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Home Loans

Bank of Maharastra Home Loans lowest interest rate with 3 EMI Free

Home Loans: Everybody has a dream to have their own independent house, no issue it is small or big. To fulfill this dream a large no of middle-class families take home loans to buy an independent house or Flat. But it is not very easy to avail of a home loan. Many times people getting trouble in many ways with the approval of a home loan. Due to the high rate of interest, middle-class families fear taking a home loan. They always fear how we will be able to pay such a high rate of interest for a long period of time. 

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Home Loans: Bank of Maharastra brought a new home loan plan with the lowest EMI along with 3 EMI free.   

Home loans are not taken for one or two years. This is taken for 15-30 years. In this case, you can save a lot of money with the difference of 0.10% in interest rate. However, here is the thing to keep in mind Every Bank doesn’t give every borrower the same rate of interest on a Home Loan. The home loan interest rate depends upon many aspects. Let’s know  Bank of Maharastra provides the cheapest home loan to home buyers.

Details about Home Loan: 

  • In this scheme, you can take benefits of 3 EMI free for paying on regular payment. . According to this scheme, Bank will provide you 3 EMI free if you will pay monthly EMI on regular basis. 

  • The processing fee is also waived till 30th June 2022. If you take a 30-40 lakh Home loan you can save up to 10-14 thousand rupees.  Every Bank charges a processing fee of 0.25%-0.35% per one lakh loan.  

  • For women and defence category people there is a concession of 0.05% on the total gross home loan sanction.

  • Bank of Maharastra provides maximum tenure up to 30 years up to 75 years of age. If you are a retired person and you have prison or another source of income and your age is 60 years you can take a home loan up to 75 years for a 15 years tenure period with the lowest interest rate. The lower age group can take a home loan tenure for 30 years. 

  • Pradhan Mantri Awas yojana(PMAY) scheme is also available in this home loan. You can save up to 2.67 lakh in this home loan facility. This scheme is provided by the central govt of India. According to this scheme, every Indian can get up to 2.67 lakh extra benefits in a home loan for first-time homebuyers. 


  • If can close the home loan at any time before the tenure period. Bank will not charge any pre-payment/pre-closer charges. 

  • Bank of Maharastra provides the lowest interest rate of 6.80% per annum. This is a  good interest rate in comparison to the other bank. 

How much Home loan can you get?

You have to pay a 10-20% down payment of the property cost. Suppose property cost is 50 lakh you have to pay 5-10 lakh as a down payment. After that, you can take a  home loan of 80-90% of the property cost. Apart from this, you can also include the registration and registration cost. You should pay maximum as a down payment of the property cost, by which you can reduce the burden of a home loan. The bank charges a lot of interest on a long-term home loan. You must be conscious of this matter. It is better as early as possible try to close the home loan you can save a lot of money.       

Documents required for Home Loan : 

  • Application form duly complete and signed.

  • Two passport photograph

  • Proof of Identity (anyone) 

Voter ID card, PAN card, Adhar card, Driving license, Passport.

  •      Proof of Residence (anyone)

     Electricity Bill, Voter ID card, Telephone Bill, Adhar card, Driving license.

For Salaried Persons

  • Three months update salary slip 

  • IT return or form 16 two years

  • Bank account statement last 6months up to date.

For Non-salaired/Business Persons:

  • The last 3 years IT returns. ( Including P&L statement, computation, Balance sheet, audit report etc)

  • Shop establishment act.

  • Tax registration copy. 

  • Company registration License.

Property Documents: 

  • Receipt for payment. 

  • Approval drawing copy.

  • Permission from competent Authority.

  • Agreement for Sale.

  • Allotment Letter.

  • NOC from Builder

  • Tri-party agreement.

  • Demand letter 

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