15 Lakh Home Loan Bank of Maharashtra

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Bank of Maharashtra's 15 lakh home loan program can help you achieve your dream of homeownership. They offer competitive interest rates (currently 8.35% annually) and flexible repayment options extending up to 30 years, making homeownership achievable with manageable monthly payments. The application process is designed to be straightforward, ensuring a smooth loan approval experience. In the next section, we'll delve into eligibility requirements, necessary documents, fees, and charges to empower you to make an informed decision about securing your future home with the Bank of Maharashtra.

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Table of Content

1. 15 Lakh Home Loan Bank of Maharashtra Highlights

2. 15 Lakh Home Loan EMI for 5 Years Bank of Maharashtra

3. 15 Lakh Home Loan EMI for 10 Years Bank of Maharashtra

4. 15 Lakh Home Loan EMI for 15 Years Bank of Maharashtra

5. 15 Lakh Home Loan EMI for 20 Years Bank of Maharashtra

6. 15 Lakh Bank of Maharashtra Home Loan Fees and Charges

7. 15 Lakh Bank of Maharashtra Home Loan Documents Required

8. 15 Lakh Bank of Maharashtra Home Loan Eligibility Criteria

Written By

Hepson Franklin

Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

15 Lakh Home Loan Bank of Maharashtra – Highlights

The table below highlights key aspects of a 15 lakh INR home loan from the Bank of Maharashtra:

Interest Rate	8.35% Annual
Maximum Tenure	30 Years
Prepayment	No Penalty

15 Lakh Home Loan EMI for 5 Years Bank of Maharashtra

EMI calculation for a 15 lakh INR home loan for 5 years:

Loan Amount	Tenure	Interest Rate (Annual)	Monthly EMI
25,00,000 INR	5 years	8.35%	₹30,666

15 Lakh Home Loan EMI for 10 Years Bank of Maharashtra

EMI calculation for a 15 lakh INR home loan for 10 years at 8.35%:

Loan Amount	Tenure	Interest Rate (Annual)	Monthly EMI
25,00,000 INR	10 years	8.35%	₹18,478

15 Lakh Home Loan EMI for 15 Years Bank of Maharashtra

EMI calculation for a 15 lakh INR home loan for 15 years at 8.35%:

Loan Amount	Tenure	Interest Rate (Annual)	Monthly EMI
15,00,000 INR	15 years	8.35%	₹14,640

15 Lakh Home Loan EMI for 20 Years Bank of Maharashtra

EMI calculation for a 15 lakh INR home loan for 20 years at 8.35%:

Loan Amount	Tenure	Interest Rate (Annual)	Monthly EMI
15,00,000 INR	20 years	8.35%	12,875 INR

15 Lakh Bank of Maharashtra Home Loan – Fees and Charges

Fees for a 15 lakh INR home loan from Bank of Maharashtra include:

Processing Fee: Varies, often a percentage of the loan amount.
Legal and Technical Evaluation Fee: For property verification.
Prepayment Charges: None for individual borrowers.

15 Lakh Bank of Maharashtra Home Loan – Documents Required

Required documents for a 15 lakh INR home loan from the Bank of Maharashtra include the following:

Completed Application Form
Recent Passport-Size Photographs (2)
Valid Identification Proof (e.g., PAN, Aadhaar)
Proof of Residence (e.g., utility bills)
Income Proof (e.g., salary slips, IT returns)
Property Documents (e.g., sale deed, approval plans)

15 Lakh Bank of Maharashtra Home Loan – Eligibility Criteria

For a 15 lakh INR home loan from the Bank of Maharashtra, eligibility criteria include the following:

Stable Income: Consistent income to support loan repayment.
Credit History: Good credit score and financial track record.
Financial Commitments: Ability to manage existing debts and new loans.

FAQs

What is the EMI for a 15 lakh Home Loan for 20 years in the Bank of Maharashtra?

The EMI for a 15 lakh home loan for 20 years from the Bank of Maharashtra, at an interest rate of 8.35% per annum, would be approximately ₹12,875 per month.

Who is eligible for a 15 lakh Home loan in the Bank of Maharashtra?

Bank of Maharashtra home loans are open to salaried individuals, self-employed professionals, and even Non-Resident Indians (NRIs) as long as they meet income requirements, have a good credit score, and fulfil other financial checks.

What is the monthly interest rate on a 15 lakh home loan in the Bank of Maharashtra?

An 8.35% annual interest rate on a 15 lakh home loan from the Bank of Maharashtra translates to roughly 0.695% monthly.

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