State Bank of Mysore unveils new home loan scheme: Report

State Bank of Mysore (SBM) has reportedly rolled out a new home loan scheme to provide affordable housing loans to economically weaker sections (EWS) and the low-income group (LIG) customers. Termed as Namma Mane, the affordable housing loan scheme from SBM is in line with the recently launched government mission of Housing for all by 2022. 

The maximum loan that could be taken under the scheme is Rs 20 lakh for a tenor of up to 15 years, but the credit-linked interest subsidy of 6.5% is applicable only for the first Rs 6 lakh. For the rest of the loan amount, normal housing interest rates will apply. Under the economically weaker sections category, any person who has attained age of majority should have up to Rs 3 lakh as annual income from a regular source, while in the low income group, the beneficiary’s income should be in the range of Rs 3 lakh to Rs 6 lakh per annum under the scheme.

State Bank of Mysore is a nationalized bank in India, with headquarters at Bengaluru. The bank has posted a rise of 29.52% in its net profit at Rs 131.98 crore for the quarter ended September 30, 2015 as compared to Rs 101.9 crore for the same quarter in the previous year. Total income from operation has increased by 3.65% at Rs 1969.96 crore for quarter under review as compared to Rs 1900.52 crore for the quarter ended September 30, 2014.