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.
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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:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 18 - 70 years | 18 - 70 years |
| Nationality | Indian Residents | Indian Residents |
| Minimum Income Earned | Rs. 25,000 per month | Rs. 25,000 per month |
| Credit Score | 750 or above (preferred) | 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 |
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| 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) |
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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:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| Bank of Maharashtra | 10.95% – 11.45% p.a. | Up to 1% of the loan amount + GST |
| Tata Capital | 9.00% - 14.25% p.a. | Up to 1.25% of the loan amount + GST |
| PNB Housing Finance | 9.25% - 15% p.a. | 2% of the loan amount + GST |
| LIC Housing Finance | 9.50% - 11.55% p.a. | 1% of the loan amount |
| SBI | 10.00% - 11.30% p.a. | 1% of the loan amount |
| Bank of India | 11.35% - 12.85% p.a. | 1% of the loan amount |
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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:
1. 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.
2. 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.
FAQs
The current rate of interest for a Bank of Maharashtra LAP ranges between 10.95% - 11.95% per annum.
Yes, the Bank of Maharashtra offers a Loan Against Property as an overdraft facility. This allows you to access funds up to the approved limit and pay interest only on the utilized amount.
Eligible applicants can get a LAP of up to Rs. 10 crores from the Bank of Maharashtra.
You can mortgage both residential and commercial properties for a Bank of Maharashtra Loan Against Property. The property must be owned by the applicant and free of any legal encumbrances.
Yes, you can transfer your existing Loan Against Property from another bank to the Bank of Maharashtra. The bank will evaluate your current loan details and offer competitive terms for the transfer.