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    State Bank of Mysore Home Loan Reviews

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    State Bank of Mysore Home Loan is Rated as "Excellent!" by 12 Users

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    rated 4.5/5.0 by 12 users

    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

    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

    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

    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 27 Apr 2017

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

    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

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