|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 proposal shall be rated as per the credit rating model followed by the Bank and a good rating can get you a better interest rate. The interest rates are linked to our PLR. PLR is presently 14.5%.|
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
|EXISTING PLR ON ADVANCES|
|Interest Rate on Advances|