State Bank of Mysore is one of the leading banks in this country that offers great financial products and services. SBM offers home loan to individuals who need money to buy a house. Loans can also be availed for a home extension, home renovation, etc. The house itself is considered as a security to the home loan.
| Rate and Charges | Specification |
|---|---|
| Rate of Interest | For general customers – 8.40% to 8.70% For women – 8.35% to 8.65% |
| Tenure of the loan | 30 years |
| Charges for pre-closure | Nil |
| Processing fees | 0.35% of Loan Amount, min of Rs.2,000 to max of Rs.10,000 (plus applicable tax) |
Benefits offered By State Bank of Mysore Housing Loan:
An individual can enjoy the following benefits upon taking a home loan from SBM:
- There are no prepayment charges for home loans with floating rates.
- Special rates are offered to all the women applicants.
- Any individual aged 18 years or above can apply for the loan.
Types of Home Loans offered By State Bank of Mysore:
- 2 Year Fixed Interest Rate Loan (Hamara Ghar)
- Floating Interest Rate Home Loan
- Floating Interest Card Rate Home Loans
- Maxgain – Floating Interest Card Rate Structure
- Insta Home Top Up Loan
- Home Top-Up Loans
SBM Home Loan Interest Rates (Fixed):
2 Year Fixed Interest Rate Loan (Hamara Ghar):
| Salaried (up to Rs.30 lakh) | Non-Salaried (up to Rs.30 lakh) | |
| Women | 35 basis points above 1 year MCLR, ER : 8.35% | 50 basis points above 1 year MCLR, ER : 8.50% |
| Others | 40 basis points above 1 year MCLR, ER : 8.40% | 55 basis points above 1 year MCLR, ER : 8.55% |
SBM Floating Interest Rate Home Loan:
| Salaried (up to Rs.30 lakh) | Non-Salaried (up to Rs.30 lakh) | |
| Women | 35 basis points above 1 year MCLR, ER : 8.35% | 50 basis points above 1 year MCLR, ER : 8.50% |
| Others | 40 basis points above 1 year MCLR, ER : 8.40% | 55 basis points above 1 year MCLR, ER : 8.55% |
Floating Interest Card Rate Home Loans:
For Salaried:
| Up to Rs.75 lakh | Above Rs.75 lakh | |||
| RG – 1, 2, 3 | RG – 4, 5, 6 | RG – 1, 2, 3 | RG – 4, 5, 6 | |
| Women | 1 year MCLR+50 bps, ER:8.50% | 1 year MCLR+60 bps, ER:8.60% | 1 year MCLR+55 bps, ER:8.55% | 1 year MCLR+65 bps, ER:8.65% |
| Others | 1 year MCLR+ 55 bps, ER:8.55% | 1 year MCLR+65 bps, ER:8.65% | 1 year MCLR+60 bps, ER:8.60% | 1 year MCLR+ 70 bps, ER:8.70% |
For Non – Salaried:
| Up to Rs.75 lakh | Above Rs.75 lakh | |||
| RG – 1, 2, 3 | RG – 4, 5, 6 | RG – 1, 2, 3 | RG – 4, 5, 6 | |
| Women | 1 year MCLR+60 bps, ER:8.60% | 1 year MCLR+70 bps, ER:8.70% | 1 year MCLR+65 bps, ER:8.65% | 1 year MCLR+75 bps, ER:8.75% |
| Others | 1 year MCLR+ 65 bps, ER:8.65% | 1 year MCLR+75 bps, ER:8.75% | 1 year MCLR+70 bps, ER:8.70% | 1 year MCLR+ 80 bps, ER:8.80% |
SBM Maxgain – Floating Interest Card Rate Structure:
Salaried:
