Maharashtra Bank Plot Loan

⋆ Interest Rate 9.99% ⋆

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      Rates as low as 9.99%*
      Loans Up to 30 Lacs
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      Maharashtra Bank Plot Loan Features

      Loan Amount Bank Of Maharashtra Home Loan Floating Rate
      Up to ₹ 30 Lakh 8.20%
      ₹ 30 Lakh – ₹ 75 Lakh 8.20%
      ₹ 75 Lakh – ₹ 1 Cr 8.30%
      Above ₹ 1 Cr 8.30%


      Benefits of Maharashtra bank plot loan

      Maharashtra bank plot loan

      • Longer repayment period of up to 30 years
      • The high loan-to-value ratio of up to 90%
      • Speedy approval
      • Low processing charges
      • Several home loan schemes to choose from
      • Available to both salaried and self-employed individuals

      Maharashtra bank plot loan Interest Rates

      The rate of interest offered by Maharashtra Bank Plot Loan is directly linked with the Repo Rate Linked Lending Rate (RLLR), which currently stands at 8.20%. The total interest rate applicable on a Maharashtra bank plot loan is the combination of RLLR and Credit RISK Premium basis the customer’s CIBIL score. The interest rates are applicable to customers as per the nature of the work.

      Loan Amount CIBIL score ROI (Salaried) ROI (Non-Salaried)
      Up to Rs. 30 Lakh 750 and above 8.20% 8.45%
      700 to 749 8.30% 8.55%
      650 to 699 8.50% 8.65%
      600 to 649 8.50% 8.85%
      Below 600 9.00% 9.35%
      -1 or 0 and 01 to 05 8.30 % 8.65%
      Above Rs. 30 Lakh & up to Rs. 75 Lakh 750 and above 8.20% 8.45%
      700 to 749 8.30% 8.75%
      650 to 699 8.45% 8.85%
      600 to 649 8.50% 9.10%
      Below 600 9.00% 9.35%
      -1 or 0 and 01 to 05 8.35 % 8.85%
      Above Rs. 75 Lakh 750 and above 8.30% 8.55%
      700 to 749 8.40% 8.85%
      650 to 699 8.60% 9.10%
      600 to 649 9.00% 9.35%
      Below 600 9.50% 9.60%
      -1 or 0 and 01 to 05 8.60 % 9.10%

      Maharashtra Bank plot Loan Processing Fee and Other Charges

      Particulars Charges/Fee
      Processing Fee 0.50% of the loan amount; subject to a maximum of Rs.10,000
      Documentation Charges 0. 10 % of the loan amount (Maximum: Rs.10000)
      Prepayment Charges Nil
      Penal Interest (in case of default) 1% additional levy over existing Rate of Interest

      Eligibility Criteria of Maharashtra Bank Plot Loan

      The below-mentioned eligibility criteria are to be met by the applicants.

      • The up-and-comer should be between 18 to 60 years old with great discounting limit.
      • Should be an Indian occupant
      • Salaried or independently employed people who should be in the current work for a reliable period
      • A CIBIL score of at least 750 is normal
      • The borrower is needed to begin development over the land or plot inside a given time span to get a plot + development credit. The time period may differ from a moneylender to loan specialist.

      Land Loans

      Credit for land buy is called Plot advance. It tends to be characterized as an advance that causes borrowers to get a plot of land. There is tremendous disarray among development and home advance rates. Home credit is an advance taken to get a generally existing property or another house. While land advances are for the securing of the land on a development that is intended to be dispensed later on.

      Like the wide range of various advances, this advance can likewise be reimbursed through EMI’s alongside a partner charge charged by the financial specialist on the chief credit made sure about by the recipient. On the off chance that the recipient doesn’t pay the credit at the right time, at that point his/her property may get take.

