Bank of Maharashtra Home Loan

Features and Benefits of Bank of Maharashtra Home Loan

Bank of Maharashtra is packed with beneficial features to allow its customers enjoy various benefits as follows:

• The bank allows a maximum tenure of up to 30 years or 75 years of age.
• You get the lowest interest starting at 8.35%. 
• PMAY (Pradhan Mantri Awas Yojana) subsidy of up to ₹ 2.75 lakhs offered.
• Zero processing fee on the home loan.
• No preclosure, prepayment, or part payment charges in case you want to pay your loan early.
• Women and defence personnel receive 0.05% additional concession on home loans.
• On regular payments, you can get a waiver of three EMIs.
• The bank offers a higher loan amount to potential customers.

Bank of Maharashtra Home Loan Eligibility Criteria

The Bank of Maharashtra Home Loan eligibility criteria for the Maha Super Housing Loan Scheme are as follows:

• The salaried individual must have a minimum last year’s income of ₹ 3 lakhs and must submit Form 16/ITR from the employer for the minimum past two years. 
• For self–employed individuals, at least ₹ 3 lakhs as per last year’s income and a minimum of past two years ITR with supporting documents must be submitted.
• Applicants engaged in Allied and Agricultural activities with an ascertainable least income of ₹3 lakhs can apply for BOM home loans.
• Businessmen must have a minimum of ₹ 3 lakhs per last year’s income and a minimum of the past 2 years’ ITR with supporting documents.

Types of Bank of Maharashtra Home Loans

Bank of Maharashtra housing loans offer a range of options designed to meet the various needs of the borrower. This includes purchasing, constructing, or renovating a home. These loans come with competitive interest rates, flexible repayment terms, and minimal processing fees. Moreover, benefits such as no prepayment penalties and concessions are also available under certain Bank of Maharashtra housing loan schemes.

Maha Super Housing Loan Scheme

Here are the insights into the Maha Super Housing Loan Scheme from the Bank of Maharashtra:

Maha Super Flexi Housing Loan Scheme

Here are the key details of the Maha Super Flexi Housing Loan:

Top Up Loan for Home Loan Borrower

Top Up Loan for Home Loan from Bank of Maharashtra has the following features:

Maha Super Green Housing Loan Scheme

Maha Super Green Housing Loan Scheme by the Bank of Maharashtra offers the following benefits:

Bank of Maharashtra Fees and Charges

If you apply for Bank of Maharashtra Home Loans, the following fees and charges will apply:

Documents Required for Bank of Maharashtra Home Loan

Depending on the applicant type, document requirement varies for a home loan. 

For Salaried Individuals

If you are a salaried individual, you must submit the following documents:

• Duly filled and signed application form for the Bank of Maharashtra home loans
• Photographs 
• A copy of identity, address, and date of birth proof
• Bank statement of the last six months
• Salary slip of the last three months
• Title documents of the property
• Income Tax Return (ITR) details and Form-16 of the last two years 

For Self Employed Individuals

Suppose you are a self-employed individual such as a doctor, chartered accountant (CA), lawyer, etc. In that case, you must furnish the following documents:

• Duly filled in and signed application form 
• A scanned copy of identity, address, and age proof
• Photographs 
• Bank statement of the last 12 months
• ITR details and financial statements comprising profit and loss statement, balance sheet, schedules (document should be CA certified)
• LLP Agreement, in case the applicant is a Limited Liability Partnership
• Partnership Deed for partnership firms
• Title document of the property 
• Latest Articles of Association (AoA) and Memorandum of Association (MoA) in case of companies (profit sharing ratio certified by CA/shareholding partnership/list of directors)
• Business address proof

How does the EMI calculation Work for Bank of Maharashtra Home Loans?

Bank of Maharashtra has a home loan EMI calculator that helps you determine the monthly EMI amount you have to pay on the home loan. All you need to do is to enter the principal loan amount, interest rate applicable, and loan tenure for which you want to avail of the loan. 

Besides this, you can also use a mathematical formula to calculate home loan EMI. The formula for the same is as follows:

EMI = (P × R × (1+r)^n)/((1+r)^n-1)

Where,

• The principal loan amount – P 
• The rate of interest – R 
• The loan tenure – n can be up to 30 years