Bank of Maharashtra Plot Loan, also called the Maha Super Housing Loan Scheme, is specifically designed to make it easier for individuals to purchase a residential plot of land and also for the construction of a house on the land.
The interest rates of this loan are competitive and repayment tenures are flexible. There is a moratorium period for construction of the house phase of the loan.
Bank of Maharashtra Plot Loan Interest rate
Interest rate for the plot loan from Maharashtra Bank ranges from 6.40% p.a. to 7.80% p.a. for salaried individuals. For non-salaried individuals, the interest rate ranges from 6.65% p.a. to 8.30% p.a. The CIBIL Score of the applicant will influence the rate of interest of the home loan.
Processing Fee for Maharashtra Bank Plot Loan
The processing fee for the bank’s plot plan has been waived up to 31 March 2022.However, employees of the State Government, Central Government, and Public Sector organisations will get a full waiver on the processing fee.
Maharashtra Bank Plot Loan Eligibility Criteria
The eligibility criteria for the Maharashtra Bank plot loan are as follows:
Resident Indian individuals who are either:
Salaried employees
Self-employed professionals
Agriculturists
Entrepreneurs
Application Process for Maharashtra Bank Plot Loan
To apply for the plot loan, visit the nearest branch of Maharashtra Bank.
Guarantee Required for Maharashtra Bank Plot Loan
The guarantee required for the plot loan is the equitable mortgage or registered mortgage of property.
Maximum Loan Amount
The maximum loan amount will be the lowest of the loan amount which is assessed on the basis of the quantum of loan requested, the maximum permissible Loan to Value (LTV) ratio, and the permissible deduction norms.
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
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.
Is there a moratorium period for Maharashtra Bank plot loan?
There is no moratorium period for the loan taken for purchase of a residential plot of land. However, for construction of a house, there is a moratorium period which is 36 months, or three years, from the date of the first disbursement of the loan. However, interest may be capitalised for a maximum of 18 months and will have to be repaid afterwards.
What is the deduction of income for the Maharashtra Bank plot loan?
The deduction of income for the Maharashtra Bank plot loan is up to 75% on the latest monthly income for salaried individuals and up to 75% of the average annual income for non-salaried individuals.
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I have applied cor home loan directly through Bank Of Maharashtra and the loan amount was 8lakh for 15years .rate of interest of was nominal , processing zero ,loan amount t on time,and the loan amount was sufficient .Customer service was really good and the process was really good .
I have applied for the home loan with the BANK OF MAHARASHTRA and using it since from last three years. They have given with the satisfactory loan amount also the rate of interest was nominal and it was floating. The duration for repaying the loan is for 20 years.
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9
MRUNALINI MOHOD
, bangalore
Reviewed on Apr 30, 2019
I have purchased my home loan from bank of Maharastra since my salary account with them hence i have chosen them. They have not charged me zero processing fee and i have chosen the tenure period of 10 years. I got the interest rate of 8.35% and i bought the loan in 2017 and my first installment starts from January 2018.
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11
BALSHIRAM BABURAO BANGAR
, navi mumbai
Reviewed on Feb 26, 2019
I have been holding my home loan with bank of Maharashtra,Their service is not up to mark, their customer service is not up to mark, ,they will not resolve my issue soon,and the loan amount which they have given me was sufficient,the rate of interest they have charged me up to 9.4% which is nominal , the processing fee is nominal,still this loan is running, their is no hidden charged.
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6
VIKASH VIRENDRA SINGH
, mumbai
Reviewed on Feb 02, 2019
I am having saving account with Bank of Maharashtra, hence I have taken home loan, the interest rate is standard as per the market. I done the paper work for the housing loan within a week time they sanctioned the amount, they released the amount based on the house construction.
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9
VYANKATKAMRAJA NARASINGRAO NAGAMANTRI
, hyderabad
Reviewed on Jan 11, 2019
My home loan was taken with BANK OF MAHARASHTRA , the application process and documentation was smooth and hassle free. I never had any issues with the loan application. Overall it is a recommendable service. They charge nominal rate of interest and processing fee .
I have taken a home loan with Bank of Maharashtra and my loan experience was good, the loan amount was for Rs 5 lacs with nominal interest rate when compared to others. Customer service was good and they responded on time. The tenure period for this loan is 15 years.
