ₹50,000 monthly take-home.
Upfront costs matter, and BoM keeps them low. The standard processing fee is 0.25% + GST (e.g., ₹10,000 on ₹40 lakh), but it's fully waived until December 31, 2025—a ₹10,000–₹25,000 saving for most. Other fees include:
|
Charge Type |
Amount |
|
Legal & Valuation Fee |
₹3,000–₹5,000 (recoverable actuals) |
|
CERSAI Registration |
₹500 |
|
Stamp Duty (MODT) |
0.1%–0.3% of loan (state-specific, e.g., 0.3% in Maharashtra) |
|
Prepayment (Floating Rate) |
Nil |
|
Prepayment (Fixed Rate) |
Up to 2% on outstanding |
GST at 18% applies where relevant. No commitment fees or hidden add-ons—everything's in the sanction letter. For Maharashtra properties, NOI filing costs ₹1,000 online, keeping totals under 1% of the loan.
Eligibility is straightforward, focusing on repayment capacity (EMI ≤50% of net income). Salaried folks need ₹20,000+ monthly pay and 1-year job stability; self-employed require 2–3 years' ITRs with ₹3 lakh+ turnover. CIBIL 700+ unlocks best rates—boost yours by clearing old dues.
● Age: 21–70 years
● Income: ₹20,000+ net monthly
● Job: 1+ year current; total 2+ years experience
● CIBIL: 700+ preferred
● Age: 25–70 years
● Business: 2–3 years minimum
● Income: ₹3 lakh+ annual ITR
● Documents: Audited P&L, balance sheet
NRIs add work permits and overseas salary proofs. Pre-approve via the bank's tool to gauge limits—up to 90% LTV for properties under ₹30 lakh.
Getting started is simple, with digital options for busy professionals. Aim for under-construction or resale properties in approved projects for smoother approvals.
The whole process? 7–15 days for most, faster than private banks' 20+.
Support is round-the-clock, with dedicated lines for quick resolutions.
|
Service |
Contact Details |
|
Toll-Free Helpline (24x7) |
1800 233 4526 / 1800 102 2636 |
|
Email for Queries |
customercare@mahabank.co.in |
|
Grievance Redressal |
nodal.officer@mahabank.co.in |
|
Branch Locator |
10 AM–4 PM; find via app/website |
Dial for rate clarifications or document help—average wait: 2 minutes.
Stay updated without calls. Log into mahamobile.in or the MahaBank app with your reference number (from application). Select "Track My Loan"—see stages like "Documents Received," "Sanctioned," or "Disbursed." Alternatively, SMS "STATUS [Ref No.]" to 9222226500 or call 1800 233 4526 (press 4 for loans). For net banking users, it's under "Services > Loan Status." Real-time alerts via email/SMS keep you looped in, reducing stress during busy home hunts.
Salaried applicants need at least ₹20,000 net monthly income, while self-employed require ₹3 lakh+ annual turnover via ITRs. The bank assesses 50–60% of your take-home for EMI affordability, so higher incomes unlock larger loans up to ₹5 crore. Co-applicants (like spouses) can combine incomes to qualify easier, especially for families in mid-sized cities.
Yes, NRIs/PIOs qualify with 2+ years' overseas job stability, valid work permits, and salary proofs from reputed firms. Rates start at 7.85% p.a., with tenures up to 30 years. Submit attested documents like visas and NRE statements—disbursal works via power of attorney for property in India. It's a solid option for funding family homes back home without relocating.
Absolutely—the Maha Super Housing Loan integrates with PMAY for EWS/LIG/MIG categories, offering interest subsidies up to 6.50% on loans up to ₹9 lakh. Eligibility: Income under ₹18 lakh annually, property ≤₹45 lakh in metros. Apply via the bank's portal with PMAY docs; it reduces effective rates to near-zero initially, saving ₹1–2 lakh yearly for low-income buyers.
How does balance transfer work with Bank of Maharashtra, and is it worth it?
Transfer your existing loan (from any bank) to BoM for rates as low as 7.35%—a 1–2% drop from private lenders like HDFC. Provide 12-month statements and outstanding balance; processing is free till Dec 2025. It's ideal if your old EMI exceeds 50% of income—expect ₹3,000–₹5,000 monthly savings on ₹30 lakh loans, plus top-up options for renovations without new applications.
In a market where home prices rose 8% in 2025 per NHB data, Bank of Maharashtra's low rates and waivers make ownership realistic for middle-class families. It's not just a loan—it's stability, with tools like EMI calculators and 24x7 support empowering your decisions. Whether upgrading in Pune or building in Kolhapur, this bank's public ethos ensures fair terms without upsell pressure. Compare your current setup, then apply at bankofmaharashtra.in or call 1800 233 4526. Your home awaits—secure it today with rates that work for you.
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