Bank of Maharashta Home Loan
A variety of Bank of Maharashtra home loan options is offered to meet the individual demands of its clients. Customers can evaluate their eligibility for a Bank of Maharashtra home loan based on age, income, and credit score variables. The bank’s simple documentation requirements make it simpler for consumers to finish their applications. Bank of Maharashtra provides various home loan solutions to satisfy the varied demands of consumers, all with flexible repayment options and low-interest rates.
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Bank of Maharashtra: An Overview
Bank of Maharashtra Limited is one of the pioneers of Public Sector Banks. It’s a nationalised bank that operates under the ownership of the Ministry of Finance, Government of India. The bank offers multiple products and services to its consumers to provide the best financial assistance.
It provides valuable products, including savings and current accounts, various deposit plans, government schemes, and digital products for personal banking, corporates, MSMEs and NRI customers. Currently, the bank possesses 2022 branches and over 29 million customers across the country. In Maharashtra, BOM owns the largest network of branches of any nationalised bank.
If owning a home is on your wishlist, it’s time you apply for Bank of Maharashtra Home Loans at the most attractive interest rates.
Features and Benefits of Bank of Maharashtra Home Loan
Bank of Maharashtra is packed with beneficial features to allow its customers enjoy various benefits as follows:
- The bank allows a maximum tenure of up to 30 years or 75 years of age.
- You get the lowest interest starting at 8.35%.
- PMAY (Pradhan Mantri Awas Yojana) subsidy of up to ₹ 2.75 lakhs offered.
- Zero processing fee on the home loan.
- No preclosure, prepayment, or part payment charges in case you want to pay your loan early.
- Women and defence personnel receive 0.05% additional concession on home loans.
- On regular payments, you can get a waiver of three EMIs.
- The bank offers a higher loan amount to potential customers.
Bank of Maharashtra Home Loan Eligibility Criteria
The Bank of Maharashtra Home Loan eligibility criteria for the Maha Super Housing Loan Scheme are as follows:
- The salaried individual must have a minimum last year’s income of ₹ 3 lakhs and must submit Form 16/ITR from the employer for the minimum past two years.
- For self–employed individuals, at least ₹ 3 lakhs as per last year’s income and a minimum of past two years ITR with supporting documents must be submitted.
- Applicants engaged in Allied and Agricultural activities with an ascertainable least income of ₹3 lakhs can apply for BOM home loans.
- Businessmen must have a minimum of ₹ 3 lakhs per last year’s income and a minimum of the past 2 years’ ITR with supporting documents.
Bank of Maharashtra Fees and Charges
If you apply for Bank of Maharashtra Home Loans, the following fees and charges will apply:
| Housing Loan | 0.25% of the loan amount (up to ₹ 25,000) |
| Maha Bank Top-up Loan | 0.50% of loan amount |
Documents Required for Bank of Maharashtra Home Loan
Depending on the applicant type, document requirement varies for a home loan.
For Salaried Individuals
If you are a salaried individual, you must submit the following documents:
- Duly filled and signed application form for the Bank of Maharashtra home loans
- Photographs
- A copy of identity, address, and date of birth proof
- Bank statement of the last six months
- Salary slip of the last three months
- Title documents of the property
- Income Tax Return (ITR) details and Form-16 of the last two years
For Self Employed Individuals
Suppose you are a self-employed individual such as a doctor, chartered accountant (CA), lawyer, etc. In that case, you must furnish the following documents:
- Duly filled in and signed application form
- A scanned copy of identity, address, and age proof
- Photographs
- Bank statement of the last 12 months
- ITR details and financial statements comprising profit and loss statement, balance sheet, schedules (document should be CA certified)
- LLP Agreement, in case the applicant is a Limited Liability Partnership
- Partnership Deed for partnership firms
- Title document of the property
- Latest Articles of Association (AoA) and Memorandum of Association (MoA) in case of companies (profit sharing ratio certified by CA/shareholding partnership/list of directors)
- Business address proof
How does the EMI calculation Work for Bank of Maharashtra Home Loans?
Bank of Maharashtra has a home loan EMI calculator that helps you determine the monthly EMI amount you have to pay on the home loan. All you need to do is to enter the principal loan amount, interest rate applicable, and loan tenure for which you want to avail of the loan.
Besides this, you can also use a mathematical formula to calculate home loan EMI. The formula for the same is as follows:
EMI = (P × R × (1+r)^n)/((1+r)^n-1)
Where,
- The principal loan amount – P
- The rate of interest – R
- The loan tenure – n can be up to 30 years
FAQs
Yes, the Bank of Maharashtra offers a home loan at quite competitive rates. You can check the same in the comparison table above-mentioned.
The Bank of Maharashtra offers an interest rate starting at 7.80% and can go up to 9.95% depending on the applicant’s credit profile and loan borrowing amount.
BOM renders a plethora of benefits on home loans. Some of them include a waiver on three EMIs on regular payments, no processing fee, zero pre-closure penalties, no pre-payment or part-payment charges, low-interest rates, flexible tenures, and more.
No, the interest rate changes based on the applicant’s credit score, loan amount, and whether the applicant is a salaried individual or non-salaried individual. Women applicants and defence personnel get a concession of 0.05% on interest rates.
Identity proof, proof of address, and age proof are some common documents required for Bank of Maharashtra home loans. Depending on the type of applicants, they have to submit additional documents as above-mentioned.
Yes, every bank checks for CIBIL score before offering any loans to borrowers.
The maximum home loan amount can go above ₹ 75 lakh while the minimum loan amount is ₹ 15 lakh.
KYC documents may include any of the following — PAN Card, Aadhaar Card, Passport, Driving License, etc.
