Bank Of Maharashtra, Kadegaon, sangli Bank Branch & ATMs in Kadegaon, sangli, maharashtra

Through our Maha Super Green Housing and Car Loan Schemes, the bank offers financial solutions and contributes to a greener future. This initiative underscores a significant shift towards sustainable living, providing a pathway for customers to partake in eco-friendly practices while enjoying the benefits of competitive financial products, helping us become one of the lowest home loan interest rate offering banks. In this blog, we’ll explore the specifications of our green financing options, covering the benefits, interest rates, repayment terms, and more. We’ll also answer questions like what the green loan type is, what the interest rate of a combo loan is, and whether you can take a car loan and a home loan together.

What Are Green Loans? So, what is a green loan type? Green loans are specialised financing instruments to support and encourage environmentally sustainable and energy-efficient projects. These loans are earmarked for purposes that have a positive environmental impact, such as the construction of green buildings or the purchase of electric vehicles. The essence of green loans lies in their ability to merge financial viability with environmental stewardship, offering borrowers the means to achieve their eco-conscious projects, often at more favourable terms, including home loans with the lowest interest rates from banks. One of the best green loan examples in India is the Bank of Maharashtra vehicle loan and home loan.

Benefits of Our Green Loans After understanding green financing, let’s look at some benefits. Bank of Maharashtra distinguishes itself by offering tailored green loan products, including the Maha Super Green Housing Loan Scheme and the Maha Super Green Car Loan Scheme, promoting sustainable living and transportation.

Benefits of Choosing A Green Home

Reduced Operating Costs: Enhancing productivity while using less energy and water leads to lower utility bills and maintenance costs.

Improved Health: Our green home loans support residences with better indoor air quality, significantly improving occupants' health.

Environmental Impact: By financing homes with a smaller carbon footprint, we're contributing to a reduction in environmental degradation.

By opting for our green loans, customers benefit financially and contribute to a healthier environment and a sustainable future. Moreover, if you’re wondering, ‘Can you take a car loan and a home loan together?’, then Yes our customers can opt for a home and car loan together. Moreover, due to its myriad of benefits, understanding green financing is of utmost importance.

Maha Super Green Housing Loan Scheme Eligibility The Maha Super Green Housing Loan Scheme by Bank of Maharashtra offers a unique opportunity for individuals and entities looking to invest in green housing projects. The scheme, highlighting some of the lowest home loan interest rates at banks, is tailored for projects certified or rated by approved rating agencies, ensuring that your investment contributes to a sustainable future.

Eligible Projects What do you mean by green finance eligibility? To qualify, housing projects must be certified or rated by one of the following approved agencies:

Leadership in Energy and Environmental Design (LEED) India, with certification levels ranging from LEED Certified to Platinum Level, recognises a wide spectrum of green building standards from basic certification to global leadership.

India Green Building Council (IGBC) offers certification from Certified (Best Practices) to Platinum (Global Leadership), acknowledging outstanding performance and national excellence in green building practices.

TERI-GRIHA from TERI-BCSD India, with a rating scale from 1 Star to 5 Star, each level indicating a higher threshold of green building parameters achieved.

Projects not rated by the above agencies may still be considered for home loan if approved by the district's municipal corporation that is authorised to grant certification of Green Projects.

Individual Eligibility We offer low home loan interest for women and men who meet the following eligibility criteria:

Salaried employees with permanent jobs for at least 1 year in the current organisation of state/central government and public/private sector companies of repute. Self-Employed Professionals, Businessmen. Farmers with a minimum land holding of 5 Acres of irrigated land and sufficient disposable income.

Maha Super Green Car Loan Scheme Eligibility Bank of Maharashtra extends its green initiative to the automobile sector through the Maha Super Green Car Loan Scheme. This Bank of Maharashtra vehicle loan is designed to promote the purchase of new electric vehicles and the use of sustainable and environmentally friendly transportation options.

Eligibility Criteria

Individuals: Salaried employees, self-employed professionals, businessmen, agriculturists, companies, and corporate entities. Applicants must be 18 years or older.

Vehicles: New Electric Four-Wheelers, such as Cars, Jeeps, Multi-Utility Vehicles (MUVs), SUVs, etc., are intended for personal use (not for hiring/ferrying passengers).

Eligible Quantum of Loan Up to Rs 100.00 Lakh, with the amount determined by the applicant's income and employment type:

For Salaried Persons/Pensioners: Up to 48 times the net monthly salary/pension based on the last salary/pension drawn, adhering to deduction norms.

For Self-Employed Professionals: Up to 4 times the average annual income based on the last 2 years' ITRs or 4 times the gross taxable income as per the latest ITR (whichever is lower), adhering to deduction norms.

For Other Individuals (Businessman & Agriculturist): Up to 4 times the average annual income based on 3 years' ITRs or 4 times the gross taxable income as per the latest ITR (whichever is lower), adhering to deduction norms.

For Corporate Clients (Firms/Companies): Up to 4 times the average annual income based on 3 years' ITRs or gross taxable income as per latest ITR (whichever is lower), subject to deduction norms and a DSCR of more than 1.5.

FAQs Can you take a car loan and a home loan together? You can always opt for both loans at the same time from two different loan schemes.

What is the green loan type? So, what is a green loan type? The green loan type refers to financing options specifically designed to support environmental sustainability projects. These loans are available for individuals and businesses investing in eco-friendly ventures, such as green buildings, renewable energy installations, and eco-friendly vehicles. Bank of Maharashtra offers such green loans, encouraging environmentally responsible investments.

Which is better, a car loan or a home loan? If you’re wondering, ‘which is better, a car loan or a home loan,’ it depends on the individual's financial situation, needs, and goals. A home loan typically costs much more and is longer term, representing an investment in property that can appreciate over time. A car loan, on the other hand, is usually for a smaller amount and shorter term, financing a depreciating asset. Both have their merits, and the choice should be based on personal priorities and financial capacity.

What do you mean by green finance? So, what do you mean by green finance? Green finance refers to any structured financial activity, product, or service that has been created to ensure a better environmental outcome. The Maha Super Green Housing and Car Loan Schemes represent more than just an eco-friendly choice—it's a step towards sustainable living and a commitment to the future of our planet. Bank of Maharashtra is proud to take charge of this vital transition, offering innovative financial solutions that align with our collective responsibility to nurture a healthier environment for generations to come.