Bhartiya Mahila Bank Home Loan
Last Updated : April 11, 2017, 4:20 p.m.
About Bhartiya Mahila Bank Home Loan
Bhartiya Mahila Bank Ltd. is one such bank which came up in existence with a vision of economic empowerment for women. Home loans offered by this bank are available in the name of ‘BMB Apna Ghar Home Loan’, and are provided for the loan amounts upto Rs. 1 crore for a tenure of 25 years at 9.25 % interest rate.
Interest Rate of Various BMB Loan Products
Marginal Cost of Funds based Lending rate (MCLR – shall be effective from 10 th October, 2016)
| Overnight | 1 month | 3 month | 6 month | 1 year | 3 year | 5 year | More than 5 year |
|---|---|---|---|---|---|---|---|
| 9.05% | 9.10% | 9.15% | 9.20% | 9.25% | 9.45% | 9.55% | 9.65% |
Base Rate-9.70% (with effect from 9 th October 2015)
Bhartiya Mahila Bank Home Loan Eligibility Criteria
| Particulars | Description |
|---|---|
| Interest Rates | 9.25% p.a. |
| Loan Amount | Up to Rs. 1.00 cr at Base rate for women |
| Tenure | 25 years |
| Age Limit | Minimum 21 years and Maximum 70 years |
| Processing Fees | For loans upto Rs30.00lacs =0.30% of the loan amount, Mininimum amount= Rs1000/- |
| For loans above Rs30.00lacs=0.25%of the loan amount, Minimum amount=Rs20000/- | |
| Pre-payment or Foreclosure | NIL |
| Loan Margin | For loan amounts: |
| Up to Rs20.00 Lacs:10% | |
| Above Rs20.00 Lacs to Rs75.00Lacs: 20% | |
| Above Rs75.00 Lacs: 25% | |
| Applicable to : | Salaried employees, self-employed professionals & businesswomen |
Bhartiya Mahila Bank Home Loan Eligibility Calculator
Now let us understand the loan amount eligibility with the help of an example below.
Suppose you are an IT professional earning Rs. 70,000 p.m. You have saved Rs. 20,000 for repaying it towards your EMI. Normally, EMIs fall in the range of 50%-60% of your net salary for disbursing higher loan amounts. In general, the calculation of income-savings pattern is done by Bhartiya Mahila Bank Home Loan Eligibility calculator , by taking into consideration per lac EMI. The expected loan amount calculated is based on the formula stated below:
Amount- Rs. 100,000
Rate of Interest-9.25% p.a.
Loan Tenure-25 Years
Per Lac EMI-Rs. 856
Loan Amount Eligibility- Rs. 1,00,000 x savings/per lac EMI
– Rs. 100,000 x 20,000/856 = Rs. 23.36 lacs(approx.)
So, the expected home loan amount from Bhartiya Mahila Bank Home Loan amounts to Rs. 23.36 lacs(approx)
Bhartiya Mahila Bank Home Loan EMI Calculator
Use Bhartiya Mahila Bank Home Loan EMI Calculator which is designed to give you immediate results with an approximate value of the monthly EMI on your Home Loan. Just enter the following details:
- Loan amount
- Interest rate
- Loan tenure
Get the actual results for your EMI along with a break-up component which tells you the principal loan amount and interest which you need to pay as against your home loan.
Suppose, you are interested in availing a loan amount of Rs. 20 lakhs repayable after 20 years at an interest rate being 9.25% p.a.The following table gives you details on your calculated EMI along with interest and the total amount that costs you against your sanctioned home loan.
