Bank of Maharashtra Home Loan - Interest Rate
Bank of Maharashtra provides home loans with competitive interest rates starting from 7.35% per annum. As a public sector bank, it offers transparent pricing, zero processing fees until December 2025, and no prepayment charges. The bank serves salaried individuals, self-employed professionals, agriculturists, and NRIs with loan amounts covering up to 90% of property value. Repayment tenures extend up to 30 years, making monthly installments affordable. Women borrowers and defense personnel receive an additional 0.05% interest rate concession. The bank's flagship Maha Super Housing Loan Scheme covers property purchase, construction, renovation, and plot purchase with construction, making it suitable for diverse homeownership needs.
Bank of Maharashtra Home Loan Highlights
|
Parameter |
Details |
|
Starting Interest Rate |
7.35% p.a. |
|
Interest Rate Range |
7.35% - 10.95% p.a. |
|
Maximum Loan Tenure |
30 years or 75 years of age |
|
Maximum LTV Ratio |
Up to 90% |
|
Processing Fee |
NIL (waived till 31.12.2025) |
|
Prepayment Charges |
Zero for floating rate loans |
|
Part-Payment Charges |
Zero |
|
Women Concession |
0.05% rate reduction |
|
Defense Personnel Concession |
0.05% rate reduction |
|
Minimum Annual Income |
Rs. 3 lakh |
|
EMI Waiver Benefit |
Last 2-3 EMIs waived on regular repayment |
Bank of Maharashtra Home Loan Interest Rates 2025
Interest Rates Based on CIBIL Score (Salaried)
|
CIBIL Score |
Interest Rate (p.a.) |
|
800 and above |
8.10% |
|
750 - 799 |
8.35% |
|
725 - 749 |
8.60% |
|
700 - 724 |
8.85% |
|
Below 700 |
9.10% - 10.95% |
Interest Rates Based on CIBIL Score (Self-Employed)
|
CIBIL Score |
Interest Rate (p.a.) |
|
800 and above |
8.15% |
|
750 - 799 |
8.40% |
|
725 - 749 |
8.65% |
|
700 - 724 |
8.90% |
|
Below 700 |
9.15% - 10.95% |
Women Borrowers Interest Rates
|
CIBIL Score |
Interest Rate (p.a.) |
|
800 and above |
8.05% |
|
750 - 799 |
8.30% |
|
725 - 749 |
8.55% |
|
700 - 724 |
8.80% |
|
Below 700 |
9.05% - 10.90% |
Note: Interest rates linked to Repo-linked Lending Rate (RLLR). Current RLLR: 9.05% p.a. (subject to change)
Bank of Maharashtra Home Loan vs Other Banks Comparison
|
Bank Name |
Starting Interest Rate |
Processing Fee |
Prepayment Charges |
Maximum Tenure |
|
Bank of Maharashtra |
7.35% p.a. |
NIL (till Dec 2025) |
Zero |
30 years |
|
SBI |
7.50% p.a. |
0.35% + GST |
Zero (floating) |
30 years |
|
HDFC Bank |
7.90% p.a. |
Up to 0.50% + GST |
Zero (floating) |
30 years |
|
ICICI Bank |
7.70% p.a. |
Up to 1% + GST |
Zero (floating) |
30 years |
|
Axis Bank |
8.35% p.a. |
Up to 1% + GST |
Zero (floating) |
30 years |
|
Bank of Baroda |
7.45% p.a. |
0.25% + GST |
Zero (floating) |
30 years |
|
Punjab National Bank |
7.45% p.a. |
0.35% + GST |
Zero (floating) |
30 years |
|
Canara Bank |
7.65% p.a. |
0.50% + GST |
Zero (floating) |
30 years |
Key Advantage: Bank of Maharashtra offers processing fee waiver till December 2025 and additional concessions for women and defense personnel.
Why Choose Bank of Maharashtra Home Loan
Cost Benefits
|
Feature |
Benefit |
|
Zero Processing Fee |
Save Rs. 10,000-25,000 on loan application |
|
Zero Prepayment Charges |
Pay off loan early without penalties |
|
Low Documentation Charges |
Only 0.10% (max Rs. 10,000) |
|
EMI Waiver |
Last 2-3 EMIs waived on timely payments |
|
Women's Concession |
Additional 0.05% interest rate reduction |
Loan Features
|
Feature |
Details |
|
Maximum LTV |
Up to 90% of property value |
|
Minimum Down Payment |
Just 10% of property cost |
|
Loan Tenure Flexibility |
1 to 30 years |
|
Age at Maturity |
Up to 75 years |
|
Digital Application |
Apply online through bank website |
|
Doorstep Service |
Documentation collection at home |
Special Schemes
|
Scheme |
Purpose |
|
Maha Super Housing Loan |
Purchase/construction/extension |
|
Maha Super Flexi Loan |
Overdraft facility on home loan |
|
Top-Up Loan |
Additional funds for existing borrowers |
|
Maha Combo Loan |
Housing + car loan together |
|
Maha Ghar Loan |
PMAY benefits with subsidy |
|
Balance Transfer |
Transfer from other banks |
Bank of Maharashtra Home Loan Schemes
1. Maha Super Housing Loan - Purchase/Construction
|
Parameter |
Details |
|
Purpose |
New/existing house purchase (less than 30 years old), construction, extension |
|
Loan Amount (Salaried) |
60x gross salary or 75x net salary (whichever higher) |
|
Loan Amount (Self-Employed) |
5x average annual income |
|
LTV Ratio |
Up to 90% |
|
Tenure |
1 to 30 years |
|
Interest Rate |
Starting 7.35% p.a. |
2. Maha Super Housing Loan - Repairs/Renovation
|
Parameter |
Details |
|
Purpose |
Repairs, alterations, renovation of existing property |
|
Loan Amount |
Up to 100% of actual cost or 25% of property value (whichever lower) |
|
LTV Ratio |
Based on latest valuation (not older than 3 months) |
|
Tenure |
Up to 20 years |
|
Interest Rate |
0.20% higher than regular housing loan |
3. Maha Super Housing Loan - Plot + Construction
|
Parameter |
Details |
|
Purpose |
Purchase of plot and construction within 2 years |
|
Loan Component |
Composite loan for both plot and construction |
|
Maximum Loan |
Up to Rs. 30 lakh for plot purchase |
|
Construction Timeline |
Must complete within 2 years |
|
Tenure |
Up to 30 years |
4. Top-Up Loan
|
Parameter |
Details |
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