Established in 1918, Saraswat Bank is one of the largest co-operative bank based in Mumbai, Maharashtra. It was the first co-operative bank to provide merchant banking services nationwide. Bank provides Vastu Siddhi Home Loanto individuals to meet their housing needs at competitive rates of interest. Saraswat Bank home loan interest rate is 8.65% pa onwards.
Saraswat Bank Home Loan Eligibility
- Salaried Employees/Businessmen/Professionals having a regular source of income
- Salaried employees should have minimum 2 years of confirmed service.
The bank offers various types of home loan schemes that can be read as follows:
Vastu Siddhi Home Loan
Features of Saraswat bank Vastu Siddhi Home Loan
- The loan can be taken for the purchase of house, flat and resale flat. Loan tenure should not exceed the residual life of property as per valuation report for resale or old property.
- People with regular source of income like salaried employees, businessmen and professionals with minimum 2 years of work experience in regular service.
- Total loan amount is upto Rs. 70 lakhs per beneficiary per housing unit.
- Repayment time duration for the loan is upto maximum 20 years for salaried people and professionals.
Vastu Siddhi home loan combo offer
- Pre-Sanction Super-Fast Car loans:
For every new applicants of Vastu Siddhi home loans with minimum loan size of Rs. 50 lakhs with minimum Net salary of Applicant should be Rs. 30,000/- of all EMI’s (Equated Monthly Instalments). In this home loan scheme, people are waived of the processing fees with a Pre-sanction car loan of up to Rs. 6 lakhs. Personal guarantee shall be considered depending on the merits of the offer.
- Loan for Construction of House:
The cost of land should not exceed 65% of total cost of Project and Construction should be completed within 1 year.
Documents Required for Saraswat bank Vastu Siddhi Home Loan
- Duly filled application form
- Latest Photographs, Photo Identity Proofs, Residence proof of the Applicants and Guarantors
- For Salaried Individuals: Salary slips for last 3 months and bank statement for last 3 months or ITR or Form 16 for past 2 years.
- For Businessman: Last 3 years Profit & Loss statement and balance sheet, ITR copies of last three years, and three months bank statement.
Rate of Interest of Vastu Siddhi Home Loan
|Loan Amount||Floating Rates|
|Upto Rs. 28 lakhs||8.65% onwards|
|Above Rs. 28 lakhs||8.80% onwards|
Present PLR @ 14.40% p.a.
- Concession of 0.10% is offered to women for loans upto Rs. 28.00 lakhs provided the overall cost of the housing unit should not exceed Rs. 35.00 lakhs.
|Loan Amount||Processing Fees|
|Upto Rs. 28 lakhs||Nil|
|Above Rs. 28 lakhs & Upto Rs. 50 lakhs||Rs. 10,000/-|
|Above Rs. 50 lakhs||Rs. 20,000/-|
Saraswat Bank NRI Home Loans
The bank offers attractive interest rate on deposits and loans to its domestic and NRI customers.
Saraswat Bank NRI Home Loan Interest Rates
The current Prime Lending Rate (PLR) of the bank is 14.40% per annum and the rate of interest charged on the loan depends on the amount of loan availed. A floating rate of interest is charged on the loan irrespective of the amount of loan taken.
Documents Required for Saraswat Bank NRI Home Loan
- Duly filled application form
- Photo Identity proof of the applicant and the guarantor
- Address proof of the applicant and the guarantor
- Income proof of salaried individuals that include salary slips of the last 3 months, Income tax returns or Form 16 of the last 3 years
- Income proof of the businessmen, professionals or self-employed individuals which is the profit and loss account, balance sheet and income tax returns of the last 3 years. The bank statements of the last 3 months would also be required
- Corresponding legal documents to create a mortgage on the property
Additional Features of Saraswat Bank Home Loan
- The loan can be taken for all relevant housing needs, such as construction of house, purchase of an already built house, flat, resale flat or for takeover of existing home loans from other institutions.
- Loans up to Rs.70 lakhs can be taken in this category as the maximum.
- The basis of loan advance would depend on the quantum of loan sought and on the lower of the cost of project or income. For loans up to Rs.25 lakhs, amount which is lower either 85% of the cost of the flat plus stamp duty and registration charges or the cost of land and construction thereon or 65 times the average net take home salary of the applicant, if employed or 5 times the average net cash accruals if self-employed would be granted.
- Salaried individuals and professionals get maximum repayment tenure of 20 years and can also avail a moratorium period or a repayment holiday.
- The shareholding depends as per still existing shareholding norms
- The equitable or legal mortgage of the house to be purchased using the loan would be the security under the loan.
- Loan for Construction: The cost of land should not exceed 65% of total cost of project and construction should be completed within 1 year.
Saraswat Bank Top up Home Loan
Top-Up Loan can be considered for repayment of debt for housing loan and home repairs and renovations.
- Top Up loan can also be availed by borrowers of the home loan scheme. Maximum amount of Rs.28 lakhs would be allowed as a top-up loan which should be repaid within 10 years or due date of housing loan whichever is earlier.
- Rate of Interest on the top-up loan would be Fixed upto Rs.00 lakhs at 9.00% per annum and above Rs. 5.00 lakhs at 10.00% per annum.
Applying for Saraswat home loan via Paisabazaar.com
The bank offers the feature of online application for home loan products to its customers. On the Paisabazaar.com website, by clicking on the Home Loan tab, a new window will open up which will be a request form from the bank and it will ask for some important information of the applicant. The information required is basically the personal details of the customer like his/her name, address, occupation, age, contact number, nearest branch, and the loan details. Filling up this form and submitting it online would create an online loan request and the bank would then get in touch with the applicant.
The applicant can calculate his/her loan EMIs which would be payable under the different home loan schemes through Paisabazaar.com, as it provides the feature of online EMI calculation.