Home Loan in Mysore

Home Loan in Mysore

Avail Housing Loan in Mysore upto ₹ 5 Crore @ 7.10% p.a.

✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 7.70%

There are several features and benefits that come associated with home loans in Mysore. These features are the likes of a high available funding amount, competitive interest rates and quick approval.

Home Loan Interest Rates Charged by Top Lenders in Mysore

The current home loan interest rates and charges for all leading banks and Housing Finance Companies (HFCs) in Mysore you should know about are as follows:

Lender Name

Interest Rate (p.a.)

Processing Fees

PNB Housing Finance Home Loan

7.50% onwards

0.25% to 0.50% (maximum amount payable: ₹10,000)

ICICI Bank Home Loan

7.60% onwards

0.50%

Bajaj Housing Finance Home Loan

7.10% onwards

0.35%

UBI Home Loan

7.40% onwards

0.50% (maximum amount payable: ₹15,000)

LIC Housing Finance Limited

7.55%

Up to 0.50% of the sanctioned loan amount

Shubham Housing Finance Limited

11.90% onwards

₹3,600 (Inclusive of GST)

Top Home Loan Providers in Mysore

Some of the top house loan providers with operations in Mysore that you can get a home loan from are as follows:

Home Loan Lenders

Address

Contact Information

Bajaj Housing Finance Limited

Jyothi Complex, Mysore CSB #159/K20 Ground Floor, NS Road, KR Mohalla, Mysuru, Karnataka, 570 024

020 3957 4151

PNB Housing Finance Limited

1st Floor, Adarsh Plaza, 2906, Kantharaja Urs Rd, opp. SBI, near Fire Brigade, K.G Koppal, Saraswathipuram, Mysuru, Karnataka, 570 009

0821 426 8066

Union Bank of India

No. 1111, CSG Arcade, Udayaravi Road, Ganganachumbi Double Road, Kuvempu Nagara, Mysuru, Karnataka, 570 023

1800 22 2244

ICICI Bank

Hootagalli Infosys Technologies Ltd., Hebbal, Electronic City, Mysuru, Karnataka, 570 018

080886 67777

LIC Housing Finance Limited

Hotel Govardhan, 1, 2nd, Complex, Sri Harsha Rd, Mysuru, Karnataka 570001

0821 243 8959

5 Best Locations to Buy Property in Mysore

Some of the best locations to buy property in Mysore that you must know about are as follows:

 

  • Vijayanagar: Located about 6 kilometres away from the heart of Mysore, Vijayanagar is an area filled with residential plots that are anywhere between 1200-4000 square feet in size for you to choose from. The price range in which you can get a home here can be anywhere between ₹30 lakhs to ₹2.2 crores. You must also keep in mind that the price per square feet at which you will find a home in this area of Mysore will range between ₹2500-5000 per square feet.

  • Hunsur Road: If you are looking for homes at fairly affordable prices, consider getting a house at Hunsur Road. In Hunsur Road, the price per square feet rarely goes beyond the ₹1000 mark. The sizes of the properties that you will find in Hunsur Road can be anywhere between 1200-2500 square feet, and you will even find options going up to 10,000. Another reason why you must consider buying a property here is that it is only 2 kilometres away from the heart of Mysore.

  • Dattagalli: Located about 5 kilometres from the heart of the city, Dattagalli resides on the western edge of Mysore. You can find plots as big as 2400 square feet in size. Additionally, you will generally not have to shell out more than ₹2500 per square feet to buy a property here.

  • Bogadi: A neighbour of Dattagalli, Bogadi resides at a length of about 5 kilometres from the heart of the city. You will find homes as big as 1500 square feet in size at a price tag of under ₹2500 per square feet.

  • Bannur Road: Located on the eastern edge of Mysore, Bannur Road is a place where you can find residential properties as big as 1500 square feet in size. Another reason why you must consider Bannur Road is that the average price of homes here can be anywhere ₹1500-2500 square feet.

 Government Housing Projects in Mysore

Karnataka Housing Board (KHB): The KHB was established under the Karnataka Housing Board Act of 1962. It is a successor to the Mysore Housing Board that was formed in 1956. The primary objective of the board is to provide affordable housing to all the citizens of the state. Its other objective is to improve the quality of life by providing state-of-the-art dwellings to its people. Hence, it is recognized as the most important agency for housing throughout Karnataka.

The board also strives for the following:

 

  • To provide equitable, sustainable and eco-friendly housing at affordable rates to all.

  • To constantly strive for the satisfaction of the people of the state.

  • To make efficient and urban infrastructure services available to the people of Karnataka.

