Individuals, employees, professionals,
self-employed and others who are income tax assessee whose
net monthly income is of Rs. 12,000/- for salaried persons
or net annual income of Rs. 1,50,000/- in case of others
and self-employed.
Salaried Class
- Maximum 36 times net monthly income.
Others - Maximum
three times the net annual income.
Type of Loan
Term loan or current account
overdraft
Security
Equitable mortgage
of unencumbered residential house / flat or urban commercial
or industrial property in the name and possession of the
borrower, either self acquired or vacant property. Rented
out property
will be accepted as security only where lease is in existence
in favour of corporation of good standing and repute. Power
of attorney authorising the Bank to collect rent should be
given.
Margin
50% of the market value of the
security.
Period of Repayment
Repayable in 84
equated monthly instalments.
Rate of Interest
(wef 28.06.08)
For
Term Loan - 14.50 % p.a.
For Current overdraft - 15.00 % p.a.
Processing Fee
1% of the loan amount
(one time)
INSURANCE
The property being
mortgaged should be insured against the risk of fire / riot
/ earthquake / lightning / floods etc.,
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
