Loan Against Property from Bank of Maharashtra.
A low-interest loan to consolidate your debts.
Bank of Maharashtra Loan Against Property Scheme
This loan helps borrowers get access to funds by mortgaging their property to meet their urgent financial needs. While a loan against property can be used to meet financial expenses such as a child’s wedding, foreign travel, higher education and so on, it can also be used to consolidate your debts.
Features of Bank of Maharashtra Mortgage Loan
Why this Loan?
- The Bank of Maharashtra Loan Against Property is meant for borrowers who need assistance to meet financial needs other than for speculative purposes
- It can also be availed as a consolidation loan and pay off their high-interest credit card debts and loans
- The minimum loan amount sanctioned by the bank under this loan is Rs. 2 lakh
- The maximum loan amount offered under this loan scheme is Rs. 3 crore in metro areas and Rs. 1 crore in other areas
- As of October 2020, the applicable interest rate on this loan not mentioned on the bank’s website. We suggest talking to a bank’s representative to get more information
- Term Loan: This loan must be repaid within 7 years or on the borrower reaching the age of 75 years, whichever is earlier
- Borrowers should be in the age group of 18-65 years
- Permanent employees of Central government, State government., Public Sector Undertakings, Multinational Companies,
- Self-employed professionals and business owners who have been engaged in business for at least the last 2 years
- The borrower should have unencumbered hold of the self-occupied residential/commercial property or building are eligible
- The bank accepts mortgage of immovable properties including residential property, commercial property and plot of land other than agricultural land
Margin Money (Borrowers Contribution to Total Cost)
- The bank charges 40% of the realisable value of immovable property as margin for this loan
Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, a 20% margin means you will have to contribute Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.
- The bank charges up to 0.50% of the loan amount for processing the loan
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan / Form 26AS / TDS Certificate, IT Assessment, etc.
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- Bank of Maharashtra Website: www.bankofmaharashtra.in and www.mahaconnect.in (net banking)
- Headquarters: Pune, Maharashtra
- Call Centre Toll-Free Number: 1800 233 4526