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Bank of Maharashtra provides home loans with no hidden costs and administrative charges. No security needed. Interest rates range from 8.70% to 8.80%. Flexible repayment options. Check eligibility and apply now exclusively on CreditMantri!
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Bank of Maharashtra is a major public-sector bank in India. Government of India holds 81.61% of the total shares. The bank has 15 million customers across the length and breadth of the country served through 1897 branches. It has largest network of branches by any public-sector bank in the state of Maharashtra.
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt for either floating type of interest of fixed interest rate. Home loan provides tax benefits to the borrowers.
Bank of Maharashtra(BOM) offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. Bank of Maharashtra(BOM) provides customised home loan solutions for purchase of a house, construction and extension of dwelling units. Packed with exclusive benefits, Bank of Maharashtra(BOM) Home Loans are tailor made, catering to the needs of various customers.
Loans for construction / acquiring of new or existing house/flat not older than 30 years or for extension in the existing house/flat
To avail the from Bank of Maharashtra(BOM), you need to have the following eligibility criteria.
Individual salaried employees (with a permanent job for the period of minimum 1 year in current organization of State /Central Government/ Public / Private Sector Companies of repute), Self-Employed Professionals, Businessman, Pensioners (subject to having pension account with us &amb; sufficient disposable income), Farmers having minimum land holding of 5 Acres of irrigated land and sufficient disposable income
Stamp duty, registration and other documentation charges, cost of life insurance cover on the life of the borrower and any other non-realizable costs should not be included in cost of housing unit.
Maximum Repayment period of 30 years or on borrower reaching the age of 75 years whichever is earlier.
There are no prepayment charges
There are no processing fees but there are document fees of 0,1% of loan amount not exceeding Rs. 10,000
Base Rate: 9.60% (With effect from 07.10. 2017)
BPLR: 15.00% (With effect from 01. 10. 2011)
Important documents to be submitted while applying for home loan with Bank of Maharashtra(BOM)
Your Bank of Maharashtra(BOM) home loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Bank of Maharashtra(BOM), Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Bank of Maharashtra(BOM) account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-Bank of Maharashtra(BOM) account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Bank of Maharashtra(BOM) account at your nearest Bank of Maharashtra(BOM) Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
You can either apply online or visit a nearby Bank of Maharashtra(BOM) branch for the application. You can also download the home loan application form from the Bank of Maharashtra(BOM) official website, complete the form and submit it the bank representative.
Alternatively you can also check your eligibility for a home loan through CreditMantri and apply for it.
1. What are processing fees on Bank of Maharashtra(BOM) Home Loans?
There are no processing fees
2. Is there penalty for prepaying the Bank of Maharashtra(BOM) Home Loan?
No penalty is levied for prepaying the IDBI Home Loan
3. Can I get IDBI Home Loan without a Guarantor?
No need of a guarantor
4. What is the maximum loan repayment period for IDBI home loans?
The maximum repayment period is 30 years
5. How Can I apply for an IDBI home loan?
You can either apply online or visit a nearest Bank of Maharashtra(BOM) branch and take the help of the bank’s representative.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.