Who can become guarantor to a loan?

Any person ,known to bank and having worthiness to repay the loan of the borrower in case the borrower becomes defaulter, can become guarantor.

Is it necessary that guarantor should be account holder of Bank of Maharashtra?

Not necessary but he should be known to the bank and be capable to repay the dues of the bank if the borrower becomes defaulter.

What is margin money?

It is the contribution by the borrower towards the cost of project for which loan is applied for.

What is a clean loan?

It is a loan where no primary or secondary security is taken by the bank.However, bank can insist for a guarantor for the loan.

Why insurance of house is required in case of housing loan?

It helps in recovery of bank dues, in case of untoward incidence and reduces the liability of the borrower to a certain extent.

Is housing loan available for purchase of land?

Only for purchase of land, it cannot be availed. However, purchase of land is allowed along with construction of house within 2 years, which is mandatory. It is a composite loan for land & construction of house.

Is cost of stamp duty considered for housing loan?

Yes, up to Rs 1 lakh

What is PLR ?

It is minimum prime lending rate at which credit line is offered to prime borrowers. This rate is also offered to certain loan schemes like education loan scheme.
IMPORTANT: Bank of Maharashtra never ask for Bank account details for any purpose through phone call/email/SMS.

Bank appeals to all the customers not to respond to such phone call/email/SMS and not to share their bank account detail with any one for any purpose. Never share your CVV/ PIN No. of Debit/Credit card to anyone.