Maha Super Flexi Housing Loan Scheme

The Maha Super Flexi Housing Loan Scheme is a dynamic financial product designed to blend a home loan's benefits with a savings account's flexibility. This scheme links the loan to a flexi home savings account, allowing borrowers to deposit surplus funds. It offers the convenience of withdrawing funds when needed and adjusting the loan balance daily based on the end-of-day savings account balance. Aimed at different individuals, the scheme provides significant interest savings, extended banking facilities, and flexible repayment terms. Ideal for those with fluctuating incomes or surplus cash.

Maha Super Flexi Housing Loan Scheme – Highlights 

Maha Super Flexi Housing Loan Scheme – Features and Benefits

• Linked to a Flexi Home Savings Account, deposits reduce the loan balance and interest.
• Withdrawal flexibility allows borrowers to access funds in the linked account as needed.
• Daily rebalancing of the loan based on the end-of-day balance in the savings account.
• Access to standard banking facilities such as chequebooks, internet, and mobile banking.
• Interest savings from reduced loan balance due to deposits in the linked savings account.
• Enhanced liquidity allows for the use of surplus funds for personal or business purposes.
• Flexibility in repayments helps manage cash flow effectively and is suitable for fluctuating incomes.
• Offers a long repayment tenure of up to 30 years, easing the monthly financial burden.

Maha Super Flexi Housing Loan Scheme Interest Rates

Maha Super Flexi Housing Loan Scheme Fees and Charges

Maha Super Flexi Housing Loan Scheme – Eligibility Criteria

• Eligibility extends to individual salaried employees, self-employed professionals, businessmen, and agriculturists.
• Loans can be used to purchase ready-built residential flats from builders, developers, societies, or other recognised agencies and to buy new or existing houses/flats not older than 30 years with a residual building life of at least 5 years beyond the loan tenure.
• Eligible for taking over existing housing loans from other banks or financial institutions under standard categories.
• The maximum loan amount is the lowest based on permissible deduction norms, the maximum permissible LTV ratio, or the requested loan amount.
• Loan to Value (LTV) ratio: up to Rs. 30 lakh at 90% LTV with a 10% margin; above Rs. 30 lakh at 80% LTV with a 20% margin. An enhanced LTV ratio up to March 31, 2023, offers 90% for amounts over Rs. 30 lakh with a 10% margin.
• The maximum repayment period is 30 years or until the borrower reaches 75 years, whichever comes first.
• Security through an equitable or registered mortgage on the property is required.

Maha Super Flexi Housing Loan Scheme – Documents Required

For the Maha Super Flexi Housing Loan Scheme, applicants need to provide a range of documents to support their loan application.

• Application Form: Completed and signed loan application form with passport-sized photographs.
• Proof of Identity: Any government-issued ID, such as an Aadhar Card, PAN Card, Passport, or Driving License.
• Proof of Residence: Recent utility bills, Aadhar Card, Passport, or any other government-issued residence proof.
• Income Proof:
  • For salaried individuals: Recent salary slips, Form 16, and bank statements showing salary credit for the last 6 months.
  • For self-employed individuals and businessmen: Recent Income Tax Returns, profit and loss accounts, balance sheets for the last 2-3 years, and bank statements for the last 6 months.
  • For agriculturists: Proof of land ownership and evidence of agricultural income.
• Property Documents:
  • Legal documents related to the ownership of property.
  • Agreement to sell (if applicable).
  • Registered sale deed, allotment letter, or stamped agreement of sale.
• Credit/Loan Statement: If the loan involves a takeover from another bank or financial institution, a statement of the loan account for the last 6-12 months is required.

Maha Super Flexi Housing Loan Scheme EMI Calculator

To calculate the EMI for the Maha Super Flexi Housing Loan Scheme, you can use the formula: EMI = 𝑃×𝑟×(1+𝑟)𝑛/((1+𝑟)𝑛−1)P×r×(1+r)n/((1+r)n−1), where 𝑃P is the loan amount, 𝑟r is the monthly interest rate (annual rate divided by 12), and 𝑛n is the number of instalments (loan term in years multiplied by 12). For example, for a loan amount of ₹50,00,000 with an annual interest rate of 7% over a term of 20 years, first convert the annual rate to a monthly rate (0.005830.00583), then calculate for 240 months. This formula helps determine your monthly payment towards the loan, incorporating both the principal and the interest components.