      Types of Land Loans:

      Plot Loan

      An advance can be taken uniquely for a plot for purchasing an unfilled house plot or land where somebody can later form their own home under any conditions be it speculation. It is regularly said by individuals that advances are high-hazard credits and there is a nonappearance of expense helps. Ensure that whichever property you purchase has to be under the Municipal or exchange limits. All the bank plot advances are diverse as each bank has various elements, administrations, and changes of the credit. There are uncommon rates for ladies.

      Plot + Construction Loan

      This loan is taken to buy a housing plot and build a house on any property within a certain period. If the work isn’t completed in a specific time then the bank increases the interest rate. The article has the proper information about plot loans with construction and how is this different from others.

      Parameters Land Loan with Construction Regular Home Loan
      Plot + Construction loan interest rates Rates are similar to a home loan, but the plot + Construction Loan interest rates can be higher if you want the construction period to be longer Interest rates are starting at 7.05%.
      LTV Up to 70% of the property’s value Up to 90% of the property’s value
      Tenure Up to 15 years Up to 30 years
      Tax Benefits The plot loan that is taken for construction and the benefit can be claimed after completion of construction On principal amount under section 80C and interest amount under section 24(b)
      Prepayment Penalty Nil for individuals on floating rates Nil for individuals on floating rates

      Maharashtra Bank plot loans for self-employed individuals

       Salient Features

      • Purchasing a plot that is going on exchange for more than once.
      • Purchasing a plot that has an immediate association with a lodging intricate or a new home turn of events.
      • A disrupted advance sum benefited from other money related foundations are to be Transferred.
      • A tweaked repayment on the credit sum, period, and pace of revenue is given to the borrower by the bank.
      • Making it reasonable to the applicant’s unmistakable pace of revenue is accessible on the Maharashtra bank plot advance.
      • To wrap things up there are no shrouded charges on the credit.

      Who can apply for Maharashtra bank plot loan self-employed?

      People can avail of Maharashtra bank plot loan individually or with any on a joint basis. The co-applicants should be the holders of the plot. Most of the time the co-applicants include family members and don’t want to be the holder of the plot.

      Loan term

      • Up to 15 years one can assign his payments.
      • The loan term depends on the factors like the repayment structure that the applicant opts for.
      • The applicant’s profile, age of the applicant at the time of loan maturity, and age of the plot/land/property at the time of loan maturity are the important things at the time of the loan term.

      Maharashtra Bank plot loan self-employed:

      Tru mounted loan – 2/3 Year mounted Rate Variant

      An adaptable-rate term and a motionless rate are given to the applicants of the Bank of Maharashtra. Within the TruFixed loan, the individual gets the advantage of the stable rate for up to 2/3 years. When the loan is revised to an adjustable-rate loan reflexively, this leads to a complete 15-year loan term.

      Adjustable-Rate Loan

      The adjustable-rate plot loan is attached with Maharashtra bank Retail Prime disposition Rate (RPLR). If there’s a modification within the RPLR, taking the date of the primary disbursement under consideration, there’s a revision of the charge per unit on the loan every 3 months. This may spread the loan term in cases wherever the charge per unit drips.

      Who will apply for a Maharashtra Bank plot loan self-employed?

      People are applicable for this Maharashtra bank plot loan individually or with any other person on a joint basis. The co-applicants should be the holders of the plot.  Most of the time the co-applicants don’t demand being the holders of the plot as they have family members.

      Loan term

      • Up to 15 years one can assign his payments.
      • The loan term depends on the factors like the repayment structure that the applicant opts for.
      • The applicant’s profile, age of the applicant at the time of loan maturity, and age of the plot/land/property at the time of loan maturity are the important things at the time of the loan term.

      Type of Maharashtra Bank plot loan for self-employed:

      Tru mounted loan – 2/3 Year mounted Rate Variant

      An adaptable-rate term and a motionless rate term are given to the applicants of the Maharashtra Bank. Within the TruFixed loan, the individual gain an advantage of the static rate up to 2/3 years. When the loan is revised to an adjustable-rate loan reflexively, this leads to a complete 15-year loan term.

