State Bank of Mysore offers mortgage loan for their customers at attractive rates of interest, The processing fee, documentation and other charges are very low. All the employed and self-employed persons can avail the mortgage loan from State Bank of Mysore.
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.
Processing Fee: 1% of the loan amount (one time)
Insurance: The property being mortgaged should be insured against the risk of fire / riot / earthquake / lightning / floods etc.,
