Useful information about Bank of Maharashtra home loan

Bank of Maharashtra was established in September 1935 with an authorized capital of Rs.1 million. The bank officially started its banking services from 8 February 1936. It was registered as a nationalized bank in 1969 and then grown at a swiftly rate. The bank has the largest network having 100s of branches across the country. Bank of Maharashtra loans provides financial support to the borrowers, so that, they can meet their personal expenses even when they are going through financial crisis.

Undoubtedly, buying a home or property is the biggest decision of one’s life that demands a lot of care, patience, and of course, money. As the real estate prices are reaching the skies, it has become quite more challenging for a lower/middle class family to buy their dream house or property. Thus, Bank of Maharashtra home loan brings the opportunity for every salaried and self-employed individual to own a house with additional benefits without burdening themselves financially.

Purpose of Bank of Maharashtra home loan:

• Construction of a house
• Buying a new house
• Buying an existing house
• Buying a plot of land
• Extension of existing house
• Repairs and renovation of existing house

Features of Maharashtra home loan:

• It is a multipurpose loan can be availed for renovating, repairing, and purchase of new house or flat
• The loan can be extended in the form of term loans
• Both salaried and self-employed applicants can apply for Bank of Maharashtra housing loan
• The loan is also extended to pensioners holding a pension account with the bank
• Even farmers owning at least 5 acres of land having a stable source of income can also apply for the loan
• The bank charges 0.25% of the home loan amount or maximum up to Rs.25000 as processing fee

Fees and Charges of home loan

• The bank charges 0.25% of the loan amount as processing fee for issuing home loans.
• However, the bank levies certain charges for documentation processing to disburse the loan. These charges stand at 0.10% of the sanctioned loan amount, subject to a maximum of RS.10000.
• Pre-Payment Charges: The bank does allow foreclosure of the loan within a period of one year from the date of disbursement of the loan. Later after one year, the borrower can foreclose the home loan at minimal prepayment charge of 0.50% on the principal outstanding amount.

Documents required

• Duly filled home loan application. Click here https://www.applykaroo.com/loans/bank-of-maharashtra-home-loan to get the form
• A copy of identity proof (Voter ID card/ Passport/ Driving License) 
• A copy of address proof 
• Updated bank statement of last 6 months
• Personal assets and liabilities declaration
• Income tax statement
• Signature identification of the borrower