Maha Super Housing Loan Scheme : Purchase of Plot and construction thereon

1

Purpose

For purchase of plot and construction thereon.

2

Eligibility

1. Resident Indian Citizen  2. Non- Resident Indians (NRIs) or Persons of Indian Origin (PIOs) or Overseas Citizens of India 

3

Eligible Quantum of Loan

Maximum loan amount will be lowest of loan amount assessed on the basis of

• Permissible Deduction norms
• Maximum permissible LTV ratio
• Loan amount requested.

4

Loan to value and Margins Norms

For Purchase of Plot: - Minimum 25% of the registered value of the plot or realizable value of Plot  whichever is lower.

For construction of House (Overall project cost including value of the plot should be taken for LTV, ensuring separate margin for plot)

5

Moratorium Period

For Purchase of Plot – No moratorium period for Plot loan

For construction of House - Maximum of 18 months from date of first disbursement.

6

Repayment period

Maximum Repayment period of 30 years or on borrower reaching the age of 75 years whichever is earlier

7

Rate of Interest

Click here to view the Interest Rate

8

Deduction

For salaried individuals.

Up to 80% based on latest monthly income

For Non-Salaried Individuals

9

Security

Equitable / Registered Mortgage of Property.

10

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

11

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 project cost for arriving at the Home Loan eligibility for purchase / Construction / Extension (additional construction) of residential units in respect of all applicants willing to install such system. The cost of consideration will be based upon the quotation received from the authorized dealers/agencies