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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 2 Lakhs
    • For properties situated in Metros, the maximum quantum of the loan is 3 Crores
    • For properties situated in any other centers, it is 1 Crore
  • Margin: The margin stipulated is 40% of the realizable value of the property
  • Interest: The rate of interest ranges from 11.50% to 12.25% p.a.
  • Security: Equitable Mortgage of the property against which the loan is granted
  • Repayment: The maximum repayment period is 7 years or on the borrower attaining the age of 75 years, whichever is earlier.
  • Processing charges: 50% of the total sanctioned loan amount
  • Prepayment charges: 2% of the outstanding balance of the loan account
  • Documentation charges: 10% of the loan amount
  • Mortgage charges:
    • 5,000 for a loan up to 1 Crore
    • 15,000 for a loan above 1 Crore

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 for being eligible for 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 on 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, 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.

Bank of Maharashtra Loan Against Property: Interest Rates, Processing Fees, & Other Charges

The rate of interest for Loan against property is 1-Year MCLR + 3.25% i.e. 11.50% p.a. for priority sector loans and 1-Year MCLR + 4% i.e., 12.25% p.a. for non-priority loans.

Type of ChargeDescription
Processing feesProcessing charges will be 0.50% of the loan amount.
Preclosure chargesPreclosure charges will be collected at 2% of the outstanding loan balance
Mortgage charges
  • For a loan up to 1 Crore: 5,000
  • For a loan above 1 Crore and up to 10 Crores: 15,000
  • For a loan above 10 Crores: 25,000
Documentation charges0.10% of the loan amount
For providing copies of documents
  • For a loan up to 2 Lakhs: Actual cost of the photocopies + 100
  • For a loan above 2 Lakhs: Actual cost of the photocopies + 200
For issuing NOC
  • At Metro/Urban Areas: 100 for individuals and 150 for non-individuals.
  • At Rural/Semi-Urban Areas: 25 for individuals and 75 for non-individuals.
For issuing a credit report1,000 per instance

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 DocumentSalariedSelf-employed
Proof of residenceVoter's ID Card/ Aadhar Card/ Driving Licence/ Utility Bills/ Passport
Photo ID proofPassport, PAN Card, ID issued by Employer, Driving Licence
Business proofNAGST 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
  • Salary slips for the last 6 months.
  • Form 16 and ITR for the last 2 years.
  • Bank statement of salary account for the last 6 months.
  • ITR with income computation for the last 3 years.
  • Audited financial statements, like Balance Sheet and Profit & Loss Account for the last 3 years.
  • Bank Statement of the individual as well as business accounts for the last 12 months.
  • Bank statement of loan account for the last 12 months.
Property documentsChain of property documents to prove the marketable title of the property.
Photograph2 passport size photographs

How to Use Loan Against Property EMI Calculator?

MyMoneyMantra EMI Calculator is a financial tool used to calculate the EMI for the loan online. It is designed to be user-friendly and simple. You can calculate the EMI using the MyMoneyMantra EMI Calculator by following some simple steps.

  • Once you log in to the website of MyMoneyMantra you will find the EMI Calculator on the homepage under the Financial Tools tab.
  • There are various EMI Calculators, select the EMI Calculator
  • Key in the required inputs, like loan amount, applicable rate of interest, and tenure of repayment.
  • Hit the Calculate button after entering the details
  • The EMI is calculated instantly
  • After arriving at the EMI as per the input provided, you can check for the loan against property eligibility. You will then get the best quotes based on your eligibility and requirement.
  • Choose the loan provider who provides the best deal and then apply for the loan online through MyMoneyMantra.

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

Bank of Maharashtra - Customer Care

For any query regarding Lon Against Product or other products offered by the bank, you can at their Toll Free numbers, i.e., 1800 233 4526, 1800 102 2636, or 1800-233-4526.

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Pre-Approved ICICI Loan Against Property @8.35% p.a 

ICICI bank loan against property up to Rs. 5 Crore can be availed of online as well as offline by salaried and self-employed applicants. The LAP can be for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers. 

Bank of Maharashtra Loan Against Property FAQs

What are the aspects that have to be considered before applying for Bank of Maharashtra Loan Against Property?

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The following aspects have to be considered before applying for Bank of Maharashtra Loan Against Property:

  • The property against which the loan has to be taken should be in the name of the applicant
  • The property should be unencumbered and self-occupied
  • Third-party property, property that is leased-out and land without structure are not eligible for a loan.
  • The applicant should be within the age group of 18 years to 65 years at the time of applying for the loan.
  • If the applicant is salaried, he or she should be a conformed employee State/Central Government Organisations/PSUs/Schools/Colleges/Educational Institutions/Reputed Private Limited Company/MNCs.
  • The applicant should have a work experience of 2 years with the present employer
  • A business vintage of 2 years in the present business is mandatory for self-employed individuals/professionals, and businessmen.
  • The total deductions including the proposed EMI should not exceed 60% of the monthly/annual gross income.
  • An average income of the last 2 years of 5 Lakhs is the minimum income criteria for the loan. The income should be as per the ITR of the last 2 years.
  • For the self-employed cash accruals/depreciation can be included for assessing the eligibility
  • Salaried individuals can avail the loan jointly with the son, daughter, brother, sister and, the spouses of these close relatives in order to increase the loan eligibility. The income criteria applicable to the applicant will also be applicable to the joint borrowers. A maximum of 2 co-borrowers are permitted.

What are the charges that are applicable to the Bank of Maharashtra Loan Against Property?

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The charges that are applicable to the Bank of Maharashtra Loan against property are:

  • Processing charges at 0.50% of the loan amount
  • Pre-payment charges at 2% of the outstanding balance of the loan account on the day of prepayment.
  • Documentation charges at 0.10% of the loan amount
  • Mortgage charges at 5,000 for a loan up to 1 Crore, 15,000 for a loan above 1 Crore.

What is the tenure allowed for repaying the Bank of Maharashtra Loan Against Property?

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The maximum tenure allowed is 7 years or on the borrower attaining the age of 75 years whichever is earlier.

What is the maximum quantum provided for the Bank of Maharashtra Loan Against Property?

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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.

What is the rate of interest stipulated for the Bank of Maharashtra Loan Against Property?

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The rate of interest is linked to 1-year MCLR and the current MCLR is 8.40%. The rate of interest varies between 11.50% to 12.25% p.a.