Organisation : State Bank of Mysore
Facility : Apply for Housing Loan
Home Page :http://www.statebankofmysore.co.in/advances/personal-banking-/housing-loan-.html
Download here :https://www.statusin.in/uploads/5605-sbm-hl.pdf
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
Interest :
Penal interest of 1% in case of default of three or more consecutive instalments.
Fixed Rate of Interest
Floating Rate of Interest
Processing charges (w.e.f. 01-02-2014) : 0.50%( with a maximum of Rs 7,500/-)
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.
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.