Saraswat Bank offers loan faciltiy for acquiring another asset / property based on the following conditions:- |
Eligibility :
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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 property loans are rated as per the Credit Rating model followed in our Bank and a good rating can get you a better interest rate. They are linked to the Prime Lending Rate (PLR). |
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:
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PRIME LENDING RATES ON ADVANCES |
Interest Rate on Advances |