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.

The rate of interest for loan against property is 10.95% - 11.95%.

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

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.

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:

You can also Check the necessary Documents required for Loan Against Property

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