State Bank of Mysore is a nationalised bank in India, with headquarters at Bangalore. It is one of the five associate banks of State Bank of India. During 1953, "Mysore Bank" was appointed as an agent of Reserve Bank of India to undertake Government business and treasury operations, and in March 1960, it became a subsidiary of the State Bank of India under the State Bank of India (subsidiary Banks) Act 1959. Now the bank is an Associate Bank under State Bank Group and the State Bank of India holds 92.33% of shares. The Bank's shares are listed in Bangalore, Chennai, and Mumbai stock exchanges.Under Personal Segment, You can avail a loan for Construction or Purchase of a new house or flat,Repairs / Renovation / Extension of existing house,For purchase of plot for construction of house within two years,For purchase of built houses not more than 15 years old,Housing loan against II charge,For Purchase of Furnishings / Consumer durables as part of the project cost.Read on to learn about the eligibility and documentation requirements for the loan you avail.
At least 21 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Earn more than the minimum
Loan capped @ 60% to 80% of property value
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan 30 years
Alternatively add your parents
|Processing charges||0.50% Max. of Rs.7,500 plus applicable tax|
|Loan Tenure||30 years|
|Partial pre-payment Charges||Nil|
Just like life’s most valuable lessons that come via experience, financial plans are also made looking backward. No matter how much you save, the decision to buy a house will always be caught in a whirl of confusions and complexities. Historically, the current home loan market situation is the most ideal for people to start contemplating this seriously. State Bank of Mysore has the most irresistible home loan scheme as it is customized based on individual income situation, the customer’s current credit rating as well as the savings made so far. Yes, SBM goes out of its way to ensure that you can toil your way through these concerns. Confused? You won’t be if you go through their home loan scheme detailed below.
Building or buying of a new apartment, flat or house
Extension, maintenances, renovation, and/ or repairs
To buy a plot for constructing a house in two years
To buy constructed houses (less than 15 years old)
Home loan against II charge
To procure furniture and remaining consumer durables as part of the total cost of the project
House loans from State Bank of Mysore are more reasonable and customer-friendly than most home loan providers.
There are no administration or commitment fees, but only a minimal processing charge.
Interest will be levied on bringing down balances.
This facility is available in every State Bank branch in the country.
You are eligible for release from wealth tax for one house according to the Indian Wealth Tax Act.
There is no penalty for advance payment or closing it off before the tenure is over.
The State Bank of Mysore offers some of the most attractive rates of interest available in the market on its home loans. Customers can avail of interest rates of a minimum of 9.65% to a maximum of 10% on their floating rate home loans. These are the lowest interest rates offered by the bank in over 30 years and are applicable on home loans of all tenures up to a maximum of 30 years.
The State Bank of Mysore has set its MCLR rates for the year 2017 as follows. These rates are effective from January 1st 2017 and apply to all rupee loans that the bank has approved since January 1st 2017.
|Loan Tenor||Revised MCLR|
The eligibility criteria for an SBM home loan applicant is as follows:
He/she should be a resident Indian.
NRIs can apply for the NRI Home Loans.
The sanctioned loan sum can only be used to buy properties in India.
The applicant must be of age 21 and not older than 65 years at loan maturity.
The applicant and the co-applicant must have a stable source of income (salaried or entrepreneurial) with a good credit history.
A duly filled up State Bank of Mysore Home Loan application
Three passport size photos
ID Proof: Copy of Voters ID, Aadhar Card, Passport, PAN Card or Driving License.
Residential Proof: Proof of residence: Any latest utility bill such as electricity bill or telephone bill or copy of Voters ID, Aadhar Card, Passport or Driving License can be submitted as address proof.
If you are an entrepreneur or a freelance professional, you need to give a business address proof too.
Bank account statements for the past six months at the time of application.
Signature credentials from your current bankers.
Bank Statements about your private properties and accountabilities.
You need to submit a short write up of securities levied in respect of other mortgages taken from SBM or any other bank.
SMB’s Processing Charge is .50 percent (not exceeding INR 7500).
|Tiime Period||Revised Interest Rate (%)|
|1 week to 45 days||5.50%|
|46 days to 90 days||6.50%|
|91 days to 179 days||6.50%|
|180 days to 210 days||6.75%|
|211 days to > 1 year||7.00%|
|1 year to 455 days||6.90%|
|456 days to > 2 years||6.95%|
|2 years to > 3 years||6.85%|
|3 years to > 5 years||6.50%|
|5 years and up to 10 years||6.50%|
Yes, senior citizens are eligible for .40 percent less than the regular rates.
The current Prime Lending Rate of SBM is 15 percent.
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