A "low interest" loan shouldn't mean you have very little interest in paying it back!
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  • State Bank of Mysore Home Loan is Rated as "Excellent!" by 13 Users

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    Promised Interest Rate

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    Home Loan BYTES FROM OUR KITCHEN
    rated 4.5/5.0 by 13 users

    State Bank of Mysore Home Loan

    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.


     

    You’re probably eligible for an State Bank Of Mysore Home Loan if you are

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    State Bank Of Mysore Home Loan Minimum Age

    At least 21 years old

    State Bank Of Mysore Home Loan Maximum Age

    Less than 60 years old

    State Bank Of Mysore Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    State Bank Of Mysore Home Loan Minimum Income

    Earn more than the minimum
    income required


     

    Your State Bank Of Mysore Home Loan amount eligibility is based on these factors

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    State Bank Of Mysore Home Loan Minimum Salary

    Earn more than the minimum
    income required

    State Bank Of Mysore Home Loan Maximum Loan to property value

    Loan capped @ 60% to 80% of property value

    State Bank Of Mysore Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible State Bank Of Mysore Home Loan amount by these steps

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    State Bank Of Mysore Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    State Bank Of Mysore Home Loan Maximum Tenure

    Choose longer tenure loan 30 years

    State Bank Of Mysore Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an State Bank Of Mysore Home Loan

    • 1. Signed application form with photograph
    • 2. Latest bank statements
    • 3. Processing fee Cheque
    • 4. ID and residence proof
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income

     

    State Bank Of Mysore Home Loan Interest RatesUpdated on 13 Dec 2017

    State Bank Of Mysore Home Loan Details
    Interest Rate 9.35%
    Processing charges 0.50% Max. of Rs.7,500 plus applicable tax
    Loan Tenure 30 years
    Partial pre-payment Charges Nil
    Pre-closure Charges Nil

     

    SBM Home Loan

    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.

    Purpose of SBM Home Loan:

    • 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

    SBM Home Loan Features & Benefits:

    • 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.

    State Bank of Mysore Home Loan Interest Rate:

    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.

    State Bank of Mysore MCLR Rate for Home Loans:

    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
    Overnight 8.85%
    One Month 8.95%
    Three Months 9.00%
    Six Months 9.10%
    One Year 9.20%
    Two Year 9.35%
    Three Year 9.45%

    State Bank of Mysore Home Loan Eligibility:

    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.

    SBM Home Loan Documentation:

    • 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.

    State Bank of Mysore Home Loan FAQs:

    1. What is the processing fee levied by State Bank of Mysore for their home loans?

      SMB’s Processing Charge is .50 percent (not exceeding INR 7500).

    2. Can you tell me the interest rates for various tenures for loan amount not exceeding INR 1 Crore?
      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%
    3. Is there a subsidized rate for senior citizens?

      Yes, senior citizens are eligible for .40 percent less than the regular rates.

    4. How much is the Prime Lending Rate offered by State Bank of Mysore?

      The current Prime Lending Rate of SBM is 15 percent.

    News About SBM Home Loan

    • Lower housing loan rates from State Bank of Mysore

      The State Bank of Mysore (SBM) has revised home loan interest rates.

      Effective from August 1st 2016, the MCLR for a lending tenure of one year is at 9.5 percent. For housing loans across all limits, the rate is 9.60 percent. For housing loan Maxgain - Rs. 25 lakh to 1 crore, the rate is 9.60 percent. Above Rs. 1 crore, the new rate is 9.70 percent.

      30th August 2016

       
    • SBM introduces soft loan for reasonable housing

      The State Bank of Mysore (SBM), a subsidiary of SBI, has unveiled a new home loan product targeted at endorsing reasonable housing among the financially weaker sections of the society including the low income customers of the bank. Named as Namma Mane, the affordable home loan product from SBM is in compliance with the newly-launched central government mission of ‘Housing for all by 2022’. In this the credit linked interest funding of 6.5 percent is being offered on loan sum of INR 6 lacs. SBM is proudly vouching that they are the first to offer such a scheme for low income groups. Based in India’s Garden City, it will be aiming the neighboring small towns first and then plan to venture to Tamil Nadu and Andhra Pradesh. The maximum loan amount allowed is INR 20 lacs with a flexible tenure of up to 15 years. But the credit-linked interest subsidy of 6.5 percent is valid only for the first INR 6 lacs.

