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Faq
Q: What is the interest rate on a Bank of Maharashtra mortgage?
A: The Bank of Maharashtra offers attractive interest rates for mortgage borrowers.
The interest rate for Bank of Maharashtra mortgage loans is between 8.70% and 8.80%. The interest rate is decided by the bank according to the profile of the applicant.
Q: Are there any concessions for female borrowers on a mortgage?
A: Yes. There is a mortgage program specially designed for women home buyers, which offers a preferential interest rate of 0.05%. However, the following two criteria must be met and they are:
- The woman must be the sole applicant or one of the co-applicants for the mortgage
- The woman must be the sole owner or one of the co-owners of the proposed property to be financed by the Bank
Q: What is a variable rate home loan?
A: If the interest rate on the loan changes periodically over the life of the loan, it is a variable rate home loan. Lenders have their own base rate which determines the interest rate charged on a home loan. Bank base rates are revised from time to time based on RBI guidelines as well as other factors resulting in an increase or decrease in the EMI amount payable.
Q: What is the difference between an apartment loan and a land loan?
A: The apartment loan and the land loan are part of the housing loan.
- When you take out a mortgage for an apartment, you are technically applying for a home purchase loan. This type of loan is the most common granted to individuals and qualifies for tax benefits under sections 24 and 80C of the Income Tax Act 1961.
- In case you want to buy land to build your house at a later date, you need to apply for a land purchase loan and there is currently no tax exemption benefit for this type of loan.
Q: What are the costs not covered by a home loan?
A: Apart from the margin, some other costs will have to be borne by the borrower. Some of the key expenses in this regard include the cost of the initial deposit, stamp fees, registration fees, and transfer fees, among others.
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