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  • State Bank of Mysore Mortgage Loan is Rated as "Great!" by 17 Users

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    Promised Interest Rate

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    State Bank of Mysore Mortgage Loan

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    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.

    State Bank of Mysore Mortgage Loan Reviews

    • State Bank of Mysore Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Before ten years I had taken a personal loan from State Bank of Mysore. At that time, they offered me 11% of interest on my loan. Systematically SBM is good, they have approved the loan immediately. I took the amount of Rs. 1 lakh for the period two years. It got closed and I got my NOC from the bank.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 08, 2017
    • State Bank of Mysore Personal Loan
      "Need to change Manager - personal Loan"
      0.5 1.0/5 "Really Bad"
      We are not getting any loan from this branch from past 2 months. always the Manager says Bank has been switched to State Bank of India, So we could not able to provide loan. Please change the manager. Worst service which i have ever seen. please don't go to this branch until the manager will not change.
      Was this review helpful? 0
      , dandeli
      Reviewed on May 24, 2017
    • State Bank of Mysore Personal Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      State Bank of Mysore it was excellent interms of everything, I had taken two loans before ten years from them. It was great experience, So I would give best rating for the customer support who gave me satisfactory service. SBM offered the interest rate of 14% for my personal loan.
      Was this review helpful? 1
      , bellary
      Reviewed on Feb 16, 2017
    • State Bank of Mysore Personal Loan
      "Nice experience "
      0.5 5.0/5 "Blown Away!"
      The length of the SBM personal loan process is too long. The reason being, the form filling process requires too much of signature to complete the procedure of taking a personal loan from State Bank of Mysore.The loan process was completely good when it comes to personal loan application.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 13, 2016
    • State Bank of Mysore Personal Loan
      "They ask more number of documents "
      0.5 3.5/5 "Pretty good"
      Hi I had taken personal loan of Rs.250000 from State bank of Mysore near Bellary ,it was a very big challenge for me to collect all those ,but they sanctioned very fast and in time .Re-payment facility is good , Officers were very nice and they are very much co opeartive.
      Was this review helpful? 1
      , bellary
      Reviewed on Jul 02, 2016
    • State Bank of Mysore Personal Loan
      "Lengthy document Process"
      0.5 1.0/5 "Really Bad"
      It was not a easy process when I applied for a personal loan with SBM bank. The services and response was not very satisfactory. I did not go ahead because the documents was a lot to produce. And they were also not offering the loan amount I was needing. The rate of interest was of 13.5%. And the processing charges was waived off.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 30, 2016
    • State Bank of Mysore Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the State Bank of Mysore and the interest rate is an excellent one with them and the loan amount got disbursed within two days of time. Processing charges were good one with them and there are no issues with them.
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 01, 2016
    • State Bank of Mysore Personal Loan
      "Very user friendly"
      0.5 3.0/5 "Satisfactory"
      The interest rate applied was around 13.20% for the personal loan with state bank of mysore .They have offered a lesser eligible amount so that I have not taken the loan.They don't require a surety to process the loan for government employees.I have been consulting the manager regarding the loan process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 24, 2016
    • State Bank of Mysore Personal Loan
      "Great loans!"
      0.5 5.0/5 "Blown Away!"
      Though I have my salary account with State Bank of Mysore, they processed the personal loan in a short time by collecting minimal documents for the loan process. I took this loan from them before 3 years and I never faced any issues with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 19, 2016
    • State Bank of Mysore Personal Loan
      "A long time and lots of formalities.."
      0.5 3.0/5 "Satisfactory"
      State Bank of Mysore asks for so many documents and they asks for guarantor. The person of guarantor should have an account of same bank. Not so easy to avail personal loan from this bank. In public banks we can not take loan in short time as need to wait for a long time. I prefer private banks for loans.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 14, 2015
    • State Bank of Mysore Personal Loan
      "Got best loan offers "
      0.5 5.0/5 "Blown Away!"
      I have taken three laksh loan amount from SBM for my home renovation. Since I got the best loan offers I choose SBM BANK for the personal loan. They have offered me 15% rate of interest. Processing wise also they are very good.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 16, 2015
    • State Bank of Mysore Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken this personal loan with SBM recently. The rates offered by them was reasonless they took around monthâ??s time to process the loan. Service provided by them was not up to the market. Its a nationalized banks they were too many procedure I have been asked to visit the Branch every now and then. Even for getting the sign on the stamp duty I have to visit the Branch.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 10, 2015
    • State Bank of Mysore Personal Loan
      "Awesome"
      0.5 4.5/5 "Excellent!"
      STATE BANK OF MYSORE has offered me 11.50% for my personal loan. They took one week time to process my loan application. My friend has recommended me about this bank. I have submitted the correct documents to them. Based on my profile they were offering seven lakhs loan amount to me.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 09, 2015
    • State Bank of Mysore Personal Loan
      "Best service "
      0.5 5.0/5 "Blown Away!"
      It was really easy to get this loan from State Bank of Mysore.The interest rate applied for the loan was around 15% and they do apply charges around 1.7% for the loan.They have processed the application within two days of time.I will recommend about State Bank of Mysore.
      Was this review helpful? 2
      , bangalore
      Reviewed on Oct 03, 2015
    • State Bank of Mysore Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      The manager helped me a lot for my personal loan at State bank of Mysore. Still the process took around 25 days. The rate of interest was of 15% and it was not a flat rate. They charged total of 11K for the charges inclusive of a accidental insurance. If anything is to happen to me they would take the loan amount from the insurance. It is valid for five years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 25, 2015
    • State Bank of Mysore Personal Loan
      "Lacking in customer service..."
      0.5 4.0/5 "Great!"
      Rate of interest is very good in State Bank of Mysore but they are lacking in customer service and they had not sanctioned the loan amount on time. They were expecting for many records to get process the personal loan and otherwise the process was fine. Charge are less and nominal.
      Was this review helpful? 0
      , mysore
      Reviewed on Aug 06, 2015
    • State Bank of Mysore Personal Loan
      "Happy service"
      0.5 5.0/5 "Blown Away!"
      When compared to other banks the rate of interest is low in State Bank of Mysore. The customer service and response is good. Since I opted for a large amount for personal loan , they gave me a grace time of around 12 months. The tenure is 36 months. They also gave me a half settlement option which was very helpful to me at that time.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 03, 2015
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