Vastu Siddhi Home Loan

Gift your family a permanent new postal address with Saraswat Bank’s Vastu Siddhi Home Loan. With the lowest home loan rates, own a house and make it your home. For constructing a house or purchasing a ready or resale flat. You can also avail home loan takeover facility.

Purpose:

Construction of own house.
Purchase of under construction flat/ready built house/ flat / resale flat.
For takeover of housing loans from other banks/institutions.

Eligibility:

Salaried Employees/Businessmen/Professionals having a regular source of income
Salaried employees should have minimum 2 years of confirmed service.

Loan Amount:

Maximum Rs. 140.00 lakh per beneficiary per Dwelling Unit.

Margin:

Minimum 10% of (Agreement Cost + Stamp Duty + Registration)

Basis of advance:

A) Maximum 90% of (Agreement Cost* + Stamp Duty + Registration) or
(Cost of land +construction thereon+ Stamp Duty + Registration)

*In case of resale flat, Market value or proposed agreement value + Stamp Duty + Registration whichever is less to be considered
The above is exclusive of Goods & Services Tax (GST)
OR
B)
Salaried: 75 times of the net take-home salary (Avg for the last 3 months) of the applicant

Businessman/Professionals/Self-employed: 6 times of Gross cash accruals of applicant (Avg for the last 3 years)

Existing Borrower with good track record for 1 year - latest audited gross cash accrual

(A) Or (B) Whichever is lower

Repayment:

Maximum 20 years for salaried class/Professionals (including moratorium)

*Rate of Interest:

- W.E.F 22.04.2024

Basis				Rate of Interest (PLR = 15.70 % p.a.)
Priority Sector	Branch Type	Amt. Of Loan	Agreement Cost	CIBIL Score	Floating Rate
	Metro/Urban	Up to 35.00 Lakhs	Up to 45.00 Lakhs	750 and above	8.80% (PLR – 6.90%)
	Semi-Urban / Rural	Up to 25.00 Lakhs	Up to 30.00 Lakhs	Less than 750 and -1/ 0	8.95% (PLR – 6.75%)
	Semi-Urban / Rural	Up to 25.00 Lakhs	Up to 30.00 Lakhs	Less than 700	8.95% (PLR – 6.75%)
Non-Priority Sector	Up to Rs. 100 lakhs			750 and above	9.10% (PLR – 6.60%)
				Less than 750 and -1/ 0	9.30% (PLR – 6.40%)
				Less than 700	9.60% (PLR – 6.10%)
Non-Priority Sector	Above Rs. 100 Lakhs Up to Rs. 140 lakhs			750 and above	9.15% (PLR – 6.55%)
				Less than 750 and -1/ 0	9.40% (PLR – 6.30%)
				Less than 700	9.60% (PLR – 6.10%)

*T&C Apply

Processing Fee:

Loan Amount	Processing Fees	Take over
Up to Rs. 35 lakh	Nil	Nil
Above Rs. 35 lakh up to Rs. 50 lakh	0.30% of loan amount + GST	Rs. 5000 + GST
Above Rs. 50 lakh up to Rs. 70 lakh	0.40% of loan amount + GST	Rs. 10000 + GST
Above Rs 70 lakh to 140 lakh	0.50% of loan amount + GST	Rs. 15000 + GST

(No other charges such as CIBIL/ other credit agency, FI & CERSAI.)

Shareholding

2.50% of loan amount, Maximum Rs. 25000/-

Security:

Equitable/ legal Mortgage of house property to be purchased.
Spouse guarantee
Personal guarantee may be considered depending on the merits of the proposal.

Top up loan:

1. Maximum Rs. 10 Lakh
2. Repayment period maximum 17 years or residual period of Housing Loan whichever is lower
3. ROI on the top-up loan would be fixed @ 8.50% p.a.
4. Top-Up Loan for repayment of Debt and repairs/ renovations can be considered out of which repairs and renovation max limit is Rs. 10 lakh.
5. For repairs and renovation Max limit is Rs. 10.00 Lakh in metro and Max limit is Rs. 6.00 Lakh in other centers.
6. Outstanding balance of existing Housing Loan and proposed Top up loan should not exceed Rs. 140.00 Lakh.

Loan for Construction of House:

The Cost of land should not exceed 65% of total cost of Project and Construction should be completed within 24 Months.

Documents Required:

1. Duly filled prescribed application form
2. Latest Photograph, Photo Identity Proof, Residence proof of the Applicant and Guarantors
3. Salaried: salary slip for last 3 months and bank statement for last 3 months or ITR or form 16 for two years
4. Businessman: last 3 years profit & loss and balance sheet, ITR copies of last three years, 3-month bank statement.
5. Documents for creating mortgage as per requirement