Bank of Maharashtra - 7.35% for Home Loan - Home Renovation Loan

Bank of Maharashtra Home Loan:

Bank of Maharashtra is a large public sector bank with the lowest home loan percentage rate in India.

Currently, the bank offers home loans starting from 7.35%*p.a. with quick approval.

Home Loan in the bank of Maharashtra is quite popular with its special features and attractive rates.

Under the various Bank of Maharashtra home loan schemes for the different income and occupation Groups.

Age

Min 21 and Max 60 years for salaried

Min 21 and Max 65 years for self employed

Repayment tenure

30 years

Interest Rate

7.35% p.a.*

Processing Fee

NIL

 

Key Features of Bank of Maharashtra Home Loan:

1. Loan Available for both salaried and self -employed.

2. Special rates for women borrowers

3. Borrowers within the range of 18 to 60 years.

4. Security:  Mortgage of property you are planning to purchase, renovates or construct.

5. Loan Tenure can range from 5 to 30 years.

 

Bank of Maharashtra Home loan interest depends upon:

1. Your Salary:

Income helps you in identifying your rate of interest.

Bank's rate varies with your monthly income. Higher the income, lesser will be the rate

 

2. Type of loan opted for:

Bank of Maharashtra also offers differential rates for women borrowers and also under their fixed and floating rate schemes.

The rate of interest may be higher or lower under their special or popular loan product offers.

 

3. Existing bank customers:

Bank of Maharashtra offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

 

Bank of Maharashtra Home Loan Processing Fee and Other Charges:

In addition to interest rates, home loan from Indian also carry some other charges which include:

 

1. Processing Fee -

Bank of Maharashtra applies processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.

 

2. Technical and Legal Charges -

Bank of Maharashtra also charges technical and legal charges which are explained to the customer during the loan process.

Once you go through the loan application process, you will need to pay these charges based on Bank of Maharashtra rules.

 

3. Prepayment Charges-

If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to Bank of Maharashtra.

As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with Bank of Maharashtra.

 

Bank of Maharashtra Home Loan:

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You can also compare Bank of Maharashtra Home Loan rates with other banks before choosing the best deal for your home loan needs.

 

Bank of Maharashtra Home Loan Documents:

For Salaried employees:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile.

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

Bank of Maharashtra Home Loan Schemes:

1. Bank of Maharashtra Maha Super Housing Loan Scheme for Construction:

For the purpose of constructing or acquiring a new or existing flat/house not older than 30 years.

Also, for the purpose of extension of your existing house.

No foreclosure/prepayment charges on floating home loans.

Waiver of last 2 EMIs to home loan borrowers having regular repayment of 20 years and above (for fresh sanctions only).

Additional bonanza for borrowers with the Maha Super Consumer Loan Scheme.

Purpose:

For purchase/construction of new/existing house/flat not more than 30 years old,

Extension of existing house/flat

Purchase of residential flat under construction or ready to move in director from the builders/Development Authority/developers/society

Extension of existing house/flat

To avail balance transfer

Tenure: Up to 30 years or 75 years of age

Eligibility Criteria for Maha Super Housing Loan Scheme:

For Salaried: Rs. 3 lakh (as per last year income) – Minimum past 2 years ITR/Form 16 from the Employer is mandatory

For Self-employed Professionals: Rs. 3 lakh (as per last year ITR income) – Minimum past 2-year ITR with supporting documents are mandatory

For Businessmen: Rs 3 lakh (as per last yr. ITR income) – Minimum past 3-year ITR with supporting documents are mandatory

For individuals engaged in Agriculture and Allied Activities having an ascertainable minimum income of Rs 3 lakh

 

2. Bank of Maharashtra Housing Loan for Renovation

The scheme is offered for repairs/alterations/renovation of existing house/flat for new standalone borrowers.

100% loan amount of the actual cost of repairs/alterations/renovation subject to a maximum up to 25% of the realizable value of the property based on the latest valuation report of not more than 3 months.

Loan tenure of up to 20 years.

Purpose: For repair/renovation/alteration of existing house/flat

Tenure: Up to 20 years

LTV Ratio:

100% of the cost of repair/renovation/alteration

Up to 25% of the property value

 

3. Bank of Maharashtra Maha Super Home Loan for Purchase of Plot and Construction

For the purpose of purchasing land and construction thereon.

