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    State Bank of Mysore Mortgage Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    16.85% Fixed
    1% One time fee
    1.5L Max
    1-3 Years
    Response Time Within 30 minutes
    Think about
    Eligibility Criteria

    SBM Mortgage Loan

    State Bank of Mysore has a widespread network of 1,022 branches and 9 extension counters all over India. The bank provides various services and products to meet all the financial needs of their customers. Mortgage loan is one such product that they provide to their customers who wish to supplement their income.

    In India owning a property is a greatest asset one can own. Having a property in your name means that it can be used in emergency situations. A mortgage against a property can meet your financial requirements.

    Purpose of State Bank of Mysore Mortgage Loan

    State Bank of Mysore offers Mortgage Loan to those who have a property and can pledge it for the finances that they require.

    Eligibility criteria for State Bank of Mysore Mortgage Loan

    Individuals who wish to obtain a State Bank of Mysore Mortgage Loan need to satisfy the following criteria:

    • The applicant must be a citizen of India.
    • Individuals
    • Employees
    • Self-employed
    • Income tax assesses whose net income is Rs.12,000 for salaried and net annual income is Rs.1,50,000 in case of others and self-employed individuals.

    Note: The criteria is subject to change at the sole discretion of State Bank of Mysore.

    Documents Required for State Bank of Mysore Mortgage Loan

    A borrower is required to furnish the following documents before availing a loan:

    • Application form duly filled.
    • Identity proof - either passport, PAN card, employee identity card or other valid proof.
    • Address proof - either electricity bill, telephone bill, ration card or other valid proof.
    • PAN card copy.
    • Property papers that is the ownership proof and title deed.
    • 3 passport sized photographs.
    • Any other required documents as expressed in the application form must be submitted.

    Features and Benefits of State Bank of Mysore Mortgage Loan

    Some of the salient features and benefits of State Bank of Mysore Mortgage loan are:

    • The loan is easy to avail and requires minimum documentation and is processed very quickly.
    • Competitive interest rate is offered by State Bank of Mysore.
    • The idle property can be used to avail funds.
    • The maximum age requirement is 65 years.
    • The minimum loan amount offered is Rs.1 lakh and the maximum loan amount offered is Rs.50 lakh.
    • The loan offered to the salaried class is maximum 36 times of their net monthly income.
    • The loan amount offered to the others is maximum 3 times their net annual income.
    • The loan offered is term loan or current account overdraft.
    • The margin is set at 50% of the market value of the security.
    • The security offered to the bank must be the residential property that is in the name and possession of the borrower. It can be self-acquired or a vacant property. Rented property is accepted as security if the lease in in existence in favour of corporation of good standing and reputation. The bank should get the power of attorney to collect rent in that case.
    • The repayment period is 84 equated monthly instalments.
    • The loan processing fee is 1.25% of the loan amount.
    • The mortgage property has to be insured against risk of fire or riot or earthquake or lightning or floods etc.

    State Bank of Mysore Mortgage Loan Interest Rate

    State Bank of Mysore charges an attractive interest on their mortgage loan. The bank ensures that repaying the loan doesn’t become an additional financial burden on the borrower. The interest rate offered from 7/10/2015 is:

    • Overdraft loan- 13.25%
    • Term loan - 12.75%

    Note - Interest rates charged by State Bank of Mysore are at their sole discretion and are subject to change without prior intimation.


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