      Adjustable-Rate Loan

      The flexible rate plot credit is joined with Maharashtra bank Retail Prime demeanor Rate (RPLR). On the off chance that there’s a change inside the RPLR, taking the date of the essential dispensing viable, there’s a correction of the charge per unit on the credit like clockwork. This may spread the advance term in cases any place the charge per unit dribbles.

      Maharashtra bank Plot Loan Interest Rates For self-employed professionals

      Adjustable Home Rate Loan

      16.20% is the Retail Prime Lending Rate for salaried individuals.

      Tru mounted loan – 2/3 Year mounted Rate Variant

      16.20% is the Retail Prime Lending Rate

      Maharashtra bank plot loan interest rates for self-employed non-professionals

      Adjustable Home Rate Loan

      16.20% is the Retail Prime Lending Rate for salaried individuals.

      Tru mounted loan – 2/3 Year mounted Rate Variant

      16.20% is the Retail Prime Lending Rate

      Maharashtra Bank plot loan for salaried people

      Salient options

      • Purchasing a plot that is going on exchange for more than once.
      • Purchasing a plot that has an immediate association with a lodging intricate or a new home turn of events.
      • A disrupted advance sum benefited from other money related foundations are to be Transferred.
      • A tweaked repayment on the credit sum, period, and pace of revenue is given to the borrower by the bank.
      • Making it reasonable to the applicant’s unmistakable pace of revenue is accessible on the Maharashtra bank plot advance.
      • To wrap things up there are no shrouded charges on the credit.

      Who will apply for a Maharashtra Bank plot loan for salaried individuals?

      People are applicable for this Maharashtra bank plot loan individually or with any other person on a joint basis. The co-applicants should be the holders of the plot.  Manier times the co-applicants include family members and don’t demand being the holders of the plot.

      Loan term

      • Up to 15 years one can assign his payments.
      • The loan term depends on the factors like the repayment structure that the applicant opts for.
      • The applicant’s profile, age of the applicant at the time of loan maturity, and age of the plot/land/property at the time of loan maturity are the important things at the time of the loan term.

      Maximum loan amount

      Loan Amount Maximum Funding
      Up to Rs.30 lakh 80% of the property price*
      Rs.30.01 lakh to Rs.75 lakh 80% of the property price*
      Over Rs.75 lakh 75% of the property price*

      Type of Maharashtra Bank plot loan for salaried individuals:

      Tru mounted loan – 2/3 Year mounted Rate Variant

      An adaptable-rate term and a motionless rate term are provided to the customers of the Maharashtra Bank. Within the Tru Fixed loan, the individual gain an advantage of the static rate up to 2/3 years. When the loan is revised to an adjustable-rate loan reflexively, this leads to the result of the synopsis to a complete 15-year loan term.

      Adjustable-Rate Loan

      The flexible rate plot credit is joined with Maharashtra bank Retail Prime demeanor Rate (RPLR). On the off chance that there’s a change inside the RPLR, taking the date of the essential dispensing viable, there’s a correction of the charge per unit on the credit like clockwork. This may spread the advance term in cases any place the charge per unit dribbles.

      Maharashtra Bank plot loan interest rates for salaried individuals

      Adjustable Home Rate Loan

      16.20% is the Retail Prime Lending Rate for salaried individuals.

      Tru mounted loan – 2/3 Year mounted Rate Variant

      16.20% is the Retail Prime Lending Rate

      Maharashtra Bank plot loan fees for salaried individuals

      This is the list of fees/charges/other outgoings that can be billed depending on the type of loan one has applied for.

      Processing fees

      Whichever is higher out of Rs.3,000 or up to 0.50% of the loan amount, along with the additional applicable taxes is the processing fee for the self-employed professionals.

      Pre-payment Charges

      Adjustable-Rate Home Loans (ARHL)  
       
      ·        No prepayment charges will be payable on account of full/part payments for loans sanctioned to individual borrowers.
       
      ·        For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant. Prepayment charges at 2% plus taxes, as may be applicable from time to time, of the amount being prepaid, are payable.
       
      ·        The customer will have to submit documents that HDFC deems fit and proper to confirm the source of funds at the time of prepayment of the loan.
      Fixed-Rate Home Loans (FRHL)  
       
      ·        No prepayment charges will be applicable for part/full payments made from own sources i.e., sources other than a bank/NBFC/HFC or financial institutions
       
      ·        The customer should submit documents that Maharashtra Bank sees fit and proper to determine the source of funds.
       
      ·        Prepayment charges will be 2% plus taxes and statutory levies and charges of the outstanding amounts being so prepaid through any financial institution or any bank and will be applied to all full/ partial prepayments.
      Fixed and Variable Rate Loans (Combination rate) Fixed and Variable Rate Loans (Combination rate)
       
      ·        During the Fixed Rate period:
       
      ·        The prepayment charges will be 2%, plus applicable taxes and statutory charges and levies of the outstanding amount being so prepaid through refinance from financial institutions or any banks, and will apply to all partial/full prepayments.
       
      ·        The customer must submit documents that HDFC approves to confirm the source of funds at the time of prepayment of the loan.
       
      ·        During the Variable Rate period:
       
      ·        No prepayment charges will be applicable on account of full/partial prepayments for loan sanctioned to individual borrowers.
       
      ·        For loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants. Prepayment charges at 2% plus taxes and statutory charges, as may be applicable from time to time, of the amount being prepaid are payable.
       
      The prepayment charges mentioned will be applicable from the date of execution of the loan agreement. However, the charges are subject to change from time to time depending on the prevailing policies of Maharashtra Bank

      Conversion fees 

      The conversion facility to pull down the rate of interest on the loan by switching schemes is an advantage given by the Maharashtra Bank to its prevailing customers. Through this one can either pay a fee or lessen the loan amount period or EMI. The options of conversions available for the current Maharashtra Bank customers are

      Name of the service/product

      Name of the charge/fee levied

      When payable

      Frequency

      Amount in rupees

      Switch to a lower rate in   Variable Rate Loans (Housing/improvement   /extension)

      Conversion fees

      On conversion

      On every spread change

      Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of Rs.50,000 plus taxes whichever is lower.

      Switching to Variable    Rate Loan from Fixed           Rate Loan (Housing  /improvement /extension)

      Conversion fees

      On conversion

      Once

      Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of Rs.50,000 plus taxes whichever is lower.

      Switching from Trufixed Fixed Rate to Variable Rate Loan

      Conversion fees

      On conversion

      Once

      1.75% of the principal outstanding and undisbursed amount plus taxes at the time of conversion.

      Switch to Lower Rate (Non-Housing Loans)

      Conversion fees

      On conversion

      On every spread change

      Half of the spread difference on the principal outstanding and undisbursed amount plus taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%.

      Switch to Lower Rate (Non-Housing Loans)

      Conversion fees

      On conversion

      On every spread change

      0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion.

       

      Cheque discredit charges

      Rs.200 is the cheque discredit charges for the Maharashtra bank plot loan (conditions apply)

      Fees on account of external opinion

      The external opinions are one from technical valuers or advocates and the fees can be paid directly to the person in charge depending on the kind of help summarized.

      Property insurance

      For keeping the loan period active a regular payment should be done by the customers to the insurance provider.

      Charges on account of delayed payments 

      If the payment of interest or EMI gets late due to some issue then the customer has to pay extra interests up to 24% p.a

      Incidental charges

      These charges and expenses are forced to cover the charges, costs, and other expenses to recover dues from a defaulting customer.

      Statutory/regulatory charges

      The customer is answerable for all custody related to stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI).

      List of documents

      The cost for the list of documents taken by the Maharashtra bank plot loan is Rs 500.

      Photocopy of documents

      The cost for the photocopy of documents is Rs.500

      Increase/decrease in the loan term 

      A payment of Rs 500 is to be done along with the application form if there is a need where you want to increase or decrease the loan term.

