Renovating your home with your savings or funds is not always possible. Many times you don't want to break your savings or use your contingency funds for such types of work. In that case, if you don't want to touch your contingency funds, but still want to renovate your home without affecting your overall budget, then borrowing a home renovation loan is a good option. Home renovation loan is a good option for all those who want to renovate their home, but don't have sufficient funds to make the desired changes in the home. You can easily borrow a home renovation loan from any of the government or private banks and even from non-banking financial firms. However, these banks and non-banking financial institutions have different terms and conditions related to home renovation loan. After sucessfully meeting all the criteria or points, then only bank or financial institutions offer you a loan. Bank of Maharashtra offers you home renovation loan, which is very much customer friendly and affordable. You can easily borrow the loan from the bank if your annual income is above Rs. 3 lakh. Although, bank evaluate your application on various parameters before lending you loan. Here are some special features and benefits of home renovation loan of Bank of Maharashtra.
Features and benefits of the loan
- Bank offers maximum 100% of the market cost of the renovation or improvement work
- For metro and urban areas there is no maximum limit for loan amount
- Maximum loan tenure is upto 20 years
- You should have attained the age of 21 years at the time of borrowing loan
- You should not be more than 65 years at the time of maturity of loan
- You can take individual or joint loan
- To increase your loan eligibility you can borrow joint loan
- Your monthly income should be minimum Rs. 3 lakhs per annum to apply for a loan
- Documentation charges 0.10% or maximum upto Rs. 10,000
- No third party guarantee is required to avail home renovation loan
Rate of interest for home renovation loan (Base rate 9.70%)
Upto Rs. 75 lakhs interest rate is Base Rate+ 0.25%
Above Rs. 75 lakhs and below Rs. 300 lakhs interest rate is Base Rate+0.25%
Above Rs. 300 lakhs interest rate is Base Rate+0.75%
Eligibility for the loan
Individual salaried employees with a permanent job for the period of minimum 1 year in current organisation are eligible to apply for loan
Self-employed professionals, businessman, pensioners subject to having pension account with bank & sufficient disposable income are eligible to apply for loan
Farmers having minimum land holding of 5 acres of irrigated land and sufficient disposable income.
Income proof
For salaried applicants: Your income should be at least Rs. 3.00 lakhs (last year income). Minimum last 2 years ITR/Form 16 from the employer is mandatory
For businessman/professionals: Last year's income should be Rs. 3.00 lakhs. Minimum last 2 year ITR with supporting documents are mandatory
For persons engaged in agriculture and allied activities: Minimum income should be Rs. 3.00 lakhs
