Malwa Gramin Bank Home Loan Interest Rate at - Upto Rs.30 lakh: For women-8.50% to 9.50% and for others-8.50% to 9.55%
- Above Rs.30 lakh and upto Rs.75 lakh: For women-8.40% to 9.45% and for others-8.40% to 9.50%
- Above Rs.75 lakh: For women-8.60% to 9.45% and for others-8.60% to 9.50%
| INTEREST RATE |
|
| LOAN TENURE | 30 Years |
| PROCESSING FEE | 0.35% of the loan amount (minimum Rs. 2,500 & maximum Rs. 15,000) Takeover of Housing Loan: Rs. 2,500 |
| GUARANTOR REQUIRED | Yes |
| PRE CLOSURE CHARGES | As per bank's discretion |
Calculate Malwa Gramin Bank Home Loan EMI Calculate EMI Now
About Malwa Gramin Bank
Malwa Gramin Bank is a gramin bank in india established on 27-02-1986. It has headquarter in Sangrur and address is Prem Basti, DC Office Road, Sangrur - 148 001, Punjab. it has 70 branches across the state.
It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, loans, personal loans, netbanking, RTGS, NEFT, IMPS, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Malwa Gramin Bank Home Loan Interest Rates, Housing Loan at 7.85% - 8.25% and 8.40% - 9.55% Updated on February 2024. Apply for Home Loan Online. Find Malwa Gramin Bank Home loan purpos, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.
Why Malwa Gramin Bank Home Loan?
- Malwa Gramin Bank 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 Malwa Gramin Bank offers timely assistance to the customers
Malwa Gramin Bank Home Loan Purpose
For construction of house or purchase of house| flatFor purchase of land| plot for house building
For carrying out repairs| renovation| additions| alterations to the house| flat
Malwa Gramin Bank 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.
Malwa Gramin Bank 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 Malwa Gramin Bank 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.
Malwa Gramin Bank Home Loan Amount
Need based loan without any upper ceilingFor repairs| renovation|additions| alterations - maximum Rs. 25 lakh
For purchase of land| plot for house building - maximum Rs. 50 lakh
Margin
For construction of house or purchase of house| flat or For carrying out repairs| renovation| additions| alterations to existing house| flat:i) upto Rs. 25 lac: 20%
ii) above Rs. 25 lac: 25%
For purchase of land| plot for house building: 40%
Malwa Gramin Bank Home Loan Repayment
Maximum 30 years (10 years in case of repair| renovation| addition| alteration)Security
a) Equitable|registered mortgage of the property.b) Where mortgage can not be created immediately in situations like house| flat is being purchased| allotted by the Housing Board, Development Authorities or Co-operative Society, and title| conveyance deed are executed in favour of purchaser only after completion of construction & possession| making full payment of the cost of house|flat, a stamped Tripartite Agreement be executed amongst Housing Board|Development Authority|Co-operative Society, the intending borrower and the Bank before release of the loan. To secure such loan, GUARANTEE of person(s) acceptable to the Bank.
c) In respect of purchase of house|flat on first power of attorney basis, equitable| registered mortgage of some other property|pledge of Govt. Security, NSCs, KVPs, IVPs|PSU bonds (where interest is being serviced regularly)|banks' FDR|LIC policies (surrender value), etc., equal to 125%* of the loan amount.
d) In situations where:
i) The mortgage by deposit of Title Deeds is not possible, the property being an Ancestral Property (without Title Deeds) or Lal Dora Land, OR
ii) There is delay in execution| unwillingness to execute a stamped Tripartite Agreement by Housing Board| Development Authority| Cooperative Society, the Bank may accept, at its discretion, equitable | registered mortgage of some other property | pledge of Government security, NSCs, KVPs, IVPs | PSU Bonds( where interest is being serviced regularly) | bank's FDR | LIC Policies (surrender value) etc. The value of such security should be equal to 125% of the loan amount.
e) Post dated Cheques - 24
In Case of Prepayment of Malwa Gramin Bank Home Loan, will EMI change?
One can pre-pay Malwa Gramin Bank 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
Note : Need based loan without any upper ceiling
For repairs| renovation|additions| alterations - maximum Rs. 20 lacs
For purchase of land| plot for house building - maximum Rs. 20 lacs (Rs. 100 lacs for land| plot at Distt. Headquarters)
Contact details of Malwa Gramin Bank, Malwa Gramin Bank SMS balance check number SMS banking, Malwa Gramin Bank mobile banking, Malwa Gramin Bank toll free number,Malwa Gramin Bank toll free number 24*7, Malwa Gramin Bank miss call number.
- CONTACT NUMBERS - 01672-222281 / 232456
Malwa Gramin Bank Contact Details
- BANK OFFICIAL WEBSITE - https://www.malwagraminbank.com
- CONTACT NUMBERS - 01672-222281 / 232456
- EMAIL ID - [email protected]
- TOTAL BRANCHES - 70
- HEADQUARTER - Sangrur
- BANK ADDRESS - Prem Basti, DC Office Road, Sangrur - 148 001, Punjab
Malwa Gramin Bank Home Loan FAQs Home Loan Document Required
