• Bank of Maharashtra(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 can mortgage their property to avail funds so that they are not compromising on their quality of life. 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 2 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.
    • Minimum annual income of Rs.5 lakh.

    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.

    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 7 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 - Interest rates range between 8.7% and 9.2%. 
    • Loan amount - Loan amount range between Rs.2 lakh and Rs.3 crore.
    • Margin - You can avail up to 40% of the value of the property.

    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 range between 8.70% and 9.20%. Your credit score plays an important role in the interest rate charged on the loan amount.

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

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