Make Bank of Maharashtra Home Loan Interest Rate Useful With Tax Saving!

You can get benefits on your loan payment with tax deductions on your Bank of Maharashtra home loan. The borrower can claim their tax benefit on loan payment under the income tax act of 80C and 24b. With the recent announcement in budget 2020, it becomes your choice to whether you can claim the tax or not. Read the article and know about the Bank of Maharashtra home loan interest rate and its payment process.

How is the home loan interest rate charged on my borrowed amount?

Bank of Maharashtra charges the interest rate to your loan amount using the Marginal Cost of Fund based lending rate. The MCLR of the bank is 8.25% for 2 years and can be high or low based on your eligibility. Bank of Maharashtra home loan interest rates are floating and charged to your borrowed amount on daily reducing balance. You can check the changes in your EMI using the home loan calculator when the MCLR of the bank decreases or increases.

The interest rate plays an important role in your home loan and it can give you the benefit of tax savings if you pay the loan without default. You can save up to INR 2.5 lakh on your home loan interest rate payment.

What are payment services available for Bank of Maharashtra home loans?

To pay the loan with the charged interest rate, you can use banking methods like Electronic Clearing Service (ECS), which allows you to pay the EMI via your bank account. Using ECS, you can pay the EMI through any savings or salary account by selecting a date on which the EMI would be deducted from your account automatically. This helps you pay the loan timely without getting burdened with any penalty charges on your loan. And also the Bank of Maharashtra home loan interest rate is paid without any issue.

You can also visit the bank branch and submit a post-dated cheque to get the amount debited from your account. If the borrower is not a tech friendly user and doesn’t rely on digital payment services the cheques services are most compatible for them.

Don’t prepay and foreclose your home loan!

If you want to avail the tax benefit on your Bank of Maharashtra home loan then you have to make sure that you don’t prepay the loan afterwards. Because then the tax benefit would be reversed. So, to claim the benefit you have to be sure that you complete the loan payment of your loan. Now, get your home financing easier and affordable with Bank of Maharashtra home loan interest rate and their benefits. And you are eligible for the additional income tax benefit of INR 50,000 under the income tax act of 80EE if the home loan is for your first home purchase in India.

Now, get your home finance funds with Bank of Maharashtra and pay it in equated monthly installment. Because its payment gives you relief on your tax payment by giving benefits of tax deductions on your home loan. So claim your tax benefit today and get make use of the home loan interest rate payment.