Last Visited Page  

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

S.No

Particulars

Scheme guidelines

1

Purpose

  • For repairs/renovation/alteration of existing house/flat for new standalone borrowers on an unencumbered house property

2

Eligibility

  • 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 3 year ITR with supporting documents are mandatory.
  • For Persons engaged in Agriculture & Allied activities having ascertainable Minimum income of Rs.3.00lakh.

3

Eligible Quantum of Loan

a. 100% of the actual cost of repairs/renovations/alterations

b. Maximum Quantum : Maximum up to 25% of the realizable value of the property based on the latest valuation report not older than 3 months

c. *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

4

Repayment period

Maximum Repayment period of 20 years

No Moratorium period is allowed

5

Rate of Interest

Click here to view the Interest Rate

6

Deduction

For salaried individuals.

Up to 75% based on latest monthly income

For Non-Salaried Individuals

​Up to 75% based on average annual income

7

Security

Equitable / Registered Mortgage of Property.

8

Processing Fee

0.25 % of the loan amount (Subject to max. of Rs. 25,000/-)

Full waiver of Processing Fee for Govt. /State /Central Government / Public sector Employees in case of Takeover Loans