Maha Super Housing Loan Scheme for repairs/renovation/alteration of existing house/flat.
Sr No. | Particulars | Scheme guidelines |
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1 | Scheme Name | Maha Super Housing Loan Scheme for repairs/renovation/alteration of existing house/flat. |
2 | Purpose | For Repair/renovation of an existing residential unit (fixed furnishing, immovable enhancements etc,) which add to the value of the residential unit, for existing and new borrower. |
3 | Eligibility | A) For New borrower. - Residential House should be unencumbered.
- Borrower should have obtained possession of the house property.
- In case of takeover, loans under repair & renovation can be considered simultaneously along with takeover of housing loan.
B) For existing Housing Loan Borrower. - Construction of the property for which housing loan has been availed should be completed.
- Borrower should have obtained possession of the house property.
- Satisfactory repayment track record of last 6 months in existing Housing Loan. Satisfactory repayment record means Housing Loan account should not have classified as SMA-1 or SMA-2 or NPA in last six months.
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4 | Min. Annual Income | - For Salaried: Rs.3.00lakh (last year income) - Minimum past 2 year ITR/Form 16 from the Employer is Mandatory.
- For Self-employed Professionals: Rs.3.00lakh (as per last year ITR income) - Minimum past 2 year ITR with supporting documents are mandatory.
- For Businessmen: Rs.3.00lakh (as per last year ITR income) - Minimum past 2 year ITR with supporting documents are mandatory.
- For Persons engaged in Agriculture & Allied activities having ascertainable Minimum income of Rs.3.00lakh.
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5 | Age | Minimum: The applicant/s must be 21 years old (completed) as on the date of application. However, the minimum age of co-applicant/s can be 18 years. Maximum: - 65 Years for Professional working as self-employed i.e. for Doctors/Architects/CAs etc. and Businessman.
- 60 years for Salaried Individuals or Retirement age whichever is earlier.
- 70 Years for Pensioners
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6 | Eligible Quantum of loan | Maximum quantum of finance: - - 100% of the actual cost of repairs/renovations/alterations.
- Maximum Quantum: Maximum up to 25% of the realizable value of the property based on the latest valuation report not older than 3 months.
- Permissible LTV norms
*Lower of (1) or (2) or (3) The realizable value of the residential unit at the time of sanction of the loan plus estimated cost to be spent for repairs/renovation should be considered for the calculation of total LTV. This LTV ratio should not exceed the LTV ratio mentioned below: - Category of Loan (Individual Home Loan amount) | Project Cost (Based on Realizable value of existing House + Cost of Repair and Renovation | Up to Rs.30.00 Lakh | <=90% | Above Rs.30.00 Lakhs and up to Rs.75.00 Lakhs | <=80% | Above Rs 75.00 Lakhs | <=75% |
- Cost of Repair and Renovation of House – inclusive of the cost of all non-movable fixed assets, fittings; being constructed thereon.
- The LTV will be calculated on the estimated cost of Repair and Renovation, duly vetted by empanelled valuer / Govt. approved Architect/Engineer, plus the current realizable value of the House (as per the latest valuation report).
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7 | Deduction norms | For Salaried – Up to 80% on latest monthly salary For Non Salaried - Up to 80% on Average annual Income |
8 | Repayment | - Maximum Repayment period of 20 Years
- No Moratorium period is allowed.
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9 | Security | - For new borrower - Mortgage of the property to be repaired / renovated.
- Existing Housing loan borrower – Additional Mortgage of the property to be repaired / renovated.
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10 | Processing Fee & Other Charges | Processing Fee – 0.25% of sanctioned amount excluding GST (Min Rs.1000/- & Max Rs.25000/-) Account Handling Charges – Rs 500/- + 0.10% of sanctioned amount excluding GST (Max Rs.11000/-) Charges will be applicable as per service charge booklet issued by Bank from time to time. |
11 | Classification of loans as Priority sector | For Repair and renovation of residential unit. Metro center, with population of 10 lakh & above | Other Centers | Up to Rs. 10 lakhs | Up to Rs. 6 lakhs |
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12 | Rate of Interest | As per Rate of Interest structure defined in Maha Super Housing Loan Scheme. |
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