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: An Overview

Bank of Maharashtra Limited is one of the pioneers of Public Sector Banks. It’s a nationalised bank that operates under the ownership of the Ministry of Finance, Government of India. The bank offers multiple products and services to its consumers to provide the best financial assistance. 

It provides valuable products, including savings and current accounts, various deposit plans, government schemes, and digital products for personal banking, corporates, MSMEs and NRI customers. Currently, the bank possesses 2022 branches and over 29 million customers across the country. In Maharashtra, BOM owns the largest network of branches of any nationalised bank. 

If owning a home is on your wishlist, it’s time you apply for Bank of Maharashtra Home Loans at the most attractive interest rates.

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.

Bank of Maharashtra Fees and Charges

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

Bank of Maharashtra Home Loan Overview

Whether you want to buy a new house or plot, etc., a Bank of Maharashtra home loan could be the right choice. The product offers multiple benefits comprising quick loan processing, the facility to apply online, simple and hassle-free documentation, customised repayment options, and attractive interest rates. 

You can apply for Bank of Maharashtra Home Loans for the following needs:

• Purchase of plot and construction thereon
• Acquiring/construction of new or existing flat/house 
• Renovation or repairs or alteration of existing flat/house for new standalone borrowers
• Extension of existing flat or house

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