Bank Of Maharashtra Home Loans Review
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2 Comments
Corporate Profile
Bank of Maharashtra was founded by Prof. V. G. Kale and the late Shri D. K. Sathe. The bank commenced operations on 8th February, 1936 with an authorized capital of Rs. 10 Lakhs and issued capital of Rs. 5 Lakhs. The bank got listed in the BSE in the year 1958. Eleven years hence, the bank was nationalized with 153 other banks. As of 2009, Bank of Maharashtra boasts of operating 1444 branches, 345 ATMs, total business of over Rs. 90,000 crore and 902 CBS branches. The Bank achieved 100% CBS coverage on 2nd March, 2010.
Bank of Maharashtra offers deposit schemes, loans and NRI services. Under personal banking, the bank offers home loans for building own house and/or purchasing new house/flat (old or new) and/or for repairs/renovation of existing house.
Analysis
Loan to Value Ratio – Bank of Maharashtra Home Loan can be applied for a maximum of 75% of the property value subject to credit discretion and are accompanied by a specially-designed insurance cover. This feature is very much comparable to other products in the market; Central Bank of India offers loans up to 75% of the property value. Few banks are more lenient when it comes to loan to value ratio.
With reference to quantum of loan disbursement, there is no maximum limit for Metro/Urban area. But the maximum limit is Rs.15 Lakhs in Semi Urban/Rural area and Rs.5 Lakhs for repairs/renovation in all areas.
Tenure – Bank of Maharashtra home loans are available for a maximum tenure of 25 years.
Interest Rate – Tenor Fixed/ Floating P.A. Upto and inclusive of 5 years Above 5 years and Upto and inclusive of 10 years Above 10 years but below & inclusive of 20 years Sanctioned Loan amount upto Rs.30.00 lakh Floating 8.50% 8.75% 9.00% Fixed 9.50% 10.00% - Sanctioned Loan amount above Rs.30.00 lakh Floating 9.00% 9.50% 9.75% Fixed 10.25% 10.50% - For Repairs and renovation: 9.25% p.a.
Prepayment Charges – Incase of prepayment from own source, no prepayment penalty is charged. However, in case of takeover of loan by other Banks/FIs, prepayment penalty @ 2% on outstanding balance is charged and recovered before releasing the charge/paper(s). This feature is similar to banks like IDBI, PNB and SBI.
Processing Fees –
Loan Slab Processing fees Loan upto Rs.5.00 lakh Rs.1000/- Loan above Rs.5.00 lakh and upto Rs.15.00 lakh Rs.2500/- Loan above Rs.15.00 lakh Rs.5000/ The processing fee charged by Bank of Maharashtra is amongst the lowest offerings in the market as against IDBI Bank’s offering of 0.5% or Rs. 11,000, whichever is lower and HDFC Bank’s offering of 0.5% or Rs. 10,000, whichever is lower.
Published on August 5, 2010 · Filed under: Bank of Maharashtra Home Loan;
2 Responses to “Bank Of Maharashtra Home Loans Review”
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Praveen Ramdas Egewad said on August 17th, 2011 at 1:27 pm
Please my a/c is Bank of Maharashtra, branch Shaniwar Peth, Pune – 30. In the Name of Poona ICards for last 5 years. So Please I required the New Constructed Home Loan for the period of 10 Years. My Income is yearly 3,50,000/- per year.
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charu said on August 31st, 2011 at 8:40 am
As you have an account from last 5 years in Bank of Maharashtra, it won’t be difficult for you to get the loan sanctioned. For that you can contact the Bank of Maharashtra’s customer care at Pune regional office @ 1800-2332003. Considering your salary, you are eligible for loan amount of Rs 1,45,000 approximately.
The bank is currently offering both fixed rate with 11.25%, and floating rate loan at 0.50% above the base rate, the current base rate being 10.5% p.a.
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