Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • Bank of Maharashtra(BOM) Mortgage Loan is Rated as "Pretty good" by 6 Users

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    Bank of Maharashtra(BOM) Mortgage Loan

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    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.

    Bank of Maharashtra(BOM) Mortgage Loan Reviews

    • Bank of Maharashtra Personal Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      ICICI was about to process my personal loan and asked for my documents for the verification and I have submitted the documents online as well, actually i needed the loan of 1.67 lakhs because I have home loan and card loan so balance amount I need to transfer in one so ICICI is charging me 11% rate of interest where other banks is offering by 8.5 something, so that's why dropped the plan.
      Was this review helpful? 0
      , baloda bazar
      Reviewed on Aug 27, 2017
    • Bank of Maharashtra Personal Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      The personal loan process was good at Bank of Maharashtra. It was completed within three days. The rate of interest was also normal. It was a rate of 15.5%. The processing charges was of 3L for the loan amount of 1.5 Lakh. Overall it was a satisfactory experience.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 17, 2016
    • Bank of Maharashtra Personal Loan
      "always good..."
      0.5 5.0/5 "Blown Away!"
      In all the times Bank of Maharashtra is fine. Bank employees will come my place to help. For us they have given very low rate of interest as 10% for the personal loan. In addition to that, for us the processing charge is zero and because of our company.
      Was this review helpful? 5
      , pune
      Reviewed on Nov 28, 2015
    • Bank of Maharashtra Personal Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      I could not recall the interest rate that been sanctioned to me for personal loan but offered rate is reasonable. Documentation process was not lengthy as it was smooth and quick. Also Bank of Maharashtra is nominal in processing charge. As my salary account is with them so got some offers and the loan got disbursed in 15 days of time. EMI date is 15th of every month.
      Was this review helpful? 3
      , mumbai
      Reviewed on Apr 29, 2015
    • Bank of Maharashtra Personal Loan
      "Great experience"
      0.5 3.5/5 "Pretty good"
      It was very easy for me to avail a personal loan from bank of Maharashtra because one of my friend is working with them. He helped me a lot and made the loan process much easier. Very quickly I have got the loan sanctioned. Compared to private banks documentation was very simple and the processing was little delayed upto 15 days but that's fine. I don't find anything problematic with this bank.
      Was this review helpful? 2
      , mumbai
      Reviewed on Aug 02, 2014
    • Bank of Maharashtra Personal Loan
      "Disappointing Service"
      0.5 2.0/5 "Expected more"
      I am overall satisfied with the Bank of Maharashtra salary account i am holding this account for the past four years the net banking fund transfer and the customer service is really good and i got sufficient number of ATM's and i get alert message from the bank when ever i make a transaction.
      Was this review helpful? 3
      , jalna
      Reviewed on Jul 12, 2014
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