Home Loans in Mysore
Excellent infrastructure, strategic location, and growing real estate market make Mysore appealing as a place for residence. Do you want to enjoy an exceptional quality of life living in an owned home in Mysore but facing a financial crunch? Then, seek help in the form of home loans and mortgage loans in Mysore from the top banks and NBFCs in the city. Home loans in Mysore start at an interest rate of 8.50% per annum. An eligible applicant can get a home loan in Mysore for up to 30 years and enjoy flexible repayment modes. Most of these charge a nominal processing fee of up to 0.50% of the loan amount for processing a home loan application.
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Home Loan Interest Rates in Mysore
The lowest home loan interest rates in Mysore start at 8.50% per annum and can go as high as 12.95% depending on the repayment capacity and the home loan scheme chosen by the applicant. Eligible applicants can expect a home loan of up to 90% of the property cost from the best banks and non-banking financial companies in Mysore.
The table below enlists the current home loan interest rate in Mysore offered by the top 10 banks and NBFCs:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Rs. 25,000 max) | Enquire |
|
L& T Finance | 25 | 8.60% | Up to 3.00% | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Rs. 3,540 min) | Enquire |
|
PNB Housing | 30 | 8.75% - 11.45% | Up to 0.50% (Rs. 10,000 max) | Enquire |
|
State Bank of India | 30 | 9.15% - 12.95% | Up to 0.25% (Rs. 10,000 max) | Enquire |
|
Federal Bank | 30 | 10.15% - 10.30% | Rs. 20,000 | Enquire |
|
Bajaj Housing | 40 | 8.50% | Up to 7% of the loan amount + GST | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% onwards | 0.25% of the loan amount (Max: Rs. 3,540) | Enquire |
Eligibility Criteria for Home Loans in Mysore
Not everyone wishing to own a home can get a home loan in Mysore unless one is eligible. The best banks and NBFCs in Mysore offer home loans to applicants based on eligibility parameters such as age, nationality, CIBIL score, minimum income and professional experience.
The table below enlists the standard criteria for home loan eligibility in Mysore:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian/ NRI | Indian/ NRI |
| Professional Experience | Minimum 2 years | Minimum 2 years of business stability |
| Age |
Min: 18 years |
Min: 18 years |
| Monthly Income | Minimum Rs. 10,000 per month |
Minimum Rs. 1,80,000 per annum |
| CIBIL Score | 750+ (preferred) | 750+ (preferred) |
Note: Applicants are encouraged to declare any additional sources of income besides those mentioned in the table above to boost their chances of getting a home loan approval.
- All home loan applicants seeking housing finance at top Mysore banks and NBFCs must be Indian residents. Some lenders also offer home loans to NRIs
- Both salaried and self-employed home loan applicants should ideally be between 18 and 75 years of age
- Salaried applicants must have a minimum experience of 2 years, and self-employed applicants are required to show business continuity for at least 2 years.
- Both salaried and self-employed home loan applicants must have a Credit/CIBIL score of more than 750 to qualify for availing home loans at Mysore banks.
Note: The eligibility criteria defined above are subject to variation from one bank/NBFC in Mysore to another. Kindly check with the particular financial institution that you apply for a home loan for its specific eligibility prerequisites.
Note:These criteria are subject to variation from one bank to another. It is recommended that you check with the specific bank you are applying to for a home loan for its eligibility requirements.
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Documents Requirement for Home Loans in Mysore
Top lenders ask applicants to submit documents for home loans in Mysore. These are documents that are required by the banks and NBFCs to verify the applicant’s age, nationality, income, employment status, and banking history. Listed below are the required set of documents for home loans in Mysore:
1. For Salaried Loan Applicants
- KYC documents such as PAN card, Voter ID Card, Aadhaar Card, Driving License and Passport
- Appointment letter, letter of promotion
- Proof of income such as salary slips of the previous 3 months, the latest Form 16, and the last year's IT return
- Bank statements for the last 3 months with salary credits
- A cheque for the processing fee for the loan application
- Property documents such as sale deed, NOC from the builder or housing society, advance payment receipt to the builder, and approved construction plan
2. For Self-Employed Loan Applicants
- KYC documents such as Voter ID, Driving License, PAN card, Aadhaar Card, and Passport
- Business profile and license of the company
- Latest Form 26AS
- Savings account statement of previous 6 months
- ITR with computation of income for previous 3 years as proof of income
- Profit & Loss account statements and Balance Sheets for the last 3 years attested by a CA
| Type of Document Required | Examples of Documents that can be Submitted |
|---|---|
| Proof Of Residency | Aadhaar Card, Valid Passport |
| Proof Of Income | Bank Passbook, Bank statement, Last 3 years IT Return |
| Proof Of Age | PAN Card, Voter ID, Birth Certificate, Registration Certificate Of Establishment |
| Proof Of Employment | Certified Letter from Employee/Company Memorandum |
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Home Loan Options Available in Mysore
Several top banks and home loan agents in Mysore offer housing loan schemes to aspiring homeowners. The table below highlights the common housing loan schemes available for those keen to get a home in Mysore:
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Purchase Loan | To purchase residential housing such as flat/apartment |
| Plot Purchase Loan | To purchase a land or plot where construction will be completed within a fixed period |
| Home Construction Loan | To construct a home on an already purchased plot |
| Home Renovation Loan | To renovate the house by wiring, painting, and other activities |
| NRI Home Loans | To help NRIs buy a dream home in India |
| Balance Transfer Home Loan | To transfer the existing loan amount to a new lending party offering a lower rate of interest |
Note:The options tabulated above are the most popular loan options availed of by most customers. Please check with your specific bank for other home loan options that they offer.
FAQs
Various banks and NBFCs in Mysore offer home loans at affordable interest rates to potential homeowners. The current interest rate for a home loan in Mysore starts at 8.50% per annum.
No bank or lender in Mysore offers a 100% home loan amount. However, you can expect a loan amount of up to 90% of the property cost based on some eligibility parameters.
Some banks do offer reduced home loan interest rates to their existing borrowers. So, you can try negotiating with them and get your home loan interest rewritten at reduced rates.
Borrowers can choose home loans on a floater or fixed-rate basis. Out of the two, the floater rate basis offers lower interest rates than the fixed rate basis.
Yes, you can easily do foreclosure of your home loan in Mysore. Some banks charge a foreclosure or prepayment fee for the same, while some charge no fee for the same.