Bank of Maharashtra Loan Against Property
Bank of Maharashtra Loan Against Property
Bank of Maharashtra Loan Against Property is designed to help you utilize the value of your assets, offering a seamless way to meet financial needs. By mortgaging your property, you can access substantial funds at competitive interest rates starting at 10.95% per annum for a repayment period of a maximum of 10 years. CIBIL score plays an important role in determining the interest rate for a loan against property Bank of Maharashtra.
Bank of Maharashtra Home Loan EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
Bank of Maharashtra Loan Against Property Interest Rate
Bank of Maharashtra Loan Against Property interest rates ranging between 10.95% - 11.95% per annum are structured to provide long-term financial flexibility. These rates vary based on the credit score of the applicant. Additionally, the bank offers options for both fixed and floating rates, allowing for strategic financial planning based on your preferences and risk appetite.
The Bank of Maharashtra LAP interest rate 2024 is mentioned below for a better understanding of the same:
| Rate Package | Rate of Interest |
|---|---|
| CIBIL (750 and Above) | 10.95% p.a. onwards |
| CIBIL (700 - Below 600) | 11.30% p.a. - 11.95% p.a. |
Bank of Maharashtra Loan Against Property Eligibility Criteria
To qualify for Bank of Maharashtra's Loan Against Property, applicants must be individuals or businesses owning residential or commercial property. Eligibility is based on factors such as age, income stability, and the property's value. The bank may also assess the applicant's credit history and financial standing during the evaluation process.
The table below enlists the updated information about the Bank of Maharashtra loan against property eligibility criteria:
For Salaried Individuals
Age Range (in years)
18 - 70 years
Nationality
Indian Residents
Minimum Income Earned
Rs. 25,000 per month
Credit Score
750 or above (preferred)
For Self-Employed Individuals
Age Range (in years)
18 - 70 years
Nationality
Indian Residents
Minimum Income Earned
Rs. 25,000 per month
Credit Score
750 or above (preferred)
Bank of Maharashtra Loan Against Property Fees and Charges
BOM Loan Against Property comes with minimal charges, including processing fees, which may vary based on the loan amount. Other charges may include legal, valuation, and documentation fees. It's important to review these charges beforehand to understand the total cost of availing the loan.
Have a look at the updated details for the Bank of Maharashtra loan against property processing fees and other similar charges through the table given below:
| Processing Fee | Up to 1% of the loan amount + GST |
| Deduction | Up to 60% of the gross income including the proposed EMI |
| Margin | For Loans Up to Rs. 1 crore: 40% of the realizable value of the property; For Loans Above Rs. 1 crore: 50% of the realizable value of the property |
| Security | Equitable mortgage of the property against which the loan is taken |
| Foreclosure Charges | 2% of the outstanding balance |
| Quantum | 5 lakhs to 10 crores (Based on where the property is situated) |
Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
Comparing interest rates on Loan Against Property across top banks and NBFCs helps you secure the best deal, ensuring lower monthly EMIs and overall savings. It allows you to evaluate different offers, including tenure flexibility, processing fees, and additional benefits. By choosing the most competitive rate, you can better manage your finances and repayment plans effectively. So, to help you in this, we are now showing a table of comparison between BOM LAP rate of interest with the other 5 leading financial service providers:
- Rate of Interest - 10.95% – 11.45% p.a.
- Processing Fee - Up to 1% of the loan amount + GST
- Rate of Interest - 9.00% - 14.25% p.a.
- Processing Fee - Up to 1.25% of the loan amount + GST
- Rate of Interest - 9.25% - 15% p.a.
- Processing Fee - 2% of the loan amount + GST
- Rate of Interest - 9.50% - 11.55% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 10.00% - 11.30% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 11.35% - 12.85% p.a.
- Processing Fee - 1% of the loan amount
Documents Required For Bank of Maharashtra Loan Against Property
To apply for a Loan Against Property with the Bank of Maharashtra, applicants need to submit essential documents that verify their identity, financial status, and ownership of the property. These documents help the bank assess eligibility and process the loan efficiently. Ensuring all required paperwork is in order will lead to quicker approval and disbursal of the loan. Have a look at the list of required Bank of Maharashtra loan against property documents:
| For Salaried Loan Applicants | Address Or Identity Proof: Voter ID Card, PAN Card, Aadhaar Card, Etc.
Income Proof: Salary Slips And Bank Account Statements For The Last 3 Months, Recent ITR/ Form 16, Etc.
Documents Of Property: Copy Of All The Property Documents Such As Title Deeds, Approved Plan, Proof Of No Encumbrance, Etc.
Other Documents: Application Form With Recent Passport-Size Photograph, Appointment Letter, Processing Fee Cheque, Declaration With Documents Mentioning The End Use Of The Loan, Etc. |
| For Self-Employed Loan Applicants | Address Or Identity Proof: Voter ID Card, PAN Card, Aadhaar Card, Etc.
Income Proof: ITR Or Form 16 For 3 Years, Form 26AS, P & L Account Statements And Balance Sheets For Last 3 Years, Savings Account Statement Of The Business Entity For Last 6 Months, Business Profile
Documents Of Property: Copy Of All The Property Documents Such As Title Deeds, Approved Plan, No Encumbrance Proof, Etc.
Other Documents: Application Form With Recent Passport-Size Photograph, Appointment Letter, Processing Fee Cheque, Declaration With Documents Mentioning The End Use Of The Loan, Etc. |
How to Apply for Bank of Maharashtra Loan Against Property
Applying for a BOM LAP is simple and hassle-free. Visit your nearest branch or apply online today to unlock the value of your property and meet your financial goals effortlessly with an easy Bank of Maharashtra loan against property apply online procedure
Apply Now on the BASIC Website
Visit the official website of BASIC Home Loan and click on the Apply Now section
Choose ‘Loan Against Property’
Select ‘Loan Against Property’ under ‘Tell us about your requirements’ on the next displayed page
Enter Your Details
Enter the details asked in the online form, and then click ‘Next’
Our Expert Will Reach Out to You
You will then be contacted by the BASIC Home Loan team for further assistance in applying for a Bank of Maharashtra Home Loan Against Property
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