Online Loans

What is a Home loan and how does it work?

Home loans are availed for

• Construction/acquiring of new or existing house/flat and extension of existing house/flat.
• Purchase of plot and construction there on.
• For Repairs /renovation/alternation of existing house/flat for new standalone borrowers.

A Bank of Maharashtra home loan provides numerous benefits such as facility to apply online, quick loan processing, attractive interest rates, customized repayment options and simple & hassle-free documentation.

What are features of Home loan?

The features of Maha Super Housing Loan are as below:

• 0.05% concession to women and defence personal.
• Maximum tenure up to 30 years/up to 75 years of age.
• PMAY subsidy up to Rs.2.67 lakhs
• No Pre-payment/Pre-closure/Part payment charges.
• Concession in ROI for Housing Loan borrower in Car Loan and Education loan.

How will Bank of Maharashtra decide the home loan amount i am eligible for?

Maximum loan amount will be lowest of loan amount assessed on the basis of Permissible Deduction norms, Maximum permissible LTV ratio, Loan amount requested.

When does my home loan EMIs start?

EMI's begins from the month subsequent to the month in which disbursement of the loan is done. For loans for under-construction properties EMI usually begins after the complete home loan is disbursed but customers can choose to begin their emi’s as soon as they avail their first disbursement and their emi’s will increase proportionately with every subsequent disbursement. For resale cases, since the whole loan amount is disbursed in one go, emi on the whole loan amount start from the subsequent to the month of disbursement

What are the different types of Home loans on offer?

The following types of Home Loans products are usually offered by Housing Finance Institutions: Home Loans: These are Loans availed for:

1. The purchase of a flat, row house, bungalow from private developers in approved projects;
2. Home Loans for purchase of properties from Development Authorities such as DDA, MHADA as well as Existing Co-operative Housing Societies, Apartment Owners' Association or Development Authorities settlements or privately built up homes;
3. Loans for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority

Plot Purchase Loan: Plot purchase loans are availed for purchase of a plot through direct allotment or a second sale transaction as well as to transfer your existing plot purchase loan availed from another /financial Institution.

House Renovation Loans: It is a loan for renovating (without altering the structure/carpet area) your home in many ways such as tiling, flooring, internal / external plaster and painting etc.

Home Extension Loan: It is a loan to extend or add space to your home such as additional rooms and floors etc.

Loan against Property (LAP): It is a loan against fully constructed, freehold residential and commercial properties. Existing Loan against Property (LAP) from other s and financial institutions can also be transferred to Bank of Maharashtra.

How can I know what my EMI amount is?

https://bankofmaharashtra.in/homeloan-emi-calculator

You can use the EMI Calculator to know your EMI amount before applying for the Loan.

For more information you can visit link https://bankofmaharashtra.in/personal-banking/loans/home-loan

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What is a Top up loan and how does it work?

Top up loan scheme for existing home loan borrowers of our Bank. Takeover of existing housing loan of other banks and additional facility of Top up loan for repair /renovation/furnishing of house.

Top up loan can be taken for General purpose includes personal expenditure of varied needs like children’s Education, Marriage of children, Medical treatment, buying a vehicle or hi-tech gadgets etc.

What are features of Top up loan?

• No cap on maximum age for Top up Loans borrowers, provided that the Age of maturity of the loan should not exceed 75 years.
• Loan provided on 100% of estimated cost of repair/ renovation/extension/ furnishing of house
• Processing charges is 0.50% of the loan amount exclusive of GST.

How can I know what my EMI amount is?

You can use the EMI Calculator to know your EMI amount before applying for the Loan.

For more information you can visit link

https://bankofmaharashtra.in/topup-home-loan

What is PMAY Scheme and how it can benefit Home Loan buyers?

The Pradhan Mantri Awas Yojana (PMAY) (URBAN)-Housing for All was a mission that was launched by the Government of India with the aim of boosting home ownership. The PMAY scheme caters to Economical Weaker Section (EWS)/Lower Income Group(LIG) and Middle Income Groups (MIG) of the society, given the projected growth of urbanization & the consequent housing demands in India.

What are conditions/guidelines of PMAY?

• Construction of the property should be completed within 36 months after the first disbursement.
• Subsidy shall be refunded to NHB/HUDCO, in case of account turn into NPA after getting the subsidy.
• Beneficiary should not be having any pucca house anywhere in India.
• NPA accounts are not eligible for this scheme

What is eligible Housing Loan amount for Interest Subsidy PMAY?

Eligible Housing loan amount is Rs.6 lakhs for EWS and LIG

Eligible Housing loan amount is Rs.9 lakhs for MIG 1

Eligible Housing loan amount is Rs.12 lakhs for MIG 2

What is Interest Subsidy %?

Interest Subsidy is 6.50% p.a for EWS and LIG

Interest Subsidy is 4% p.a for MIG 1

Interest Subsidy is 3% p.a for MIG 2

For more information you can visit link

https://bankofmaharashtra.in/pardhan-mantri-awas-yojana

What is a Personal Loan?

A Personal Loan is a loan that can be availed for any personal purpose such as as home renovation, wedding, medical emergencies, travelling, debt repayments, bill payments and more. Unlike other loans, Personal Loan does not require any collateral or security and can be easily availed with minimum documentation. Like any other loan, you can repay Personal Loan with EMI (Equated Monthly Instalments); debited from your bank account.

How does Personal Loan Work?

To avail the Personal Loan, all you need to do is submit the loan application form. On meeting the eligibility criteria, you will get an offer with the sanctioned amount, tenure of loan and interest rate. Once you accept the offer, funds are transferred to your bank account instantly.

How can I know what my EMI amount is?

https://bankofmaharashtra.in/personalloan-emi-calculator

You can use the EMI Calculator to know your EMI amount before applying for the Loan.

What can a Personal Loan be used for?

Funds from Personal Loan can be used to cater to requirements of meeting personal expenses.

How can I repay my Personal Loan?

You can repay your Personal Loan via an auto-debit instruction through your Bank account on a stipulated date every month to repay your EMI.

For salaried repayment period is 84 months

For others repayment period is 60 months

For more information you can visit link

https://bankofmaharashtra.in/personal-banking/loans/personal-loan

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What is a Car loan and how does it work?

Maha Super Car Loan is for purchase of new four-wheeler i.e.Car, Jeep , Multi Utility vehicles (MUV)

How to get your Car Loan Approved Faster?

A critical factor in getting a loan approved fast is determining how much EMI you are comfortable paying. Use our Car Loan EMI calculator to estimate how much you will need to set aside. These will enable you to plan and prepare for the Car Loan application process.

To make sure your Car Loan is approved faster; the key is to provide all the necessary documents and complete your Know your Customer (KYC) formalities.

How can I know what my EMI amount is?

https://bankofmaharashtra.in/carloan-emi-calculator

You can use the EMI Calculator to know your EMI amount before applying for the Loan.

What are the minimum and maximum tenures of a Car Loan?

Bank of Maharashtra offers flexible tenures on their Car Loan products. The maximum tenure is 84 months. 

For more information you can visit link

https://bankofmaharashtra.in/personal-banking/loans/car-loan