55 Lakh Home Loan Bank of Maharashtra

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Securing a 55 lakh home loan from the Bank of Maharashtra offers a promising path to homeownership. This loan features competitive interest rates and adaptable repayment terms, catering to various needs, whether buying a new property or constructing one. With an attractive and competitive interest rate of 8.35% per annum, the Bank of Maharashtra 55 Lakh Home Loan can solve your affordable home-purchasing dream. Moreover, the scheme offers a discount for women and defence personnel. Let’s scroll down to read more about the Bank of Maharashtra Home Loan for INR 55 Lakhs

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Table of Content

1. 55 Lakh Home Loan Bank of Maharashtra Highlights

2. EMI Calculations for Different Tenures

3. Fees and Charges

4. Documents Required

5. Eligibility Criteria

Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

55 Lakh Home Loan Bank of Maharashtra – Highlights

The salient features of 55 Lakh Home Loan Bank of Maharashtra are as follows:

Feature	Description
Interest Rate	8.35% P.A
Maximum Loan Tenure	Up to 30 years
Processing Fees	Up to 0.25% of the loan amount, minimum charges applicable
Prepayment Charges	None
Special Concessions	Rate concessions for women and defence personnel

EMI Calculations for Different Tenures

The Equated Monthly Installment (EMI) for a 55 lakh loan varies based on the tenure and the interest rate. Here are the EMI details calculated at an annual interest rate of 8.35%:

Tenure (Years)	EMI (INR)
5	₹1,12,564.92
10	₹67,871.60
15	₹53,376.83
20	₹45,644.94
25	₹43,751.83

These values provide a perspective on how loan tenure affects monthly financial obligations. Tools like the Urban Money EMI calculator can provide more tailored calculations.

Fees and Charges

The Bank of Maharashtra keeps its home loan processing fees competitive, with a maximum of 0.25% of the loan amount. This makes the initial costs more manageable for borrowers.

Documents Required

To apply for a home loan, you will need:

Proof of identity and residency (Aadhaar, PAN, Voter ID)
Proof of income (salary slips, tax returns, bank statements)
Property-related documents (sale deed, NOC)
Additional documents for self-employed applicants (business proof, financial statements)

Eligibility Criteria

Eligibility for obtaining a 55 lakh home loan includes:

Age between 21 and 60 years
Stable income from salaried or self-employed sources
Satisfactory credit history

Frequently Asked Questions

What is the EMI for a 55 Lakh Home Loan for 20 years in the Bank of Maharashtra?

The EMI for a 20-year loan term at an 8.35% interest rate is approximately ₹45,644.94.

Who is eligible for a 55 Lakh Home loan in the Bank of Maharashtra?

Eligible applicants include Indian residents and NRIs aged 21 to 60 with a stable income and a good credit score.

What is the monthly interest rate of a 55 Lakh home loan in Bank of Maharashtra?

The monthly interest rate for a loan at 8.35% annually is roughly 0.6958%

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