Maha Super Housing Loan Scheme: for repairs/renovation/alteration of existing house/flat for new standalone borrowers

1Name of the schemeMaha Super Housing Loan Scheme for repairs/renovation/alteration of existing house/flat for new standalone borrowers
2Type of credit facilitiesTerm Loan
3PurposeFor repairs/renovation/alteration of existing house/flat for new standalone borrowers on an unencumbered house property
4EligibilityIndividual salaried employees (with a permanent job for the period of minimum 1 year in current organization), 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.
5Min. Annual Income
  • For Salaried: Rs.3.00lakh (last year income) - Minimum past 2 year ITR/Form 16 from the Employer is Mandatory
  • For Businessmen/Professionals: Rs.3.00lakh (last year 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
6Age Limit
  • Minimum : 
    The applicant/s must be 21 years old (completed) as on the date of application
  • Maximum : 
    65 Years for Professional & self employed i.e. for Doctors/Architects/CAs etc.60 years for others, subject to having sufficient disposable income
    **Age at Loan Maturity should not exceed 75 Years.
7Eligible Quantum of loan
  1. 100% of the actual cost of repairs/renovations/alterations
  2. Maximum Quantum : Maximum up to 25% of the realizable value of the property based on the latest valuation report not older than 3 months
  • *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.
  • In case of Proprietary concerns and Professionals & Self employed, total income would also mean Cash Accruals
8Maximum Quantum of Loan
  • For Metro and Urban area: No Maximum Limit
  • For Rural and Semi urban areas  : Amount of Loan should not exceed Rs.10lakh
  1. Maximum Repayment period of 20 Years
  2. No Moratorium period is allowed
11Rate of Interest (Floating)

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12DeductionFor Salaried:-
Gross Monthly IncomePermissible Deduction
Rs. 25,000/- to Rs. 2.00 lakhsMaximum 65%
Above Rs. 2.00 LakhsMaximum 70%
For Other:-
Gross Annual IncomePermissible Deduction
Rs. 3.00 Lakhs to Rs. 20.00 lakhsMaximum 65%
Above Rs. 20.00 lakhsMaximum 70%
13Processing Charges0.25% of the loan amount (subject to maximum maximum of Rs.25000/-)
14Documentation Charges0.10% of the loan amount subject to maximum of Rs.10,000/-
15Prepayment Charges
  • No foreclosure allowed within 1 year
  • 0.50% of the outstanding loan amount.
16SecurityEquitable/Registered Mortgage of Housing Property