Bank of Maharashtra Plot Loan
Bank of Maharashtra Plot Loan, commonly known as the Maha Super Housing Loan Scheme, is specifically designed to make it easier for individuals to purchase a residential plot of land and build a house on it. The interest rates on this loan are competitive, and the payback terms are flexible. There is a moratorium on the construction of the housing phase of the loan.
The interest rate for a plot loan from Maharashtra Bank ranges from 10.40% per annum for salaried customers. Non-salaried individuals pay interest rates ranging from 8.45% to 10.90% each year. The applicant's CIBIL Score will influence the rate of interest on the home loan.
CIBIL Score/Credit Score | Interest Rates (p.a.) | |
Salaried | Non-Salaried | |
800 and above | 8.35% | 8.45% |
750-799 | 8.40% | 8.50% |
725-749 | 8.80% | 8.90% |
700-724 | 9.30% | 9.50% |
650-699 | 9.80% | 10.00% |
600-649 | 10.00% | 10.20% |
Below 600 | 10.40% | 10.90% |
-1 to 05/NTC | 8.80% | 9.00% |
Processing Fee for Maharashtra Bank Plot Loan
The processing charge for the bank's plot plan has been eliminated until March 31, 2022. Employees of the State Government, Central Government, and Public Sector Organisations would be exempt from the processing cost.
Eligibility criteria for Maha Super Housing Loan:
The eligibility criteria for Maha Super Housing Loan are as follows:
- For Salaried Individuals: A minimum income of Rs. 3 lakh (as per last year's earnings) requires submission of the past two years' ITR/Form 16 from the Employer.
- For Self-employed Professionals: A minimum income of Rs. 3 lakh (as per last year's ITR income) necessitates providing the past two-year ITR along with supporting documents.
- For Businessmen: A minimum income of Rs. 3 lakh (as per last year's ITR income) mandates the submission of the past three-year ITR along with supporting documents.
- For individuals engaged in agriculture and similar activities with an ascertainable minimum income of Rs. 3 lakh specific documentation is required.
Documents required for Bank of Maharashtra Home Loan:
The below listed documents are required for Bank of Maharashtra Home Loan:
For Salaried Individuals:
- Duly filled application form along with the photographs.
- Provide proof of identity, address, and age.
- Submit salary slips from the last three months.
- Furnish bank statements covering the past six months.
- Include Form-16 and details of Income Tax Returns (ITR) for two years.
- Present title documents of the property.
For Self-Employed Individuals:
- Duly filled application form along with the photographs.
- Submit proof of identity, address, and age.
- Provide ITR and financial statements, such as balance sheets and profit & loss accounts, duly certified by a Chartered Accountant.
- Furnish bank statements for the last 12 months.
Application Process for Maharashtra Bank Plot Loan
To apply for the plot loan, visit the nearest branch of Maharashtra Bank. A representative of the bank will help you through the process.
Guarantee Required for Maharashtra Bank Plot Loan
The guarantee required for the plot loan is an equitable mortgage or registered mortgage of property.
Maximum Loan Amount
The maximum loan amount will be the lowest, determined by the amount of loan requested, the maximum allowable Loan to Value (LTV) ratio, and the permissible deduction criteria.
Loan Repayment Term
The maximum repayment tenure is 30 years or the loan borrower reaching the age of 75, whichever is earlier.
Margin of Loan
The margin of the plot loan is 30% of the registered value of the plot.
FAQs o Bank of Maharashtra Plot Loan
- What is the margin on Maharashtra Bank's plot loan for construction of a house?
For construction of a house, the minimum margin is 10% of the value of the construction for a loan of up to Rs.30 lakh and 20% of the value of the construction for a loan of above Rs.30 lakh.
- What is the deduction of income for the Maharashtra Bank plot loan?
For the Maharashtra Bank plot loan, salaried individuals can deduct up to 75% of their most recent monthly income, while non-salaried individuals can deduct up to 75% of their annual income.
- Is there a moratorium period for Maharashtra Bank plot loan?
There is no moratorium term for the loan used to purchase a residential block of land. However, for house construction, there is a 36-month, or three-year, moratorium period beginning with the first disbursement of the loan. However, interest can be capitalised for a maximum of 18 months before being repaid.
- Is there any way to calculate the interest expense of Bank of Maharashtra plot loan?
Yes, you can calculate the interest expense of Bank of Maharashtra plot loan by using the Home Loan EMI calculator.
Disclaimer
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.