Table showing EMI, interest outgo and total amount payable on your home loan
| Loan Amount (in Rs.) | Loan Tenure (in years) | Interest Rate (% p.a.) | EMI (in Rs.) | Total Interest Outgo (in Rs.) | Total Amount (EMI+Interest) (in Rs.) |
|---|---|---|---|---|---|
| 2000000 | 1 | 9.25% | 175135 | 101619 | 2101619 |
| 2000000 | 2 | 9.25% | 91599 | 198378 | 2198378 |
| 2000000 | 3 | 9.25% | 63832 | 297967 | 2297967 |
| 2000000 | 4 | 9.25% | 50008 | 400376 | 2400376 |
| 2000000 | 5 | 9.25% | 41760 | 505588 | 2505588 |
| 2000000 | 6 | 9.25% | 36300 | 613580 | 2613580 |
| 2000000 | 7 | 9.25% | 32432 | 724329 | 2724329 |
| 2000000 | 8 | 9.25% | 29560 | 837802 | 2837802 |
| 2000000 | 9 | 9.25% | 27352 | 953967 | 2953967 |
| 2000000 | 10 | 9.25% | 25607 | 1072785 | 3072785 |
| 2000000 | 11 | 9.25% | 24199 | 1194215 | 3194215 |
| 2000000 | 12 | 9.25% | 23043 | 1318210 | 3318210 |
| 2000000 | 13 | 9.25% | 22082 | 1444723 | 3444723 |
| 2000000 | 14 | 9.25% | 21272 | 1573702 | 3573702 |
| 2000000 | 15 | 9.25% | 20584 | 1705092 | 3705092 |
| 2000000 | 16 | 9.25% | 19994 | 1838837 | 3838837 |
| 2000000 | 17 | 9.25% | 19485 | 1974878 | 3974878 |
| 2000000 | 18 | 9.25% | 19042 | 2113154 | 4113154 |
| 2000000 | 19 | 9.25% | 18656 | 2253603 | 4253603 |
| 2000000 | 20 | 9.25% | 18317 | 23,96,161 | 4396161 |
Amortization Table
| Year | Principal(in Rs.) | Interest(in Rs.) | Balance Amount(in Rs.) |
|---|---|---|---|
| 1 | 36,318 | 183,486 | 1,963,682 |
| 2 | 39,824 | 179,980 | 1,923,858 |
| 3 | 43,669 | 176,135 | 1,880,189 |
| 4 | 47,882 | 171,922 | 1,832,307 |
| 5 | 52,507 | 167,297 | 1,779,800 |
| 6 | 57,574 | 162,230 | 1,722,226 |
| 7 | 63,131 | 156,673 | 1,659,095 |
| 8 | 69,224 | 150,580 | 1,589,871 |
| 9 | 75,906 | 143,898 | 1,513,965 |
| 10 | 83,232 | 136,572 | 1,430,733 |
| 11 | 91,266 | 128,538 | 1,339,467 |
| 12 | 100,076 | 119,728 | 1,239,391 |
| 13 | 109,736 | 110,068 | 1,129,655 |
| 14 | 120,326 | 99,478 | 1,009,329 |
| 15 | 131,942 | 87,862 | 877,387 |
| 16 | 144,679 | 75,125 | 732,708 |
| 17 | 158,643 | 61,161 | 574,065 |
| 18 | 173,956 | 45,848 | 400,109 |
| 19 | 190,747 | 29,057 | 209,362 |
| 20 | 209,504 | 10,647 | 0 |
Documentation for Bhartiya Mahila Bank Home Loan
- Signed application form with photograph
- ID and residence proof
- Processing fee cheque
- Last 6 months bank statements
- Documentation for salaried applicants:
- Last 3 months salary slips
- Form 16 or Income Tax Returns
- Documentation for self-employed applicants:
- Education qualification certificate & proof of business existence
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Documentation for businesswomen
- VAT/ service tax registration
- Business address proof
- Incorporation details in case of companies
- Statement of profit and loss account
- Statement of balance sheets verified by Chartered Accountant
- Copy of partnership deed
- Proof of business existence and business profile
Features and Benefits of Bhartiya Mahila Bank Home Loan
- Attractive Housing Finance Rates
- No prepayment charges
- Hassle-free documentation processes
- Quick and transparent processing
- Tax Benefits
Bhartiya Mahila Bank Customer Care Number
In case of knowing about prevailing rate of interest, changes in any processing fees from time to time, sanctioned limit or discussing the eligibility criteria or unavailability of producing any document for evidence, reach out to an experienced customer care representative of Bhartiya Mahila Bank on 011- 47472100
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