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Bank of Maharashtra Home Loan 2021: Interest Rate, Eligibility, Apply Online Now.

Bank of Maharashtra Home Loan 2021: Interest Rate, Eligibility, Apply Online Now.

Jun 22, 2020By Admin

The Bank of Maharashtra is a Public Sector Bank with a large home loan portfolio that caters to a diverse spectrum of customers. The Bank of Maharashtra offers a variety of home loans schemes that can be used for a variety of purposes, including: purchasing a plot of land for the purpose of building a house; purchasing/constructing a house/flat; and renovating/repairing/altering/adding to a house/flat. The Bank of Maharashtra also has special loans for low income class or section.

Bank of Maharashtra Home Loan Schemes 2021:

Maha Super Housing Loan Scheme for renovation: This scheme is open to all new salaried and non-salaried customers who are looking for cash to repair, restore, or improve their existing home or flat. The maximum loan amount allowed under the plan is up to 100% of the actual cost of repairs, renovations, or alterations, up to a maximum of 25% of the property's knowable valuation.

Maha Super Housing Loan Scheme for Top Up: This is a top-up home loan plan for existing home loan borrowers who have made at least 18 months of on-time payments. The plan can also be used to replace an existing Housing Loan from another bank, with the added benefit of a Top-up Loan for house repair, renovations, and decorating. The maximum loan amount available under the plan is up to 100% of the projected cost of housing repair and decorating, with a 15 year loan term.

Maha Ghar Housing Loan Scheme: This scheme is equivalent to the government's Pradhan Mantri Awas Yojana (PMAY). The government will provide an interest subsidy of up to Rs. 2.67 lakh on home loans used to buy, build, extend, or renovate properties under the plan.

Maha Super Housing Loan Scheme for Purchase of Plot & construction: This plan is available to residents of India who want funding for the purchase of a plot and subsequent building. The maximum amount of money that can be borrowed under the plan.

Bank of Maharashtra Home Loan Interest Rate 2021:

Loan Amount

Interest rate for salaried

Interest rate for self employed

Up to  30 Lakh

8.20%

8.45%

30 Lakh - 75 Lakh

8.20%

8.45%

Above Rs. 75 Lakh

8.30%

8.55%

 

Features and Benefits of Bank of Maharashtra Home Loan:

- The Bank of Maharashtra term of a home loan can be anywhere between 5 and 30 years.

- Application is simple to complete.

- At Rs.776 per lakh for a 30 year term, this is one of the lowest EMIs available.

- Processor fees are minimal.

- Up to 2.67 lakhs in PMAY funding

Documents Required for Bank of Maharashtra Home Loan:

Salaried Customers

Businessmen – Professionals

Self Employed

Home Loan Application Form with Photograph

Home Loan Application Form with Photograph

KYC Documents: Proof of Residence like Aadhar card, Passport, PAN, Voter ID, Driving License, etc.

KYC Documents: Proof of Residence like Aadhar card, Passport, PAN, Voter ID, Driving License, etc.

Bank statements from the previous six months.

Bank statements from the previous six months.

Cheque for processing fee

Cheque for processing fee

Current salary slip

Certificate of education and proof of business or Shop act license

 

Form16

Company profile and income tax returns for the previous three years (self and business)

 

Profit/loss and balance sheet for the previous three years

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