State Bank of Mysore Home Loans
State Bank of Mysore home loans are ideal home financing products which come with a lot of attractive benefits and features. All the home loan products from State Bank of Mysore come with flexible repayment terms and rates.
State Bank of Mysore home loans have everything to offer the homebuyers. Go through the following details to have a comprehensive understanding about these loans:
Purpose of State Bank of Mysore home loans
You can take out a home loan from State Bank of Mysore and use it for any of the following purposes according to your own convenience:
- Renovation/maintenance/extension of current home
- Purchase/construction of a new flat/house
- For purchasing houses which are not older than 15 years
- For purchasing land for building houses within a period of 2 years
- For purchasing consumer durables and furniture and fixtures as a component of the project cost
- Housing loan against 2nd charge
Amount of loan
For loan amount of all types, the maximum amount of loan you can avail is 40-60 times your monthly income, subject to your repayment ability as percentage of Net Monthly Income as follows:
| Net Annual Income | EMI/NMI Ratio |
| Upto Rs. 2.00 lakhs | 40% |
| Over Rs. 2 lakhs to Rs. 5 Lakhs | 50% |
| Over Rs. 5 lakhs | 55% |
Margin for State Bank of Mysore home loans
The margin for State Bank of Mysore home loans is as follows:
| Loan Amount | Margin (%) |
| Upto Rs. 30 lakhs | 20% |
| Over Rs. 30 lakhs to 75 lakhs | 20% |
| Over Rs 75 lakhs to 1.00 Crore | 25% |
| Over Rs 1.00 crore | 40% |
Maximum repayment period for State Bank of Mysore home loans:
| Age | Repayment term |
| In case of individuals under 35 years of age | 25 years |
| In case of individuals under 45 years of age | 20 years |
| In case of individuals under 45 years of age | 15 years |
Given below are the exclusive benefits offered by State Bank of Mysore home loans:
- Small processing charges.
- State Bank of Mysore home loans are comparatively cheaper than housing finance products from other companies/institutions.
- There are no commitment fees.
- There are no administrative fees.
- Loan schemes are available from all branches in India.
- Interest is imposed on the basis of reducing balances method.
- Wealth tax exemption for one house under the Wealth Tax Act.
Security for State Bank of Mysore home loans
Equitable mortgage of residential property will work as security against the loan.
Penalties for missed payments
For 3 or more successive missed payments, penal interest will be charged @1%.
Insurance for State Bank of Mysore home loans
In order to obtain a home loan, you need to insure the residential property. Group insurance coverage is also available through paying a lump sum premium.
Mode of repayment and repayment term
You can repay your SBM home loan through Equated Monthly Installments (EMIs). Repayment terms vary from 5 to 25 years, comprising a moratorium period varying from 6 to 18 months from the date of the first installment.
Disbursal
For purchase, the loan will be directly disbursed to the seller. In case of renovation/construction/remodeling – the loan will be disbursed in stages.
The interest rates and schemes can change on a periodical basis at the sole discretion of the bank.
Home Loan Calculator
Last Updated On: 2011/04/29
Comment