      26th November 2015

       

    State Bank of Mysore Home Loan Reviews

    • State Bank of Mysore Home Loan
      "Its Average"
      0.5 4.0/5 "Great!"
      I have taken home loan with State of Mysore, interest rate was higher than SBI. I have taken the amount of Rs.22 lakhs with interest rate of 9.6% for 20 years. My EMI amount is around Rs.19,000. There is part payment option available in SBM but preclosure is available.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 27, 2017
    • State Bank of Mysore Home Loan
      "No additional charges "
      0.5 5.0/5 "Blown Away!"
      I am visiting the same branch for last 23years.The service offered was in a impressive way for the customer.They give discounts in interest rate for the customer.There is no additional charges applied by state bank of mysore in case of home loan application.
      Was this review helpful? 2
      , bangalore
      Reviewed on Aug 22, 2016
    • State Bank of Mysore Home Loan
      "Good bank with lesser rate of interest..."
      0.5 3.5/5 "Pretty good"
      I have taken the Home loan form State bank of Mysore. Best part is, their interest rate. They offered me around 9.8%. Security level was good in SBM. Only thing is, There is no proper follow up and it would be great if they need improve their customer service.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 12, 2015
    • State Bank of Mysore Home Loan
      "Good But Not The Best "
      0.5 3.0/5 "Satisfactory"
      I got my Home Loan from STATE BANK OF MYSORE in the year 2007. When I am planning to avail the loan I found SBM is the better option when compared with other banks. I made a pre closing payment on this loan with no additional charges. My uncle has recommended to choose this bank for my home loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 27, 2015
    • State Bank of Mysore Home Loan
      "Long processing time"
      0.5 2.0/5 "Expected more"
      Customer service of the public sector banks is very bad. the processing time taken by these banks is also long. But in spite of all these issues people incline towards these banks more, because of the interest charges and the trust. My Home Loan application was processed by State Bank of Mysore. No updates were provided from the Banks regarding the status. They took almost 2 months to process my loan application.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 27, 2015
    • State Bank of Mysore Home Loan
      "Needs Improvement"
      0.5 3.5/5 "Pretty good"
      Getting a home loan from the state bank of mysore is a changeling part to me. They took 45 days for the approval for the loan. The charges are compartively less but they are very slow in the process. I visited the branch manytimes for the approval of the loan.
      Was this review helpful? 4
      , bangalore
      Reviewed on May 20, 2015
    • State Bank of Mysore Home Loan
      "They are good!!!"
      0.5 5.0/5 "Blown Away!"
      Earlier I have taken home loan with State Bank of Mysore and now recently I have taken for 15lakhs. Interest rate is high as other banks are giving less than State Bank of Mysore. For the new home loan, they did not collect processing charge as they waived off 7000. Also repayment charges are nil and I can close the loan at any time with any amount. Managers are really good and they are helpful.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Mar 04, 2015
    • State Bank of Mysore Home Loan
      "Its ok"
      0.5 5.0/5 "Blown Away!"
      I am holding a SBM housing loan. It is a nationalised bank so that wont charge more. It is a very good Bank. In spite of me being a private employee I have been offered this loan . The rate of interest offered by them was very low. Processing fee and foreclosure charges charged by them was low. The only thing is they are little bit traditional and they are old fashioned it could be better if they work on that.
      Was this review helpful? 1
      , mysore
      Reviewed on Feb 13, 2015
    • State Bank of Mysore Home Loan
      "Satisfied with Service"
      0.5 4.0/5 "Great!"
      SBM Home Loan everything is good with in 30 days they process the loan after submitting the documents, interest rate was around 10.03% it was quite less when compare to private banks. Documentation was also simple, processing fee and charges was normal this was my first experience i am quite satisfied with the service.
      Was this review helpful? 8
      , bangalore
      Reviewed on Sep 05, 2014
    • State Bank of Mysore Home Loan
      "Very good customer service"
      0.5 5.0/5 "Blown Away!"
      State bank of mysore was very good in all aspects. Since I am a goverment staff the procedure was very fast and simple. I offered by them was 10.25 % . Customer services are very good, There is no customer relationship manager like other private sectore banks. Its better to appoint to seperate relationship manager for home loans . I offered 35 lakhs. They have to be give some priorities to home loan
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 11, 2014
    • State Bank of Mysore Home Loan
      "Satisfied with Service"
      0.5 4.0/5 "Great!"
      SBM Home Loan the gave convenient time, how much requirement i need they give, verification process was done in 15 days, interest rate was bit high 10.25%, they give us time it was convenient for me only one or two times i visited the bank remaining their staff came and did all the formalities, thing is the amount what i expected i did not got, the valuation of property got less, overall it was good the bank manager was good he co operated me well, processing fee was high it was 15k. Bankazaar.com i got all private banks call but i am looking nationalized bank, after 1 day when i applied other bank started calling which was good, their was immediate response from them.
      Was this review helpful? 0
      , thane
      Reviewed on Aug 06, 2014
    • State Bank of Mysore Home Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      SBM Home loan process was good. The response and service was really good. They processed the loan and documentaion in a correct way and there was a delay from my end due to which it was extended however they tried their level best to complete it and now everthing is fine.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 03, 2014
    • State Bank of Mysore Home Loan
      "At Par Interest Rates"
      0.5 4.0/5 "Great!"
      I have opened saving account and locker facility in state bank of Mysore. Services provided by branch are nice and i get a very personalized service from them. Their Fixed deposit rate /interest payout on saving account are at par and a good bank to do banking in case of joint accounts.SBM has lots of ATMS across India which is an added benefit as we can operate from any where while we are traveling. My suggestion for SBM is to improve their online portal and they should come up with a mobile application soon.
      Was this review helpful? 3
      , bangalore
      Reviewed on Apr 14, 2014
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