Welcome dear reader, let’s learn about How to get Bank of Maharashtra Home Loan, Eligibility, Interest Rate, EMI Calculator, Minimum Salary, Civil Score and more details that we read in this article please read till the last.
If you want to take advantage of Bank of Maharashtra home loan then this article is for you . home loan comes under the category of secured loan.
To avail this loan, the customer has to give security to the lender . Bank Of Maharashtra Home Loan The customer can apply for this through both online and offline mode .
Bank of Maharashtra Home Loan 2024
Bank of Maharashtra home loan interest rate starts from 6.40% per annum . The bank offers many types of home loan schemes . The loan amount and interest rate can also be different in different schemes .
The amount disbursed under the loan depends on many factors of the customer such as the applicant’s CIBIL Score , age , income , place of residence etc. If the applicant is an existing customer of the bank, then he can take advantage of the attractive interest rates of the bank .
Customer of Government of India Prime Minister’s Housing Scheme You can get subsidy on home loan under The maximum loan tenure of Bank of Maharashtra Home Loan is up to 30 years . You can take this loan to build a house , buy a house , repair/renovate a house . The last two EMIs are waived on regular repayment .
Key Features of Bank of Maharashtra Home Loan
- Loan Name: Bank of Maharashtra Home Loan 2024
- Name of the lending bank: Bank of Maharashtra
- Interest Rate : Starting from 6.40% pa
- Loan Tenure: Up to 30 years
- Processing Fee: Up to 0.50% of the loan amount
- Official Website: https://www.bankofmaharashtra.in/
Bank of Maharashtra Home Loan Interest Rate 2024
Bank of Maharashtra home loan interest rate starts from 6.40% p.a. The bank offers a variety of home loan schemes . The interest rate may differ in different loan schemes . Just like before taking a personal loan , we Personal loan interest rate 2023 Similarly, before taking a home loan, we need to know about Home loan interest rate 2023 It is necessary to have information about If you apply for that loan without knowing the correct interest rate of the loan , then you may have to face problems at the time of repayment of the loan .
Bank of Maharashtra Home Loan Eligibility
You can apply for this loan only if you are eligible for this loan . Below is given information about all the schemes of Bank of Maharashtra home loan and its eligibility . You can apply for the loan scheme for which you are eligible .
Bank Of Maharashtra Home Loan Schemes
The home loan schemes offered by Bank of Maharashtra are as follows:
- Maha Super Housing Loan Scheme for construction/expansion of new or existing house/flat
- Maha Super Housing Loan Scheme for purchase and construction of plot
- Maha Super Housing Loan Scheme for Repair/Renovation/Transformation of an existing house/flat
- Bank Of Maharashtra Top Up Home Loan
- Bank Of Maharashtra Combo Loan Scheme
Maha Super Housing Loan Scheme for construction/expansion of new or existing house/flat:-
Benefits / Features:
- This loan can be taken for the construction or expansion of the house which should not be more than 30 years old .
- For purchase of under construction/ready residential flats directly from builders/developers/societies/other agencies/development authority .
- The customer can take advantage of this loan scheme for expansion (additional construction) in the existing house/flat .
- Acquisition of existing housing loan accounts of applicants under standard category received from other banks/housing financial institutions .
- Individual salaried employees / self-employed professionals / businessmen / farmers can apply for this home loan scheme .
- Moratorium Period – Maximum 36 months
- Loan Tenure: Maximum 30 years , up to the age of 75 years
- Deduction:
- For Salaried Individuals – Up to 75% based on latest monthly income
- For non-salaried individuals – up to 75% based on average annual income
- Processing Fee for Central Government/State Government/Public Sector Employees – Nil
Eligible amount of loan: The loan amount assessed on the basis of maximum loan amount will be minimum:
- acceptable deduction criteria
- Maximum Permissible LTV Ratio
- Loan amount requested
Credit Criteria for Value and Margin:
| Category of Loan (Individual Home Loan Amount) | LTV Ratio | minimum margin |
| Rs.30 lakh | 90% | 10% |
| 30 lakh | 80% | 20% |
Maha Super Housing Loan Scheme for purchase and construction of plot:-
Benefits / Features:
- Applicant can get this loan for purchase of plot and construction on it .
- All individual salaried employees / self-employed professionals / businessmen / farmers can apply for this loan scheme .
