State Bank of Mysore

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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

Download application form

Approved Builders for Housing Loans

Quantum of Loan amount

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. 10 lacs	65%

Maximum Repayment period

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

Margin

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%

Margin for Purchase of New houses which are ready for possession (Applicable to First sale only)

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

Interest
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

Processing charges

Loan Amount	Processing Charges (w.e.f. 01.06.2011)
Upto Rs 25 Lacs	0.20% of loan amount, with a minimum of Rs 500/-
Above Rs 25 Lacs and upto Rs 75 Lacs	Rs 10,000/-
Above Rs 75.00 Lacs	Rs 20,000/-

Insurance
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.

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

Repayment
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.

Pre-payment Penalty

No Pre-closure / Pre-payment penalty on all Home Loans.

Terms and Conditions subject to change.

Download application form

Contact your nearest Branch of State Bank of Mysore or

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
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