Bank of Maharashtra is a major Bank of Maharashtra, India, registered on 16 September 1935 with an authorised capital of 1 million. The bank's financial assistance to small units has given birth to many of today's industrial houses. After nationalisation in 1969, the bank expanded rapidly and has the largest network of branches in the state of Maharashtra. It provides housing loans for construction / acquiring of new or existing house/flat , extension in the existing house/flat, repairs/renovation/alteration of existing house/flat. Continue reading to view more details about this loan.
At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Earn more than the minimum
Loan capped @ 60 times of Gross Monthly Salary/ 75 times of Net Monthly Salary
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 30 years
Alternatively add your parents
|Interest Rate||8.70% to 8.80%|
|Loan Tenure||30 years|
|Guarantor Required||No Guarantor Required|
Amid today’s booming real estate prices, it is not possible to buy a new house without financial assistance. The easiest form of housing finance comes from bank home loans. The interest rates on home loans is lower than many other loan products. Home loans also allow a longer repayment period and higher loan amounts, making it a flexible option for customers. Bank of Maharashtra offers flexible and easy-approval housing finance products to its customers.
The bank’s home loan products come with attractive features and benefits for its customers. The key features are:
|Purpose of loan||Type of area||Maximum loan amount|
|Repairs/renovation||Rural and Semi-urban||Rs. 10 lakh|
|Purchase of plot, new or old house||Rural||Rs. 15 lakh|
|Semi-urban||Rs. 25 lakh|
|Purpose of loan||Maximum loan tenure|
|Repairs/renovation||20 years, no moratorium period|
|Purchase of plot||30 years, or when the borrower is 75 years old, whichever is earlier. Repayment to start 1 month after purchase of land|
|Purchase of new or old house||
30 years, or when the borrower is 75 years old, whichever is earlier.
For purchase of houses less than 30 years old, 20 years or borrower reaching the age of 75
|Extension of existing house||15 years, or remaining period of the existing housing loan sanctioned, whichever is earlier.|
The eligibility criteria for Bank of Maharashtra Home Loans is as follows:
|Purpose of loan||Type of borrower||Loan eligibility|
100% of actual cost of repairs
Maximum of 25% of the value of the property based on a valuation report not more than 3 months old
|Purchase of new or old house||Salaried||60 times of gross monthly salary or 75 times of net monthly salary, whichever is higher|
|Self-employed person/businessperson/ professional||5 times the average income of the last 2 years, based on Income Tax Returns|
|Purchase of plot||Any||70% of the registered value of the plot of land after complying with Net Take Home Pay/Income norms. Cost of the plot should not be more than 75% of the total cost of housing unit proposed to be built.|
The documents required while applying for a housing loan from Bank of Maharashtra are as follows:
The Marginal Cost of Funds-based Lending Rate (MCLR) announced by Bank of Maharashtra are as follows:
|Loan Tenor||MCLR Rate|
The benchmark MCLR set for home loans is the 1-year rate. Interest rate of the loans will be the benchmark MCLR plus a premium spread.
The interest rate for home loans in case of construction/purchase of plot or new or existing house and extension of existing house is as follows:
The interest rate for repairs/renovation of existing house is:
If the repayment period is between 20 years and 30 years, a 0.25% extra interest will be charged. If the purpose of loan is to buy a plot, an additional interest rate of 2% will be charged. If the construction of the house is completed on the plot within 3 years, then 50% of the interest charged would be reimbursed to the customer.
Other applicable charges are:
EMI Calulators help you ascertain what the EMIs for your loan amount would be, based on the tenure of the loan and interest rate. This helps you plan your loan and decide the interest rates and tenures that are the most suitable for you. BankBazaar.com’s flexible and easy-to-use EMI Calculator will help you find the right home loan product. To use the tool, follow the below steps:
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