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 products is mortgage loan to meet the financial needs of property owners.
Bank of Maharashtra offers MAHA LAP – Mortgage Loan to manufacturers, traders, professionals and businessmen involved in trading, providing services, and manufacturing.
Individuals who wish to obtain a Bank of Maharashtra Mortgage Loan need to satisfy the following criteria:
The borrower must be:
A borrower is required to furnish the following documents before availing a loan:
Some of the salient features and benefits of Bank of Maharashtra Mortgage Loan are:
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 rate offered on this loan is RRLR-based. 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.
The maximum loan amount offered on the Bank of Maharashtra mortgage loan is Rs.20 crore.
The minimum margin for the Bank of Maharashtra mortgage loan is 50% of the property’s realizable value.
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