Bank of Maharashtra Home Loan in Mumbai

Last Updated : May 5, 2018, 11:38 a.m.

About Bank of Maharashtra Home Loan Mumbai

Bank of Maharashtra has three special housing loan scheme named Maha Super housing loan schemes wherein you can get a home loan for repairs/renovation/alteration of existing house/flat for new standalone borrowers, the purchase of plot & construction, and for construction/acquiring of new or existing house/flat and extension of existing house/flat. The interest rate offered by the bank is floating and is also one of the lowest interest rates on home loans in India. As a result of which, you get to pay low EMI on your home loan. So, to apply now, check eligibility criteria, documentation needed to apply for this loan.

It is also important to note that RERA Act has been recently implemented which will now bring transparency in the home loan deals and is applicable in Mumbai also. So be ready to experience a smooth home loan journey at Bank of Maharashtra.

Bank of Maharashtra Home Loan Mumbai at a Glance

Eligibility Criteria

The eligibility criteria to apply for a home loan at Bank of Maharashtra is as follows:

• The applicant should be at least 21 years of age at the time of application and the maximum age should be at least 60 years and 65 years for self- employed/ professional.
• The age limit at the time of loan maturity should be 75 years.
• The applicant should be a salaried individual, self- employed and farmers holding at least 5 acres of land.
• The minimum work experience should at least be 2 years.
• The applicant should have the minimum of 1year work experience with the current organization and self- employed should have a regular source of income with latest ITR.

Documents Checklist

The documentation needed to apply for a personal loan at Bank of Maharashtra is:

Documents of the applicant and guarantor-

• ID Proof – Passport/ Voter ID/ PAN Card.
• Age Proof– Birth certificate/ passport
• Residence Proof– Passport/ Utility bill/ Allotment letter.
• Income Proof –Latest Salary slip/ ITR/ form- 16
• Signature Verification Proof- Passport/ PAN Card.
• Bank statement – Last 3 months bank statement/ last 6 months bank passbook.
• Detailed information about the other loan if you are currently paying along with lenders information and security mortgage.

Property Documents-

• Agreement sale copy.
• Certificate of possession.
• Land tax receipt.
• Detailed cost of construction.
• Letter of allotment
• Original NOC

For more information, read Home Loan Mumbai

Bank of Maharashtra Mumbai Branches

The complete address, IFSC Code, MICR Code and customer care details of Bank of Maharashtra branches in Mumbai are mentioned in the table below: