20 Lakh Home Loan Bank of Maharashtra

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Looking to buy a house? Bank of Maharashtra can help! They're a friendly bank that wants to make your dream of owning a home come true. Here, you'll find all the info you need about their home loans. This information is designed to be easy to understand and get approved for. Whether you're buying your first house or want a new loan on your current one, the Bank of Maharashtra 20 lakh loan is there to guide you every step of the way.

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Table of Content

1. 20 Lakh Home Loan Bank of Maharashtra Highlights

2. 20 Lakh Home Loan EMI For 5 Years Bank of Maharashtra

3. 20 Lakh Home Loan EMI For 10 Years Bank of Maharashtra

4. 20 Lakh Home Loan EMI For 15 Years Bank of Maharashtra

5. 20 Lakh Home Loan EMI For 20 Years Bank of Maharashtra

6. 20 Lakh Bank of Maharashtra Home Loan Fees And Charges

7. 20 Lakh Bank of Maharashtra Home Loan Documents Required

8. 20 Lakh Bank of Maharashtra Home Loan Eligibility Criteria

Written By

Kirti Bansal

Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

20 Lakh Home Loan Bank of Maharashtra – Highlights

Given below are the highlights of a 20 lakh home loan from the Bank of Maharashtra:

Feature	Details
Interest Rate	8.35% per annum
Loan Tenure	5 to 30 years
Processing Fee	0.50% of the loan amount,
Special Concessions	0.05% concession for women and defence personnel

20 Lakh Home Loan EMI For 5 Years Bank of Maharashtra

The table will help you understand the EMI structure of the 20 lakh home loan offered by the Bank of Maharashtra for 5 years:

Parameter	Details
Interest Rate	8.35% P.A.
EMI Amount	₹40,889 (approximately)
Total Amount Paid	₹24,53,318 (approximately)
Total Interest Paid	₹4,53,318 (approximately)

20 Lakh Home Loan EMI For 10 Years Bank of Maharashtra

This breakdown will show you exactly what your monthly payments (EMIs) would be for a 20 lakh home loan from the Bank of Maharashtra over 10 years.

Parameter	Details
Interest Rate	8.35% P.A.
EMI Amount	₹24,637 (approximately)
Total Amount Paid	₹29,56,437 (approximately)
Total Interest Paid	₹9,56,437 (approximately)

20 Lakh Home Loan EMI For 15 Years Bank of Maharashtra

To understand how much you’d pay each month (EMI) for a Bank of Maharashtra 20 lakh home loan over 15 years, check out this detailed breakdown:

Parameter	Details
Interest Rate	8.35% P.A.
EMI Amount	₹19,519 (approximately)
Total Amount Paid	₹35,13,480 (approximately)
Total Interest Paid	₹15,13,480 (approximately)

20 Lakh Home Loan EMI For 20 Years Bank of Maharashtra

We’ve included a table that explains how much you’d pay each month (EMI) for a Bank of Maharashtra home loan of 20 lakh rupees over a 20-year term:

Parameter	Details
Interest Rate	8.35% P.A.
EMI Amount	₹17,167 (approximately)
Total Amount Paid	₹41,20,080 (approximately)
Total Interest Paid	₹21,20,080 (approximately)

20 Lakh Bank of Maharashtra Home Loan – Fees And Charges

Here are the fees and charges of a 20 lakh home loan from the Bank of Maharashtra:

Prepayment: No charges for floating rates.
Legal & Technical: Actual property verification and legal fees.
Processing Fee: Up to 0.50%, min/max limits.
Documentation: Fixed nominal fee.
CERSAI: Registration fee, if applicable.

20 Lakh Bank of Maharashtra Home Loan – Documents Required

Here are the documents required for a 20 lakh home loan from the Bank of Maharashtra:

Application form
PAN card
Aadhaar card
Income proof
Property registration receipt

20 Lakh Bank of Maharashtra Home Loan – Eligibility Criteria

This guide outlines the essential requirements for obtaining a home loan of ₹20 lakh from the Bank of Maharashtra.

Age: Minimum 18 years old, Maximum 60 years old.
Financial Stability: Must demonstrate consistent income
Employment Status: Minimum one year
Creditworthiness: preferable 750
Loan-to-Value Ratio (LTV): A maximum of 80% of the property’s cost.

FAQs

What is the EMI for a 20 lakh Home Loan for 20 years in the Bank of Maharashtra?

To calculate the EMI for a 20 lakh home loan for 20 years, we have taken an interest rate of 8.35%. As per the calculator, the EMI would be approximately ₹17,167.

Who is eligible for a 20 lakh Home loan at the Bank of Maharashtra?

For a 20 lakh home loan at the Bank of Maharashtra, eligibility depends on your income, credit history, age, employment status, and other ongoing financial obligations.

What is the monthly interest rate of a 20 lakh home loan at the Bank of Maharashtra?

The interest rate for a 20 lakh home loan at the Bank of Maharashtra is approximately 0.695% per month.

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