Bank of Maharashtra Plot Loans

The Maha Super Housing Loan Scheme from the Bank of Maharashtra, known as the Plot Loan, aims to simplify buying residential land and constructing a house. This loan is ideal for individuals looking to invest in a plot of land and gradually build their dream home. Bank of Maharashtra offers a unique loan program to assist you in financing residential land acquisition. Whether you have your sights set on a vibrant urban area or a peaceful suburban neighbourhood, our institution provides the means to obtain it promptly and construct your dream home at a pace that suits you. Competitive interest rates and flexible repayment options provide borrowers with valuable opportunities. Additionally, there is a moratorium period specifically for the construction phase of the loan.

Bank of Maharashtra Plot Loan Interest Rates

The Bank of Maharashtra offers plot loans for purchasing plots and constructing homes. Here’s a summary of their plot loan interest rates in a tabular form:

Bank of Maharashtra Plot Loan Fees and Charges

Here is a detailed table of fees and additional charges for Bank of Maharashtra Plot Loan:

Bank of Maharashtra Plot Loan Eligibility Criteria for Salaried

Here are the key eligibility criteria for Bank of Maharashtra’s Plot Loan for Salaried individuals:

• Age Requirement: Applicant must be between 21 and 60 years old.
• Income Requirement: Applicant’s monthly income must be at least Rs. 25,000.
• Employment Requirement: Applicant must have a stable job and a minimum employment history of 2-3 years.
• Credit Score Requirement: Applicant must maintain a credit score of 650 or higher.
• Property Documents: Applicant needs to provide legal documents related to the plot.
• Loan Amount: The amount you can borrow depends on your income and the plot’s value, up to 70-80% of its value.

Bank of Maharashtra Plot Loan Eligibility Criteria for Self-Employed

Here are the main eligibility criteria for the Bank of Maharashtra’s Plot Loan for Self-employed individuals:

• Age Requirement: You must be between the ages of 21 and 60.
• Income requirement: Your monthly income must be at least 25,000.
• Employment Requirement: You must have a stable job and a minimum employment history of 2-3 years.
• Credit Score Requirement: You must maintain a credit score of 650 or higher.
• Property Documents: You need to provide legal documents related to the plot.
• Loan Amount: The amount you can borrow depends on your income and the plot’s value, and it can be up to 70-80% of its value.

Bank of Maharashtra Plot Loan Documents Required for Salaried

The Bank of Maharashtra requires the following documents if you are a salaried applicant seeking a plot loan for constructing a house:

• Two Passport Size Photographs
• Proof of Identity (Aadhar Card, Voter ID, Passport, Driving License)
• Proof of Residence (Utility bills like Electricity Bill or Telephone Bill)
• Last 3 months’ salary slips 
• Income Tax Returns (ITR) of the last 2 years acknowledged by the IT Department or Form 16 for the last 2 years from your employer
• Please provide a bank account statement for the last six months (if your salary account is with a different bank) 
• An undertaking from your employer for remittance of monthly loan instalments (if feasible) 
• Registered Agreement for the purchase of the plot between you and the seller
• Receipts for any payments already made to the seller 
• Sanctioned building plan/ approved layout plan 
• Detailed estimate from a registered Architect or Engineer for the construction
• Additional Documents
• No Objection Certificate (NOC) from the society (if the plot is part of a cooperative society) for the mortgage of the plot and construction
• Non-encumbrance certificate (both before and after the sale)

Bank of Maharashtra Plot Loan Documents Required for Self-Employed

For self-employed individuals looking to apply for a plot loan with the Bank of Maharashtra, the required documents are as follows:

• Identity Proof: (Voter ID, PAN Card, Aadhar Card, Driving License, Photo Identity card issued by the current Employer, or Passport)
  
• Residence Proof: (Electricity Bill, Election ID Card, Telephone Bill (Landline), Aadhar Card, Driving License, Photo Identity card issued by the current Employer, or Passport)
  
• For Self-Employed/ Businessman/ Professional: Documents include the latest 3 years of IT returns (2 years in case of Professionals) along with the computation of income, profit and loss account, balance sheet, audit report, etc. Also required are the Shop Establishment Act, Tax Registration Copy, Company Registration License, and bank statement for the past year.
  
• Property Documents: Receipts for payments made toward the purchase of the plot, copies of approved plans for proposed construction, permission from competent authorities for construction, a sale deed/agreement of sale, a detailed cost estimate from a registered architect/engineer, and other specific documents depending on the nature of the property purchase or construction.

Features of Bank of Maharashtra Plot Loans

The Bank of Maharashtra offers a specialised scheme for individuals looking to purchase a plot and construct their home, known as the Maha Super Housing Loan Scheme for Purchase of Plot and Construction thereon. Key features of this loan scheme include:

• Specifically designed for the purchase of a plot and subsequent construction on it.
• Open to individual salaried employees, self-employed professionals, businessmen, and agriculturists.
• The maximum loan amount is determined based on the lowest loan amount assessed through permissible deduction norms, the maximum permissible Loan-to-value (LTV) ratio, and the applicant’s requested loan amount.
• A minimum of 30% of the plot’s registered value is required as a margin for plot purchase. The LTV ratio varies depending on the loan amount, with specific margins set for different loan categories.
• The scheme also offers a 0.05% concession on interest rates for women and defence personnel, a maximum tenure of up to 30 years or up to the age of 75 years, zero processing fees, no hidden charges, and no prepayment penalty. This makes the loan more accessible and affordable for a broader audience.

Things to Remember while Applying for a Bank of Maharashtra Plot Loan

When applying for a Bank of Maharashtra plot loan, it is important to remember several key considerations to ensure a smooth and successful loan application process. Here’s a summary of important aspects to remember:

• Verify your eligibility for the plot loan, including your employment status (salaried, self-employed), income level, and any specific requirements set by the Bank of Maharashtra.
  
• Maintain a good credit score, preferably above 750, to improve your chances of loan approval.
  
• Consider the loan amount you need based on the plot cost and your financial situation. Choose a suitable loan tenure that balances EMI affordability with total interest cost.
  
• Gather all necessary documents before applying.