o;? Bank of Maharashtra
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.
  3. 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
The income of son, daughter, sister, brother, along with the spouse can be taken for deciding the quantum of loan and repayment capacity. Those persons will be taken as co borrowers compulsorily.
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%
  • 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 Moratorium Period Maximum 36 months moratorium period is allowed, however interest may be capitalized for a maximum period of 18 months

In other cases Interest to be serviced as and when applied
11 Rate of Interest (Floating) Click here to view the Interest Rate

Interest will be charged on daily basis with monthly rests
12 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%
13 Processing Charges As applicable
14 Documentation Charges 0.10% of the loan amount (subject to maximum of Rs.10,000/-)
15 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
50% concession on one time processing fee for residual tenor less than 3 years
16 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.
17 Prepayment Charges No foreclosure charges/prepayment penalties on floating rate.
18 Security Equitable/Registered Mortgage of House Property
19 Waiver of EMI’s Waiver of last 2 EMI to Housing loan borrowers having regular repayment of 20 years and above (for fresh sanctions only)
20 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 - 1 Year MCLR + 3.50%
  • 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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