Maha Combo Loan Scheme

The Maha Combo Loan Scheme is an innovative financing option that allows you to simultaneously take out loans for a new home and a personal vehicle. This scheme is available to permanent employees of central or state governments, PSUs, and reputable companies. With generous loan amounts based on salary or income, competitive interest rates, and flexible repayment options—up to 30 years for housing loans and 84 months for car loans—the Maha Combo Loan Scheme shines as a practical solution for managing major life purchases. Additionally, it offers reduced processing fees, with none for female borrowers, making it accessible and affordable. 

Maha Combo Loan Scheme – Highlights 

Features and Benefits of the Maha Combo Loan Scheme

Here are the Maha Combo Loan Scheme features and benefits:

• Combined Financing: Loans for both home and vehicle purchases.
• Eligibility: Available to government and reputable company employees with at least one year of service.
• Flexible Loan Amounts: Substantial borrowing limits based on salary or income.
• Efficient Process: Streamlined application for ease and convenience.

Maha Combo Loan Scheme Interest Rates

Here is the rate of interest for the Maha Combo Loan Scheme:

For Home Loan

For Car Loan

Maha Combo Loan Scheme Fees and Charges

Here are the specific fees and charges for the Maha Combo Loan Scheme:

Maha Combo Loan Scheme – Eligibility Criteria

The eligibility criteria for the Maha Combo Loan Scheme are as follows:

• Applicants: Permanent employees of central/state government, PSUs, and companies of repute.
• Service Requirement: At least one year of confirmed service with the current employer.
• Minimum Annual Income: Rs. 4.00 lakh, applicable to salaried individuals and businessmen/professionals.
• Age: Applicants must be at least 21 and not more than 60 at the time of application. The loan maturity should not exceed 75 years.
• Credit History: A good credit score and a clean financial history are required to demonstrate the ability to repay the loan.
• Residential Status: Must be a resident of India.

Maha Combo Loan Scheme – Documents Required

Applicants need to provide the following documents for the Maha Combo Loan Scheme for house and car.  

For Housing and Car Loan

• Application Form: Completed and duly signed.
• Identity Proof: PAN card, Aadhar card, Voter ID, Passport, or Driving License.
• Residence Proof: Recent utility bills, Passport, or Aadhar card.
• Recent Photographs: Passport-sized photographs of the applicant and co-applicants.
• Credit Report: The bank may pull this directly, but knowing your credit score is beneficial.
• Existing Loan Documents: Documents related to any other existing loans.
• Income Proof:
  • For Salaried: Latest 3 months’ salary slips, 6 months’ bank statements, and Form 16 or Income Tax Returns for the last 2 years.
  • For Self-Employed: Income tax returns for the last 3 years, profit and loss statement, balance sheet certified by a CA, and 6 months’ bank statements.

Documents for Housing Loan

In addition to the above, you may also need the following while applying for their home loan:

• Copy of the plan approved for the proposed construction/extension.
• Title deeds of the plot.
• No Objection Certificates (NOC) from relevant civic bodies.
• Agreement of sale (if applicable).
• Lawyer’s clearance certificate, if required by the bank.

Documents for Car Loan

The following document may be required while applying for their car loan:

• Proforma Invoice: From the car dealer detailing the cost of the vehicle, excluding the margin amount.

Maha Combo Loan Scheme EMI Calculator

The Maha Combo Loan Scheme EMI Calculator helps you estimate the monthly payments for your combined housing and vehicle loans. The calculator uses a standard formula to compute the Equated Monthly Installment (EMI) by entering the loan amounts, interest rates, and tenure. For example, suppose you borrow Rs. 20 lakh for housing at an 8% annual interest rate and Rs. 5 lakh for a car at 9%, specifying the respective loan durations. In that case, the calculator will provide the individual EMIs for each loan. Summing these amounts will give you the total monthly payment due under the scheme, enabling effective financial planning and budgeting for your major purchases.