Having an own roof over their heads is one of the most common desires of individuals. Everybody wants to move from the rented place to their own homes. But the soaring prices of homes is one of the biggest problems for people. Not everybody can purchase a home loan by paying the amount in one installment. That’s why banks, financial institutions and housing finance companies provide home loans to such individuals. Bank of Maharashtra Home Loan is one of the most popular home loan facilities opted by the customers. Affordable interest rates, lenient eligibility criteria and high loan-to-value ratio are some of the primary reasons behind its popularity.
Bank of Maharashtra Home Loan can be taken for several purposes such as the purchase of a flat or house, plot purchase, home repair, home renovation, home extension, etc. If you are someone who is looking to opt for a home loan and confused between a few good options then Bank of Maharashtra Home Loan could be a suitable option for you. This article will cover all the information about this facility, so by going through this, you could certainly make a better decision.
Bank of Maharashtra Home Loan Features that you must Look at
We are showing you some of the features of Bank of Maharashtra Home Loan that make it so popular loan option among the people. Have a look at them below!
- With the home loan from Bank of Maharashtra, you can opt for a loan amount upto INR 15 lakh if you are living in a rural area. However, individuals living in semi-urban areas can opt up to INR 25 lakh as the loan amount. You must also keep this in your mind that your loan amount will depend on the property value, property location, etc. After checking these factors, the lender will decide the final loan amount.
- When we talk about the home loan interest rate, it generally ranges from 7.05% to 8.45% per annum. Due to affordable interest rates, individuals can easily repay the loan amount on time without any trouble. Also, interest rates depend on your monthly income, property location, existing obligations (like personal loan EMIs), etc.
- You can repay the loan amount according to your own convenience in a maximum tenure of 30 years. Choosing a higher tenure will make you pay more interest amount towards repayment. So, you must choose the tenure according to your monthly income and repayment capacity.
- Bank of Maharashtra also provides the Home Loan Balance Transfer facility with which you can transfer your outstanding principal balance to the Bank of Maharashtra Home Loan at lower interest rates. By doing this, you can easily reduce your EMI amount and save on the interest amount. It is advised to opt for the Balance Transfer facility in the initial period of your loan tenure as the interest portion is usually high in the initial years. Also, you must be paying your EMIs on time to opt for this facility.
- If you want to have an estimate of the EMI amount you will be paying during your tenure, you can use the Bank of Maharashtra Home Loan EMI Calculator. To use this, you only need a few basic details such as required loan amount, rate of interest, and required tenure. As soon as you will feed these details into the tool, you will get the EMI amount instantly. Other than this, you will also get the interest outgo and total amount payable. So, this tool can help you in managing your finances.