o;? Bank of Maharashtra
Maha Super Housing Loan Scheme : for repairs/renovation/alteration of existing house/flat for new standalone borrowers
1 Name of the scheme Maha Super Housing Loan Scheme for Purchase of Plot & construction thereon
2 Type of credit facilities Term Loan
3 Purpose For purchase of plot and construction thereon by obtaining declaration from the borrower that he/she/they undertake to construct the house on the plot within a period of three years
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. 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
  • Purchase of Plot & Construction thereon: 70% of the cost (registered value) of Plot after complying with Net Take Home Pay/Income norms. Plot on standalone basis should not be financed. Cost of the Plot should not exceed 75% of the total cost of housing unit
  • 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.
  • In case of Proprietary concerns and Professionals & Self-employed, total income would also mean Cash Accruals
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.25lakh
8 Margin
  • For purchase of plot : Minimum 30% of the registered value of the plot
  • For Construction of House :
    1. Loan upto Rs. 30.00 Lakhs----------------------------------10%
    2. Loan above Rs. 30.00 Lakhs to Rs. 75.00 Lakhs-----------20%
    3. Loan above Rs. 75.00 Lakhs ------------------- ----------25%
Repayment Maximum Repayment period of 30 years or on borrower reaching the age of 75 years whichever is earlier 
Other Conditions
  1. 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
  2. Repayment of the loan will start one month after the purchase of land
10 Rate of Interest (Floating) Click here to view the Interest Rate

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 Interest will be charged on daily basis with monthly rests
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 As applicable
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 to “Maha Super Housing loan scheme” with residual repayment period
  • Upto Loan Outstanding (O/s) Balance of Rs. 25.00 lakhs-------0.60% of (O/s) Balance
  • Above Loan Outstanding (O/s) Balance of Rs. 25.00 lakhs-----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)
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 housing loans
17 Security Equitable/Registered Mortgage of Plot and House construction thereon.
18 Takeover of Loan Takeover of loan from other Bank/FI can be considered upon applicant satisfying the eligibility norms as per the Housing loan scheme. In such cases tenure will be considered from the date of actual purchase or sanction.

Maximum repayment period may be allowed up to the remaining (after deducting the enjoyed tenure with the existing Bank) of the maximum permissible repayment period as prescribed under the “Maha Super Housing Loan Scheme”.
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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