Home  »  Banking  »  Loans  »  Home Loan  »  Bank of Maharashtra Home Loan

Bank of Maharashtra Home Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
Maha Ghar Housing Loan 8.75% - 9.50%, Floating 0 maximum of up to Rs 30,00,000 360 months
Details
Documents Required

  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • Copy of Form 16 for the last 2 years or a copy of IT Returns for the last 2 financial years which is acknowledged by the IT Department.
  • Identity Card of Employer
  • Proof of Investment: Shares or stocks, Insurance, Fixed Deposits
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
  • Copies of documents related to the property that has been decided for purchase
Benefits

  • Repayment of the loan is spread over a long period of 360 months
  • Attractive interest rates for women borrowers
  • The applicant can either go with flexible or can choose fixed interest rates
  • This loan is availed to fund the purchase of a new house/ construction of a house
Eligibility

  • The minimum age of the borrower should be 21 years
  • The maximum age of the borrower should not be more than 70 years
  • The applicant should be a resident Indian.
Other Details

  • The maximum amount of home loan is Rs 30,00,000.
  • Moratorium period is 18 months.
  • The flat or constructed house or registered house will act as a security on the home loan.
  • The marginal amount is 10% up to the limit of Rs 20 lakhs and at 15% above Rs 20 lakhs.
Special Housing Loan Scheme 0 0 based on applicants requirements up to 30 years
Details
Documents Required

Proof of Address
Proof of Identification
PAN Card

Income Proof

For Salaried Class

Form 16
Latest salary slips for the last 3 months
Last 1-year ITR
Bank statement for last 6 months

For Non-Salaried Class

  • Audited Balance Sheet
  • Last 12 months bank statement
  • ITR for last 2 years
  • For Agriculturists who do not file income tax returns, one should submit income certificate issued by the Tahsildar / Mandal Revenue Officer/
  • Revenue Department Officer who is having State Level Gazetted rank

Property Papers

  • Agreement of Development
  • Registered Agreement for purchase between seller and buyer
  • Copy of sanctioned plan or approved building plan
  • Receipts for payments already made to the seller
  • Sanctioned plan for a flat structure
  • Copies of document of title to the property in possession of the owner
  • Detailed estimate from the engineer or architect
  • N.A. Permission
  • Paid Receipts of latest maintenance fees, water tax, municipal tax and other related taxes
Benefits

  • Repayment of the loan is spread over a long period of time
  • Attractive interest rates for women borrowers
  • The applicant can either go with flexible or can choose fixed interest rates
  • This loan is availed to fund the purchase of a new house/ construction of a house
Eligibility

  • The minimum age of the borrower should be 21 years
  • The maximum age of the borrower should not be more than 65 years
  • The applicant's age at the time of loan maturity should not exceed 75 years
  • The applicant should be a resident Indian.
Other Details

  • Get subsidy amount of up to Rs 2.67 lakhs under Pradhan Mantri Awas Yojana.
  • There is no limit on the loan amount for applicants who stay in Metro and Urban areas.
  • For those who stay in rural areas, the maximum loan amount should not exceed Rs 15 lakhs
  • In case of those who stay in Semi-urban areas, maximum loan amount should not exceed Rs 25 lakhs
  • Maximum repayment period is 30 years or before borrower reaches 75 years (whichever is earlier)
Loan Against Self Occupied Property for Personal Needs 0 0.50% on loan amount As per requirements up to 7 years
Details
Documents Required

  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • Copy of Form 16 for the last 2 years or a copy of IT Returns for the last 2 financial years which is acknowledged by the IT Department.
  • Identity Card of Employer
  • Proof of Investment: Shares or stocks, Insurance, Fixed Deposits
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
  • Copies of documents related to the property that has been zeroed in for purchase
Benefits

  • Get a loan to meet the personal needs
  • The loan is available at attractive interest rates
  • The loan will be availed based on repayment capacity
  • The maximum repayment period is 7 years or till borrower reaches 75 years (whichever is earlier)
Eligibility

  • The minimum age of the applicant should be 18 years
  • The maximum age of the applicant should be 65 years
  • Individuals should be employed either in the Central government or State government or Public Sector Undertakings or in schools or colleges or educational institutions or MNCs or reputed companies.
  • The applicant can also be self-employed or professionals or individual businessmen who have a minimum of 2 years of experience in their respective field.
  • The minimum annual average salary of the applicant for the last 2 years should be Rs 5 lakhs
Other Details

