Saraswat Bank Home Loan can be availed @ 8.60% onwards for a period of up to 20 years and for a loan amount of up to INR 1.4 crore per beneficiary per dwelling unit. It can be used to construct a house or purchase a ready or resale flat. Also, the home loan balance transfer facility can be availed to transfer the existing home loan from any other bank to Saraswat Bank at a lower rate of interest.
| Saraswat Bank Home Loan- A Snapshot | |
| Interest Rate | 8.60% – 9.20% p.a. (Borrowers with a CIBIL score of less than 700 will be charged an additional 0.50% above the CIBIL score slab of 700 to 750 based on the corresponding loan amount) |
| Loan Tenure | Up to 20 years |
| Loan Amount | Up to INR 1.4 crore per beneficiary per dwelling unit |
| Processing Charges | Up to INR 50,000 + GST |
Purpose of Home Loan
Just like Bandhan Bank Home Loan, it also has some purposes that are as mentioned below:
- Construction of a new house
- Purchase of a ready or resale flat
- For takeover of house loans from other banks/ institutions
Eligibility to apply for Home Loan
- Salaried Employees/ Businessmen/ Professionals having a regular source of income
- Salaried employees should have a minimum of 2 years of confirmed service.
Loan Amount:
- Maximum INR 140.00 lakh per beneficiary per Dwelling Unit.
Margin:
- 15% of (Agreement Cost + Stamp Duty + Registration)
Basis of advance:
- 85% of (Agreement Cost*+ Stamp Duty + Registration) or
(Cost of land +construction thereon+ Stamp Duty + Registration)
*In case of a 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:
- CIBIL >=750 – 70 times the net take-home salary (Average for the last 3 months) of the applicant
- CIBIL < 750 – 65 times the net take-home salary (Average for the last 3 months) of the applicant
- Businessman/Professionals/Self-employed:
- 5 times of Gross cash accruals of the applicant (Average for the last 3 years)
(A) Or (B) Whichever is lower
Repayment:
Maximum 20 years for salaried class/Professionals.
Shareholding:
2.50% of the loan amount, Maximum INR 25000/-
Security:
- Equitable/ legal Mortgage of house property to be purchased.
- Spouse guarantee
- A personal guarantee may be considered depending on the merits of the proposal.
Interest Rates:
– W.E.F 1st February 2023
| Loan Amount | CIBIL Score | Rate of Interest |
| Up to INR 35 Lakh | 750 and above | 8.60% |
| Less than 750 and -1/ 0 | 8.75% | |
| Above 35 lakh up to 140 lakh | 750 and above | 8.75% |
| Less than 750 up to 700 / -1/ 0 | 8.90% | |
| Less than 700 to 650 | 9.20% |
For borrowers with a CIBIL score less than 700, an additional ROI of 0.50% more than the CIBIL score slab of 700 to 750 to be charged basis the corresponding loan amount.
*T&C Apply
Present PLR @ 15.50% p.a.
Processing Fee:
| Loan Amount | Processing Fees |
| Up to INR 35 lakh | Nil |
| Above INR 35 lakh up to INR 50 lakh | 0.30% of the loan amount |
| Above INR 50 lakh up to INR 70 lakh | 0.40% of the loan amount |
| Above INR 70 lakh to 140 lakh | 0.50% of the loan amount |
All above charges are exclusive of GST
Top-up loan:
- Maximum Loan Amount: INR 50 Lakh
- Repayment period: Subject to a maximum of 17 years or a residual period whichever is lower.
- ROI: @ 8.50% p.a.
- Top-Up Loans for repayment of Debt and repairs/ renovations can be considered.
- Repairs and renovation: Max limit is 10.00 Lakh in the metro and the Max limit is INR 6.00 Lakh in other centers.
- The outstanding balance of the existing Housing Loan and proposed Top up loan: It should not exceed INR 70.00 Lakh.
Loan Amount in case of Construction of House:
The Cost of land should not exceed 65% of the total cost of the Project and Construction should be completed within 24 Months.
Documents Required:
- Duly filled application form
- Latest Photograph
- Photo Identity Proof
- Residence proof of the Applicant
- Salaried: a) salary slip for the last 3 months
- Bank statement for the last 3 months or ITR or form 16 for two years
- Businessman: a) last 3 years profit & loss and balance sheet
- ITR copies of the last three years
- 3-month bank statement.
- Documents for creating mortgage as per requirement
COMBO OFFER
Pre-sanction Super-Fast Car Loans
- For all new applicants of Vastu Siddhi home loans with a Minimum loan Ticker size of INR 50 Lakh.
- Min Net salary of Applicant to be INR 30,000/- net of EMIs.
- A pre-sanction car loan of up to INR 6 Lakh with a waiver of processing fees.
- Shareholding norms
-
i) Up to INR 1 lakh: INR 100/- nominal membership
ii) above INR 1 lakh: INR 500/- shareholding
Pre-sanction Credit Card
For all new applicants of Vastu Siddhi
| Loan Amount | Credit limit to be assigned |
| Up to INR 25 Lakh | INR 50,000/- |
| Above INR 25 Lakh up to INR 50 Lakh | INR 1,00,000/- |
| Above INR 50 Lakh up to INR 70 Lakh | INR 2,00,000/- |
Comparison of Saraswat Bank Home Loan Interest Rates Vs Other Lender Banks
| Name of Lender | Up to INR 30 Lakh | Above INR 30 Lakh to INR 75 Lakh | Above INR 75 Lakh |
| SBI |
8.50% – 10.15% |
8.50% – 10.05% |
8.50% – 10.05% |
| HDFC |
8.50% – 10.35% |
8.50% – 10.60% |
8.50% – 10.70% |
| LIC Housing Finance |
8.60% – 10.35% |
8.60% – 10.55% |
8.60% – 10.75% |
| ICICI Bank |
9.00%-9.80% |
9.00%-9.95% |
9.00%-10.05% |
| Kotak Mahindra Bank |
8.85% onwards |
8.85% onwards |
8.85% onwards |
| PNB Housing Finance |
8.75% – 14.50% |
8.75% – 13.00% |
8.75%-11.35% |
| Punjab National Bank |
8.65%-9.60% |
8.60%-9.50% |
8.60%-9.50% |
| Bank of Baroda |
9.15% – 10.65% |
9.15% – 10.65% |
9.15% – 10.90% |
| Union Bank of India |
9.00% – 10.75% |
9.00% – 10.95% |
9.00% – 10.95% |
| IDFC First Bank |
8.85% onwards |
8.85% onwards |
8.85% onwards |
| L&T Housing Finance |
8.60% onwards |
8.60% onwards |
8.60% onwards |
| Bajaj Housing Finance |
8.70% onwards |
8.70% onwards |
8.70% onwards |
| Tata Capital |
9.15% onwards |
9.15% onwards |
9.15% onwards |
| Federal Bank |
10.15%-10.20% |
10.20%-10.25% |
10.25%-10.30% |
