Maha Combo Loan Scheme for Home and Car

Name of the scheme  – Maha Combo Loan Scheme for House and Car taken together. Offer Available from 22 December 2014 to 10 January 2015.

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

Eligibility:

  • Permanent salaries employees.
  • Businessman/Self-Employed Persons.

Min. Annual Income    

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

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

Maximum Quantum of Loan –   Minimum Housing Loan amount should be Rs. 15.00 lakh.

Margin     – 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%

Repayment    

  • Housing Loan Maximum up to 30 years
  • Car Loan: Maximum 84 Months
  1. Rate of Interest (Floating)    Housing Loan : Up to Rs. 75 lakh – Base Rate. • Above Rs. 75 lakh – Based Rate + 0.25%
  2. Car Loan: Base Rate + 0.50% i.e. @ 10.75% at present.

Deduction   – Deductions allowed up to 65%.

Processing Charges    – 0.15% of the loan amount (subject to maximum of Rs.25000/-) for Combo loan

No Processing charges for Women borrower