Maha Super Housing Loan Scheme : for Construction/Acquiring of new or existing house/flat and extension of existing house/flat
1 Name of the scheme Maha Super Housing Loan Scheme
2 Type of credit facilities Term Loan
3 Purpose For construction / acquiring of new or existing house/flat not older than 30 years.
For extension in the existing house/flat
4 Eligibility Individual salaried employees (with a permanent job for the period of minimum 1 year in current organization of State /Central Government/ Public / Private Sector Companies of repute), Self-Employed Professionals, Businessman, Pensioners (subject to having pension account with us & sufficient disposable income), Farmers having minimum land holding of 5 Acres of irrigated land and sufficient disposable income
5 Age Limit
  1. Minimum : The applicant/s must be 21 years old (completed) as on the date of application
  2. Maximum : 65 Years for Professional & self employed i.e. for Doctors/Architects/CAs etc.
60 years for others, subject to having sufficient disposable income
Age at Loan Maturity should not exceed 75 Years.
6 Eligible Quantum of loan
  • Salaried : 60 times of Gross Monthly Salary/ 75 times of Net Monthly Salary (Whichever is Higher)
  • Others (Businessmen/Professionals etc.): 5 times of last 2 years average Income based on IT Returns
Maximum Quantum of Loan
  • For Metro and Urban area: No Maximum Limit
  • For Rural areas : Amount of Loan should not exceed Rs.15 lakh
  • For Semi-Urban areas: Amount of Loan should not exceed Rs.25 lakh
8 Margin
  • Loan up to Rs. 30 lakh ---------------- 10%
  • Loan above Rs. 30 to Rs. 75 lakh -----20%
  • Loan above Rs. 75 lakh----- -----------25%
Repayment
  • For construction/acquiring of new House/Flats :
Maximum Repayment period of 30 years or on borrower reaching the age of 75 years whichever is earlier.
  • For purchase of old house/flats not older than 30 years :
Maximum Repayment period of 20 years or on borrower reaching the age of 75 years whichever is earlier.
  • For extension of existing Housing / flat :
Maximum Repayment period of 15 years or Residual Period of the existing housing loan sanctioned, whichever is earlier.
  • Other Conditions
a) In case of salaried individuals, the repayment period may be extended beyond the retirement of the employee up to maximum age of 75 years, provided the post-retirement income is adequate to meet the EMI liability

10 Rate of Interest (Floating) Click here to view the Interest Rate
11 Deduction For Salaried :
Gross Monthly Income Permissible Deduction
Less than Rs. 25,000/- Maximum 60%
Rs. 25,000/- to Rs. 2.00 lakhs Maximum 65%
Above Rs. 2.00 Lakhs Maximum 70%
For Other :
Gross Annual Income Permissible Deduction
Less than Rs. 3.00 Lakhs Maximum 60%
Rs. 3.00 Lakhs to Rs. 20.00 lakhs Maximum 65%
Above Rs. 20.00 lakhs Maximum 70%
12 Processing Charges Processing Fee waived upto 31.03.2018
13 Documentation Charges 0.10% of the loan amount (subject to maximum of Rs.10,000/-)
14 One Time Processing fee for Conversion of Old Housing Loan Scheme to “Maha Super Scheme” with residual repayment period
  • Up to Loan O/s Balance of Rs.25 lakh ---0.60% of O/s Balance
  • Above Loan O/s Balance of Rs.25 lakh –-1.00% of O/s Balance
  • Loan sanctioned under teaser loan ------1.00% of O/s Balance
15 Conversion from Base Rate to MCLR Conversion of existing Housing loan under “Maha Super Housing Loan scheme” from Base Rate to MCLR :
  • A nominal fee of Rs. 1,000/- as a convenience fee to convert existing Maha super Housing Loan from Base rate/BPLR to MCLR.
16 Prepayment Charges No foreclosure charges/prepayment penalties on floating rate.
17 Security Equitable/Registered Mortgage of House Property
18 Maha Super Consumer Loan Scheme Maha Super Consumer Loan Scheme: Additional Bonanza for Borrowers under the scheme
  • Age and Income criteria is as per Maha Super Housing Loan Scheme
  • 10% of the total loan amount with a maximum limit of Rs.10.00lakh
  • Repayment capacity is to be assessed as per the deduction norms
  • Margin : 25% of the actual cost of the consumer products
  • Maximum Repayment period of 5 Years
  • Interest rate - as applicable
  • Repayment will commence from the next month of the disbursement
  • Security : (i) Hypothecation of the purchased goods
    (ii) Additional charge on the house property mortgaged to the Bank
  • This Consumer Loan should be considered for “Ready for possession” properties/at the time of possession for loan sanctioned under the “Maha Super Scheme for Housing Loan”
  • Processing fee to be charged @ 1.00% of the loan amount, subject to the minimum of Rs. 500/-.
 
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Udyami Mitra
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