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An establishment isn’t complete without an office space. Make sure you book one with a Property Loan from Saraswat Bank. For acquiring assets or property, Saraswat Bank offers Property Loan for an amount up to 50 Lakh, to individuals or companies at exciting interest rates.

Eligibility:

  1. Salaried employees with a minimum net salary of Rs. 10,000 pm (Income of spouse may be added)
  2. Professionals, self-employed and others who are income tax assessee having a net annual taxable income of Rs. 1,50,000/- for at least 3 years continuously.
  3. Firms/companies having a 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.

Loan Limit:

  1. Minimum: Rs.2 lakhs
  2. Maximum: Rs. 50 Lakhs

Basis of Advance:

  1. 25 times of net salary in case of salaried person
    Or
  2. 3 times of net cash accruals.(Net of tax and drawing plus depreciation)
    Or
  3. 60% of agreement cost (If the property is less than 3 years old.). In other cases, 60% of the value as per valuation report.
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:

  1. Term Loan with maximum 5 years
  2. Cash Credit with reducing limit (in 60 monthly installments) 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:

  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 the mortgage.
  4. Other documents as per Vastu Siddhi Loan Scheme

Mile yahan, Dono Jahan

True to its new tag line, "Mile Yahan Dono Jahan", Saraswat Bank is committed to bridging the gap between technology and tradition by bringing to its customers the best of both worlds.

Keeping tradition intact and embracing technology, the Bank has matched strides with India's digital revolution by offering various digital banking services designed to make banking more easy and convenient like mobile banking, internet banking, international VISA EMV and RuPay chip cards, etc. Simultaneously, through its emphasis on personalized attention, the Bank has maintained its personal touch with customers. Agility of the small bank with the ability of the large bank has been Saraswat Bank's enduring heritage new.

Contact Saraswat Bank

Corporate Office
Saraswat Co-operative Bank Limited
Ekanath Thakur Bhawan 953, Appasaheb Marathe Marg, Prabhadevi. Mumbai- 400 025
Tel: [+91] (022) 6600 5555
Email: corporatecenter@saraswatbank.com