About Bank of Maharashtra Home Loan
Is regular payout of rent hurting you? Do you want to be relieved from the hassles due to the constant shifting of your base? These are the questions that would be running through your mind if you do not have your own home. Buying a home requires you to be tactical in your approach as it brings loan into play. As we all know, a loan has to be repaid in Equated Monthly Installments (EMIs) over a period of up to 20-30 years in the case of a home loan. As far as lenders are concerned, you can count on Bank of Maharashtra, a public lender that runs its home loan business through close to 1900 branches across India. The bank offers home loan under the name, ”Maha Super Housing Loan Scheme”. The loan can be availed for the following purposes-
- Purchase of a new or existing flat or home
- Construction of an existing flat or home
- Purchase of plot for construction of house
- Repairs, renovation or extension of a homebuyer
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
Bank of Maharashtra Home Loan Interest Rate & Other Details
|Interest Rate||8.60% - 10.80%|
|Loan Amount||No limit in case of metros|
Must not be over Rs. 15 Lacs in rural areas
Must not be more than Rs. 25 Lacs in semi-urban areas
|Processing Fee||Waived from 10/10/2016 to 31/12/2016|
|Prepayment Charges||Nil for floating rate loan|
|Documentation Charges||0.10% of the loan amount, subject to a limit of Rs. 10,000|
|Security||Equitable mortgage of the house or flat to be financed|
|Guarantee||No third party guarantee needed|
Quantum of Loan
Salaried- 60 times of gross monthly salary or 75 times of net monthly salary, whichever is more
Self-employed Businessmen or Professionals- 5 times of average income of last 2 years as shown in the ITR
Bank of Maharashtra Home Loan Eligibility Criteria
- Your age should be between 21-65 years at the time of application
- Your age should not be over 75 years by the time loan matures
- You should have a work experience of at least a year in public or private sector unit
Bank of Maharashtra Home Loan Eligibility Calculator
It’s a question that every home seeker would ask, how much loan can they get based on their eligibility. So, if you are applying for a home loan at Bank of Maharashtra, make sure you get aware of the indicative loan amount before you deal with the property developer. You can resort to the bank’s home loan eligibility calculator, which will first compute per lac EMI before ascertaining the eligible loan amount.
Amount- Rs. 1,00,000
Rate of Interest- 8.50%-9.00% p.a.
Per Lac EMI-Rs. 769-805
Subsequent to the computation of per lac EMI, the bank will shift its focus to your income and savings. Suppose you take home an income of Rs. 35,000 and save around Rs. 15,000. The bank will consider a portion of savings for the repayment of loan in the form of EMIs. In its way to calculate the loan amount eligibility, the bank will glance at the formula shown below.
Loan Amount Eligibility– Rs. 1,00,000 x savings/per lac EMI
– Rs. 1,00,000 x 15,000/769= Rs. 19.50 lacs
– Rs. 1,00,000 x 15,000/805= Rs. 18.63 lacs
So, you can pocket a loan of Rs. 18.89 lacs-19.50 lacs to buy a home.
Bank of Maharashtra Home Loan EMI Calculator
Now that you understand the logic behind home loan eligibility calculator, let’s get down to the tenets of EMI calculator of the bank. The reason why I am saying this is due to the fact that the calculator figures out the payout you need to be ready with each month. You can understand the function of the calculator by taking the help of an example below.
Example-You, plan to avail a 20-year home loan of Rs. 20 lacs to buy a home. What will be the EMI, interest and overall outgo at the mentioned interest rates? These will be Rs. 17,674-17,802, Rs. 22,41,811-22,72,488 and Rs. 42,41,811-42,72,488, respectively. You can check below the table to find the payout in each year till 20 years.
Bank of Maharashtra Home Loan Documents
|Identity Proof||PAN Card/Passport/Driving License/Voter ID||PAN Card/Passport/Driving License/Voter ID|
|Address Proof||Passport/Voter ID/Driving License/Electricity Bill/Telephone Bill||Passport/Voter ID/Driving License/Electricity Bill/Telephone Bill|
|Business Establishment Proof||N.A.||Service Tax/VAT/Sales Tax Registration, Telephone & Electricity Bill of Shops|
|Income Proof||Salary Slips for Last 3 Months, Form 16, ITR of Previous Year & Bank Statement for Past 6 Months||CA-certified Profit & Loss Account and Balance Sheet of Last 2-3 Years, 1-year Bank Statement, ITR of Past 2 Years|
|Duly Filled Application Form||Applicable||Applicable|
|Passport Size Photographs||Applicable||Applicable|
|Property Documents||Sale Deed, Agreement to Sale, Copy of Sanctioned or Approved Plan, Power of Attorney Given By Landlord in Favour of Developer||Sale Deed, Agreement to Sale, Copy of Sanctioned or Approved Plan, Power of Attorney Given By Landlord in Favour of Developer|
Keep an Eye on Bank of Maharashtra Home Loan Statement
Availed a home loan from Bank of Maharashtra? Need to Get a look in of the home loan statement? Visit the branch from where you availed a loan to submit a request for the statement. The concerned bank official will hand you the statement, which will show details of loan repayment such as the date on which the EMIs have been paid out from your account. The statement will also provide information on the interest outgo, as well as indicate the outstanding loan balance. If you are availing the Internet banking services of the bank, you can get a view of the statement online.
Bank of Maharashtra Home Loan Customer Care
Any query or complaint regarding the bank’s home loan services? Get in touch with the toll-free number-1800-233-4526 and 1800-102-2636 to resolve those and enjoy your dream home run with your family.