Bank Of Maharashtra Home Loan Interest Rate at 8.35%-11.15%
| INTEREST RATE | 8.35%-11.15% |
| LOAN TENURE | 30 Years |
| PROCESSING FEE | Upto 0.50% of loan amount |
| GUARANTOR REQUIRED | No |
| PRE CLOSURE CHARGES | Nil for floating rate loans |
Calculate Bank Of Maharashtra Home Loan EMI Calculate EMI Now
About Bank Of Maharashtra
Bank Of Maharashtra is a public sector bank in india. Bank Of Maharashtra was founded on Sept. 16, 1935. It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about Bank Of Maharashtra which includes Bank Of Maharashtra Official Website, Bank Of Maharashtra ATMs accross the India, Bank Of Maharashtra Branches accross the India, Bank Of Maharashtra Contact Numbers, Bank Of Maharashtra official EmailID, Bank Of Maharashtra Headquarter and Bank Of Maharashtra Headquarter Address. Find Bank Of Maharashtra Home loan purpose, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.
Why Bank Of Maharashtra Home Loan?
- Bank Of Maharashtra provides a range of Home Loan Schemes designed for different needs of customers
- Interest Rate is very competitive and affordable
- Minimal Documentation
- It provides Flexible Repayment Options to the borrowers
- Easy and fast approval & disbursal of home loans
- Has dedicated team of well-experienced employees which also offer personalised service
- 24/7 customer care service of Bank Of Maharashtra offers timely assistance to the customers
Bank Of Maharashtra Home Loan Purpose
For construction / acquiring of new or existing house/flat not older than 30 years.For extension in the existing house/ flat
Bank Of Maharashtra Home Loan Eligibility
- The applicant must be an Indian citizen or a fully documented NRI. He, essentially, must be a Person of Indian Origin (PIO).
- The applicant's age must be in the range of 18 years and 70 years at the time of loan maturity.
- The applicant must be salaried or self-employed with a regular income.
- The applicant must earn more than the minimum required income.
Bank Of Maharashtra Home Loan Document Required
- Duly filled and signed application form with photograph
- Identity Proof- Aadhar Card, PAN Card, Passport, Driving License, Voter id card, ID-card issued by Government
- Address Proof - Aadhar Card, Passport, Driving License, Voter id card, Electricity/ Telephone/ Post-Paid Mobile bill, Bank statement
- Age Proof - Passport, Birth Certificate, PAN card, Driving License, Voter id card, Employee ID card (only for PSU/ Government employees), School/ College leaving certificate
- Form 16
- Latest 6 months salary slips for salaried persons
- Bank Statement of last 6 months
- Income Tax Returns (ITR) of last 3 years
- Last 3 years CA Certified or Audited Balance Sheet and Profit & Loss Account
- Processing fee Cheque
- Copies of the title documents of the property and the approved plan
- For Construction/ Renovation case, cost estimate from the Architect
Tax Benefits of availing Bank Of Maharashtra Home Loan
There are two types of tax benefits associated with home loan for Resident Indians:
Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).
Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.
Bank Of Maharashtra Home Loan Amount
For Metro and Urban area: No Maximum LimitFor Rural areas : Amount of Loan should not exceed Rs.15 lakhs
For Semi-Urban areas: Amount of Loan should not exceed Rs.25 lakhs
Margin
- Loan up to Rs 30 lakhs: 10%
- Loan above Rs 30 lakhs to Rs 75 lakhs: 20%
- Loan above Rs 75 lakhs: 25%
Bank Of Maharashtra Home Loan Repayment
Maximum Repayment period of 30 years or on borrower reaching the age of 75 years whichever is earlierSecurity
Registered Mortgage of house property/flat to be constructed | purchased.In Case of Prepayment of Bank Of Maharashtra Home Loan, will EMI change?
One can pre-pay Bank Of Maharashtra Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:
- He can continue with the existing and reduce the loan tenure
- He can reduce the EMI and keep the loan tenure the same
Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.
How to reduce your Home Loan EMI?
- Negotiate with your banker on lower interest rate
- Apply for longer tenure
- Give maximum amount as down payment
- Pre-pay loan amount
- Switch to another bank/ FI offering lower interest rate
Contact details of Bank Of Maharashtra, Bank Of Maharashtra SMS balance check number SMS banking, Bank Of Maharashtra mobile banking, Bank Of Maharashtra toll free number,Bank Of Maharashtra toll free number 24*7, Bank Of Maharashtra miss call number.
- MISSED CALL NUMBERS - 9222281818
- CUSTOMER CARE NUMBERS - 18002334526, 18001022636
- CONTACT NUMBERS - 020-25532731, 733, 734, 735, 736, 020-25532728, 020-25514501-12, 020-25513781
Bank Of Maharashtra Contact Details
- BANK OFFICIAL WEBSITE - https://www.bankofmaharashtra.in
- CONTACT NUMBERS - 020-25532731, 733, 734, 735, 736, 020-25532728, 020-25514501-12, 020-25513781
- EMAIL ID - [email protected], [email protected]
- MISSED CALL NO. - 9222281818
- CUSTOMER CARE NO. - 18002334526, 18001022636
- TOTAL BRANCHES - 1880
- TOTAL ATMS - 1849
- HEADQUARTER - Pune
- BANK ADDRESS - Bank of Maharashtra Head Office, 'Lokmangal', 1501, Shivajinagar Pune-411005
Bank Of Maharashtra Home Loan FAQs Home Loan Document Required
