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
- Rate of Interest (Floating) Housing Loan : Up to Rs. 75 lakh – Base Rate. • Above Rs. 75 lakh – Based Rate + 0.25%
- 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
