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Maha Combo Loan Scheme

Maha Combo Loan Scheme for House and Car taken together:

S. No.

Parameter

Details

1

Name of the scheme

Maha Combo Loan Scheme for House and Car taken together

2

Purpose

  • Housing Loan for construction/acquiring of new or existing house/flat and for extension in the existing house/flat
  • and Car Loan for Purchase of New four Wheeler i.e. Car, Jeep, SUV etc. for personal use

3

Eligibility

Permanent employees of central/ state Govt., PSU, companies of repute with min. one year of confirmed service in current organization.

4

Min. Annual Income

  • For Salaried: Rs. 4.00 lakh (last year income)
  • For Businessmen/Professionals: Rs. 4.00 lakh (last year income)

5

Age Limit

  • Minimum :
    The applicant/s must be 21 years old (completed) as on the date of application
  • Maximum :
    60 years, subject to having sufficient disposable income

6

Maximum Quantum of Loan

Min housing loan amount should be Rs. 15.00 Lakh.
Housing Loan
For Salaried-
60 times of Gross monthly salary / 75 times of net monthly salary (whichever is higher).
For Businessman / Professional:
5 times of last 2 Years average income based on IT returns.
CAR LOAN
Salaried - Up to 24 times Net Monthly Sal on the basis of last salary drawn
Others: up to 2 times average annual income based on 2 years ITR or 2 times Gross Taxable income as per latest ITR (Whichever is lower)
7Margin
  • Car Loan: Minimum 10%
  • Housing Loan:
  • Loan up to Rs. 20 lakh - 15% • Loan above Rs. 20 to 75 lakh - 20% • Loan above 75 lakh - 25%
8Repayment
  • Housing Loan Maximum up to 30 years
  • Car Loan: Maximum 84 Months
9Rate of Interest
  • Click here to view the Interest Rate
  • No additional ROI of 0.25 % for deduction above 60 % and up to 65 %
  • No additional ROI of 0.25 % for repayment period beyond 20 years up to 30 years
10DeductionDeductions allowed up to 65%.
11Processing Charges
  • 0.15% of the loan amount (subject to maximum of Rs.25000/-) for Combo loan
  • No Processing charges for Women borrower
12AgeAge at Loan maturity should not exceed 75 years