      Disbursement cheque cancellation charge post disbursement

      Rs.200 is the charge for the cancellation of the Disbursement cheque.

      PDC swap

      A minimal amount of Rs 200 is charged for the PDC swap charges

      Re-appraisal of the loan after 6 months from sanction

      A payment of Rs 2000 is to be made along with the applicable taxes if you want a re-appraisal of the Maharashtra bank plot loan after 6 months from its sanction.

      Maharashtra bank plot loan Status

      As soon as you fill your form and submit it, a Maharashtra bank representative will gather the specified documents from you. Maharashtra Bank will make a loan offer if the verification of your documents is successful and if you’re found appropriate.

      By contacting your branch and referencing the appliance number one can check the Maharashtra Bank home equity credit by contacting your branch and referencing the appliance number. One can also contact Maharashtra Bank customers if any help with tracking your application is required.

      Maharashtra Bank Plot Loan Schemes

      To suit the varied needs of its customers, This Maharashtra bank plot loan offers differing types of home equity credit schemes. Below are the kinds of home loans offered by the bank:

       Maha Super Housing Loan Scheme for Building

      • For the aim of constructing or acquiring a replacement or existing flat/house not older than 30 years.
      • Also, for the aim of extension of your existing house.
      • No foreclosure/prepayment charges on floating home loans.
      • Waiver of last 2 EMIs to home equity credit borrowers having regular repayment of 20 years and above (for fresh sanctions only).
      • Additional bonanza for borrowers with the Maha Super personal loan Schemes
      •  Bank of Maharashtra Housing Loan for Renovation

      Maharashtra bank plot loan for Renovation

      • The scheme is obtainable for repairs/alterations/renovation of existing house/flat for brand spanking new standalone borrowers.
      • 100% loan amount of the particular cost of repairs/alterations/renovation subject to a maximum up to 25% of the realizable value of the property supported the newest valuation report of fewer than 3 months.
      • Loan tenure of up to twenty years.
      • No foreclosure within 1 year and 0.50% of the outstanding loan amount after 1 year.

       Bank of Maharashtra Maha Super home equity credit for Purchase of Plot and Construction

      • For the aim of buying land and construction thereon.
      • Construction of the house on the plot within a period of three years.
      • The cost of the plot shouldn’t exceed 75% of the entire cost of constructing the house.
      • You can apply alongside a co-applicant.
      • Repayment period or loan tenure for up to 30 years.
      • No foreclosure or prepayment charges on floating rate home loans.
      • Balance transfer of home equity credit is out there.
      • Waiver of two EMIs to home equity credit borrowers having regular repayment of 20 years and above (for fresh sanctions only).

      Bank of Maharashtra Top-up home equity credit

      • Scheme for existing home equity credit borrowers of Maharashtra Bank Plot loan.
      • For takeover or balance transfer of home equity credit of other banks and a further advantage of top-up loan for repairs/furnishing/renovation of your house.
      • No regulation provided the loan tenure isn’t quite the loan maturity of the house loan against which the top-up loan is obtainable.
      • For existing customers, 100% loan amount of the estimated cost of repair/furnishing/renovation of your house or the general Loan-to-Value (LTV) ratio shouldn’t be quite 75%.
      • For balance transfer under this scheme, the loan amount is going to be as per the prevailing norms, and therefore the maximum top-up loan is up to overall LTV is equivalent or but 75% supported the newest valuation report which isn’t quite 3 months or 100% of the estimated cost of repair/renovation/furnishing/extension of your house, whichever is lower.

