State Bank of Mysore offers loans for construction or purchase of a new house or flat. It also offers loans for repairs / renovation / extension of existing house. One can also avail of plot loans as well as loans for resale property. It also offers loans against second charge. Loans are offered at fixed and floating interest rates to Indian residents and NRIs.

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

Quantum of Loan amount

Upto Rs. 2.00 lacs	:	40% EMI
Above Rs. 2 lacs to Rs. 5 Lacs	:	50% EMI
Above Rs. 5 lacs	:	55% EMI

Rate of Interest

Float Interest Rate	:	9.25
Float EMI	:	18317.0
Tenure	:	20

Charge for Changing Fixed to Floating: Rs 1000

Security

Equitable mortgage of house property.

Interest

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

Processing charges

0.50% with a maximum of Rs. 10000.

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

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.