Bank of Maharashtra Loan Against Property
Apply for Bank of Maharashtra Loan Against Property up to 10 crore at attractive interest rate starting at 10.95% - 11.95% p.a. You can opt for term loan, overdraft facility or non-fund facility linked to repo rate based lending rates. With BOM Mortgage loan, you get customised secured loans for personal or business needs along with lowest Loan against property interest rates and processing fees.
Apply for Bank Of Maharashtra Loan Against Property @ 10.95% - 11.95% Interest Rates
Features of Bank of Maharashtra Loan Against Property
Here are some important features of the loan:
- Purpose: To meet any kind of personal requirements
- Quantum: Based on the borrower's repaying capacity and the ceilings, the loan amount is categorised as below:
- Minimum loan amount provided by the bank is 5 Lakhs
- For properties situated in Metros, the maximum quantum of the loan is 10 Crores
- For properties situated in any other centers, it is 5 Crore
- Margin: The margin stipulated is 50% of the realizable value of the property
- Interest: The rate of interest ranges from 10.95% - 11.95% p.a.
- Security: Equitable Mortgage of the property against which the loan is granted
- Repayment: The maximum repayment period is 10 years or on the borrower attaining the age of 75 years, whichever is earlier.
- Processing charges: 1% of the loan amount
- Prepayment charges: 2% of the outstanding balance of the loan account
You can also Apply for SBI Loan Against Property and check the Interest rates and Eligibility Online to avail offer.
Bank of Maharashtra Loan Against Property: Interest Rates, Fees, & Charges
The rate of interest for loan against property is 10.95% - 11.95%.
| Type of Charge | Description |
|---|---|
| Processing fees | Processing charges will be 1% of the loan amount. |
| Preclosure charges | Preclosure charges will be collected at 2% of the outstanding loan balance |
| Mortgage charges |
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| Documentation charges | 0.10% of the loan amount |
| For providing copies of documents |
|
| For issuing NOC |
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| For issuing a credit report | 1,000 per instance |
Advantages of Taking Bank of Maharashtra Loan Against Property
The following are the benefits of availing Bank of Maharashtra Loan Against Property:
- Quick and simple documentation
- Competitive rate of interest
- A loan is available against all types of self-occupied residential and commercial properties
- Affordable charges
- No hidden charges
- No complicated loan procedures
Eligibility for Bank of Maharashtra Loan Against Property
The following criteria have to be complied with to be eligible for a Bank of Maharashtra Loan Against Property:
- Salaried individuals with confirmed employment with State or Central Government Departments/ Public Sector Undertakings/ Schools/ Colleges/ Educational Institutions/ MNCs/ Reputed Private Limited Companies are eligible for the loan.
- The minimum work experience required for salaried individuals is 2 years
- Self-employed individuals/professionals, and businessmen with a business vintage of a minimum of 2 years are eligible for the loan.
- The applicant must be aged between 18 - 65 years
- The applicant should be the owner of the self-occupied residential/commercial property/building in their own name for a minimum period of 1 year.
- The property should be free of encumbrance and self-occupied
- The loan will not be granted against third-party property, property on rental, and an open plot without land and building.
- The loan amount should not be used for any speculative purpose
- Applicant's minimum average income of the last 2 years should be 5 Lakhs as per the ITR of the last 2 years.
- Up to two joint borrowers will be considered to supplement the income. The joint borrowers considered are son, daughter, brother, and sister. The spouses of these close relatives can also be joint borrowers.
- For non-salaried individuals, cash accruals/depreciation can be added to income to increase eligibility.
- All the deductions put together, including the proposed EMI, should not exceed 60% of the monthly income or the annual income.
You can also check Loan Against Property Eligibility Online.
Documents Required for Bank of Maharashtra Loan Against Property
There are a set of documents to prove the identity, whereabouts, and income of the applicant as well as the co-applicant, and also to prove the marketable title of the property that has to be submitted along with the application for a Loan Against Property.
The details of the documents are as given below:
| Type of Document | Salaried | Self-employed |
|---|---|---|
| Proof of residence | Voter's ID Card/ Aadhar Card/ Driving Licence/ Utility Bills/ Passport | |
| Photo ID proof | Passport, PAN Card, ID issued by Employer, Driving Licence | |
| Business proof | NA | GST Registration, Memorandum of Association, Articles of Association, Registration under Shop Act, Partnership Deed (documents to be submitted as per the constitution of the business). |
| Income proof |
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| Property documents | Chain of property documents to prove the marketable title of the property. | |
| Photograph | 2 passport size photographs | |
You can also Check the necessary Documents required for Loan Against Property
Other Products Offered by Bank of Maharashtra
The Bank of Maharashtra also offers the following products:
- Loans: Maha Ghar Housing Loan, Maha Super Housing Loan Scheme, Maha Super Car Loan, Maha Combo Loan Scheme, Pradhan Mantri Awas Yojana, Mahabank Vehicle Loan Scheme for Old Cars and Two Wheelers, Top Up Loan for Home Loan Borrowers, Education Loan Scheme, Maha Gold Loan Scheme, Consumer Loan Scheme, Mahabank Personal Loan Scheme, Salary Gain Scheme, Skill Loan Scheme, Scheme for Solar Lighting Systems, Scheme for Solar Water Heating Systems, Loan for Agriculture, MSME/Large Credit.
- Deposit Scheme: Saving Deposit, Current Deposit, Term Deposit, Capital Gain Account Scheme
- Online Payment
- Digital Banking
FAQs
The maximum tenure allowed is 7 years or on the borrower attaining the age of 75 years whichever is earlier.
The maximum quantum provided is 3 Crores for properties situated in Metros and 1 Crore for the properties situated in other areas. The LTV for the loan is 60% of the realisable value of the property.
The rate of interest is linked to 1-year MCLR and the current MCLR is 8.40%. The rate of interest varies between 10.95% - 11.95% p.a.