Individuals are curious to build their dream home by taking loan from Bank of Maharashtra. These include personal loan to build house, purchase, renovation, medical claims, travel expenses, Income tax liability and long distance tours. The Bank of Maharashtra home loans offers loans for both salaried and self-employed professional. The cut-off of income is Rs. 3lakh per annum. One could be cautious about the loan tenure is 1 to 3 years. The limit of the loan amount is upto Rs. 150000.
Eligibility and benefits of home loan:
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- The bank offers loan for Salaried persons, permanent in service
- Loan amount for the professionals include income of Rs.3.00lakh per annum.
- For non teaching staff of educational institute with annual income upto Rs 2.00 even for teachers
- The age limit for loan accessibility is 21 years and lasts upto 60 years.
- The loan maturity for Service employee is 5 years in employment and 2 years in the current organization.
- Professional should possess minimum 3 years of employment.
- Repayment of loan should be done in 3 years
- Total deduction should not exceed 60% of the gross income for loan amount.
- Processing charge for home loan is 1% at a minimum fee of Rs. 500/-
Interest rates:
The individuals who are interested in grabbing a chance to put an application for Bank of Maharashtra home loan Interest Rate for Rs. 30 to Rs. 75lacs for a period of 5 to 10 years is 11.25%. The interest rate increases along with the loan amount and loan period. Individuals who are interested in taking loan from 5 to 20 years with the interest rates are 10.25 to 10.75%.
It is time to avail home loan from the Bank of Maharashtra home loan as this supports the customers to decrease the burden on the pocket with EMI. The prepayment of home loan is the special attraction of the bank.
Raj Kumar is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance clap.
