A home loan is a secured loan that is obtained to purchase a property by offering it as collateral. The property can be an under-construction property, a ready-built purchase from the builder/developer, the purchase of a resale property, the construction of a house on a plot, the extension of an existing house, the repair/renovation of an existing flat/house, or the transfer of your existing home loan from another bank or financial institution to Bank of Maharashtra. The home loan is repaid through EMIs. After repayment, the property's title is transferred back to the borrower.

Any individual meeting Bank of Maharashtra's eligibility criteria, including salaried employees, self-employed professionals, and business owners, can apply for a housing loan.

The key documents include: Proof of identity (e.g., Aadhaar card, Passport, etc.), Proof of income (e.g., salary slips, IT returns, Form 16, etc.), Proof of address (e.g., Aadhaar card, Passport, etc.), Property-related documents (e.g., sale agreement, title deed).

Your EMI is calculated based on the loan amount, interest rate, and repayment tenure. You can use our EMI Calculator on the website for an estimate.

Yes, you can prepay your outstanding housing loan amount (in part or in full) before the scheduled loan tenure is complete. Please note that there are no prepayment charges on floating rate home loans unless the loan is availed for business purposes.

The rate of interest under a fixed rate of interest remains constant for the entire tenure of the loan, whereas the rate of interest under a floating rate of interest is linked with the Prime Lending Rate (PLR) of the company and can vary during the loan depending on changes in the PLR of the company.

A Loan Against Property (LAP) is a secured loan where you can borrow money by pledging your property as collateral. This type of loan is typically offered for personal or business needs (other than for speculative purposes), such as marriage, medical expenses, the purchase of another property, and a child’s education. An existing loan against property (LAP) from other banks or financial institutions can also be transferred to .

Salaried borrowers can avail a loan against property for a maximum term of 15 years or till the age of retirement, whichever is lower. Self-employed borrowers can avail a loan against property for a maximum term of 15 years or till the attainment of 70 years of age, whichever is lower.

Yes, we provide housing loans to NRIs. Additional documentation, such as a passport and overseas income proof, may be required.