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Property Loan
Home » Corporate » Mid Corporate Products » 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 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:
  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

PRIME LENDING RATES ON ADVANCES
Interest Rate on Advances
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Saraswat-Bank
Saraswat-Bank