| Up to Rs.75 lakh | Above Rs.75 lakh | |||
| RG – 1, 2, 3 | RG – 4, 5, 6 | RG – 1, 2, 3 | RG – 4, 5, 6 | |
| Women | 1 year MCLR+ 65 bps, ER:8.65% | 1 year MCLR+75 bps, ER:8.75% | 1 year MCLR+70 bps, ER:8.70% | 1 year MCLR+ 80 bps, ER:8.80% |
| Others | 1 year MCLR+ 70 bps, ER:8.70% | 1 year MCLR+80 bps, ER:8.80% | 1 year MCLR+75 bps, ER:8.75% | 1 year MCLR+ 85 bps, ER:8.85% |
For Non – Salaried:
| Up to Rs.75 lakh | Above Rs.75 lakh | |||
| RG – 1, 2, 3 | RG – 4, 5, 6 | RG – 1, 2, 3 | RG – 4, 5, 6 | |
| Women | 1 year MCLR+75 bps, ER:8.75% | 1 year MCLR+85 bps, ER:8.85% | 1 year MCLR+80 bps, ER:8.80% | 1 year MCLR+90 bps, ER:8.90% |
| Others | 1 year MCLR+ 80 bps, ER:8.80% | 1 year MCLR+90 bps, ER:8.90% | 1 year MCLR+85 bps, ER:8.85% | 1 year MCLR+ 95 bps, ER:8.95% |
SBM Home Top-Up Loans:
For Salaried:
| Term Loan | Overdraft | |||
| RG-1, 2 ,3 | RG-4, 5, 6 | RG-1, 2, 3 | RG-4, 5, 6 | |
| 1. TL upto Rs. 25 lacs 2. Overdraft Above Rs 20 lacs and upto Rs 25 lacs | 1 year MCLR+,60 bps, ER: 8.60% [ | 1 year MCLR+70 bps, ER: 8.70% | 1 year MCLR+175 bps, ER: 9.75% | 1 year MCLR+200 bps, ER: 10.00% |
| TL and Overdrafts above Rs.25 lacs and upto Rs.2 crores | 1 year MCLR+100 bps, ER: 9.00% | 1year MCLR+110 bps, ER: 9.10% | 1 year MCLR+ 200 bps ER:10.00% | 1 year MCLR+225 bps, ER: 10.25% |
| Above Rs.2 crores and upto Rs. 5 crores | 1 year MCLR+180 bps, ER: 9.80% | 1year MCLR + 190 bps, ER: 9.90% | ||
For Non – Salaried:
| Term Loan (TL) | Overdraft | |||
| RG-1, 2 ,3 | RG-4, 5, 6 | RG-1, 2, 3 | RG-4, 5, 6 | |
| 1. TL upto Rs. 25 lacs 2. Overdraft Above Rs 20 lacs and upto Rs 25 lacs | 70 BPS above 1 year MCLR, ER: 8.70% | 80 BPS above 1 year MCLR, ER: 8.80% | 200 BPS above 1 year MCLR, ER:10.00% | 225 BPS above 1 year MCLR, ER: 10.25% |
| TL and Overdrafts above Rs.25 lacs and upto Rs.2 crores | 1.10% above 1 year MCLR, ER: 9.10% | 1.20% above 1 year MCLR, ER: 9.20% | 225% above 1 year MCLR, ER: 10.25% | 250% above 1 year MCLR, ER: 10.50% |
| Above Rs.2 crs & upto Rs.5 crs | 1.90% above 1 year MCLR, ER: 9.90% | 2.00% above 1 year MCLR, ER: 10.00% | ||
SBM MCLR Base Rate:
| Tenor | Existing MCLR | Revised MCLR |
| Overnight | 7.75% | 7.75% |
| One Month | 7.85% | 7.85% |
| Three Month | 7.90% | 7.90% |
| Six Month | 7.95% | 7.95% |
| One Year | 8.00% | 8.00% |
| Two Years | 8.10% | 8.10% |
| Three Years | 8.15% | 8.15% |
Factors on Which the SBM Home Loan Interest Rate Depends:
- Applicant’s Salary: The annual income helps the applicant to identify the rate of interest that he/she has to incur. Income and rate are indirectly proportional to each other. The applicant will be charged a lower rate of interest if he/she has a higher income.
- Amount of the Loan: If the applicant applies for a higher loan amount, the rate of interest associated with that loan amount will be lesser.
