|Saraswat Bank offers loan faciltiy for acquiring another asset / property based on the following conditions:-|
|Limit of Loan
Minimum - Rs.2 lakhs
Maximum - Rs. 50 Lakhs
|Basis of Advance
a) 25 times of net salary in case of salaried person Or
b) 3 times of net cash accruals.(Net of tax and drawing plus depreciation) Or
c) 60% of agreement cost (If the property is less than 3 years old.). In other cases, 60% of value as per valuation report.
a,b,c Whichever is lower
|Rate of Interest
The rate is presently linked to our PLR .The rate is decided on the basis of Credit Rating Model adopted by our Bank which evaluates the proposal on the basis of certain financial parameters.A good rating can get you a better interest rate .
To view on our existing prime lending rate please click on the icon below:
Interest Rate on Advances
Term Loan - Maximum 5 years
Cash Credit - with reducing limit (in 60 monthly installment) subject to renewal every year.
Equitable Mortgage of Residential, commercial or industrial property.
Need not be obtained however in case of firms, companies, guarantee of partners, directors to be obtained.
2.5% of the loan amount, Maximum 2500 shares, Guarantors as nominal members.
1% of loan amount
1) I.T.Returns for last three years, salary slip for last 3 months.
2) For salaried employees income proof such as Form No.16 along with salary certificate from employer
3) Original Title Deeds of the property offered for mortgage.
4) Other documents as per Vastu Siddhi Loan Scheme