Bank Of Maharashtra provides home loans to customers for easy home finance. And with the help of Bank Of Maharashtra home loan, you can pay a lower interest. Because the bank provides loans to customers at a marginal cost fund based lending rate. Which means the interest rate will change with the Bank MCLR. Read the given article to know the Bank Of Maharashtra interest rate benefits.
Tax deductions on home construction from Bank Of Maharashtra home loan
You can borrow up to INR 30 lakh from the bank for your house construction or property purchase. And the interest charged on your home loan is starting from 8.50% to 9.00%. But do you know that on your loan payment you can earn tax benefit? If not then know about it because the TDS can lower your equated monthly installments. According to the income tax act of 80C and 24b, the borrower is eligible for the tax deduction on their home loan. And with the new budget 2020, it is up to you whether you want to get these benefits or not.
If you are buying a property or house for the first time, then you will get benefits under the ITA section 80EE of INR 50,000. So if you finance your property with the Bank of Maharashtra home loan, then you can access these tax benefits on your loan payment. And the optional tax slabs can be availed from April 2020.
How to pay the Bank Of Maharashtra home loan?
You can pay the borrowed loan in equated monthly installments. The bank provides 360 months of repayment duration on home loans. And the principal amount and the Bank Of Maharashtra interest rate can be paid through electronic clearing service or standard instruction. Also, you can use post-dated cheques and submit it to the bank. The user can estimate their loan EMI using the Bank Of Maharashtra home loan EMI calculator. To use the calculator enter your loan amount, interest rate and tenure to generate the EMI. The EMI will be calculated within a few seconds and you can choose a suitable tenure for its payment.
Apply for Bank Of Maharashtra home loan
To borrow a loan from Bank Of Maharastra you can visit the nearest bank branch and apply for it. And to find the nearest bank branch go to the bank website and locate the bank branch. After that, go to the Bank Of Maharashtra fill up the loan application form and submit the documents. The required documents are individual PAN card, Aadhar card, salary slip, and bank statement. For the home loan, you need to pay a processing fee, which is 2.50% of the borrowed amount. The processing fee would range from INR 2,000 to 25,000 depending on your loan amount. So buy a property or a house and finance it with Bank Of Maharashtra to get exciting tax benefits on your loan. Now property purchase can be beneficial with the help of Bank Of Maharashtra interest rate on the loan amount.