If you’re planning to buy a home in Maharashtra, the thought of securing a home loan is likely on your mind. With the growing demand for property in cities like Mumbai, Pune, and Nagpur, home loan schemes in Maharashtra have become more competitive and varied. Whether you're a first-time homebuyer or looking to refinance your existing loan, understanding the different home loan options is crucial to make an informed decision. In this guide, we'll walk you through some of the top home loan schemes available in Maharashtra in 2024, ensuring you know the best choices available.

1. State Bank of India (SBI) Home Loan

Key Features:

• Interest Rates: Starting from 8.70% p.a.
• Loan Amount: Up to 90% of the property value
• Tenure: Up to 30 years
• Processing Fee: 0.35% of the loan amount (min. ₹10,000)
• Eligibility: Salaried individuals, self-employed professionals, and businesspersons

Why Choose SBI Home Loan?

SBI is the largest public sector bank in India and offers one of the most competitive home loan schemes in Maharashtra. Their home loan products come with flexible repayment tenures, low interest rates, and minimal processing fees. The bank also provides an easy online application process, making it convenient for Maharashtra residents to apply for a loan. Additionally, SBI has multiple branches in cities like Mumbai, Pune, and Nashik, offering accessibility and customer support.

Special Offers:

SBI also runs occasional offers, like reduced interest rates for women applicants or special discounts for government employees.

2. HDFC Home Loan

Key Features:

• Interest Rates: Starting from 8.90% p.a.
• Loan Amount: Up to ₹10 crore, based on the applicant’s eligibility
• Tenure: Up to 30 years
• Processing Fee: 0.50% of the loan amount
• Eligibility: Salaried, self-employed, and professionals

Why Choose HDFC Home Loan?

HDFC is a trusted name when it comes to home loans in Maharashtra, known for its quick loan disbursements and a customer-friendly approach. The bank offers tailored schemes for first-time homebuyers and lower interest rates for women applicants. HDFC also provides special schemes for constructing homes, purchasing ready-to-move-in properties, or even buying property under affordable housing schemes.

Special Offers:

HDFC frequently offers lower processing fees, along with the possibility of waiver on select occasions. The bank's strong presence in urban areas like Mumbai, Pune, and Nashik makes it a go-to choice for homebuyers in Maharashtra.

3. ICICI Home Loan

Key Features:

• Interest Rates: Starting from 8.75% p.a.
• Loan Amount: Up to ₹10 crore
• Tenure: Up to 30 years
• Processing Fee: 0.50% of the loan amount
• Eligibility: Salaried, self-employed, and professionals

Why Choose ICICI Home Loan?

ICICI Bank provides home loan options with flexible interest rate types, including fixed and floating rates. Their online application process is simple, and they offer home loan products that cater to various needs—whether you want to purchase a new home or refinance your current mortgage. ICICI Bank also has a strong presence in major Maharashtra cities, making it convenient for borrowers.

Special Offers:

For women applicants, ICICI Bank provides exclusive lower interest rates. They also offer top-up loans, which can be ideal if you need additional funds for home renovation or extension.

4. Axis Bank Home Loan

Key Features:

• Interest Rates: Starting from 8.80% p.a.
• Loan Amount: Up to ₹5 crore
• Tenure: Up to 30 years
• Processing Fee: 1% of the loan amount
• Eligibility: Salaried individuals, self-employed professionals, and business owners

Why Choose Axis Bank Home Loan?

Axis Bank offers competitive interest rates on home loans, along with a quick approval process. Their home loan products come with flexible terms and competitive interest rates. Borrowers can also benefit from the easy and fast processing of their loan applications, which is highly appreciated by customers in urban Maharashtra, especially in Mumbai and Pune.

Axis Bank provides several special features, including prepayment options and a customizable loan repayment schedule to suit borrowers’ needs.

Special Offers:

Axis Bank frequently offers promotional discounts on processing fees during festive seasons, making it an attractive option for potential homebuyers.

5. Bank of Maharashtra Home Loan

Key Features:

• Interest Rates: Starting from 8.60% p.a.
• Loan Amount: Up to ₹10 crore
• Tenure: Up to 30 years
• Processing Fee: Nil for select schemes
• Eligibility: Salaried, self-employed, and pensioners

Why Choose Bank of Maharashtra Home Loan?

As a government-backed bank with its headquarters in Pune, Bank of Maharashtra offers competitive rates and is known for its strong regional presence. The bank offers customized home loan schemes with flexible repayment options and zero processing fees for select schemes. This can make it a compelling choice for borrowers in Maharashtra, especially those seeking low-cost options.

6. Kotak Mahindra Bank Home Loan

Key Features:

• Interest Rates: Starting from 8.75% p.a.
• Loan Amount: Up to ₹5 crore
• Tenure: Up to 30 years
• Processing Fee: 0.50% of the loan amount
• Eligibility: Salaried, self-employed, and businesspersons

Why Choose Kotak Mahindra Home Loan?

Kotak Mahindra offers one of the most flexible home loan schemes in Maharashtra. Their competitive interest rates and low processing fees make them a popular choice for homebuyers. The bank also has easy documentation processes and faster loan approval, making it a preferred lender in cities like Mumbai and Pune.

Special Offers:

Kotak Mahindra regularly offers special discounts for women borrowers, along with reduced processing fees during festive seasons.

7. LIC Housing Finance Home Loan

Key Features:

• Interest Rates: Starting from 8.90% p.a.
• Loan Amount: Up to ₹15 crore
• Tenure: Up to 30 years
• Processing Fee: 0.50% of the loan amount
• Eligibility: Salaried individuals, self-employed professionals, and NRIs

Why Choose LIC Housing Finance Home Loan?

LIC Housing Finance is a reliable name in the housing finance industry and offers home loan products that cater to first-time buyers, as well as those looking to refinance their loans. The company has a strong presence in Maharashtra, especially in cities like Mumbai, Thane, and Pune.

LIC offers easy loan transfer facilities, which are ideal for individuals looking to move their home loans to a more affordable option. They also offer special schemes for government employees and NRIs.

What is the best home loan scheme for you in Maharashtra?

Choosing the right home loan scheme in Maharashtra depends on several factors, including interest rates, loan tenure, processing fees, and the financial institution’s reputation.There is no one solution that fits all. 

The home loan schemes from banks like SBI, HDFC, ICICI, Axis Bank, Bank of Maharashtra, Kotak Mahindra, and LIC Housing Finance are some of the top choices in Maharashtra, offering competitive interest rates, easy processing, and customer-friendly terms. Always compare the interest rates, loan amounts, and features of different schemes before applying for a home loan.

Make sure to check for any seasonal offers or discounts that these banks and financial institutions might be offering, as they can significantly reduce your overall borrowing costs. You can visit finance portals like Loannetwork.app to compare interest rates and special offers in one place.  Happy home hunting, and may you find the perfect loan to turn your dream home into a reality!