State Bank of Mysore

Trusted Service

Mortgage Loan

Eligibility
Individuals, employees, professionals, self-employed and others who are income tax assessee whose net monthly income is of Rs. 12,000/- for salaried persons or net annual income of Rs. 1,50,000/- in case of others and self-employed.

AGE
Maximum age - 65 years.

Loan Amount
Rs. 1.00 lac to Rs. 50.00 lacs

Salaried Class - Maximum 36 times net monthly income.

Others - Maximum three times the net annual income.

Type of Loan
Term loan or current account overdraft

Security
Equitable mortgage of unencumbered residential house / flat or urban commercial or industrial property in the name and possession of the borrower, either self acquired or vacant property. Rented out property will be accepted as security only where lease is in existence in favour of corporation of good standing and repute. Power of attorney authorising the Bank to collect rent should be given.

Margin
50% of the market value of the security.

Period of Repayment
Repayable in 84 equated monthly instalments.

Rate of Interest <-- Click here for details

Processing Fee
1.25% of the loan amount (one time)

INSURANCE
The property being mortgaged should be insured against the risk of fire / riot / earthquake / lightning / floods etc.,


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 22353901extn.380
Fax: 91 80 22283684
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 
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State Bank of Mysore,
H .O.: K.G.Road,
Bangalore - 560254, INDIA.
Phone (EPABX): 91 80 22353901 (30 lines of PRI)
Fax: 91 80 22283684

Download Application Form

 Application Form