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State Bank Mysore (Now SBI) Home Loan Interest Rate Calculator - Jun 2017

Last Updated 31st Mar 2017

State Bank of Mysore Home Loan Interest Rates

Interest Rate 8.80% - 8.80%
Check Best Offers
Lowest EMI Rs. 790 per lakh
Max Tenure 30 years
Processing Fee Upto 0.50%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Home Loan @ 8.35%*
Rs.
Rs.
+91

State Bank of Mysore Home Loan

State Bank of Mysore offers home loan to the people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.

Home Loan State Bank Mysore (Now SBI)

Home loan interest rates offered by State Bank of Mysore depends upon MCLR.

  • Fixed rates allow you to borrow loan at a fixed price which won’t change in the whole tenure in case of change in MCLR rate and should be chosen only if you believe that the rates will not hike in future.
  • Floating rates changes with a single change in MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates.

State Bank of Mysore offers home loan based on 1 Year MCLR rates which is currently 8.65%.

State Bank of Mysore home loan interest rate depends upon

  • Loan amount: Home loan rate in State Bank of Mysore depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: State Bank of Mysore has a list of companies to which they lend Home loan. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. State Bank of Mysore interest rate varies with your monthly income. Higher the income, less will the rate of interest

Home Loan Charges

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. State Bank of Mysore allows prepayment of home loan with Nil prepayment charges
  • Processing Fee - State Bank of Mysore asks for a processing fee of 0.50% of loan amount with applicable service tax

State Bank Mysore (Now SBI) Home Loan EMI Calculator

Home Loan EMI of State Bank of Mysore is a fixed amount that you pay each month towards the repayment of your home loan till the end of tenure

  • Home Loan EMI calculator of State Bank of Mysore helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on home loan.
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI

What are the benefits of calculating State Bank of Mysore Home Loan EMI?

  • EMI calculator of State Bank of Mysore helps you to calculate your monthly EMI at different rate of interest
  • State Bank of Mysore Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

State Bank Mysore (Now SBI) Home Loan Eligibility Calculator

Home Loan eligibility criteria State Bank of Mysore

Eligibility of House loan in State Bank of Mysore relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. State Bank of Mysore offers Home loan to salaried at the age of 21 to 60 years and self employed individuals at 21 to 65 years
  • Income: In case of salaried person, State Bank of Mysore Loan eligibility significantly depends upon the income. Usually bank set minimum levels of income to apply for house loan. Salaried employee should be in government job or working with a reputed private company and getting regular salary in bank account with salary slip, form 16
  • Job stability and Profession: Job stability is important to improve your status and eligibility for Home loan from State Bank of Mysore. Minimum turnover and minimum net income criteria may apply. Business must be registered with at least one government agency such as service tax, VAT, excise, shops and establishment registrar. Other than job stability, profession is also an important factor which can affect your State Bank of Mysore eligibility. If you are working with a reputed company, probability of getting home loan from State Bank of Mysore increases as the income is considered to be more stable
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your Home loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your Home loan eligibility
  • Loan Amount: State Bank of Mysore gives you Home loan depending upon your income. State Bank of Mysore gives you an amount ranging from Rs. 1,500,000 to Rs. 50,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service

State Bank of Mysore Floating Rate Home Loans

State Bank of Mysore Home Loan Floating
Upto Rs. 2,500,000 - 8.80%
Rs. 2,500,001 - 7,500,000 - 8.80%
Rs. 7,500,001 - 10,000,000 - 8.80%
Above Rs. 10,000,000 - 8.80% linked to 1 Year MCLR
with SBM Maxgain Facility
Upto Rs. 2,500,000 - 8.80%
Above Rs. 2,500,001 - 7,500,000 - 8.80%
Above Rs. 7,500,001 - 10,000,000 - 8.80%
Above Rs. 10,000,000 - 8.90% linked to 1 Year MCLR

State Bank of Mysore Home Loan Top up, Transfer

Transfer of Home Loan from another bank to State Bank of Mysore?

State Bank of Mysore offers home loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of State Bank of Mysore
You can avail additional top-up home loan from State Bank of Mysore, subject to your eligibility

Housing Loan State Bank Mysore (Now SBI) documents required

Home Loan for Salaried employee State Bank of Mysore documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

Home Loan for Self-Employed State Bank of Mysore documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Frequently Asked Questions

Why to take home loan from State Bank of Mysore?

