Max Tenure
5 yrs
Best Rate
7.35%
Processing Fee
10,000₹*
Features
- * Upto 30 years Loan Tenure
- * No Prepayment or Foreclosure charges
- * Funding up to 90%* of the property cost
- * Customized eligibility programs
- * Accessible network & decades of experience
Pricing
- Interest rate – 7.35%
- Processing Fees – 0.25% of loan amount or Rs. 10,000/- (salaried), 0.5% of loan amount or Rs. 10,000/- (self-employed)
Documents Required
- Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
- Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
- Education Qualifications – Latest Degree
- Latest Salary-slips for 3 months or 3 years Income Tax returns for Self Employed
- Bank Account statement for last 6 months (Salary Account) or 12 months for Self Employed
Max Tenure
30 yrs
Best Rate
6.90%
Processing Fee
0%*
Features
- Best ROI in the industry
- For women beneficiaries 0.05% less than normal rate
- Speedy Sanction
- No prepayment charges
- No hidden charges
- Interest calculated on daily reducing balance
- Longer Repayment tenor
Pricing
- Interest Rate: 6.90% to 8.90%
- Processing Fee: 0
Documents Required
- ID proof(PAN card, Pass port/Voter Id/Employer ID/Driving Licence/ Aadhaar Card/MNREGA No) with 2 PP photos
- Residence proof: Latest Tel bill, Bank Statement / Elec bill / Ration Card / letter from employer)
- Certificate from employer confirming confirmation of continuous service - For Salaried Only
- A brief note on nature of business / activity / business licence in case of self-employed
- Form 16 for last 3 years
- Bank Statement / Pass book of salary or Business A/c for last 6 months
- Balance sheet and P&L Account for last 3 years - For Self Employed
- Salary Slip for last six months - for Salaried
- Income Tax returns with taxpaid challans for last 3 years - For Self Employed
Max Tenure
15 yrs
Best Rate
12%
Processing Fee
3-5%
Features
- Loan on Cash income
- Past Bureau issues also considered.
- Funding on gram panchayat , B khata , Properties under municipal limits also funded.
- Loan starts at 5 lacs.
Pricing
- Interest Rate: 12 % to 18%
- Processing Fee: 3 - 5%
Documents Required
- Identity proof such as Pan Card, Voters ID Card, Passport.
- Address proof such as electricity bill, ration card.
- Income proof documents, if available.
- Bank pass book or Bank Statements.
- Property documents, if property identified.
How to Get a Home Loans in Mysore
Mysore is known to be the home to the Wodiyar dynasty, the rulers of Karnataka which was formerly known as the state of Mysore. It is also known for its delicious Mysore Pak as well as the rich culture and heritage that is still present in every nook and corner of the city. The city is also a very famous tourist destination attracting tourists from all over the world. It is the second largest city in the state of Karnataka and has a good real estate market. The slow pace of the city is ideal for retirees looking for a quiet life away from the hustle and bustle of a city like Bangalore.
There are multiple lenders for home loan in Mysore. These loans are available to eligible applicants provided they meet all the eligibility criteria of the lenders. Home loans are long term loans that are used to finance the need to buy a new house or apartment or a plot of land to construct a new home. In this article, we share key details about home loans in Mysore.
Additional Reading: Home loan scheme
Who are the top lenders of home loans in Mysore?
There are multiple private and public sector banks as well as HFCs that provide home loans to eligible applicants. some of the top lenders in the city are mentioned below.
| Lender | Interest rate |
|---|---|
HDFC Bank | 6.75% - 7.65% |
SBI | 6.80% - 7.15% |
Bank of Baroda | 6.75% - 8.25% |
Kotak Mahindra Bank | 6.60% - 7.20% |
Union Bank of India | 6.70% - 7.10% |
Axis Bank | 6.90% - 8.55% |
Bank of Maharashtra | Starting from 6.90% |
LIC Housing | Starting from 6.60% |
Karnataka Bank | 7.50% - 9.57% |
Indian Overseas Bank | Starting from 6.90% |
ICICI Bank | 7.15% - 7.55% |
Central Bank of India | Starting from 6.85% |
Bajaj Finserv | Starting from 6.75% |
TATA Capital | Starting from 6.90% |
PNB Housing | 7.35%- 9.55% |
Indiabulls Housing | Starting from 8.65% |
Aditya Birla Capital | 9% - 12.50% |
What are the current property rates in Mysore?
