Maha Super Housing Loan Scheme

Home loans are availed for

• Construction/acquiring of new or existing house/flat and extension of existing house/flat.
  Home loan to purchase new flat
  Home extension loan
• 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.

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.
• No Pre-payment/Pre-closure/Part payment charges.
• Concession in ROI for Housing Loan borrower in Car Loan and Education loan.
• Bank of Maharashtra Offers Lowest Interest Rate on Home Loan in India

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

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

Yes, it is possible to transfer a home loan in India, from one Bank to another under certain circumstances.
Home loan transfer typically refers to the process of transferring an existing home loan from one bank or financial institution to another.
This is done to take advantage of better interest rates, lower fees or improved loan terms offered by the new lender

A floating interest rate sometimes known as variable interest rate, is an interest rate that varies over time according to changes in a reference rate or index.
It's often used in financial products like mortgages, home loans and other investments.

For calculating the EMI (Equated Monthly Installment) for a home loan in India, we must also consider the loan amount, interest rate and loan period. To get accurate EMI estimate, visit the website of Bank of Maharashtra & calculate the precise EMI cost using home loan EMI calculator.

The approximate EMI for a 50 lakhs home loan with an interest rate of 8.50% per annum and 15 year tenure would be around ₹49237

Depending upon the needs and requirements of customers, there are different types of home loans available in India.
Some of the popular types of home loans includes,

• Plot Purchase & Construction thereon Loans
• Home/Flat Purchase Loans
• Loans for repair/renovation of existing homes
• Home Extension Loan
• NRI Home Loans

Some of the factors that affect home loan eligibility in India are:

• Income
• Credit Score
• Employment Stability
• Age
• Existing Debt Obligations
• Down Payment
• Property Value and Location
• Loan Tenure

Yes, it is possible to obtain a home loan in India jointlyalong with close relatives.
Joint home loans are common which offer various benefits to customers. When two or more people apply for a home loan together, they are sharing the obligation as well as eligible for higher loan amount.

Obtaining a home loan in India is an important financial decision. While the procedure may require some documentation and effort, there are several steps you can do to improve your possibilities of getting approved for a home loan.

• Check if you're eligible
• Maintain good credit score
• Choose the right loan type
• Organize your documents

To check home loan eligibility in India, you need to consider the following criteria:

• Consider your income and financial stability
• Determine your credit score
• Figure out your repayment ability
• Make use of online eligibility calculators

A co-applicant can be any person who shares the financial obligation and accountability of the loan with the primary applicant while applying for a home loan in India.
The co-applicant will be considered as an equal borrower and equally accountable for loan repayment.
It can be the primary applicant's spouse, parents, children, siblings or other close family relatives who have a stable source of income

The repayment period for a home loan typically begins after the loan has been disbursed to you and/or the property purchasetransaction has been completed. This means that once you have received the funds and the ownership of the home has been transferred to you, your repayment obligations will start.

The specific start date of your home loan repayment period should be outlined in the loan agreement you signed with the lender. It's important to review your loan agreement to understand the terms and conditions, including the repayment start date, repayment schedule, interest rate, and any other relevant details pertaining to your specific loan.