Bank of Maharashtra

Housing Finance Scheme

Purpose
To build your own house.
To purchase a new house.
Renovation and repairs of the present house.
Eligibility
Salaried persons with permanent employment in Govt. Depts. or private sector
companies/establishment of repute.
Professionals.
Businessmen.
Amount
No maximum ceiling in metro and urban areas.
Maximum Rs 10 lakh in semi-urban and rural areas.
Maximum Rs 5 lakh for repairs and renovation.
Quantum of Loan
For salaried persons-
40 times of gross salary.
85% of cost of house including registration, mortgage, electricity deposit etc.
Loan amount will be whichever is lower of (1) or (2)
For businessmen-
3.33 times of average total income of last 3 years.
85% of the cost of new house or flat/and 75% of the cost of old flat/house (not
more than 10 years old)
Loan will whichever is lower of (1) or (2)
Max. deduction allowed - 60% of gross income.
Age Criteria
Min 21 years
Max. 50 years for applicant in service class, subject to min 10 years of residual
service.
55 years for business class.
Margin
Ranging up to 25%
Repayment
For new/old house/flat - 240 months- by EMI
For repairs/renovation - 60 months- by EMI
Security
Up to Rs 25,000/- one guarantor acceptable to the bank. Above Rs 25,000/- one
guarantor and equitable/regd.mortgage of property or Equal amount of paper
security (NSCs, FDRs of our bank etc. excluding shares).

Deduction Limit
60% of gross salary including proposed loan installment.
Processing
 Nil

Home Conversion Scheme

Purpose
To change the security (House property)for better accommodation
Eligibility
Salaried persons with permanent employment in Govt. Depts. or private sector
companies/establishment of repute.
Professionals
Businessmen
Amount
No maximum ceiling in metro and urban areas
Maximum Rs 10 lakh in semi-urban and rural areas
Maximum Rs 5 lakh for repairs and renovation.
Quantum of Loan
85% of cost of house including registration, mortgage, electricity deposit etc.
For salaried persons - 40 times of gross salary.
For businessmen-3.33 times of average total income of last 3 years.
Age Criteria
Min 21 years
Max. 50 years for applicant in service class, subject to min 10 years of residual
service.
55 years for business class
Margin
Ranging up to 25%
Repayment
For new/old house/flat - 240 months- by EMI
For repairs/renovation - 60 months- by EMI
Processing Fee
0.25% of the amount sanctioned

Security
New property is taken as security. Up to Rs 25,000/- one guarantor acceptable to
the bank.
Above Rs 25,000/- one guarantor and equitable/regd.mortgage of property or
Equal amount of paper security (NSCs, FDRs of our bank etc. excluding shares).
For full value of house property against fire and earthquake etc. with bank's clause.
Deduction Limit
60% of gross income.