Maha Super Housing Loan

The Maha Super Housing Loan is your gateway to finally owning your dream home. It's designed to simplify the entire process and offer cool features and perks for whatever you're looking for in a home. Whether you're after a cosy apartment or a spacious house, this loan covers you.

Maha Super Housing Loan – Highlights

Maha Super Housing Loan: Features & Benefits

The following are the key features of the Maha Super Housing Loan Scheme:

• Flexible Repayment Options: The Maha Super Housing Loan provides borrowers with flexible repayment alternatives, enabling them to select a payment timetable that aligns with their financial circumstances, such as EMIs (Equated Monthly Installments) or personalised repayment arrangements.
• Quick Processing and Disbursal: The Maha Super Housing Loan application process is optimised for smooth processing, and funds are promptly released upon approval, allowing borrowers to accelerate their home-buying journey.
• Option for Balance Transfer: Borrowers can choose to shift their current home loan balance to the Maha Super Housing Loan, which may result in advantages such as decreased interest rates, lower EMIs, or improved loan conditions.
• Attractive Interest Rates: The loan provides competitive interest rates aligned with current market trends, ensuring that borrowers have access to cost-effective financing solutions for their housing requirements.
• Tenure of Loan: The tenure of the loan can be up to 30 years, making the EMI payments simpler and more affordable.

The following are the Key Benefits of the Maha Super Housing Loan Scheme:

• Cost Saving: The Maha Super Housing Loan Scheme’s interest rates are reasonable compared to other banks. With competitive interest rates, borrowers can save money over the loan term compared to higher-rate loans.
• Financial Flexibility: Thanks to the flexibility offered in repayment options, borrowers can effectively manage their finances and select a repayment plan that aligns with their budget.
• Efficiency and Convenience: The instant disbursal of funds to the applicant’s bank account allows them to purchase their dream home without delays.
• Improved Financial Situation: By transferring their current home loan balance, borrowers can decrease their total interest expense, reduce monthly payments, or avail themselves of more favourable loan conditions, ultimately contributing to enhanced financial well-being.
• Accessibility: The eligibility requirements of the scheme accommodate diverse borrower backgrounds, ensuring that a broader spectrum of individuals, including those who are employed, self-employed, or non-resident Indians (NRIs), can access customised housing finance solutions that suit their requirements.

Maha Super Housing Loan Interest Rates

The Maha Super Housing Loan offers competitive interest rates from 8.35% onwards. This attractive rate provides borrowers an affordable financing option for their housing needs. Whether individuals want to purchase a new home or refinance their existing mortgage, the low starting interest rate ensures cost savings over the loan term. With this competitive rate, borrowers can access financing solutions that align with their budget and contribute to their long-term financial stability.

Maha Super Housing Loan: Fees and Charges

Maha Super Housing Loan – Eligibility Criteria1

The following are the eligibility criteria to avail of a Bank of Maharashtra Super Housing Loan:

1. Salaried: A minimum of Rs. 3 lakh (based on income from the previous year) requires the submission of mandatory income tax returns (ITR) or Form 16 from the employer for the past two years.
2. Self-Employed: Mandatory Submission: Rs. 3 lakh (based on last year’s ITR income) – Submission of ITR for the past two years with supporting documents.
3. Entrepreneurs: Rs. 3 lahks (according to the previous year’s ITR income) – Submission of ITR for the past three years, along with supporting documents, is compulsory.
4. For individuals involved in Agriculture and Allied Activities with a verifiable minimum income of Rs 3 lakh.

Documents Required for Maha Super Housing Loan

It is recommended to keep the following documents available at the time of filling out the Bank of Maharashtra Housing Loan application for a smooth process:.

• Proof of Identity: Any of the following- PAN Card/Aadhar Card/Driving License/Passport/Election ID Card
• Two Passport size photographs
• Proof of Residence(any one): Electricity Bill/Telephone Bill(Landline)/Aadhar Card/Driving License/Election ID Card/Passport
• For Salaried Employees: Salary slips from the last 3 months, copies of the past 2 years’ ITR filings, or bank account statements from the past 6 months.
• Property documents: 
• Payment receipts.
• Blueprints or plans depicting the property’s design or construction.
• Approval from the relevant authority for the construction of a flat/house.
• Authorisation under the Urban Land Ceiling & Regulation Act of 1976.
• A certified Architect or Engineer for the proposed property provides contractual documents like sale deeds, sale agreements, or cost estimates.
• Letters granting concessions from entities such as Co-operative Societies, Development Authorities, Builders, etc.
• Additional Documents Needed for NRIs:

• Duplicate of VISA imprinted on the passport.
• Continuous Discharge Certificate, if relevant.
• Salary Certificate/Income Statement properly authenticated by our Foreign Office.
• Duplicate of Employment Contract & Identification Card.
• Bank Statements from overseas accounts for the last half-year.
• Passbook or Statement for NRE Bank Account.

• Additional Documents for PIOs:

• Copy of the PIO Card.
• Indian passport.
• Passports of parents or grandparents indicating PIO status.