Why to take home loan from Bank of Maharashtra?
Bank of Maharashtra offers home loan at lower rate of interest i.e. at 8.75% with the lowest EMI of Rs. 787 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your home loan to Bank of Maharashtra.
What is the maximum loan tenure I can opt under Bank of Maharashtra house loan?
Bank of Maharashtra offers you a longer tenure of 30 years to repay your home loan with a benefit of paying less EMI per month.
Do I get tax benefit on home loan from Bank of Maharashtra?
As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.
Can I foreclosure my home loan? What are the charges applicable?
Yes, you can foreclose your home loan with Nil charges.
Can I transfer my home loan from another bank to Bank of Maharashtra?
Yes, Bank of Maharashtra gives you the facility to transfer your existing home loan with a hassle free process. Home loan balance transfer to Bank of Maharashtra offers you to pay lower EMIs and save money.
Can I club the income of my spouse with mine and apply for joint home loan?
You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.
What is the benchmark applicable for home loan in Bank of Maharashtra?
The benchmark applicable for home loan in Bank of Maharashtra is 1 Year MCLR.
What is the effect of part payments on Bank of Maharashtra housing loan EMI?
Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.
How to increase my eligibility on Bank of Maharashtra housing loan?
If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.
How will interest rate on Bank of Maharashtra housing loan change in future?
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