Tag Archives: bank of maharashtra housing loan scheme

Bank of Maharashtra Home Loan, Interest rate and EMI Calculator Jan 2019

(Updated on 12.01.2019) Bank of Maharashtra Home Loan EMI Calculator Jan  2019 – Get Instant Quick & Easy Approval on Bank of Maharashtra Home Loan. Loansninsurances.com provide a simple tool to calculate your Home Loan EMI on the basis of ✓ Interest Rate ✓ Loan Tenure ✓ Processing Fee ✓ Eligibility ✓ Best Offers & more.

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Bank Of Maharashtra Home Loan

Bank Of Maharashtra (BOM) provides feasible and attractive Home Loans to meet the varied needs of every home loan borrowers. Bank Of Maharashtra Home Loan can be availed to purchase a plot, construct a house, to buy a ready built house, repairs/up gradation/renovation of house/flat, etc. at competitive home loan rates. Bank of Maharashtra has a host of home loan products which can be availed for various purposes such as repairs, renovation, alteration of existing house, purchase of plot & construction of house, and lots more. Check your Home Loan Eligibility with the effective tool- Home Loan Eligibility Calculator and get the best deals on home loans.

Bank of Maharashtra also provides Personal loan at its affordable interest rate to their customers facing financial emergencies.

Bank of Maharashtra Home Loan Interest Rates

Interest Rate

8.75% onwards

Processing fee range

0.25% (max. ₹25,000)

Loan Amount

No upper limit

Tenure

30 years

Bank Of Maharashtra Home Loan EMI Calculator

Bank of Maharashtra Home Loan EMI Calculator

Fill Loan Amount, Interest rate & Tenure in Fields & get Instant Calculation for Home loan emi within seconds.
Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Flat Interest Rate PA
Flat Interest Rate PM
Total Interest Amount
Yearly Interest Amount

Types of Home Loans

1) Maha Super Housing Loan Scheme

  • Loans for for repairs/renovation/alteration of existing house/flat for new standalone borrowers.

  • Salaried Individuals, Self-Employed Professionals, Businessman, Pensioners (subject to having pension account with BOM), Farmers having minimum land holding of 5 Acres of irrigated Land and sufficient disposable income are eligible for this loan.

  • Minimum annual Net Income should be of Rs. 3 lakhs for Salaried Individuals, Self-Employed Professionals & Businessman.

  • For Metro and Urban area: No Maximum Limit on loan Amount

  • For Rural and Semi urban areas: Amount of Loan should not exceed Rs.10 lakh

  • Maximum Repayment period of 20 Years

  • Processing charge is 0.25% of the loan amount

  • Pre-payment charges: No foreclosure allowed within 1 year or 0.50% of the outstanding loan amount.

2) Maha Super Housing Loan Scheme

  • Loans for for Purchase of Plot & construction thereon.

  • Salaried Individuals, Self-Employed Professionals, Businessman, Pensioners (subject to having pension account with BOM), Farmers having minimum land holding of 5 Acres of irrigated Land and sufficient disposable income are eligible for this loan.

  • The applicant must be of 21 years.

  • For Metro and Urban area: No Maximum Limit of loan amount

  • For Rural areas : Max. Rs.15 lakh

  • For Semi-Urban areas: Max. Rs.25 lakh

  • Processing charge is 0.25% of the loan amount (subject to a maximum of Rs.25,000)

  • No foreclosure charges/prepayment penalties on floating rate housing loans

  • Maximum Repayment period is 30 years.

  • For Repayment period above 20 years and up to 30 years, an additional interest of 0.25% will be charged over.

3) Maha Super Housing Loan Scheme

  • Loans for construction / acquiring of new or existing house/flat not older than 30 years & also for extension in the existing house/flat.

  • Salaried Individuals, Self-Employed Professionals, Businessman, Pensioners (subject to having pension account with BOM), Farmers having minimum land holding of 5 Acres of irrigated Land and sufficient disposable income are eligible for this loan.

  • The applicant must be of 21 years.

  • For Metro and Urban area: No Maximum Limit of loan amount

  • For Rural areas : Max. Rs.15 lakh

  • For Semi-Urban areas: Max. Rs.25 lakh

  • Maximum Repayment period is 30 years or maximum 75 years of the borrower, whichever is earlier.

  • Processing charge is 0.25% of the loan amount (subject to a maximum of Rs.25,000)

  • No Third Party Guarantee Required

Bank Of Maharashtra Home Loan Eligibility

  • Minimum income must be 3 lakh per month

  • The minimum age of the applicant should be 21 years old and maximum 65 years old

  • Salaried person with minimum one year of job security in the current organisation

  • Self-employed professionals and businessman

  • Senior citizens with pension account in the bank and adequate income

  • Farmers with minimum 5 acres of land and stable income

Bank Of Maharashtra Home Loan Documents Required

  • Proof of identity

  • Proof of address

  • Copy of PAN card

  • Proof of income for salaried class: Income Tax Return of the previous year, Form 16, payslips of the last 3 months, bank statement of the past 6 months

  • Proof of income for businesspersons and professionals: Income Tax Returns of the past 2 years, Audited balance sheet, bank statement of the last 1 year

  • Property documents such as registered agreement of purchase between buyer and seller, receipts of payments made, copy of sanctioned building plan, sale deed, no encumbrance certificate, etc.

Bank of Maharashtra Home Loan Prepayments – No Pre-payment charges

Bank of Maharashtra MCLR Rate January 2019

Tenor MCLR Rate effective from 07.01.2019
Overnight 8.20%
1 Month 8.30%
3 Months 8.50%
6 Months 8.60%
1 Year 8.75%