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Online Loans

Bank of Maharashtra provides many type of Online Loans for your ease.

Track Your Applications
Retail Loans:

Agriculture Loans:

Gold Loans (Retail & Agriculture):

Document Checklist for Loans

Document Checklist for Home Loans

  1. Application form duly complete and signed.
  2. Two Passport Size Photographs.
  3. Proof of Identification : (any one)
    • Election ID Card
    • Pan Card
    • Aadhar Card
    • Driving License
    • Photo Identity card issued by the current Employer
    • Passport
  4. Proof of Residence : (any one)
    • Electricity Bill
    • Election ID Card
    • Telephone Bill (Landline)
    • Aadhar Card
    • Driving License
    • Photo Identity card issued by the current Employer
    • Passport
  5. For Salaried Persons
    • Original/Certified copy of the latest salary slips for the past 3 months
    • Copies of IT returns of last 2 years duly acknowledged by IT Dept/IT assessment orders or Form 16 for last 2 years from the Employer.
    • Undertaking from employer for remittance of monthly installment, wherever feasible.
    • Bank Account (Salaried Account) statement for the last 6 months (in case of other Bank)
  6. For Non-Salaried Class /Businessman /Professional
    • Latest 3 years of IT returns (2 years in case of Professionals) including computation of income, profit and Loss Account, Balance sheet, Audit Report etc.
    • Shop Establishment Act
    • Tax Registration Copy
    • Company Registration License
    • Bank statement for past one year
  7. Guarantor forms along with net worth proof /income proof (if applicable)
  8. Guarantor’s IT return along with KYC documents as mentioned in point 3 & 4
  9. In case of Takeover(Refinance):

    a.   Loan Outstanding statement as on date

    b.   Loan account statement for last 12 months

    C.   Documents Acknowledgement Receipt from Bank.

  10. Property Documents:
    1. Receipts for payments made for purchase of the residential unit
    2. Copy of approved drawings of proposed construction/purchase
    3. Permission from competent authority for construction of flat/house
    4. Permission from competent authority under Urban Land ceiling & Regulation Act 1976
    5. Agreement of Sale/Sale Deed/Detailed cost estimate from Regd.Architect/Engineer for the property to be constructed.
    6. Allotment letter from the Builder/Co-operative Society/Development Authorities/Association of apartment owners etc.
    7. Other documents depending upon:

      A.   Property to be purchased directly from Builder (Ready/Under-construction)

      B.   Property belonging to a Registered Co-operative Housing Society

      C.   Purchase in resale.

      D.   Direct sale by any Development authority

      E.   Construction of house on separate plot of land.

  11. Additional Documents for NRIs
    • Copy of employment Contract (if the contract is in any language other than English, the same has to be translated into English and attested by Employer /Indian Embassy)
    • Copy of Identity  Card issued by the current Employer
    • Continuous Discharge certificate, if applicable
    • Copy of latest work permit
    • Copy of Visa stamped on the passport
    • NRE Bank account passbook or statement of account
    • Overseas Bank account statements for last 6 months in which salary is credited
    • A Salary certificate/income statement duly attested by out foreign office including subsidiary office/certified by the competent authority available in the country may be produced. This may also include Chartered /Certified Accountants, Officials of Inland Revenue dept.(similar to Income Tax Authorities in India) or any other agency specified for the purpose. Where ever attestation is not possible, this may be submitted duly notarized.
  12. Additional Documents for PIOs
    1. A photocopy of PIO card or any of  the under noted documents:-
    2. Current Passport indicating birth place of India/Abroad
    3. Indian Passport, if held earlier
    4. Parents or grandparents passport with details there in substantiating his claim of being PIO.

Document Checklist for Other Retail Loans

  1. Proof of Identification: (any one)
    • Election ID Card
    • Pan Card
    • Aadhar Card
    • Driving License
    • Photo Identity card issued by the current Employer
    • Passport
  2. Proof of Residence : (any one)
    • Electricity Bill
    • Election ID Card
    • Telephone Bill (Landline)
    • Aadhar Card
    • Driving License
    • Photo Identity card issued by the current Employer
    • Passport
  3. For Salaried Persons
    • Original/Certified copy of the latest salary slips for the past 3 months
    • Copies of IT returns of last 2 years duly acknowledged by IT Dept/IT assessment orders or Form 16 for last 2 years from the Employer.
    • Undertaking from employer for remittance of monthly installment, wherever feasible.
    • Bank Account (Salaried Account) statement for the last 6 months (in case of other Bank)
  4. For Non-Salaried Class /Businessman /Professional
    • Latest 3 years of IT returns (2 years in case of Professionals) including computation of income, profit and Loss Account, Balance sheet, Audit Report etc.
    • Shop Establishment Act
    • Tax Registration Copy
    • Company Registration License
    • Bank statement for past one year
  5. Other documents as applicable as per scheme of loan.

FAQ for Loan Products

Maha Super Housing Loan Scheme

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:

  • Waiver of last two EMI on regular repayment.
  • 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

FAQ for Top up loan for Home Loan borrowers

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_loan_for_home_loan_borrowers

Pradhan Matri Awas Yojana

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

Mahabank Personal Loan Scheme

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

FAQ for Maha Super Car Loan Scheme

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

How to Apply for Loan

Follow the step by step instructions to avail digital loan facility from our bank.

Please click on the following link to view how to apply for Digital Loan Online:

How to Apply for Digital Loans Online