      Bank of Maharashtra Maha Combo home equity credit Scheme

      • Combo loan scheme for house and car.
      • Home loan for construction/purchasing new or existing house/flat and for extension of the prevailing house/flat.
      • Car loan for the acquisition of a replacement four-wheeler.
      • Eligible for permanent employees of Central/State Government, PSU, companies of repute with 1 year within the existing current year.
      • Self-employed professionals, businessmen with regular income supported by two IT returns also are eligible.
      • Housing loan amount of up to 60 times your gross salary or 75 times of net monthly salary, whichever is higher, for salaried individuals.
      • Housing loan amount of up to five times of last two years average income supported IT returns for self-employed individuals.
      • Car loan amount of up to 24 times net monthly salary supported the last salary drawn for salaried individuals.
      • Car loans amount of up to 2 times average annual income supported two years IT returns or 2 times gross taxable income as per latest IT returns.
      • To a maximum of Rs.25,000 Is the processing charge of 0.15% of the loan amount for combo loan.
      • Nil processing charges for ladies borrowers.

      Maharashtra bank plot loan Against Self-Occupied Property

      • Offered to individuals with self-occupied property/commercial property or building in your name for a period not but 1 year.
      • Permanent employees of Central/State Government/PSUs (including schools, colleges, educational institutions)/reputed companies/MNCs/Individual businessmen/professionals and self-employed individuals having a minimum of two years standing.
      • Loan against third party property, open land, property on a rental is prohibited.
      • Loan amount of a minimum of Rs.2 lakh and to a maximum of Rs.3 crore for properties located in urban areas, while in other centers it’s Rs.1 crore.


      How to apply for Maharashtra Bank Plot Loan with Dialabank

      One can apply for the Plot Loan with Dialabank easily.

      • Not a big process, just fill a form with your correct details and the documents asked.
      • If any help is required our relationship manager would contact you.
      • There is also a door to door document pickup facility provided by us.
      • For more details or doubts you can call us on 9878981166.

      Additional Tips to Get a Loan to buy Land

      Here are some basic clues that would help you to increase your chances of getting a loan:

      • An additional spread of 0.25% should be charged over and above the regular ROI applicable for the Housing Loan if deductions are considered over & above 60% of Gross income
      •  A good credit score of above 750 is required to avail of the plot loan. A good score will increase loan approval chances.
      • There are high chances of getting a loan with a good income and debt ratio. Lesser is the ratio, more are the chances of loan approval.
      • Apply for a loan based on your repayment capacity: Before you apply for a plot loan the debtors need to figure out how much loan they can afford. Debtors can take the help of calculators to check their loan affordability as well as suitability.

      Maharashtra bank plot loan Documentation

      • The applicants are asked to submit identity proof, a sign of address, income documents, and any other property-related documents. Keep all these documents ready.
      • Duly filled application form
      • Recent passport size photographs
      • Identity proof – Voter ID, driver’s license, PAN card, or passport
      • Latest copies of utility bill payments like electricity bill or phone bill as the proof of house.
      • Account statements, certificate of employment, form 16, IT return statements and salary certificate for the salaried applicants.
      • Personal properties and legal responsibility statements
      • Additional documents could be asked for counting on the applicant’s sort of income and employment. Do enquire with Maharashtra Bank for the list of documents required for the loan.

      Maharashtra bank plot loan Documentation for Salaried Employees

      • Filled and signed application form with photos
      • Identity, address, and age proof
      • The last 3 months salary slip
      • The past 6 months Bank statement
      • Details of Form-16 and Income Tax Returns (ITR)
      • Property Title documents.

      Maharashtra bank plot loan Documentation for self-employed individuals

      • Filled and signed application form with photos
      • Identity, address, and age proof
      • The documents like TR and financial statements, including balance sheet, profit & loss account, schedules certified by a CA
      • The past 12 months Bank statement
      • The requirement of the Latest partnership deed for the partnership firms.
        The requirement of the latest Memo and Articles of the organization (CA certificate on profit sharing ratio/list of directors/shareholding partnership) for the companies.
        The requirement of the LLP Agreement
      • Property Title documents along with business address proof

       

      FAQ’s

      What is the Plot loan interest rate in Maharashtra Bank?

      The Maharashtra Bank extends the plot loan at the interest rate of 8.20-8.30%

      What is Maharashtra Bank Plot Loan?

