Home Loan in Mysore

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
Bajaj Housing Finance	8.50% p.a. onwards	8.50% p.a. onwards	8.50% p.a. onwards	Check Eligibility
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% - 11.25% 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

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.

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.

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.