- Moratorium Period:
- buy a plot – there is no moratorium period for this .
- For construction of house – maximum 36 months
- Loan Tenure – Maximum 30 years
- Deduction:
- For Salaried Individuals – Up to 75% based on latest monthly income
- For non-salaried individuals – up to 75% based on average annual income
Eligible amount of loan: The loan amount assessed on the basis of maximum loan amount will be minimum:
- acceptable deduction criteria
- Maximum Permissible LTV Ratio
- Loan amount requested
Credit Criteria for Value and Margin:
For purchase of plot:- Minimum 30% of the registered value of the plot
For house construction :-
| Category of Loan (Individual Home Loan Amount) | LTV Ratio | minimum margin |
| Rs.30 lakh | 90% | 10% |
| 30 lakh | 80% | 20% |
Maha Super Housing Loan Scheme for Repair/Renovation/Transformation of an existing house/flat:-
Benefits / Features:
- For new single borrowers, this loan can be taken for repair/renovation/conversion of an existing house/flat .
- Maximum loan tenure – up to 20 years
- Moratorium period is allowed under this loan scheme .
- Deduction:
- For Salaried Individuals – Up to 75% based on latest monthly income
- For non-salaried individuals – up to 75% based on average annual income
Eligibility to Apply:
- For Salaried: Rs.3.00 lakh. (Previous year income) – Minimum last 2 years ITR / Form 16 from the employer is mandatory .
- For self-employed professionals: Rs.3.00 lakh. (As per previous year ITR income) – Minimum last 2 years ITR along with supporting documents is mandatory .
- For Businessmen: Rs.3.00 lakh. (As per ITR income of previous year) – ITR of minimum last 3 years is mandatory along with supporting documents .
- Individuals engaged in agriculture and allied activities whose minimum income is Rs 3 lakh can apply for this loan scheme .
Eligible amount of loan:
- 100% of the actual cost of repair/renovation/transformation
- 25% of the realizable value of the property which is not more than 3 months old as per the latest valuation report .
Bank Of Maharashtra Top Up Home Loan:-
Benefits / Features:
- Top-up home loan facility is available for existing home loan customers of this bank .
- Takeover of existing home loan from other banks and this loan can be availed for home renovation/renovation/furnishing .
- Nature of Facility – Term Loan |
- at least 18 months ( 12 months in case of take over loan ) can apply for this loan .
- Existing/acquired home loan borrower can apply for the loan with moratorium (maximum 18 months) and minimum 24 months including standard category .
- Old home loan customers of this bank can apply for this loan .
- The maturity age of the loan should be maximum 75 years .
Loan Amount:
- For existing home loan borrowers:
- 100% of the estimated cost of home repair/renovation/furnishing
- Overall LTV (Loan to Value) should not exceed 75%
- Moratorium period – Nil
- Margin – Nil
- Repayment Period – Maximum 15 years .
- Old home loan customers who have closed their existing home loan can take this loan for a maximum repayment period of 180 months .
- should not exceed 65% of the gross income including the proposed EMI .
- 0.50% of the loan amount
Bank Of Maharashtra Combo Loan Scheme:-
Benefits / Features:
- This loan can be taken for construction or expansion of new or existing house/flat .
- Central government , state government , public sector employees , permanent employees of reputed companies who are in service for one year can apply for this loan .
- The minimum age of the applicant should be 21 years and maximum age should be 60 years .
- The annual income of the person applying should be minimum 4 lakh rupees .
- customer can get a minimum loan of Rs 15 lakh .
- Salaried person can get 60 to 75 time loan amount of his monthly income .
- Margin :
- Rs.20 lakh – 15%
- Rs.20 lakh and up to Rs.75 lakh – 20%
- 75 lakhs – 25%
- Loan Tenure: Maximum 30 years
- : Up to 65% deduction is allowed .
- 0.15% of the loan amount , maximum Rs.25,000
- The maximum age of the applicant on loan maturity should not exceed 75 years .
Maharashtra Bank Home Loan Documents
Before applying for a home loan, you should keep all your documents together so that whenever the bank asks you for documents, you can show them all the documents immediately . To apply for Bank of Maharashtra Home Loan , you must have the following documents . this link You can see the list of documents by clicking on the documents .
