Owning a Home Just Got Easier. Here’s How Bank of Maharashtra Helps You Save
Owning a luxurious home of your own is everyone’s dream. And to fulfill this dream, we often look for a bank that offers home loans at the lowest possible interest rate. In such a situation, if any bank is offering a home loan at a very low-interest rate, then what could be better than that?
According to the official website of Bank of Maharashtra, the bank is offering home loans at low interest rates with minimal paperwork. As per the bank, Bank of Maharashtra offers loans with low EMIs, easy disbursement, low processing fees, and no hidden charges.
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What is the Maha Super Housing Loan Scheme?
Under the Maha Super Housing Loan Scheme, loans are provided for the construction/purchase of a house, purchase of a plot, construction on a plot, and for repairs, renovation, or modifications to an existing house or flat.
How to easily get a home loan? Required Documents
Completing the loan process as quickly as possible and obtaining the loan is very easy at Bank of Maharashtra. For this, you just need to complete some essential paperwork. To speed up the loan process, your credit score should be good, and all necessary documents should be available with you.
Necessary documents for a home loan:
- Application form
- Two passport-size photographs
- Identity proof (Any one of Voter ID, PAN Card, Aadhaar Card, Driving License, Passport)
- Address proof (Any one of Electricity Bill, Telephone Bill, Voter ID, PAN Card, Aadhaar Card, Driving License, Passport)
For salaried individuals:
- Salary slips for the last three months
- Copies of income tax returns for the last two years
- Bank account statement for the last six months
For self-employed/business/professionals:
- Income calculation
- Profit and Loss account
- Balance sheet
- Audit report
- IT returns for the last three years
- Shop establishment certificate
- Tax registration copy
- Company registration license
- Bank statement for the last one year
Along with all these documents, guarantor form, guarantor’s identity and address proof, and property documents are also required.
Bank of Maharashtra Home Loan Interest Rates & Processing Fees
According to the information given on the website of Bank of Maharashtra, currently, for Maha Super Housing Loan Scheme the applicable processing fee is 0.25% of the loan amount plus GST.
Understand EMI Calculation
If you take a home loan of up to 20 lakhs for a period of 15 years at an interest rate of 7.35% from Bank of Maharashtra, then the monthly EMI will be ₹18,370. The total interest will be ₹13,06,632, and the total repayment will be ₹33,06,632.
If you reduce the loan repayment period, for example, take a loan of 20 lakhs for 10 years, then the monthly EMI will be ₹23,584. The total interest will be only ₹8,30,089, meaning the total repayment will reduce from nearly 5 lakh to ₹28,30,089.
This shows us that whether it’s a home loan or any other type of loan, the shorter the repayment period, the less interest you have to pay. The premium certainly increases, but if you want to repay the loan quickly and reduce the interest, then this is the best option.
How to Apply for Bank of Maharashtra Home Loan
- To apply for the Bank of Maharashtra’s Maha Super Housing Loan Scheme, you can visit the bank in person.
- But if you know how to use the internet, then there is no need to go anywhere. Because by visiting the Bank of Maharashtra’s website, you can also apply online for a digital loan. For this, you just need to keep the necessary documents ready and follow the step-by-step instructions.
Quick Steps to Apply Online:
- Visit the Bank of Maharashtra Home Loan Portal.
- Keep your documents ready.
- Follow simple, step-by-step instructions.
- Track your application status online.
Here, I am providing the link to the video released by Bank of Maharashtra, which will make the loan process even easier.
Watch the Official Video Tutorial: How to apply online for a digital loan under the Maha Super Housing Loan Scheme
Conlusion
Before applying for a Maha Super Housing Loan Scheme loan from Bank of Maharashtra, check your loan amount and interest related information once as per your requirement through the EMI calculator given on the official website. And only then apply for your loan.
If you’ve been delaying your dream home purchase due to complicated loan processes or high-interest rates, Bank of Maharashtra’s Maha Super Housing Loan Scheme is worth exploring. It combines attractive rates, low EMIs, minimal paperwork, and the convenience of online application.
