If you’re thinking about buying property in Mysore, then you’ve come to the right place. It is less expensive than a metropolitan city and still has some decent properties available. Also, the city is not very far from Bangalore. Purchasing any kind of property requires a lot of money. Getting a loan for this big purchase is a great option and can be advantageous in some ways. But you are not alone if you hesitate to opt for one because of the interest rates. Well, the good news is there are options available in the market today that offer outstanding loans at low-interest rates.
If you are looking for the best home loans in Mysore, you won’t need to look any further. Mentioned below is a curated list of the top 5 home loan providers that offer loans at low-interest rates.
Top home loan lenders in Mysore
Following is the list of the top home loan in Mysore:
- Navi Home Loan
Navi offers affordable housing with interest rates starting from as low as 8.39% p.a. Moreover, it offers loans with zero processing fees. The option of flexible repayment tenure is also there, enabling the borrower to extend the repayment tenure for up to 30 years. All these features make it one of the best loans to get.
- IDBI Bank Home Loan
IDBI offers home loans with interest rates of up to 8.65%. They offer zero pre-closure fees or part-payment fees. And the option to take up a top-up loan is also available with this loan.
- LIC HFL Home Loan
This is also a good option for a low-interest home loan. The interest rates are between the rate of 8.40% to 8.50%. The loan requires a one-time processing fee of up to 0.25%. The tenure range lies between 5-30 years.
- HDFC Ltd. Home Loan
The interest rate for the HDFC Ltd. home loan stands at 8.60%. The lender charges a minimal processing fee of INR 3,000-5,000. Moreover, you get repayment tenure options between 1-30 years.
- Andhra Bank Home Loan
The interest rate for this one can go up to 9.20%. However, it depends upon your credit score and other factors. You can get a much lower interest rate if your credit score is good. The bank charges 0.50% one-time processing fees of up to INR 10,000.
Benefits and features of home loans in Mysore
The features and benefits of a good home loan are mentioned below:
The best home loan lenders in Mysore will offer you a loan at attractive interest rates. Even a slight difference in the interest rate can cost you a lot of money in the long run. A home loan with a low-interest rate is what you should be looking for.
It can save you from fraud.
When you take up a home loan, the lender runs a thorough background check of the property. Due diligence can save you from potential fraud. You will only be able to take a loan for a property that gets verified by a bank or a non-banking financial institution.
The government provides tax benefits to borrowers, which makes the purchase more affordable. This is done to provide some relief to people who have existing loans.
If you are someone whose budget does not allow you to put a huge chunk of your income towards repayment each month, you can opt for a smaller EMI. Good home loan providers offer flexible tenure options, which makes it possible to opt for smaller EMIs. The bigger the tenure, the smaller the EMI amount is going to be.
Eligibility Criteria to apply for a home loan in Mysore
If you want to opt for a mortgage loan in Mysore, you will be required to fulfill the eligibility criteria mentioned below.
- The applicant must be a citizen of India, a non-resident Indian (NRI), or a person of Indian Origin (PIO)
- The applicant must be 18 years old (if a salaried employee) and 21 years old (if self-employed)
- A salaried employee should have a minimum work experience of 2 years, and a self-employed individual should have a work experience of 3 years.
- They should meet the minimum income criteria set by the lender.
- The applicant should also have a minimum credit score of 750. The higher the credit score, the better deal you can get.
Documents to be gathered for home loans in Mysore
Following is the list of documents you will need to apply for a home loan:
- Passport size photographs
- Proof of Identity
- Proof of address
- Bank statements for the last six months
- Proof of income for the last five years for employed people and salary slips for the previous three months, along with form 16 for salaried employees.
- Property documents
How to apply for a home loan online
Following are the steps to apply for a home loan in Mysore online:
- Once you have understood Mysore home loan rates provided by the different lenders, you can begin by downloading their mobile application or directly visiting their website.
- Go to the loans section and select home loan from the options available.
- You will be required to fill out an online application asking for all the relevant details.
- Post you have successfully filled out the form, you will get the option to upload all the documents on their portal.
- Once you have finished the task, you will need to wait for the financial institution to verify the details provided by you. They can ask for any pending documents or resubmit the existing ones if need be.
- Post verification of everything, you will get approval on your loan.
Once your home loan has been processed, your repayment tenure begins. How well you manage your loan repayment can significantly impact your overall finances. It is, therefore, essential to maintain good financial hygiene to get through your loan quickly.
When looking for the best home loans in Mysore, you need to keep a few things in mind. Pay attention to the rate of interest they are offering. Also, consider the other hidden charges or processing fees of the loan. Lastly, opt for an installment that fits under your budget so that you can manage the repayments without any trouble.