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Home loans availed at banks and NBFCs in Mysore have personalized services and give speedy sanctions. Application processing through apps ensures faster approval. Get interest rates starting from 8.25%. Lower EMIs and higher eligibility. Check deals now on CreditMantri!
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
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.
6.75% - 7.65%
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%
6.90% - 8.55%
Bank of Maharashtra
Starting from 6.90%
Starting from 6.60%
7.50% - 9.57%
Indian Overseas Bank
Starting from 6.90%
7.15% - 7.55%
Central Bank of India
Starting from 6.85%
Starting from 6.75%
Starting from 8.65%
Aditya Birla Capital
9% - 12.50%
Mysore is a huge city with many prominent areas of real estate. The current property rates in Mysore are tabled below.
Vijayanagar 2nd Stage
7,500 - 10,000 / sqft
9,523.81 / sqft
Vijayanagar 4th Stage
2,667 - 10,000 / sqft
8,166.67 / sqft
3,931 - 5,208 / sqft
4,792.64 / sqft
3,462 / sqft
3,461.54 / sqft
Hebbal 2nd Stage
3,095 / sqft
3,95.24 / sqft
4,507 - 6,329 / sqft
5,148.43 / sqft
J P Nagar
3,400 - 4,250 / sqft
3,743.13 / sqft
3,706 / sqft
3,706.45 / sqft
5,247 - 5,738 / sqft
5,574.11 / sqft
5,380 / sqft
5,380.12 / sqft
4,375 / sqft
Vijay Nagar 2nd Stage
10,000 / sqft
6,313 / sqft
6,313.13 / sqft
5,347 - 5,376 / sqft
5,376.34 / sqft
3,707 / sqft
3,707.32 / sqft
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
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.
Minimum 18 years
Maximum 75 years
Minimum Rs. 25,000 per month (Salaried applicants)
Minimum – Rs. 3,00,000) Self-Employed applicants)
Salaried or self-employed
Resident Indian or NRI
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
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.
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