Saraswat Bank - 7.50% for Home Loan - Takeover Loan

Saraswat Bank Home Loan

Saraswat Bank offers home loans with a maximum tenure of 20 years at competitive rates starting from 7.50% p.a. Women applicants can enjoy a concession of 0.10% on the existing rate. The processing fee ranges from 0.30% to 0.50% depending on the loan amount.

Interest Rate

7.50% – 10.00% p.a.

Loan Tenure

Up to 20 years

Loan Amount

Up to Rs. 1.40 crore per beneficiary per dwelling unit

Processing Charges

Rs. 2500 + GST

 

Saraswat Bank loan interest depends upon:

1. Loan amount:

 The housing loan rate in Saraswat Bank depends upon the loan amount you apply for. The higher the loan amount, the lesser will be the rate.

 

2. Your Salary:

Income helps you identify your rate of interest. The bank's rate varies with your monthly income. The higher the income, the lesser will be the rate.

 

3. Type of loan opted for:

Saraswat Bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes.

The rate of interest may be higher or lower under their special or popular loan product offers.

 

4. Existing bank customers:

Saraswat Bank offers one of the lowest home loan rates to its existing bank account customers given their past relationship with the bank.

 

Saraswat Bank Home Loan Processing Fee and Other Charges:

In addition to interest rates, home loans from Saraswat Bank also carry some other charges which include:

 

1. Processing Fee -

Saraswat Bank applies processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.

 

2. Technical and Legal Charges -

Saraswat Bank also charges technical and legal charges which are explained to the customer during the loan process.

Once you go through the loan application process, you will need to pay these charges based on Saraswat Bank rules.

 

3. Prepayment Charges - 

If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Saraswat Bank.

As per RBI rules, banks are not allowed to charge prepayment penalties on floating-rate home loans.

 

Saraswat Bank Housing Loan:

Apply

Apply for a Saraswat Bank  Home Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare Saraswat Bank rates with other banks before choosing the best deal for your home loan needs.

 

 

Saraswat Bank Home Loan Documents:

For Salaried employees:

1. Fill up the loan application form.

2. Two 2 Passport Size Photo.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed:

1. Fill up the loan application form.

2. Two passport-size photos.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit, and loss account, balance sheets certified by CA,

copy of the partnership deed, and proof of business existence and business profile

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

 

Home Loan Schemes Saraswat Bank :

Vastu Siddhi Housing Loan

Purpose

Saraswant Bank offers regular Home Loan branded as Vastu Siddhi Home Loan. Applicants can use the loan proceeds for the construction of own house, the purchase of ready-built house/flat/resale flat and for takeover of home loans from other institutions/banks

Loan amount
Maximum Rs. 1.4 crore per beneficiary per dwelling unit

LTV Ratio

Up to 90% of (Agreement Cost + Stamp Duty + Registration). In the case of a Home Construction Loan availed from Saraswat Bank, the cost of land should not exceed 65% of the total cost of the project and construction should be completed within 2 years.

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, proposed agreement value or market value + Stamp Duty + Registration, whichever is less

OR

B) For Salaried Applicants: 75 times of the net take-home salary (average for the last 3 months) of the applicant
For Businessman/Professionals/Self-employed: 6 times the gross cash accruals of the applicant (average 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

Security

Equitable or legal Mortgage of house property to be purchased

Spouse guarantee

Personal guarantee can be considered depending on the merits of the proposal

 
Combo Offer

Saraswat Bank claims to offer pre-sanction credit card based on the repayment capacity of the borrower subject to a maximum limit of Rs 5 lakhs to its Vastu Siddhi Customers.

 

Saraswat Bank Home Loan Top Up

Purpose

Top up loan can be used for repayment of debt and repairs or renovation

Loan amount

Saraswant Bank offers a top-up loan facility for up to Rs 10 lakhs. Applicants can avail a maximum of Rs 10 lakhs for repairs and renovation in metro cities and a maximum of Rs 6 lakh for other centers. The outstanding balance of the existing housing loan and the proposed top up loan should not exceed Rs 1.4 crores

Tenure

Applicants can avail top-up loan facility for a maximum of 17 years or a residual period whichever is lower.

 

FAQs on Saraswat Bank Home Loan

What other benefits can I get from Vastu Siddhi Home Loan?
With this scheme, you can be eligible for pre-sanctioned car loans with processing fee completely waived off. Also, all the new applicants of this scheme are eligible for a minimum housing loan of Rs.50 lakh.

Can I get the benefits of PMAY scheme through Saraswat Bank?
Yes, you can get subsidy on interest as mentioned under the PMAY (Pradhan Mantri Yojana) scheme, provided you are eligible.

Is there any way of waiving off the processing fee?
It's solely at the bank's discretion that whether your processing fee will be waived or not. However, processing fee won't be charged for loans of up to Rs.28 lakh.

What's the maximum margin of financing?
You can get a maximum financing of 80% of the total property cost.

Is there any specific terms and conditions or clause for loan for construction of house?
Yes, the cost of land should not exceed 65% of the total cost of the project. Also, the construction of the house should be completed within 24 Months.