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.

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Table of Content

1. Maha Combo Loan Scheme Highlights

2. Features and Benefits of the Maha Combo Loan Scheme

3. Maha Combo Loan Scheme Interest Rates

3.1 For Home Loan

3.2 For Car Loan

4. Maha Combo Loan Scheme Fees and Charges

5. Maha Combo Loan Scheme Eligibility Criteria

6. Maha Combo Loan Scheme Documents Required

6.1 For Housing and Car Loan

6.2 Documents for Housing Loan

6.3 Documents for Car Loan

7. Maha Combo Loan Scheme EMI Calculator

Written By

Kirti Bansal

Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Maha Combo Loan Scheme – Highlights

Feature	Highlight
Repayment Period	Up to 30 years for housing loans and up to 84 months for car loans.
Interest Rates	Competitive, making loans more affordable.
Processing Fees	None for women; others up to 0.15% of the loan amount.
Age at Loan Maturity	You can repay up until age 75.
Down Payment	Minimum 10% for car loans and 10%-20% for housing loans.

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

CIBIL score	Rate of Interest
	Salaried		Non Salaried
	ROI	Eff. ROI (%)	ROI	Eff. ROI (%)
800 & above	RLLR – 0.95	8.35	RLLR – 0.85	8.45
750 to 799	RLLR – 0.90	8.40	RLLR – 0.80	8.50
725 to 749	RLLR – 0.50	8.80	RLLR – 0.40	8.90
700 to 724	RLLR	9.30	RLLR + 0.20	9.50
650 to 699	RLLR + 0.50	9.80	RLLR + 0.70	10.00
600 to 649	RLLR + 0.70	10.00	RLLR + 0.90	10.20
Below 600	RLLR + 1.10	10.40	RLLR + 1.60	10.90
-1 to 05 /NTC	RLLR – 0.50	8.80	RLLR – 0.30	9.00

For Car Loan

CIBIL score	Salaried		Non- Salaried
CIBIL score	ROI	ER	ROI	ER
800 & above	RLLR – 0.60	8.70	RLLR – 0.50	8.80
776 to 799	RLLR – 0.40	8.90	RLLR – 0.30	9.00
750 to 775	RLLR – 0.30	9.00	RLLR-0.20	9.10
700 to 749	RLLR	9.30	RLLR + 0.20	9.50
650 to 699	RLLR + 1.55	10.85	RLLR + 1.75	11.05
600 to 649	RLLR + 1.85	11.15	RLLR + 2.20	11.50
Below 600	RLLR + 2.60	11.90	RLLR + 3.70	13.00
-1 or 0 and NTC	RLLR + 0.70	10.00	RLLR + 2.20	11.50

Maha Combo Loan Scheme Fees and Charges

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

Fee/Charge Type	Details
Processing Charges	0.15% of the loan amount, capped at Rs. 25,000. There are no processing charges for female borrowers.
Margin	Car Loan: Minimum 10% Housing Loan: Up to Rs. 30 lakh – 10% Above Rs. 30 lakh – 20%
Rate of Interest	Varies (specific rates are typically provided on the bank’s website or upon inquiry)
Legal and Technical Evaluation Fee	Applicable for property evaluation in housing loans varies based on the property and loan amount.

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.