Construction of the house on the plot within a period of 3 years.

70% loan amount of the registered value of the plot.

Cost of the plot should not exceed 75% of the total cost of constructing the house.

You can apply along with a co-applicant.

Repayment period or loan tenure for up to 30 years.

No foreclosure or prepayment charges on floating rate home loans.

Balance transfer of home loan is available.

Waiver of 2 EMIs to home loan borrowers having regular repayment of 20 years and above (for fresh sanctions only).

 

4. Bank of Maharashtra Top-up Home Loan

Scheme for existing home loan borrowers of Bank of Maharashtra.

For takeover or balance transfer of home loan of other banks and an additional benefit of top-up loan for repairs/furnishing/renovation of your house.

No age limit provided the loan tenure is not more than the loan maturity date of the home loan against which the top-up loan is offered.

For existing customers, 100% loan amount of the estimated cost of repair/furnishing/renovation of your house or the overall Loan-to-Value (LTV) ratio should not be more than 75%.

For balance transfer under this scheme, the loan amount will be as per the prevailing norms and the maximum top-up loan is up to overall LTV is equivalent or less than 75% based on the latest valuation report which is not more

than 3 months or 100% of the estimated cost of repair/renovation/furnishing/extension of your house, whichever is lower.

Purpose: Additional loan amount over and above existing home loan

Tenure: Up to 15 years

LTV Ratio:

For existing borrowers: Up to 75%

For balance transfer with additional top-up facility:

Eligibility Criteria for MahaBank Top Up Loan:

Existing/Takeover housing loan borrowers (without deviation/restructuring/rephasement) with minimum 18 months standing (12 months in case of takeover loans)

where the repayment commences i.e. next month of disbursement and in the standard category.

Existing/balance transfer housing loan borrowers (without deviation/restructuring/rephasement) with minimum 24 months standing including moratorium (maximum 18 months) and in standard category

Old housing loan borrowers (regular and standard only) of the bank who have repaid and closed their existing home loan for the maximum repayment tenure of 180 months

There is no cap on maximum age for top-up loan borrowers, provided that the age of maturity of the loan does not exceed 75 years of age.

 

5. Bank of Maharashtra Maha Combo Home Loan Scheme

Combo loan scheme for house and car.

Home loan for construction/purchasing new or existing house/flat and for extension of the existing house/flat.

Car loan for the purchase of a new four-wheeler.

Eligible for permanent employees of Central/State Government, PSU, companies of repute with 1 year in the existing current year.

Self-employed professionals, businessmen with regular income based on two IT returns are also eligible.

Housing loan amount of up to 60 times your gross salary or 75 times of net monthly salary, whichever is higher, for salaried individuals.

Housing loan amount of up to 5 times of last two years average income based on IT returns for self-employed individuals.

Car loan amount of up to 24 times net monthly salary based on the last salary drawn for salaried individuals.

Car loans amount of up to 2 times average annual income based on two years IT returns or 2 times gross taxable income as per latest IT returns.

Purpose: Affordable housing for economically weaker sections, low income groups and middle income groups with interest subsidy of up to Rs 2.67 lakh.

Tenure: Up to 30 years or 75 years of age (interest subsidy is available for 20 years)

Loan Amount:

For Salaried: 60 times gross monthly salary or 75 times net monthly salary

For Businessmen/Professional: 5 times average income for last 3 years based on ITR for businessmen/ 5 times average income for last 3 years based on ITR for professionals

 

Frequently Asked Questions:

Q. What is the maximum loan amount offered by the Bank of Maharashtra?

Ans.  For salaried customers, the maximum loan amount is 60 times of Gross Monthly Salary/75 times of Net Monthly Salary (whichever is higher), whereas, for non-salaried customers, it is 5 times of last 2 years’ average Income based on IT Returns.

 

Q.  What is the maximum repayment tenure??

Ans. The maximum repayment tenure is 30 years or up to the age of 75 years of the applicant at the time of loan maturity.

 

Q. What is the security required to avail of a home loan?

Ans. The security required for a home loan is an equitable/registered mortgage of a house/property financed by the bank...