Bank of Maharashtra NRI Home Loan

Bank of Maharashtra, a key player in the Indian banking industry, offers a housing loan product designed for NRIs seeking to acquire, take over, or build a property in India. This loan product stands out due to its attractive interest rates starting from 8.00% p.a., absence of processing fees, flexible repayment options, and simplified documentation process, all of which make it easier for NRIs to invest in Indian real estate. With a Bank of Maharashtra housing loan, NRIs can benefit from features such as online application, fast loan processing, appealing interest rates, personalised repayment choices, and straightforward documentation. Feature & Benefits of Bank of Maharashtra NRI Home Loan.

Feature & Benefits of Bank of Maharashtra NRI Home Loan

Take a complete overview of the Bank of Maharashtra NRI Home Loan below:

Purpose of Bank of Maharashtra NRI Home Loan

Bank of Maharashtra NRI Home Loan provides a tailored solution for NRIs who desire to maintain a strong financial connection with India, whether it is for purchasing a new home, constructing one, or renovating an existing property. Not only does this product facilitate the realisation of property ownership in India, but it also ensures a smooth and hassle-free banking experience for NRIs, in line with their specific financial and regulatory needs.

Bank of Maharashtra NRI Home Loan Interest Rates

The Bank of Maharashtra NRI home loan offers an interest rate starting from 8.00% per annum. The rate of interest is determined based on the borrower’s credit scores. The bank charges varying interest rates for different borrowers. Generally, higher credit ratings result in better interest rates. Therefore, it is recommended that borrowers aim for high credit ratings before applying for a loan to secure the most favourable interest rate available.

Bank of Maharashtra NRI Home Loan Documents Required

Here is an overview of all the important paperwork needed to apply for a Bank of Maharashtra NRI home loan:

• Signed and filled application form
  
• Two passport-size photographs
  
• Proof of Identity: Aadhar Card/ Election ID Card/ Driving License/PAN card/ Passport
  
• Proof of Residence: Aadhar Card/ Election ID Card/ Electricity Bill/ Telephone Landline Bill/ Passport/ Driving License
  
• Property Documents:
  – Payment receipts made for buying a residential unit
  – Copy of design of the property/construction.
  – Permission from authority for the construction of flat/house
  – Permission from the authority under the Urban Land Ceiling & Regulation Act 1976
  – Agreement of Sale Deed/Sale/cost estimate from registered Architect/Engineer of the property to be built.
  – Concession letter from the Co-operative Society/ Development Authorities/ Builder etc
  
• Copy of Visa stamped on the passport
  
• Continuous Discharge Certificate, if applicable
  
• Salary Certificate/Income Statement duly attested by Out Foreign Office
  
• Copy of Employment Contract & ID Card
  
• Overseas Bank Account Statements for the past 6 months
  
• NRE Bank Account Passbook/ Account Statement

Mahabank offers a hassle-free loan application process for the convenience of its customers. This includes an online platform where you can easily upload your documents and receive a preliminary approval letter.

Bank of Maharashtra NRI Home Loan Eligibility Criteria

The Bank of Maharashtra Home Loan eligibility criteria are as follows:

• To qualify, the individual earning a salary must have made at least ₹ 3 lakhs in the previous year, and they must provide their employer’s Form 16/ ITR for the two preceding years.
  
• Self-employed individuals are required to submit supporting documents along with a minimum of the previous two years’ income tax returns, showing a minimum income of ₹ 3 lakhs from the previous year.
  
• Be an NRI by possessing a legitimate passport and an employment visa.
  
• Have a high credit history.
  
• Minimum Age: 21 years
  
• Maximum Age: 55 years  

Fees and Charges for Bank of Maharashtra NRI Home Loan

Here’s a list of fees and charges for Bank of Maharashtra NRI Home Loan:

Tax Benefits of Bank of Maharashtra NRI Home Loans

NRI customers of the Bank of Maharashtra who have taken home loans can benefit from tax deductions on both the interest and principal repayments when they file their tax returns in India. According to the Income Tax Act of 1961, borrowers can claim deductions of up to 1.5 lakh on principal repayments and up to 2 lakh on interest repayments. However, it is important to note that these benefits are subject to the specific terms and conditions outlined in the law.