Mysore is a huge city with many prominent areas of real estate. The current property rates in Mysore are tabled below.
| Area | Price range per sq. ft. | Average Price per sq. ft |
|---|---|---|
Vijayanagar 2nd Stage | 7,500 - 10,000 / sqft | 9,523.81 / sqft |
Vijayanagar 4th Stage | 2,667 - 10,000 / sqft | 8,166.67 / sqft |
Bogadi Road | 3,931 - 5,208 / sqft | 4,792.64 / sqft |
Vijayanagar | 3,462 / sqft | 3,461.54 / sqft |
Hebbal 2nd Stage | 3,095 / sqft | 3,95.24 / sqft |
Metagalli | 4,507 - 6,329 / sqft | 5,148.43 / sqft |
J P Nagar | 3,400 - 4,250 / sqft | 3,743.13 / sqft |
Dattagalli | 3,706 / sqft | 3,706.45 / sqft |
Chamrajpura | 5,247 - 5,738 / sqft | 5,574.11 / sqft |
Vidayaranya Puram | 5,380 / sqft | 5,380.12 / sqft |
Lakshmipuram | 4,375 / sqft | 4,375 / sqft |
Vijay Nagar 2nd Stage | 10,000 / sqft | 10,000 / sqft |
Yadavagiri | 6,313 / sqft | 6,313.13 / sqft |
Jayanagar | 5,347 - 5,376 / sqft | 5,376.34 / sqft |
Rajendra Nagar | 3,707 / sqft | 3,707.32 / sqft |
What are the types of home loans available in Mysore?
There are many types of home loans that can be opted for by the residents of Mysore. Some of the common types of home loans available in Mysore are,
Standard home loans
These are standards home loans offered by all the leading banks and NBFCs. This loan can be taken to purchase a new or a pre-owned house. It is the most popular home loan category and can provide up to 90% of the cost of the property.
Loan for buying a plot of land
This is another common type of home loan where the loan is taken to buy a plot of land for investment or constructing a new house on the plot. Lenders provide up to 75% to 85% of the cost of land as a loan and the balance has to be provided by the borrower as margin money.
Loan for construction of a house
This is the loan that can be used to construct a new home a plot of land. The plot has to be purchased within the year for the loan amount to include the cost of land. The rules and the criteria for this loan are quite stringent as compared to regular loans and the borrower needs to ensure that the construction is started on the plot with the specified period as mentioned in the loan agreement.
Loan for repairs and renovation
This loan is taken for major repairs, renovation and extension of the existing house without purchasing a new one. The quantum of the loan, in this case, is usually lower than that of standard home loans and the approval for these loans are relatively easier.
NRI home loans
This type of loan specifically targets the NRI customers who want to buy a residential property in Mysore. The rate of interest, the quantum of loans, processing fees, and other relevant criteria are different from that of standard loans.
Balance transfer home loans
This is another common type of loan available through many banks in the city. In this type of loan, the loan account of the borrower is transferred from one lender to another. The reasons for this can be the better interest rate, higher loan amount, etc.
Additional Reading: Home loan eligibility
FAQs – Home loans in Mysore
1. Who is eligible for home loans in Mysore?
A. Home loans in Mysore can be applied by resident individuals, HUFs as well as NRIs. The most common eligibility criteria for home loans in Mysore is tabled below.
| Category | Details |
|---|---|
Age | Minimum 18 years Maximum 75 years |
Income | Minimum Rs. 25,000 per month (Salaried applicants) Minimum – Rs. 3,00,000) Self-Employed applicants) |
Employment status | Salaried or self-employed |
Residential status | Resident Indian or NRI |
Credit score | Minimum 650 |
2. What is the current rate of interest on home loans in Mysore?
A. The current rate of interest on home loans in Mysore is starting from 6.6% per annum.
3. What are the benefits of applying for a home loan jointly?
A. Joint application of home loan allows the income of the co-applicant to be included in the calculation for eligibility. This helps in increasing the quantum of loans too. If the co-applicant is a woman borrower, the rate of interest is also concessional.
4. Who gets the benefit of concessional interest rates?
A. Following persons get the benefit of concessional interest rates
- Women borrowers
- Defence personnel
- Employees and ex-employees (Pensioners) of the bank
- Any other category of persons as per bank’s guidelines
5. Is it mandatory to submit the KYC documents along with the home loan application?
A. Yes. It is mandatory to provide the required documents along with the home loan application to start the loan processing. Without proper documentation, the loan will not be processed and the application will be treated incomplete.
Mysore Home Loan - Customer Reviews
MOHAMMAD TAHIR
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