  • To function in a transparent, customer friendly, consultative and participative way.

Things to Consider While Buying a House in Mysore

  • Know what you want: Do you want to be able to travel hassle-free? Do you want to be near schools, hospitals and shopping malls? Are you looking for a home with enough space for your family? Or, do you want a quiet place just for yourself? Once you have answers to these questions, go for a property that will suit your needs best.

  • Locality: If you want to be close to shopping malls, school colleges or multiplexes, consider buying a house in a locality that is at least close to them. If you want to have easy access to means of public transport, take a house in an area that has such amenities.

  • Security: Your safety and that of your family should be your priority. Due to this, you must consider buying a home laced with alarm systems, round-the-clock-security, surveillance cameras and smoke detectors.

  • Legal clearances: You must also be certain of the fact that the building you are buying the home in has all the clearances and permits from relevant authorities, like an Encumbrance Certificate (EC), an Occupancy Certificate (OC) and all other safety-related certificates and licences from the local municipal bodies. You must also check for any disputes over the property you are buying.

 Features and Benefits of Home Loans in Mysore

Some of the features and benefits of a housing loan in Mysore are as follows:

 

  • The interest rates applicable to you will start from just 7.10% per annum

  • You can repay your home loan over as long as 30 years

  • You can secure up to 90% of the property value as a home loan in Mysore

  • You can even get your housing loan balance transferred to some other lender if you want to repay it with a lower rate of interest

  • You can also avail a top up of up to ₹1 crore on your current home loan, depending on the size of the principal amount borrowed

  • You can even avail home loan overdraft facilities

  • You can partially or fully prepay your housing loan at zero extra charge. But, you must remember that the interest rate on it must be calculated as per the floating interest rate system

Eligibility Criteria for Home Loan in Mysore

The eligibility criteria to get a home loan in Mysore are:

Home Loan in Mysore Eligibility Criteria

Employment Status

Self employed professional/self-employed non-professional/salaried individual.

Nationality/Residency

You must be a permanent resident of India, a Non-Residential Indian (NRI), or a person of Indian origin (PIO)

Age

21 years of age or above

Credit Score

More than or equal to 750

Work Experience

Salaried: 3 years

Self-employed: 3 years

Documents Required for Home Loan in Mysore

The documents you will need to furnish to get a home loan in Mysore are:

For Salaried Professionals

  • KYC documents: Passport, PAN card, Voter’s ID, Driving Licence, Aadhaar Card

  • Income Proof: Salary slips of the last 3 months with bank statements going back 6 months. Note that the statements must display salary credits. Additionally, you will also need to submit ITR and the latest copy of Form-16.

  • Property documents such as the sale deed and the occupancy certificate(OC).

  • Bank statements.

  • A check for the payment of the processing fee.

  • A copy of your employment contract.

For Self-Employed Professionals

  • Income Proof: Income Tax Returns going back 3 years

  • Balance sheet and Profit and Loss account statements going back 3 years

  • Your savings account statements that go back 3 years with the current account statement of your corporate entity of the equal duration.

  • Latest copy of your Form 26AS.

  • Memorandum of Association (MoA) and Articles of Association (AoA) of the company, if in case it is a private or a public limited company.

Check detailed documents list to get house loan online

FAQs on Home Loan in Mysore

  • ✔️How is EMI calculated for a home loan in Mysore?

    EMI for a home loan in Mysore = [P x r x (1 + r) ^n] / [(1 + r) ^(n-1)]

    where,

    ‘P’ is the principal loan amount

    ‘R’ is the interest rate, and

    ‘N’ is the loan tenor in months

    Alternatively, you can also use the Home Loan EMI Calculator which is available on Bajaj MARKETS.

  • ✔️How to apply for a home loan in Mysore?

    You can apply for a housing loan in Mysore through Bajaj MARKETS. All you need to do is feed in your personal information, share details regarding your property, submit the required documents and undergo a verification process. Then, wait for a customer service representative to get in touch with you regarding the same.

  • ✔️What is the lowest interest rate on a home loan in Mysore?

    The lowest interest that a house loan in Mysore attracts is 6.40% p.a.

  • ✔️How long does it take to get a home loan in Mysore?

    It could take about two weeks to get a house loan in Mysore. The time taken to disburse the same mainly depends on the validity of the documents submitted by you, the loan amount you have applied for and your overall creditworthiness.

  • ✔️What is the minimum income requirement to get a home loan in Mysore?

    You must have a monthly income of ₹22,000 at least to get a home loan in Mysore. But, remember that the income requirement varies from lender to lender.