Here are some important features of the loan:
The following are the benefits of availing Bank of Maharashtra Loan Against Property:
The following criteria have to be complied with for being eligible for Bank of Maharashtra Loan Against Property:
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 Charge||Description|
|Processing fees||Processing charges will be 0.50% of the loan amount.|
|Preclosure charges||Preclosure charges will be collected at 2% of the outstanding loan balance|
|Documentation charges||0.10% of the loan amount|
|For providing copies of documents|
|For issuing NOC|
|For issuing a credit report||1,000 per instance|
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).|
|Property documents||Chain of property documents to prove the marketable title of the property.|
|Photograph||2 passport size photographs|
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.
The Bank of Maharashtra also offers the following products:
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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Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used 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.
The following aspects have to be considered before applying for Bank of Maharashtra Loan Against Property:
The charges that are applicable to the Bank of Maharashtra Loan against property are:
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 11.50% to 12.25% p.a.