      A loan can be taken only for a plot for buying an empty house plot or land where someone can later build their own house for any reason be it an investment or some other. It is often said by people that loans are high-risk loans and there is an absence of tax aids. Make sure that whichever property you buy ahs to be under the Municipal or trade bounds. All the bank plot loans are different as each bank has different factors, services, and modifications of the loan. There are banks where there are special interest rates for women.

      How much processing fee is applicable on a Maharashtra Bank Plot loan?

      The processing fee at Maharashtra bank is up to 0.50% of the total loan amount.

      What is the loan tenure of the Maharashtra Bank Plot loan?

      The maximum loan tenure is 30 years

      How much EMI per Lakh can be fixed on Maharashtra Bank Plot Loan?

      ₹ 1,779 per lakh is the EMI per lakh.

      How can I apply for the plot loan from Maharashtra Bank?

      One can apply for the Plot Loan with Dialabank easily.

      • Not a big process, just fill a form with your correct details and the documents asked.
      • If any help is required our relationship manager would contact you.
      • There is also a door to door document pickup facility provided by us.
      • For more details or doubts you can call us on 9878981166.

      How to repay the Maharashtra Bank plot loan earlier than the schedule?

      1. An applicant can make Bi-Weekly Payments or instead of the regular monthly payment submit half of the payments to your moneylender every two weeks.
      2. An applicant can also make round-Up Payments. 
      3. Find Extra Money.
      4. One can also make an extra payment.
      5. Sponsor Your Loan. 

      Is it possible to repay my loan earlier than the schedule?

      Yes, it is possible to repay your loan earlier.

      How to check Maharashtra Bank Plot Loan eligibility?

      The below-mentioned eligibility criteria are to be followed.

      • The candidate must be between 18 to 60 years of age with good refunding capacity.
      • Should be an Indian resident
      • Salaried or self-employed individuals who should be in the current employment for a consistent period
      • A CIBIL Score of 650 or more is expected
      • The borrower is required to commence construction over the land or plot within the stipulated time to get a plot + construction loan. The stipulated time frame can vary from lender to lender.

      What is the Maharashtra Bank Plot loan phone number?

      Contact at 9878981166 for all the Maharashtra bank plot loan queries.

      What is the Maharashtra plot loan interest rate for women?

      Up to 30 lakhs, the rate of interest for a woman is 7.55%.

      What is Maharashtra Bank plot loan interest rates for salaried individuals?

      The Maharashtra Bank plot loan interest rate for salaried individuals is 8.20-8.60% as per the amount.

      What is Maharashtra Bank plot loan interest rates for self-employed individuals?

      8.35% is the rate of interest for self-employed individuals.

      What is Maharashtra Bank plot loan interest rates for self-employed non-professionals?

      8.35%-9% depending on the amount taken is the rate of interest.

      How is a plot loan different from a home loan?

      There is a huge confusion between construction and home loan. A home loan is taken to get an already existing property or a new house. Whereas land loans are for the acquisition of the land on a construction that is planned to be disbursed later on. Like all the other loans, this loan can also be repaid through EMI’s along with an associate charge charged by the investor on the principal loan secured by the receiver. The receiver has to pay the plot loan within a time period and if he/she gets late the investor has the right to confiscate your property.

      Can I take a plot loan along with a home loan?

      No, you cannot take two loans together.

      What is the maximum amount that I can take as a loan?

      30 lakhs is the maximum amount that one can take as a loan.

      Can a plot loan finance investment in any plot, anywhere?

      No, you cannot finance a plot loan in any plot, anywhere.

      What is a Balance Transfer on Plot Loan?

      A balance transfer loan helps in lowering down the credit cards or high-interest rate debt simply by allowing an applicant to decide which creditors should be paid and the amount that one has to send each one. Any left out money from your loan is deposited in the bank account.

      Do I get any tax benefits on a plot loan?

      As per Section 80C of the Income Tax Act, one can avail of deduction on the main reimbursement amount of your plot loan up to a maximum of 150,000 per annum.

      How many years can I keep the plot of land before starting construction?

      Within 3 years the construction has to be done in the plot taken.

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