Maha Combo Loan Scheme

Maha Combo Loan Scheme for House and Car taken together:

1 Name of the scheme Maha Combo Loan Scheme for House and Car taken together
2 Purpose
  • Housing Loan for construction/acquiring of new or existing house/flat and for extension in the existing house/flat
  • and Car Loan for Purchase of New four Wheeler i.e. Car, Jeep, SUV etc. for personal use
3
Eligibility
  • permanent employes of central/ state Govt,PSU,companies of repute with one year in existing current year
  • Self-employed professionals, Businessman, with regular source based on 2 IT Return
4 Min. Annual Income
  • For Salaried: Rs. 4.00 lakh (last year income)
  • For Businessmen/Professionals: Rs. 4.00 lakh (last year income)
5
Age Limit
  • Minimum :
    The applicant/s must be 21 years old (completed) as on the date of application
  • Maximum :
    60 years, subject to having sufficient disposable income
6 Maximum Quantum of Loan For - Housing
For Salaried -

60 times of Gross monthly salary / 75 times of net monthly salary(whichever is higher)
For Businessman / Professional
5 times of last 2 Years average income based on IT returns

For Car loan :
Salaried - Up to 24 times Net Monthly Sal on the basis of last salary drawn
Others : up to 2 times average annual income based on 2 years ITR or 2 times Gross Taxable income  as per latest ITR

Minimum Housing Loan amount should be Rs. 15.00 lakh.

Maximum Quantum Rural Semi Urban Urban Metro
Combo Loan 20 30 100 200
Out of which
Housing (Max.) 15 25 90 175
Car (Max.) 5 7 10 25
7 Margin
  • Car Loan: Minimum 10%
  • Housing Loan:
    Loan up to Rs. 20 lakh - 15% • Loan above Rs. 20 to 75 lakh - 20% • Loan above 75 lakh - 25%
8 Repayment
  • Housing Loan Maximum up to 30 years
  • Car Loan: Maximum 84 Months
9 Rate of Interest Click here to view the Interest Rate

No additional ROI of 0.25 % for deduction above 60 % and up to 65 %
No additional ROI of 0.25 % for repayment period beyond 20 years up to 30 years
10 Deduction Deductions allowed up to 65%.
11 Processing Charges
  • 0.15% of the loan amount (subject to maximum of Rs.25000/-) for Combo loan
  • No Processing charges for Women borrower
12 Age Age at Loan maturity should not exceed 75 years
 
 
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