Hey!!!! Home Loan Scheme of State Bank of Mysore is most irresistible home loan Scheme as it is customized based on individual income situation, the customer’s current credit rating as well as the savings made

Purpose

-Building or buying of a new apartment, flat or house

-Extension, maintenances, renovation, and/ or repairs

-To buy a plot for constructing a house in two years

-To buy constructed houses (less than 15 years old)

-Home loan against II charge

-To procure furniture and remaining consumer durables as part of the total cost of the project


Eligibility Criteria

The eligibility criteria for an SBM home loan applicant is as follows:

-He/she should be a resident Indian.

-NRIs can apply for the NRI Home Loans.

-The sanctioned loan sum can only be used to buy properties in India.

-The applicant must be of age 21 and not older than 65 years at loan maturity.

-The applicant and the co-applicant must have a stable source of income (salaried or entrepreneurial) with a good credit history.


Interest Rate 9.70% to 9.80%

Processing charges 0.50% - with a maximum of Rs.7500

Loan Tenure 30 years


Documentation Required:

-A duly filled up State Bank of Mysore Home Loan application

-Three passport size photos

-ID Proof: Copy of Voters ID, Aadhar Card, Passport, PAN Card or Driving License.

-Residential Proof: Proof of residence: Any latest utility bill such as electricity bill or telephone bill or copy of Voters ID, Aadhar Card, Passport or Driving License can be submitted as address proof.

-If you are an entrepreneur or a freelance professional, you need to give a business address proof too.

-Bank account statements for the past six months at the time of application.

-Signature credentials from your current bankers.

-Bank Statements about your private properties and accountabilities.

-You need to submit a short write up of securities levied in respect of other mortgages taken from SBM or any other bank.