In our previous articles, we discussed SBI Home loan interest rates and PNB Home Loan interest rates, and we also compared all bank’s Home loan interest rates. Now, in this article, we will briefly discuss Bank of Maharashtra Home loan interest rates. Bank of Maharashtra offers the lowest interest rates on home loans in India. Not only SBI but also the Bank of Maharashtra and many other banks provide Home loans to fulfill your dream of making your own home. Bank of Maharashtra home loan interest rates start from 8.50% p.a. with a maximum loan tenure of 30 years.
Key Feature/Benefits of BOM Home Loan
- Low EMI
- Zero Processing Fees
- No Hidden Charges
- No Prepayment Penalty
- 0.05% concession to women and defense personnel
- Maximum Tenure i.e up to 30 years or up to 75 years of age
Latest Bank of Maharashtra Home Loan Interest Rate 2023
Here, are the complete details of the latest Bank of Maharashtra housing loan interest rates:-
| CIBIL Score | Salaried (Rate of Interest %) | Non-Salaried(Rate of Interest %) |
| 800 and above | 8.50% | 8.60% |
| 750 to 799 | 8.60% | 8.70% |
| 725 to 749 | 8.80% | 8.90% |
| 700 to 724 | 9.30% | 9.50% |
| 650 to 699 | 9.80% | 10.00% |
| 600 to 649 | 10.00% | 10.20% |
| below 600 | 10.40% | 10.90% |
| -1 to 5 | 8.80% | 9.00% |
Note:- The rate of interest for top-up home loans for renovation and repairs is 20bps higher than that of the Maha Super Housing Loan scheme.
Bank of Maharashtra Home Loan Schemes
Bank of Maharashtra offers different types of home loan schemes. Here, is the list of many schemes given below:-
Maha Super Housing Loan- For Construction
- For Construction of a new and existing flat/house not older than 30 years.
- For a residential flat under construction and ready to move directly from the builder, society, and other agencies.
- And also for extension of your existing house.
- Processing fees are 0.25% of the loan amount.
Maha Super Housing Loan- For the purchase of plots and construction on it
- For plot and construction thereon.
- Processing fees are 0.25% of the loan amount (Subject to max. of 25,000/-).
- Loan repayment is up to 30 years.
BOM Home Loan for Renovation & Repairs
- This scheme is used for the repair and renovation of existing houses, and flats for new standalone borrowers.
- They offered a maximum repayment period of 20 years.
Bank of Maharashtra Top-up Home Loan
- For takeover of home loan of other banks and an additional benefit of top-up loan for repairs, furnishing, renovation of your house.
Documents Required for BOM Home Loan
- 2 Passport size photographs.
- ID proof:- Voter Card, PAN card, Aadhar card, Driving license, Passport etc.
- Proof of Residence:- Driver’s License, Voter ID, Passport, Aadhar Card, Electricity Bill, Telephone Bill, etc.
- Age Proof
- Bank statement of salary account for the past 6 months.
- Proof of confirmed service of 3 years:- Form No.16 & ITR if any supported by Employee ID/Appointment Letter/ Confirmation in services evidencing duration of the employment/3 years IT Returns.
- Statement of Bank Account.
For more information visit the official website of the Bank of Maharashtra Click Here.
Also Read:-
Central Bank Home Loan Interest Rate
Bank of Baroda Home Loan Interest Rate
Indian Bank Home Loan Interest Rate
UCO Bank Home Loan Interest Rate
Canara Bank Home Loan Interest Rate
Nupur Tanan
"Nupur Tanan" works at Financewisdom.in. She has experience in writing a vast range of varied content. She write knowledgeable, well-researched, and engaging articles on various personal finance and banking related topics.