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11
SANTARAM MURALIDHAR CHAVAN
, pune
Reviewed on Aug 31, 2018
I have taken housing loan from Bank of Maharashtra , as they have given high rate of interest which they took 2 months for approval process and payments made through ecs process .customer service and customer response is best regarding queries provides solution. The tenure period is 15 years .
I have taken a home loan with Bank of Maharashtra and my loan experience was very good. The loan amount was for Rs 16 lakhs with the rate of interest of 9.5% floating. The process was very smooth and the loan amount was disbursed on time. Customer service was good and they collected documents on time. There are no additional charges o preclosure of the loan.
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8
HITESH RAMESH HAMBARDE
, pune
Reviewed on Feb 05, 2018
Basically I have to visit to the Bank of Maharashtra for the home loan, only once bank executive came to my place, I visited the bank quite often there was no door step service. But their home loan interest rate was reasonable as per the market, they have fulfilled my requires at last.
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4
NEERAJKUMAR RAM PRAJAPATI
, delhi
Reviewed on Oct 10, 2017
Overall Bank of Maharashtra housing loan process was good. The executive came to my place and they took all the details and they have processed with the loan. They have offered the loan within week time and everything was finalized. They have offered a floating rate of interest for 8.75% Every time when they change the rate they intimate us quickly the loan amount I have taken from them is 4.42 lakhs for the tenured of 20 years.
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5
RAJENDRA S POHANE
, baloda bazar
Reviewed on Aug 27, 2017
I am maintaining a good relationship with Bank of Maharashtra. Also, I am a customer of BOM for about 14 years, So I approached them for a home loan, the interest rate was nominal and I received my home loan within a week The customer service was really good. I am very much satisfied with BOM.
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3
ATUL KUMAR CHATURVEDI
, mumbai
Reviewed on Mar 01, 2017
I had applied for my home loan with Bank Of Maharashtra, I felt satisfied with their over all service there was no processing fees charge, But rate of interest was 9.65% , It was little bit high compare to other banks. Documentation process has done smooth, they was disbursed my loan amount within 4 to 5 days. The services was good, Branch employees are very cooperative.
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3
NAGARJUNA SAMBANGI
, hyderabad
Reviewed on Jan 05, 2017
My home loan application is still in process with bank of Maharashtra.They have responded on time for the application.They have required much documents in processing the loan.I may recommend the service to others for getting a loan from bank of Maharashtra.
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4
NITIN KHANDELWAL
, gurgaon
Reviewed on Jun 15, 2016
I took the home loan with Bank of Maharashtra . The process was good but too lengthy in terms of documentation and verification. Interest rate charged was 11% and the processing fee was 0% . Paper required for the loan are very huge. Response is very delay.
Bank of Maharashtra took one month to disburse the home loan . Rate of interest charged was nearly 11%-12% when took seven years back . The processing time is nominal because they are little slow.If they work fast it will be good for the customers.
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6
AJAY MADHUKAR CHALKE
, thane
Reviewed on Feb 24, 2016
Customer care and staff is not very much cooperative as they are nationalized bank so not treating well the customers. Interest rate on home loan is little bit high comparing to other government banks. Like other banks Bank of Maharashtra has to cooperate their customers and need to care during the paper works.
ith Bank of Maharashtra, I found their customer service is not that good but they are also good in terms of charges. There are no any hidden charges. Interest rate was around 9.9% home loan. I am very happy and very minimal processing fee were charged. I directly contacted the branch manager and got the things done. When ever we reach the customer care over the phone it should be easily reachable so that it will be very helpful.
With Bank of Maharashtra, I found their customer service is not that good but they are also good in terms of charges. There are no any hidden charges. Interest rate was around 9.9% home loan. I am very happy and very minimal processing fee were charged. I directly contacted the branch manager and got the things done. When ever we reach the customer care over the phone it should be easily reachable so that it will be very helpful.
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5
JAYESH YUVARAJ PATIL
, pune
Reviewed on Nov 20, 2015
I have taken my home loan from Bank of Maharashtra. The services was good. The response was quick too. The whole process was very good. I got a rate of interest of 10.5%. The processing charges was a bit high. Overall it was a good experience with the bank. My loan was disbursed within a week.