  • The availed loans should not be used for speculative purpose.
  • Availing loan against third party property, open plot, property on the rental is prohibited.
  • The minimum amount of loan amount is Rs 2,00,000
  • Loan amount granted by the bank is purely based on the repaying capacity
  • If the property is located in and around Metro, then get up to Rs 3 crore as loan
  • In case, if the property is located at other centres, then avail loan of up to Rs 1 crore
  • The processing fee is 0.50% of the loan amount and document charges are at 0.1% of the loan amount.
TopUp Loan for Home Loan Borrowers 1 Year MCLR 0.50% of the loan amount maximum of 100% of estimated cost of repair up to 15 years
Details
Documents Required

  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • Copy of Form 16 for the last 2 years or a copy of IT Returns for the last 2 financial years which is acknowledged by the IT Department.
  • Identity Card of Employer
  • Proof of Investment: Shares or stocks, Insurance, Fixed Deposits
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
Benefits

  • The loan is availed to those borrowers who are already having an existing home loan with Bank of Maharashtra.
  • There is no maximum age limit to avail this loan.
  • The loan can be availed for the takeover of existing home loan of another bank.
  • The loan can be secured for undertaking repairs or renovation or furnishing of the house
Eligibility

  • The minimum age of the applicant should be 18 years
  • There is no maximum age limit for applicants
  • The existing home loan borrowers of Bank of Maharashtra will be eligible to get a loan
  • The borrowers should have a regular source of income to repay the loan.
Other Details

  • The maximum repayment period is extended until 15 years or residual period of the original housing loan which was sanctioned against which top-up loan is given (whichever is earlier)
  • The processing fee is 0.50% of the loan amount
  • Documentation charges stand at 0.10% of the loan amount (maximum of Rs 10,000)
  • No foreclosure charges will be levied before completion of 1 year
  • Prepayment charges are 0.50% of outstanding Top-Up loan amount
Particulars Deduction up to 60% of Gross Income Deduction more than 60% of Gross Income
  Rate of Interest Rate of Interest
"For repair / Renovation /Furnishing / Extension of house"
1 Year MCLR 1 Year MCLR + 0.25%
For other purpose 1 Year MCLR + 1.00% 1 Year MCLR + 1.25%
FAQs

Q: What is the interest rate of home loan in Bank of Maharashtra?

A: The Bank of Maharashtra offers an attractive interest for home loan borrowers.

Bank of Maharashtra home loan interest rate is in the range of 8.70% to 8.80%. The interest rate is decided by the bank based on the applicant's profile.

Q: Are there any concession for women borrowers on a home loan?

A: Yes. There is a home loan scheme which is specifically designed for women home buyers, which offers a concessional interest rate of 0.05%. However, the following two criteria should be satisfied and they are:

  • The woman should be the sole applicant or one of the co-applicants for Home Loan
  • The woman should be the sole owner or one of the co-owners of the property proposed to be financed by the Bank

Q: What is the floating rate home loan?

A: If the interest rate on the loan varies periodically over the loan tenure, then it is called a floating rate home loan. Lenders have their own base rate which determines the rate of interest charged on a home loan. The base rates of banks are revised from time to time based on RBI directives as well as other factors, which leads to an increase or decrease in the EMI amount payable.

Q: What is the difference between an apartment loan and a plot of land loan?

A: Both the Apartment loan and a plot of land loan come under the home loan.

  • When you take a home loan for an apartment, you technically apply for a home purchase loan. This type of loan is the most common one that is provided to individuals and is eligible for tax benefits under Section 24 and Section 80C of the Income Tax Act of 1961.
  • In case, you want to purchase a plot of land for building your house at a later date, you have to apply for a land purchase loan and there is currently no tax exemption benefit for this type of loan.

Q: What are the costs not covered by a home loan?

A: Apart from the margin, some other charges will have to be borne by the borrower. Some of the key expenses in this regard include the initial down payment cost, stamp duty costs, registration costs and transfer charges among others.

Find IFSC


More Headlines

Get Latest News alerts from Goodreturns

Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more