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Maha Super Housing Loan Scheme : for Construction/Acquiring of new or existing house/flat and extension of existing house/flat

1Name of the schemeMaha Super Housing Loan Scheme for Construction/Acquiring of new or
existing house/flat and extension of existing house/flat
2Type of credit facilitiesTerm Loan
3PurposeFor construction / acquiring of new or existing house/flat not older than 30 years.
For extension in the existing house/flat
4EligibilityIndividual 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
5Age Limit
  1. Minimum : The applicant/s must be 21 years old (completed) as on the date of application
  2. Maximum : 65 Years for Professional & self employed i.e. for Doctors/Architects/CAs etc. 60 years for others, subject to having sufficient disposable income
  3. Age at Loan Maturity should not exceed 75 Years.
6Eligible 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
Stamp duty, registration and other documentation charges, cost of life insurance cover on the life of the borrower and any other non realizable costs should not be included in cost of housing unit.
7Maximum 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
  • Loan up to Rs.30 lakh - 10%
  • Loan above Rs.30 to 75 lakh - 20%
  • Loan above 75.00 lakh - 25%
  • For construction/acquiring of new House/Flats: Maximum Repayment period of 30 years.
  • For purchase of old house/flats not older than 30 years: Maximum Repayment period of 20 years.
  • For extension of existing Housing / flat: Maximum Repayment period of 15 years or Residual Period of the existing housing loan sanctioned.
  • Other Conditions
    a) 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
    b) For Repayment period above 20 years and up to 30 years, an additional interest of 0.25% will be charged over and above the regular ROI applicable for the Housing Loan
10Rate of Interest (Floating)

Click here to view the Interest Rate

11DeductionFor Salaried :
Gross Monthly IncomePermissible Deduction
Less than Rs. 25,000/-Maximum 60%
Rs. 25,000/- to Rs. 2.00 lakhsMaximum 65%
Above Rs. 2.00 LakhsMaximum 70%
For Other :
Gross Annual IncomePermissible Deduction
Less than Rs. 3.00 LakhsMaximum 60%
Rs. 3.00 Lakhs to Rs. 20.00 lakhsMaximum 65%
Above Rs. 20.00 lakhsMaximum 70%
12Processing ChargesProcessing Fee:- 0.25% of the loan amount (subject to maximum of Rs.25000/-)
13Documentation Charges0.10% of the loan amount (subject to maximum of Rs.10,000/-)
14One Time Processing fee for Conversion of Old Housing Loan Scheme to “Maha Super Scheme” with residual repayment period
  • Up to Loan O/s Balance of Rs.25 lakh - 0.60% of O/s Balance
  • Above Loan O/s Balance of Rs.25 lakh – 1.00% of O/s Balance
  • Loan sanctioned under teaser loan - 1.00% of O/s Balance
15Prepayment ChargesNo foreclosure charges/prepayment penalties on floating rate.
16SecurityEquitable/Registered Mortgage of House Property
17Maha Super Consumer Loan SchemeMaha 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 - as applicable
  • 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/-