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Bank of Maharashtra Home Loans
Bank of Maharashtra home loans are designed to fulfill diverse needs of the borrowers. Home loans offered by Bank of Maharashtra are available in the market with competitive rates and terms and conditions.
About Bank of Maharashtra Home Loans
You can avail a Bank of Maharashtra home loan for the following purposes:
- Constructing your own home
- Buying a new flat/house (old or new)
- Renovation/maintenance of existing residence
Eligibility Criteria for Bank of Maharashtra home loans
Given below are the eligibility criteria for Bank of Maharashtra Home Loans:
- Salaried individuals, businessmen and professionals with adequate disposable earnings can qualify.
- Farmers who have ownership of at least 5 acres of irrigated land are eligible.
- Non Resident Indians can also qualify.
- The minimum age for salaried individuals is 21 years and maximum age is 50 years.
- For other than salaried individuals, the maximum age is 55 years.
Amount of Loan
1) For salaried individuals
60 times of net monthly income or 50 times of gross salary whichever is higher depending on appropriate margin.
2) For Businessmen
The loan amount will be equivalent to 4 times of average yearly income (Net profit along with depreciation) for the past 3 years. They have to furnish details about Balance Sheet and Income Tax returns. They should also mention about repayment of any other term liabilities.
3) For Farmers
The loan amount is 4 times of average yearly net income. Land ownership, gross income, APMC/Sugar Factory and invoices of other agencies and harvesting pattern will be verified. Repayment history and repayment ability will be assessed. If there is a joint ownership, income of joint holder will be taken into account.
Maximum Loan Amount:
- There is no maximum limit for Urban/Metro regions
- Rs.15 lakh in Rural/Semi Urban regions
- Rs.5 lakh for restoration/maintenance in all regions
Overall deductions comprising proposed EMI must not be over 65% of gross monthly income/yearly income.
Up to Rs 25,000 - One Guarantor with adequate net worth/earnings
More than Rs 25,000 - Equitable/Registered mortgage of property or equivalent amount of paper security (FDRs, NSCs of Bank of Maharashtra etc. without shares), guarantee of relatives, guarantee of the spouse whose income has been calculated for amount of loan.
For total value against earthquake/fire etc with the provision of the bank.
Rate of Interest, Processing Fees and Margin:
Rate of Interest:
||Fixed/ Floating P.A.
||Up to and inclusive of 5 years
||Over 5 years and Up to and inclusive of 10 years
||Over 10 years but less than & inclusive of 20 years
|Approved Loan amount up to Rs.30.00 lakh.
|Approved Loan amount over Rs.30.00 lakh.
For renovation and maintenance: BPLR is 3.00% that is 9.25% per annum.
- Loan upto Rs.5.00 lakh - Rs.1000/-
- Loan of more than Rs.5.00 lakhs and upto Rs.15.00 lakhs - Rs.2500/-
- Loan of more than Rs.15.00 lakhs - Rs.5000/-
If account is closed from own funds, there will be no prepayment penalty. Nevertheless, for taking over of housing finance by other Financial Institutions/Banks, a prepayment penalty of 2% will be charged on balance due and recovered earlier than issuing the documents/charge.
Home Loan Calculator
|The installment will not include any processing fee or charges which are applicable as per the rules of finance providing Authorities. |