Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Mysore
Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Check Eligibility |
HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Check Eligibility |
ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Check Eligibility |
Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Check Eligibility |
Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Check Eligibility |
IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Check Eligibility |
L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Check Eligibility |
Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Check Eligibility |
Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Check Eligibility |
Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Check Eligibility |
Note: Interest rates as of 11th June 2024
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Features of Home Loan offered in Mysore
- The home loan interest rates for banks/NBFCs/HFCs usually start from 8.40% p.a. onwards for new housing loan customers with repayment tenures of up to 30 years.
- The Reserve Bank of India (RBI) has made specific rules regarding loan to value (LTV) ratio for home loans. Here is a list of LTV ratios for various home loan amounts as per the RBI regulations:
Home Loan Amount | Home Loan LTV Ratio |
Up to Rs 30 lakh | Up to 90% of property cost |
Above Rs 30 lakh and up to Rs 75 lakh | Up to 80% of property cost |
Above Rs 75 lakh | Up to 75% of property cost |
- Home loan lenders in Mysore usually offer home loan balance transfer to allow existing borrowers move their ongoing home loan to other lenders at lower interest rates. Lenders can also offer top-up on home loans to customers who want to use the fund proceeds to manage their personal/business related expenses.
- Many banks, NBFCs and HFCs offering home loans in Mysore also sanction pre-approved home loans to their select existing borrowers based on their income, credit scores and other aspects of their credit profile.
- The RBI has set specific guidelines regarding the prepayment facility on home loans. The rules state that home loan lenders cannot levy prepayment charges on home loans availed at floating interest rates. However, lenders offering home loans at fixed interest rates can levy prepayment fees on their borrowers. They can also exempt their customers from having to pay the home loan prepayment charges based on their discretion.
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Home Loan in Mysore: Eligibility Criteria
Home loan applicants in Mysore usually have to fulfil the below mentioned home loan eligibility criteria for availing housing loans:
Job Profile
Both self-employed and salaried applicants are eligible for availing home loans in Mysore.
Age
Lenders offering home loans in Mysore usually approve loan applications of individuals aged between 18 and 65 years, with the condition that they should pay back the loan amount before they reach 70 years of age.
Nationality
Lenders providing home loans in Mysore usually prefer resident Indians as their loan applicants. However, some lenders also offer NRI Home Loans to NRI, PIO and OCI applicants.
Credit Score
Home loan applicants with CIBIL or credit scores of 750 and above are considered as creditworthy by most lenders. Such applicants are more likely to get home loan approvals from lenders. Loan applicants having higher credit scores also stand a better chance of availing home loans at lower interest rates.
Income
Lenders offering home loans in Mysore usually consider the monthly/annual incomes of their loan applicants before sanctioning their loans. Home loan lenders usually prefer salaried individuals with monthly income of at least Rs 10,000 and self-employed applicants with minimum annual income of Rs 1 lakh.
Work Experience
Many banks/HFCs/NBFCs offering home loans in Mysore consider the total work experience or total number of years in business of prospective borrowers before approving/rejecting their loan applications. Any lender offering a home loan in Mysore usually approves loan applications of salaried applicants with at least 2 years work experience and self-employed applicants with minimum 2 years of business continuity.
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Documents Required for Home Loans in Mysore
Lenders offering housing loans in Mysore usually ask their loan applicants to submit the following home loan documents before approving their loan applications:
For salaried applicants
- Proof of identity/age: Driving Licence, Voter ID, PAN card, Aadhaar Card, bank passbook, birth certificate, etc.
- Residence proof: Ration Card, Voter ID, utility bills (electricity, telephone, gas), LIC policy receipt, etc.
- Proof of Income: Form 16, Income tax returns, last 3 month salary slips, letter of promotion, employment contract, increment letter, etc.
- Bank statements of loan applicants reflecting repayment of existing loans, if any
- Proof of own contribution
- Property related documents
- Cheque for home loan processing fees
Additional documents required by self-employed applicants
- ITR of Last 3 years and Form 26AS (updated)
- Financial statements (P&L account & balance sheet) of last 3 years duly attested by a Chartered Accountant (CA)
- Proof of business address, business licence and business profile of loan applicants
- Last 6 month savings account statement of the loan applicants and current account statement of their business entity
Note: Home loan lenders in Mysore may ask their loan applicants to submit additional documents, apart from the ones mentioned above, in case they need any further information.