State Bank of Mysore offers home loan at lower rate of interest i.e. at 8.80% with the lowest EMI of Rs. 790 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your home loan to State Bank of Mysore.

What is the maximum loan tenure I can opt under State Bank of Mysore house loan?

State Bank of Mysore offers you a longer tenure of 30 years to repay your home loan with a benefit of paying less EMI per month.

Do I get tax benefit on home loan from State Bank of Mysore?

As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.

Can I foreclosure my home loan? What are the charges applicable?

Yes, you can foreclose your home loan with Nil charges.

Can I transfer my home loan from another bank to State Bank of Mysore?

Yes, State Bank of Mysore gives you the facility to transfer your existing home loan with a hassle free process. Home loan balance transfer to State Bank of Mysore offers you to pay lower EMIs and save money.

Can I club the income of my spouse with mine and apply for joint home loan?

You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for home loan in State Bank of Mysore?

The benchmark applicable for home loan in State Bank of Mysore is 1 Year MCLR.

What is the effect of part payments on State Bank of Mysore housing loan EMI ?

Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

How to increase my eligibility on State Bank of Mysore housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

How will interest rate on State Bank of Mysore housing loan change in future?
  • Floating interest rate on State Bank of Mysore housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.65%. So, when State Bank of Mysore offers a home loan at 8.80%, it applies a premium of 0.15% to its MCLR Rate to arrive at this home loan interest rate.
  • When RBI increases interest rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

State Bank Mysore (Now SBI) Home Loan in India

State Bank of Mysore Home Loan Interest Rate Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 1800-425-2244
Ahmedabad 1800-425-2244
Ambala 1800-425-2244
Anand 1800-425-2244
Aurangabad 022-28301222
Bangalore 080-25587463
Bhilai 1800-425-2244
Bhilwara 1800-425-2244
Bhiwadi 1800-425-2244
Bhopal 1800-425-2244
Bhubaneswar Cuttack 1800-425-2244
Bikaner 1800-425-2244
Chandigarh 1800-425-2244
Chennai 044-24911176
Cochin 1800-425-2244
Coimbatore 1800-425-2244
Dehradun 1800-425-2244
Delhi 011-32606917
Durg 1800-425-2244
Faridabad 1800-425-2244
Gandhinagar 1800-425-2244
Ghaziabad 1800-425-2244
Goa 1800-425-2244
Greater Noida 0120-2536614
Gurgaon 1800-425-2244
Guwahati 1800-425-2244
Gwalior 1800-425-2244
Hyderabad 1800-425-2244
Indore 1800-425-2244
Jabalpur 1800-425-2244
Jaipur 1800-425-2244
Jalandhar 1800-425-2244
Jodhpur 1800-425-2244
Kanpur 1800-425-2244
Karnal 1800-425-2244
Kolhapur 022-28301222
Kolkata 033-23212120
Kota 1800-425-2244
Kozhikode 1800-425-2244
Lucknow 1800-425-2244
Ludhiana 1800-425-2244
Madurai 1800-425-2244
Meerut 1800-425-2244
Mehsana 1800-425-2244
Mohali Sas Nagar 1800-425-2244
Mumbai 022-28301222
Mussoorie 1800-425-2244
Nagpur 022-28301222
Nashik 022-28301222
Noida 0120-2536614
Noida Extn 0120-2536614
Panipat 1800-425-2244
Patna 1800-425-2244
Pondicherry 1800-425-2244
Pune 1800-425-2244
Raipur 1800-425-2244
Rajkot 1800-425-2244
Ranchi 1800-425-2244
Rohtak 1800-425-2244
Roorkee 1800-425-2244
Salem 044-24911176
Shimla 1800-425-2244
Sonepat 1800-425-2244
Surat 1800-425-2244
Trichy 1800-425-2244
Udaipur 1800-425-2244
Vadodara 1800-425-2244
Varanasi 1800-425-2244
Vijaywada 0866-2576783
Vizag 1800-425-2244
State Bank Of Mysore Home Loan Interest Rate
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