• Home Loan
  • Vehicle Loan
 
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Property Loan

Property Loan

Saraswat Bank offers loan faciltiy for acquiring another asset / property  based on the following conditions:- 

Eligibility :
  • Salaried employees with minimum net salary of Rs. 10000 pm (Income of spouse may be added)
  • Professionals, self - employed and others who are income tax assessee having net annual taxable income of Rs. 150000/- for atleast 3 years continuously.
  • Firms / companies having net annual taxable income of Rs. 1.50 Lakhs per annum and in operation for last 3 years making cash profit for last 3 years.
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

Repayment Period
Term Loan - Maximum 5 years
Cash Credit - with reducing limit (in 60 monthly installment) subject to renewal every year.
Security 
Equitable Mortgage of Residential, commercial or industrial property.
Guarantor:
Need not be obtained however in case of firms, companies, guarantee of partners, directors to be obtained. 
Share Holding 
2.5% of the loan amount, Maximum 2500 shares, Guarantors as nominal members.
Processing Charges
1% of loan amount
Documents Required 
Others:
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
85452d35136a0c1d7fda168829ccd111 savings account, loans, SME loans, NRI banking services, Forex, car loan, home loan, co-operative bank, trade finance
Saraswat-Bank
Saraswat-Bank