Buying a home is still a dream for many people. Do you think buying a home is a simple thing? It comes with lots of financial challenges. Fortunately you can make these challenges simple by getting a home loan. This allows people to make their dream come true.
Are you in phase to get a home loan? It is important to know about Maharashtra Gramin Bank Home Loan Interest Rate & Benefit. Because it is an ongoing commitment that can take years to pay off. It is essential to know important aspects before applying for a home loan.
Maharashtra Gramin Bank Home Loan Purpose
- Buy or build a new or old house or flat
- Repair, renovate, or expand an existing house
- Purchase an already constructed flat or house from a housing society or private builder.
- Purchase home appliances for a new house under the Total Home Loan Scheme
Maharashtra Gramin Bank Home Loan Interest Rate Eligibility
Do you need to check eligibility? Maharashtra Gramin Bank loan eligibility are
| Criteria | Salaried | Entrepreneurs |
| Age | 21 to 60 years | 22 years to 55 years |
| Net Monthly Income | Rupees 15000 | Rupees 25000 |
| CIBIL Score | Above 750 | Above 750 |
| Minimum Loan Amount | Rupees 50000 | Rupees 50000 |
| Maximum Loan Amount | Rupees 25 lakh | Rupees 50 lakh |
Maharashtra Gramin Bank Home Loan Interest Rate Documents Required
The Home loan documents required by Maharashtra Gramin Bank are
- You can submit proof of identity like
- Aadhar card
- PAN card
- driver’s license
- Voter ID card
- The application Form must be filled out and signed with a photograph.
- Submit income tax returns from the past three years.
- Processing Fee Cheque
- Salary Slips for the last six months. This is for salaried persons.
- Property Documents like Title documents and approved plan
- You need to provide the cost estimate from the Architect.
- You need to submit the last three years CA Certified or Audited Balance Sheet and Profit & Loss Account.
Application Process
The Home loan application for Maharashtra Gramin Bank is very simple. You can directly visit the bank website and fill in the required details. Then, upload the necessary documents. Review the information’s to avoid any mistakes. Once completed you can submit the application for Maharashtra Gramin Bank Home Loan Interest Rate & Benefit.
Other Fees and Charges
The Gramin Bank loan processing fee is up to Rupees 50000
- Goods and Services Tax
- Verification charges
- Charges for issuing a duplicate statement
- Penalty for defaults
- Penalty for prepayment and part payment of the loan
Maharashtra Gramin Bank Home Loan Interest Rates
| Criteria | For Salaried | For Entrepreneurs |
| Interest Rate | 10.75 percentage onwards | 11.00 percentage onwards |
| Loan Tenure | The Maharashtra Gramin Bank loan tenure is a maximum of 5 years | The tenure is maximum of 5 years |
| Pre-payment Charges | 3 percentage of amount prepaid | 3 percentage of amount prepaid |
| Foreclosure Charges | 3 percentage of principal outstanding | 3 percentage of principal outstanding |
The Key Features
- You can get a top-up on your loan if you already have a Home Loan and have been paying your EMIs on time with no pending payments
- The extra loan amount can be given quickly or instantly.
- You will need to provide minimal paperwork.
- Certain lenders do not charge a processing fee.
- No need to provide any collateral.
Tax Benefits of Availing of a Maharashtra Gramin Bank Home Loan
There are two types of tax benefits for Resident Indians with a Maharashtra rural bank home loan
- Repayment of the Principal Amount
You can get a tax repayment under Section 80C of the Income Tax Act. It is the total amount repaid in a financial year.
- Repayment of the Interest on Home Loan
Tax benefit on home loan interest payments is allowed as a deduction under Section 24 of the Income Tax Act.
Maharashtra Gramin Bank Home Loan EMI
It is important to know about Maharashtra Gramin Bank home loan EMI. It is an amount of money borrowed from a bank or financial institution at a specific interest rate. This amount has to be repaid monthly through EMIs over the loan tenure. An EMI includes both principal and interest amounts.
Will EMI Change in Case of Prepayment of Maharashtra Gramin Bank Home Loan?
Maharashtra Gramin Bank home loan prepayment charges are nil for floating rate loans. The principal balance reduces when you prepay. You then have two options
- Continue with the existing EMI and shorten the loan tenure.
- Reduce EMI while keeping the loan tenure.
The first option is generally more beneficial as it reduces the total interest paid. This allows you to pay off the loan faster.
How to Reduce Your Home Loan EMI
- Negotiate with your banker for a lower interest rate.
- Apply for a longer loan tenure.
- Make the maximum possible down payment.
- Prepay part of the loan amount.
Home Loan EMI Calculator
The Maharashtra Gramin Bank home loan calculator is a simple tool. This helps you determine your EMI.
- Visit the Codeforbanks page.
- Select the Home Loan EMI Calculator from the Financial Calculator menu.
- Then enter the loan amount, tenure and the interest rate.
- The calculator will display the EMI amount.
- You can adjust the limit to find the EMI that best fits your financial plan.
How Does an EMI Calculator Work?
An EMI calculator uses three main factors
- Loan Amount
The loan amount borrowed from a bank or financial institution. A higher loan amount results in a higher EMI.
- Tenure
The repayment period is calculated in months. Longer tenures usually mean smaller EMIs but more total interest paid.
- Rate of Interest
The interest rate charged on the loan. This rate varies between lenders. Higher interest rates increase the EMI.
Benefits of EMI Calculator
Before applying for the loan you must understand whether you can afford it or not. An EMI Calculator helps with this. It allows you to budget effectively for timely EMI payments.
- You can use the calculator online from any device, anywhere.
- It provides precise calculations compared to doing them yourself.
- Helps you calculate EMI based on the interest rate before you apply for the loan.
- Quickly calculates your EMI as soon as you enter the required details.
- No need to do manual calculations or visit a bank. It provides the EMI amount instantly.
- Gives a detailed table showing the date, principal, interest, and EMI for the entire loan period.
Popular : Gramin Bank home loan: Interest rates, Eligibility, Benefits
Wrapping it Up
The Maharashtra Gramin Bank home loan offers a competitive interest rate. They also provide flexible terms for users. It makes it easy for you to manage your home financing needs. It also helps to achieve your home ownership goals efficiently. Make sure to understand everything about the loan before applying to make an informed decision.
FAQs
What is the interest rate for home loans at Gramin Bank?
The interest rate for home loans at Gramin Bank varies based on the loan type and market conditions.
How long will it take to process a home loan application?
The home loan processing time varies, typically taking from a few days to a few weeks.
What are the eligibility criteria for a home loan?
Eligibility criteria typically include being an Indian citizen and meeting the age requirements. The applicants must also have a stable income and a good credit score.
How is the home loan interest rate calculated?
The interest rate is calculated based on three main factors. They are loan amount, tenure, and interest rate.
