Bank of Maharashtra Loan Against Property
Last Updated : June 15, 2017, 5:57 p.m.
About Bank of Maharashtra Loan Against Property
What’s stopping you from fulfilling your dreams? Is it lack of finance? If yes, then Bank of Maharashtra loan against property scheme is here for you. Use your property to avail the required amount and fulfill your personal needs. The bank offers the minimum loan of ₹2 lakhs against the mortgage of property. You can repay the loan in installments. The bank extends the credit for the maximum period of 7 years or until the borrower attains the age of 75 years, whichever is earlier. The benefit of this credit facility can be availed by eligible candidates at the reasonable rates. Entire details of the product are mentioned below:
Loan Against Property
Bank of Maharashtra Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rate | 8.70% - 9.70% |
| Loan Amount | Minimum - ₹2 lakh Maximum - ₹3 crore (for properties located at metro), ₹1 crore (for properties located at other centres) |
| Tenure | 7 years |
| Processing Fee | 0.50% of the loan amount |
How to Apply
In order to avail the loan from the bank, the customer needs to apply by visiting the nearest bank branch. You can even contact the bank executive on customer care.
Bank of Maharashtra Loan Against Property EMI Calculator
Loan Against Property EMI Calculator is a device that is uniquely designed to help the loan borrowers anticipate their repayment amount. It helps the borrower to compute the interest payable on the credit availed. It tells the installment amount an individual has to pay to the lender towards the settlement of the loan. It is an easy to use tool in which the user has to insert the loan amount, tenure and rate of interest. The calculator on insertion of the relevant values will display the required result.
For example – The customer availing the loan of amount ₹25 lakhs for the period of 7 years at the interest rate of 10.25% p.a.,has to repay the amount as stated in the table provided below:
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 2,57,545 | ₹ 2,44,374 | ₹ 22,42,454 |
| 2 | ₹ 2,85,220 | ₹ 2,16,699 | ₹ 19,57,234 |
| 3 | ₹ 3,15,868 | ₹ 1,86,051 | ₹ 16,41,365 |
| 4 | ₹ 3,49,810 | ₹ 1,52,109 | ₹ 12,91,555 |
| 5 | ₹ 3,87,399 | ₹ 1,14,520 | ₹ 9,04,155 |
| 6 | ₹ 4,29,027 | ₹ 72,892 | ₹ 4,75,128 |
| 7 | ₹ 4,75,482 | ₹ 26,791 | ₹ 0 |
Bank of Maharashtra Loan Against Property Eligibility Criteria
The loan can be availed by the candidates adhering to the eligibility standards. The eligibility criteria is as mentioned –
- The individual in the age group of 18 – 65 years are eligible to apply for the loan
- An applicant should own unencumbered self-occupied residential property/ commercial property /or building in his/her own name for a period not less than 1 year
- The applicants working as Permanent Employees of Central/ State Govt./ Public Sector Undertakings (PSUs) (including Schools/Colleges/ Educational Institutions), Reputed Companies /MNCs, Individual Businessmen, professionals and self-employed individuals having minimum 2 years standing are eligible
- The average income of last 2 years should be ₹5 lakhs
Bank of Maharashtra Loan Against Property Documents Required
The applicant has to provide the below-mentioned documents:
- Loan application form
- Identity proof (PAN Card/Driving License/Voter ID/Adhaar Card, etc.)
- Address proof (Driving License/Voter ID/Adhaar Card/Ration card, etc.)
- Income proof
- Salary slip
- Bank statements
- Property details
Features and Benefits
- Easy documentation and quick processing
- Flexible repayment period up to 7 years
- Attractive interest rate
- Low processing fee
- Loan upto ₹3 crores