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Loan Against Property
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Loan Against Property

Title

                                    Norms

Purpose

  • Personal expenses / Business Commitments

Eligibility

  • Salaried/ Businessmen /Professionals/ Proprietary/ Partnership Firms as well as Private Limited Companies.
  • The Property can be residential or commercial in nature

Limit of Loan

  • Max Rs. 500 lakh

Basis of Advance   

  • 60% of the Realizable Value as per valuation done by Bank's approved valuer

OR

  • For Salaried persons: Maximum 40 times of avg net monthly salary

For Businessmen/Professionals: 20% of 
the gross sales turnover   Or 4 times of avg
Net cash accruals.                      

Repayment Period

  • Revolving line of credit        
  • Term Loan with maximum repayment period of 10 years.

Rate of Interest

  • Floating PLR- 3.75: 10.50% p.a

       Present PLR : 14.25% p.a

Processing Fee

  • Upto Rs. 50 lac : 0.5% of sanctioned amount
  • Above Rs. 50 lac: Rs. 50,000/-
  • Renewal : 0.25% on the sanctioned amount with a cap of 1 lakh

Commitment charges

  • For loans above Rs. 50 lakh: 0.25% on unavailed portion

Shareholding

  • 2.5% of sanctioned amount maximum Rs 25,000/-

Security

  • By way of Mortgage (Legal / Equitable) of residential or commercial property
  • The property should be owned by the Applicant or Spouse.
  • In case of Private Limited Company:The Property acceptable as security can be in the name of the company or any of the Director.
  • Spouse guarantee
  • In case of Partnerships firms, the personal guarantee of all the partners.
  • In case of Private limited companies, personal guarantee of all the Directors

Documentation

  1. Duly filled prescribed application form
  2. Photograph, Photo Identity & Residence Proof of the Applicant & Guarantor
  3. Income proof a) or b) as applicable

a)Salaried person : salary slips for last 3 months or ITR/Form 16 for last 2 years and bank account statement
b) Businessman/Professional/self employed: last three years audited profit & loss account and balance sheet, ITR with computation of income for last 3 years and  Bank account statement for last 3 months. Documents for creating Mortgage as per list provided by bank   

Conditions apply
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Saraswat-Bank
Saraswat-Bank