40 to 60 times of NMI, depending upon repayment capacity as
% of NMI as under -
Net Annual Income
EMI / NMI Ratio
Upto
Rs. 2.00 lacs
40%
Above
Rs. 2 lacs to Rs. 5 Lacs
50%
Above
Rs. 5 lacs
55%
Maximum Repayment period
Age
Repayment period
For
persons below 35 years of age
25 years
For
persons below 45 years of age
20 years
For
persons above 45 years of age
15
years
Margin
Amount
Margin (%)
Upto
Rs. 1.00 crore
15%
Above
Rs. 1.00 crore
25%
Repairs
and Renovations
20%
Security
Equitable mortgage
of house property.
Interest
Penal interest of
1% in case of default of three or more consecutive instalments.
Floating Interest Rates have been revised with effect from
28.06.2008. There is NO CHANGE IN THE FIXED RATE OF INTEREST.
Fixed Rate of Interest
Repayment Period
Rate of interest (%)
(wef 28.06.08)
Upto
5 years
13.25*
Above
5 years upto 10years
13.25*
No
Fixed Rates above 10 years
* New fixed rates for housing loans are applicable
to loans sanctioned on or after 28.06.2008
Floating Rate of Interest for loans sanctioned after
05-07-2008
Repayment
Period
Floating
Rate of Interest wef 10.08.08
Upto Rs.
30 lacs
(limit)
Above Rs.30 lacs
(Limit)
Upto
and inclusive 5 years
3.25% below PLR 11.00% p.a
3.00% below PLR 11.25% p.a
Above
5 years upto 10 years (inclusive)
3.00% below PLR 11.25% p.a
2.75% below PLR 11.50% p.a
Above
10 years upto 15 years (inclusive)
3.00% below PLR 11.25% p.a
2.75% below PLR 11.50% p.a
Above
15
years upto 25 years (inclusive)
2.75% below PLR 11.50% p.a
2.50% below PLR 11.75% p.a
Processing charges
0.50% with a maximum of Rs.
10000.
Insurance
The house property
will 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 20 years,
including a moratorium period ranging from 6 to18 months
from
the date of the first disbursement.
Schemes and Interest
Rates are subject to changes from time to time.
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.
If the loan
is pre-closed from own resources for which proof is submitted
by the borrower to the satisfaction of the Branch Manager,
pre-closure penalty shall not be levied irrespective
of the period for which the account has run. In other
cases, where such proof is not produced by the borrowers,
2% penalty on the amount prepaid in excess of normal
EMI dues should be levied in case of pre-closure of Home
loans within 3 years from the date of commencement of
repayment.
Terms and Conditions
subject to change.
Contact
your nearest Branch
of State Bank of Mysore or
Chief Manager
State Bank of Mysore
Personal & Services Banking Department
H .O.: K.G.Road, Bangalore - 560009, INDIA
Phone: 91 80 22353901 to 22353909 ; 22353473.extn.380
91 80 22353467 Fax: 91 80 22283684
Email:cmpsb@sbm.co.in
