bankofmaharashtra.in Maha Super Housing Loan Scheme : Bank of Maharashtra

Organization : Bank of Maharashtra
Scheme Name : Maha Super Housing Loan Scheme

Website : http://www.bankofmaharashtra.in/Maha-Super-Housing-Loan-Scheme-For-construction.asp

Maha Super Housing Loan Scheme:

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

Related : Bank of Maharashtra Preliminary Consumer Loan Application : www.statusin.in/2887.html

Type of credit facilities : Term Loan

Purpose :
** For construction / acquiring of new or existing house/flat not older than 30 years.
** For extension in the existing house/flat

Eligibility :
Individual 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

Age 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.

Eligible 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.

Maximum 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

Margin :
** Loan up to Rs.20 lakh – 15%
** Loan above Rs.20 to 75 lakh – 20%
** Loan above 75.00 lakh – 25%

Repayment :
For construction/acquiring of new House/Flats:
Maximum Repayment period of 30 years or on borrower reaching the age of 75 years whichever is earlier.

For purchase of old house/flats not older than 30 years :
Maximum Repayment period of 20 years or on borrower reaching the age of 75 years whichever is earlier.

For extension of existing Housing / flat :
Maximum Repayment period of 15 years or Residual Period of the existing housing loan sanctioned, whichever is earlier.

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

Deduction :
** Not to exceed 60% of Gross Income including Proposed EMI of the Loan
** If deductions are considered over and above 60% of Gross income, an additional interest of 0.25% will be charged over and above the regular ROI applicable for the Housing Loan
** In any case total deductions of gross income shall not exceed 65% of gross income

Processing Charges :
No Processing Fees (from 01.04.2016 to 30.06.2016)

Documentation Charges:
** 0.10% of the loan amount (subject to maximum of Rs.10,000/-)
** One 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

Prepayment Charges:
No foreclosure charges/prepayment penalties on floating rate.

Security :
Equitable/Registered Mortgage of House Property

Guarantee:
No Third Party Guarantee Required