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

1Name of the schemeMaha Super Housing Loan Scheme for Purchase of Plot & construction thereon
2Type of credit facilitiesTerm Loan
3PurposeFor purchase of plot and construction thereon by obtaining declaration from the borrower that he/she/they undertake to construct the house on the plot within a period of three years
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
  • Purchase of Plot & Construction thereon: 70% of the cost (registered value) of Plot after complying with Net Take Home Pay/Income norms. Plot on standalone basis should not be financed. Cost of the Plot should not exceed 75% of the total 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
  • For purchase of plot : Minimum 30% of the registered value of the plot
  • For Construction of House :
    1. Loan upto Rs. 30.00 Lakhs----------------------------------10%
    2. Loan above Rs. 30.00 Lakhs to Rs. 75.00 Lakhs-----------20%
    3. Loan above Rs. 75.00 Lakhs to------------------- ----------25%
9RepaymentMaximum Repayment period of 30 years or on borrower reaching the age of 75 years whichever is earlier 
Other Conditions
  1. 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
  2. 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
  3. Repayment of the loan will start one month after the purchase of land
10Rate of Interest (Floating)

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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 Charges0.25% 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 to “Maha Super Housing loan scheme” with residual repayment period
  • Upto Loan Outstanding (O/s) Balance of Rs. 25.00 lakhs-------0.60% of (O/s) Balance
  • Above Loan Outstanding (O/s) Balance of Rs. 25.00 lakhs-----1.00% of (O/s) Balance
  • Loan sanctioned under Teaser Loan------------------------------1.00% of (O/s) Balance

(50% concession on one time processing fee- For residual tenor less than 3)

15Conversion from Base Rate to MCLRConversion of existing Housing loan under “Maha Super Housing Loan scheme” from Base Rate to MCLR :
  • A nominal fee of Rs. 1,000/- as a convenience fee to convert existing Maha super Housing Loan from Base rate/BPLR to MCLR.
16Prepayment ChargesNo foreclosure charges/prepayment penalties on floating rate housing loans
17SecurityEquitable/Registered Mortgage of Plot and House construction thereon.
18GuaranteeNo Third Party Guarantee Required
19Maha 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/-