Home Loan in Mysore

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:

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:

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:

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