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    Bank of Maharashtra(BOM) Mortgage Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    15.15% Fixed
    1% (min. ₹1000) One time fee
    1.5L Max
    1-3 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria
    Personal Loan BYTES FROM OUR KITCHEN

    Overview about BOM Mortgage Loan

    If you have a property in India, it is considered as the best form of security and it will be of use when you are in a financial mess. People in India put in all their efforts to buy a property that they can call their own. People in India can mortgage their property to avail funds so that they are not compromising on their quality of life. Bank of Maharashtra commenced its operations on 8th February, 1936 in Pune and it offers a wide range of products and services to its customers. One of their product being mortgage loan to meet the financial needs of property owners.

    Purpose of Bank of Maharashtra (BOM) Mortgage Loan

    Bank of Maharashtra offers Maha Super Housing Loan Scheme for:

    • Repairs, renovation, alteration of existing house or flat for new standalone borrowers.
    • Purchase of plot for purposes of constructing on that plot.
    • Construction or acquiring of a new or existing house or flat and extension of existing house or flat.

    Eligibility Criteria for Bank of Maharashtra Mortgage Loan

    Individuals who wish to obtain a Bank of Maharashtra Mortgage Loan need to satisfy the following criteria:

    The borrower must be:

    • Individual salaried employee who has a permanent job for a minimum period of 1 year in the current organisation. The organisation can be state or government or public or private sector companies of repute.
    • Self-employed professional
    • Businessman
    • Pensioner whose pension account is maintained with Bank of Maharashtra and having sufficient disposable income.
    • Farmers having a minimum land of 5 acres of irrigated land and who has sufficient disposable income.

    Documents Required for Bank of Maharashtra Mortgage Loan

    A borrower is required to furnish the following documents before availing a loan:

    • Proof of identity and proof of address
    • PAN Card
    • Proof of income
    • Salaried class must provide last one year ITR, Form 16, last 3 months salary slips and last 6 months banks statement.
    • Non-salaried class must provide last 2 years’ ITR, audited balance sheet and last 12 months’ bank account statement.
    • Agriculturist who do not fill income tax return must provide income certificate issued by Tahsildar or Mandal Revenue Officer or Revenue Department Officer who has a State Level Gazetted Rank.
    The property documents required are:
    • Registered agreement for purchase between the buyer and seller.
    • Receipts of the payments that has been made to the seller.
    • Copy of the approved or sanctioned building plan.
    • Detailed estimate from Architect or engineer.
    • Development agreement.
    • Sanctioned plan for flat schemes.
    • No encumbrance certificate (before and after the sale, whichever is applicable).
    • Copies of document of property that is in possession with the owner:
    • Sale or partition or gift or lease or allotment deed of the property.
    • Extract of property register card of city survey.
    • N.A. Permission, if the property was originally an agricultural property.
    • Latest paid receipts of water tax, municipal tax, and other such taxed on the name of the applicant.
    • No objection certificate for mortgage of plot and construction, if it is owned by the society.
    • Power of attorney copy given by landlord in favour of developer.
    • Registered agreement to sale.
    • Non-encumbrance letter from co-operative society.

    Features and Benefits of Bank of Maharashtra Mortgage Loan

    Some of the salient features and benefits of Bank of Maharashtra Mortgage Loan are:

    • Simple - Obtaining this loan is simple and hassle free, with easy documentation.
    • Age - Minimum age of the applicant must be 21 years and at the time of loan maturity, the applicant’s age must not exceed 75 years.
    • Repayment - Borrowers maximum of 30 years to repay the loan or before the borrower turns 75 years, whichever is earlier?
    • Property utilisation - Idle properties can be used to generate an additional source of income through this loan.
    • Interest rates -
    • Repairs, renovation, alteration of existing house or flat for new standalone borrowers: 12.75%.
    • Purchase of plot for purposes of constructing on that plot: 13.2%.
    • Construction or acquiring of a new or existing house or flat and extension of existing house or flat: 13.2%.
    • Loan amount -
    • Repairs, renovation, alteration of existing house or flat for new standalone borrowers: 1005 of the cost of repair subject to a maximum of 25% of the realizable value of the property.
    • Purchase of plot for purposes of constructing on that plot: 60 times the gross monthly income or 75 times net monthly income for salaried individuals and for others it is 5 times the last 2 years average income. For purchase of plot, you get 70% of the cost.
    • Construction or acquiring of a new or existing house or flat and extension of existing house or flat: 60 times the gross monthly income or 75 times net monthly income for salaried individuals and for others it is 5 times the last 2 years average income.

    Bank of Maharashtra Mortgage Loan Interest Rate

    The interest rate charged by Bank of Maharashtra on their mortgage loan is extremely competitive. It ensures that repaying the loan doesn’t become an additional financial burden on the borrower. The interest rates are:

    • Repairs, renovation, alteration of existing house or flat for new standalone borrowers: 12.75%.
    • Purchase of plot for purposes of constructing on that plot: 13.2%.
    • Construction or acquiring of a new or existing house or flat and extension of existing house or flat: 13.2%.

    Note - Interest rates charged by Bank of Maharashtraare at their sole discretion and are subject to change without prior intimation.

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