|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 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).
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
|PRIME LENDING RATES ON ADVANCES|
|Interest Rate on Advances|