Maha Super Housing Loan Scheme: for repairs/renovation/alteration of existing house/flat for new standalone borrowers
S.No | Particulars | Scheme guidelines |
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1 | Purpose |
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2 | Eligibility |
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3 | Eligible Quantum of Loan | a. 100% of the actual cost of repairs/renovations/alterations b. Maximum Quantum : Maximum up to 25% of the realizable value of the property based on the latest valuation report not older than 3 months c. *Lower of (a) or (b) The income of son, daughter, sister, brother, along with the spouse can be taken for deciding the quantum of loan and repayment capacity provided the property is in the name of all joint members or their guarantee is obtained |
4 | Repayment period | Maximum Repayment period of 20 years No Moratorium period is allowed |
5 | Rate of Interest | |
6 | Deduction | For salaried individuals. Up to 75% based on latest monthly income For Non-Salaried Individuals Up to 75% based on average annual income |
7 | Security | Equitable / Registered Mortgage of Property. |
8 | Processing Fee | 0.25 % of the loan amount (Subject to max. of Rs. 25,000/-) Full waiver of Processing Fee for Govt. /State /Central Government / Public sector Employees in case of Takeover Loans |
9 | Inclusion of cost of Solar Photo Lightening System /Rooftop Solar plant | The cost of rooftop Solar Photo Voltaic System / Rooftop Solar plant may be included in the cost / agreement of sale value |
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