Bank of Maharashtra Home Construction Loan

Bank of Maharashtra's Construction Loan program, tailored to build a home or complete an undertaking construction project. With competitive rates and flexible repayment options, they offer the financial support you need to bring your plans to life. Whether you're a salaried individual, self-employed professional, pensioner, or farmer, our loan scheme is accessible to a wide range of applicants. Enjoy the flexibility of a moratorium period of up to 36 months and a straightforward application process. Let Urban Moeny assist you in making your construction aspirations a reality with the Bank of Maharastra.

Bank of Maharashtra Construction Loan Interest Rates 

Here is a table that will help you get the accurate interest rate for your Bank of Maharashtra construction loan:

The Interest Rate for Salaried Individuals

The Interest Rate for Self-Salaried Individuals

Bank of Maharashtra Construction Loan Fees and Other Charges

Here are all kinds of charges that may come with your selected Bank of Maharashtra construction loan:

Bank of Maharashtra Construction Loan Eligibility Criteria for Salaried 

individuals applying for a construction loan with Bank of Maharashtra:

• Minimum 1-year permanent job in Central/State Government, PSUs, or reputed private sector companies.
• Typically between 21 to 60 years.
• Steady income with regular salary receipts.
• Good credit history and credit score.
• The property being financed should meet the bank’s criteria.
• Determined based on income and property value.

Bank of Maharashtra Construction Loan Eligibility Criteria for Self-Employed

The eligibility criteria for self-employed individuals applying for a construction loan with Bank of Maharashtra typically include:

• Self-employed individuals should have a stable business with a successful track record.
• Provide audited financial statements and tax returns for the past two years.
• Maintain a good credit history and credit score.
• Ensure the property meets the bank’s criteria, and provide all necessary documents.
• The sanctioned amount depends on income, business stability, and property value.

Bank of Maharashtra Construction Loan Documents Required for Salaried

The documents required for salaried individuals applying for a construction loan with the Bank of Maharashtra:

• Proof of Identity: Aadhar Card, Passport, Voter ID, or any other government-issued photo ID.
• Proof of Address: Recent utility bills, rental agreement, or any other valid document.
• PAN Card: Copy of the Permanent Account Number (PAN) card.
• Proof of Income: Last 1-year IT Returns, Form 16, Last three months’ salary slips and Last six months’ bank statements.
• Employment Proof: Employment certificate or appointment letter from the current employer.

Property Documents

• Registered Agreement for purchase between the seller and buyer.
• Receipts of payments made to the seller.
• Copy of the sanctioned plan or approved building plan.
• Detailed estimate from the Architect/Engineer.
• Agreement of Development.
• Sanctioned plan for the flat scheme.
• Copies of document of title to the property.
• Property extract such as 7/12 extract or extract of property register card of city survey.
• No Objection Certificate (NOC) from the society for a mortgage.

Bank of Maharashtra Construction Loan Documents Required for Self-Employed

For self-employed individuals applying for a construction loan with the Bank of Maharashtra, the required documents are:

• Proof of Identity: Aadhar Card, Passport, Voter ID, or any other government-issued photo ID.
• Proof of Address: Recent utility bills, rental agreement, or any other valid document.
• PAN Card: Copy of the Permanent Account Number (PAN) card.
• Proof of Income: Last two years’ IT returns, Audited Balance Sheet, Last 12 months bank statements.
• Business Proof: Business registration certificate, GST registration, or any other relevant document.

Property Documents

• Registered Agreement for purchase between the seller and buyer.
• Receipts of payments made to the seller.
• Copy of the sanctioned plan or approved building plan.
• Detailed estimate from the Architect/Engineer.
• Agreement of Development.
• Sanctioned plan for the flat scheme.
• Copies of document of title to the property.
• Property extract such as 7/12 extract or extract of property register card of city survey.
• No Objection Certificate (NOC) from the society for a mortgage.

Features of Bank of Maharashtra Construction Loans

Here are the features of Bank of Maharashtra Construction Loans:

• Flexible loan amounts tailored to the borrower’s needs.
• Competitive interest rates are based on market conditions.
• High loan-to-value ratios and minimum margin requirements.
• Flexible repayment options up to 30 years.
• Moratorium period of up to 36 months for deferring repayments.
• Security through an equitable or registered mortgage.
• Nominal processing fee with waivers for certain borrowers.
• Eligibility for salaried individuals, self-employed, pensioners, and farmers.
• Standard documentation requirements.
• Additional benefits like interest rate concessions and top-up loans are available.