Bank of Maharashtra Housing Loan
Bank of Maharashtra Housing Loan from Download
The Bank of Maharashtra Housing Loan (Maha Super Housing Loan Scheme) is a consumer credit program structured for purchasing plots, constructing homes, or refinancing existing high-interest real estate debt. [1, 2]
Core Loan Features & Tenures
- Comprehensive Funding Scope: Finances the purchase of a new or existing house/flat, plot acquisition followed by immediate construction, property extensions, and major structural renovations. [1]
- Long-Term Amortization: Extends repayment tenures up to 30 years, or until the borrower reaches the age of 75 years, minimizing the monthly Equated Monthly Installment (EMI) footprint. [3, 4]
- Zero Exit Penalties: Imposes no charges for early pre-payment, part-payment, or complete pre-closure of the housing loan balance. [3]
- Cross-Product Discounts: Grants interest rate concessions on subsequent Car Loans or Education Loans to active home loan borrowers. [3]
Eligibility & Minimum Income Benchmarks
- Broad Nationality Base: Open to Resident Indian citizens, Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs). [1]
- Minimum Income Line: Mandates a baseline, ascertainable income of ₹3 lakh per annum across all profiles:
- Salaried Individuals: Verified through a minimum of 2 years of Form 16 or IT Returns.
- Self-Employed Professionals: Evaluated over a minimum 2-year ITR baseline.
- Businessmen: Verified via a minimum 3-year track record of audited balance sheets.
- Agriculturists: Assessed using income certificates from state-level Gazetted Officers (e.g., Tahsildar). [5, 6]
Margin Rules & Project Financing Limits
The financial margin or Loan-to-Value (LTV) framework is strictly scaled by the total cost of the property: [7]
| Property Value Tier [7] | Maximum Loan Amount (LTV %) | Required Down Payment (Margin %) |
|---|---|---|
| Up to ₹30.00 Lakh | 90% of total project cost | 10% structural margin |
| ₹30.00 Lakh to ₹75.00 Lakh | 80% of total project cost | 20% structural margin |
| Above ₹75.00 Lakh | 75% of total project cost | 25% structural margin |
| Independent Plot Purchases | 75% of registered/realizable value | 25% mandatory margin |
- Green Integration Support: Allows borrowers to expand their primary project cost projection by including the purchase and installation quotation of a Rooftop Solar Plant. [8]
- Construction Moratorium: Grants a repayment holiday of up to 18 months from the date of the first cash disbursement during house construction phases. [7]
Mandatory Application Documentation
- KYC Essentials: Requires a fully completed Housing Loan Application Form with 2 photographs, PAN card, Aadhaar, and recent utility bills. [5, 9]
- Property Clearances: Mandates a registered Agreement of Sale, building blueprints approved by competent authorities, and certificates under the Urban Land Ceiling Act. [5, 10]
- Takeover Files: Requires an active loan account statement covering the previous 12 months alongside an outstanding certificate for balance transfer refinancing. [3, 11]
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