Housing Loan - Personal Banking-SBM

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	Housing Loan
	Home > Advances > Personal Banking > Housing Loan

	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

Loan amount for all categories

Net Annual Income	EMI / NMI Ratio
Upto Rs. 60000/-	20%
Above Rs. 60000 to less than Rs.1,20,000/-	25%
Above Rs. 1,20,000/- to less than Rs.2,00,000/-	30%
Above Rs. 2,00,000 to less than Rs.5,00,000/-	50%
Above Rs. 5,00,000 to less than Rs.10,00,000/-	55%
Above Rs. 5 lacs	55%

Age	Repayment period
For persons below 35 years of age	25 years
For persons below 45 years of age	20 years
For persons above 45 years of age	15 years

Amount	Margin (%)
Upto Rs. 30 lakhs	20%
Above Rs. 30 laks to 75 lakhs	20%
Above Rs 75 lakhs to 1.00 Crore	25%
Above Rs 1.00 crore	40%

Amount	Margin (%)
Upto Rs. 75 lakhs	15%
Above Rs.75 laks to 1 cr	20%
Above Rs 1.00 crore	30%

Penal interest of 1% in case of default of three or more consecutive instalments.

Fixed Rate of Interest <-- Click here for details

Floating Rate of Interest <-- Click here for details

Loan Amount	Processing fee (Including Service tax) Rs.
Up to Rs.5 lakhs	1000/-
Above Rs.5 lakhs& upto Rs.10 lakhs	2000/-
Above Rs. 10 lakhs& upto Rs.20 lakhs	5000/-
Above Rs.20 lakhs& upto Rs.50 lakhs	7000/-
Above Rs.50 lakhs & upto Rs. 1 Cr	8000/-
Above Rs. 1 Crore & upto Rs. 5 Cr	10000/-
Above Rs. 5 Crores	20000/-

The house property has to be insured covering all risks. Group insurance is available to cover the life of the borrower on payment of one time upfront premium.

Direct to the sellers in case of purchase.
For Construction / Repairs / Renovations – in a phased manner

Repayable in monthly instalments. Repayment period ranging from 5 to 25 years, including a moratorium period ranging from 6 to18 months from the date of the first disbursement.

Schemes and Interest Rates are subject to changes from time to time.

	Attractive features of State Bank of Mysore’s Housing Finance scheme
	Loans from State Bank of Mysore are cheaper than housing finance agencies / companies. Nominal processing charges. No administration charges. No commitment charges. Interest charged on reducing balances. Facility available at all branches in India. Exemption from wealth tax for one house under Wealth Tax Act.

	If the loan is pre-closed from own resources for which proof is submitted by the borrower to the satisfaction of the Branch Manager, pre-closure penalty shall not be levied irrespective of the period for which the account has run. In other cases, where such proof is not produced by the borrowers, 2% penalty on the amount prepaid in excess of normal EMI dues should be levied in case of pre-closure of Home loans within 3 years from the date of commencement of repayment.

	Terms and Conditions subject to change.

Chief Manager
State Bank of Mysore
Personal & Services Banking Department
H .O.: K.G.Road, Bangalore - 560009, INDIA
Phone: 91 80 22353901 to 22353909 ; 22353473.extn.380
91 80 22353467 Fax: 91 80 22283684
Email:cmpsb@sbm.co.in