Bank of Maharashtra home loan | Interest Rates | Documents | Eligibility

Bank of Maharashtra Home Loan – Get Instant quotes on Interest Rates, EMI, Documents & Eligibility on home loans of Bank of Maharashtra. Compare with all major banks of india..


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Latest Interest Rates on Bank of Maharashtra Housing Loans: Updated as on June 2014

  Up to 25 lacs 25-30 lacs 30 – 75 lacs 75 lacs & Above
Upto 5 Years 10.40% 10.40% 10.90% 11.15%
5 – 10 years 10.60% 10.65% 11.40% 11.65%
10-20 years 10.70% 10.90% 11.65% 11.90%

Documentation charges as given below :


Loan amount Charges
For credit facilities Upto Rs. 2.00 Lakh Nil
Rs.2,00,001/- to Rs.10,00,000/- Rs.500/-
Rs.10,00,001/- to Rs.50,00,000/- Rs.1,500/-
Rs.50,00,001/ and above Rs.5,000/-

Processing Fees

Loan Slab Processing fees
Loan upto Rs. 25 Lac Processing fees NIL
Above 25 lac 0.25% of the Loan Amount: Subject to a Maxium Rs. 25,000/-

Prepayment Penalty: NIL

Eligibility, Documents and Other Information About BOM Home Loan: -

Purpose
  • Build your own house
  • Purchase new house/Flat (Old or New)
  • Repairs/Renovation of existing house
Eligibility Salaried Persons, Professionals, Businessmen with sufficient disposable income. Farmers having min five acres of irrigated land holding. Non Resident Indians are also eligible.
Age Minimum 21 years – Maximum 50 yrs. for salaried persons.
Maximum 55 years for other than salaried persons
Quantum of Loan: For salaried class
50 times of Gross Salary or 60 times of Net Monthly salary which ever is higher subject to applicable marginFor Businessmen
Equal to avg annual income (Net profit + Depreciation) of last 3 yrs X 4 times (B/S, IT returns) Also note repayment of any other term liabilities.For Farmers
4 times of avg annual net income. Cross check Gross income, land holding, cropping pattern, Sugar Factory/APMC/ other agencies bills etc. Ensure for repayment capacity & repayment experience. If jointly owned, consider joint holder’s income
Maximum Loan Quantum: No maximum limit for Metro/Urban area
Rs.15 lakh in Semi Urban/Rural area
Rs.5 lakh for repairs/renovation in all areas
Deductions Total deductions including proposed EMI should not exceed 65% of gross monthly salary / annual income.
Security Upto Rs 25000/- One Guarantor with sufficient income/networth
Above Rs 25000/- Equitable/Regd. Mortgage of property or Equal amount of paper security (NSCs, FDRs of our Bank etc. excluding shares) guarantee of the spouse, guarantee of relatives whose income is considered for quantum
Insurance For full value against fire/ Earthquake etc with Bank’s clause.
    • Actual search & title verification charges to be borne by the borrower, to be paid to the empanelled Advocate.
    • Valuation charges to be borne by borrower, to be paid to empanelled valuer
    • Stamp duty on various document to be executed by the borrower applicable as per State Stamp Act.

Other Products of Bank of Maharashtra:-

Source: Bank of Maharashtra Website

 

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Disclaimer: This information is sourced from Bank's Website to help customers to gain information on Banks product.
 
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