- Application form duly completed and signed
- 2 passport size photos
- Proof of Identity (Any one): Election Identity Card / PAN Card / Aadhar Card / Driving License / Photo Identity Card / Passport issued by current employer .
- Proof of Residence (Any One): Electricity Bill / Election Identity Card / Telephone Bill (Landline) / Aadhar Card / Driving License / Photo Identity Card / Passport issued by current employer .
- Net worth proof / income proof (if applicable) along with guarantor form .
- Guarantor’s IT Return with KYC Documents .
- takeover :
- Loan outstanding details as on date
- Loan account statement for the last 12 months
- document acknowledgment receipt from bank
Documents for Salaried Individuals:
- Original / Attested copy of latest salary slip of last 3 months
- last 2 years duly accepted by the IT Department / IT Assessment Orders or Form 16 for the last 2 years from the employer
- Wherever possible , commitment from the employer to remit the monthly installment
- Bank account details of last 6 months
For Non-Salaried Category/Businessmen/Professionals:
- Latest 3 years income tax return ( 2 years in case of professionals) which includes computation of income , profit and loss account , balance sheet , audit report etc.
- shop establishment act
- tax registration copy
- company registration license
- Bank statement of last one year
Property Documents:
- Receipts of payment made for purchase of residential unit
- Copy of approved drawings of the proposed construction/purchase
- Permission from Competent Authority for construction of flat/house
- Permission from Competent Authority under Urban Land Ceiling and Regulation Act 1976
- Allotment letter from builder / co-operative society / development authority / association of apartment owners etc.
How to apply for Bank of Maharashtra Home Loan ?
If you fulfill all the conditions of this bank’s home loan, then you can apply for this loan both online and offline . Information about the process of applying is given here:
Bank of Maharashtra Home Loan apply online
- If you want to apply online then you must first visit the official website of Bank of Maharashtra. bankofmaharashtra.in But have to come
- On the home page of the website, many types of home loan schemes will be visible in the Personal > Loans option .
- Click on the home loan you wish to apply for .
- On the next page, all the information related to that home loan will come in front of you .
- To apply, you have to visit this page Apply Now Click on this option will appear .
- The form will open on the next page, enter the requested information and submit the form .
- After that the bank employees will contact you and the loan process will be continued further .
How to apply offline ?
- To apply offline, you have to first go to your nearest Bank of Maharashtra Bank branch .
- You have to contact the bank employee by going to the bank branch .
- The bank employee will provide you all the information related to the home loan .
- Then the documents of the applicant will be verified .
- To apply, you have to fill an application form and submit it there .
- If your loan is approved then the loan amount will be transferred to your bank account
Bank of Maharashtra Home Loan EMI Calculator
Before applying for the loan, you should calculate the EMI (Equated Monthly Installment) of your loan . You can go to the official website of the bank Home Loan EMI Calculator With the help of this you can calculate the EMI of your loan . Home loan EMI depends on three main factors – loan amount , interest rate and loan tenure . By calculating the loan EMI, you can find out how much you will have to pay at the time of loan repayment . If you apply for that loan without calculating the EMI of the loan, then you may have to face problems at the time of loan repayment .
Bank of Maharashtra Housing Loan Customer Care Number
- All India Toll Free Number : 1800-233-4526 / 1800-102-2636
Conclusion:
In this article we have you Bank of Maharashtra Home Loan Tried to give complete information about Any person who wants to build , buy or renovate/renovate a house can avail a home loan from Bank of Maharashtra depending on his repayment capacity .
If you have any other type of information regarding this loan, then you can get information by calling Bank of Maharashtra Housing Loan customer care number .
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FAQ’s
Q. What is the interest rate of Bank of Maharashtra home loan ?
Ans. The interest rate of this loan starts from 6.40% per annum .
Q. What is the tenure of Bank of Maharashtra home loan ?
Ans. Maximum 30 years _
Q. How to apply for Bank of Maharashtra home loan ?
Ans. Complete information about applying for this loan is given in this article . You can apply for this loan by reading this article .
Q. What is Bank of Maharashtra Home Loan ?
Ans. When a person takes a loan to build a house , buy a house or renovate a house, it is a home loan . Like other banks, Bank of Maharashtra also provides home loan facility to the customers .
Q. How can I pay my home loan online in Bank of Maharashtra ?
Ans. You can get this information by calling the customer care number of the bank .