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    Saraswat Bank Home Loan

    The home loan option from Saraswat Bank, Vastu Siddhi Housing Loan, is a highly customer centric product from an equally proud bank. Founded on 14th September 1918, the erstwhile ‘Saraswat Co-Operative Banking Society’ was envisioned by a group of visionary entrepreneurs, and was founded as a small-time society to aid families that needed immediate financial help. Today, nearly a century later, the bank boasts of 267 fully computerized branches (located in Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Goa and Delhi), 205 ATM installations and over Rs.39,000 crores in annual business. In this setup, the home loan from Saraswat Bank has emerged as a major product for this ZERO NET NPA Bank.

    Home Loans from Saraswat Bank:

    The Vastu Siddhi Housing Loan provides funds for the purchase of an already constructed house/flat, construction of an own house or the takeover of housing loans from other banks. A robust, scalable and simple loan option, this is ideal for salaried as well as self-employed individuals, and confirms a ceiling of Rs.70 lakhs as maximum loan amount. The repayment tenure stretches upto 20 years, and the applicable interest rate on the home loan is very competitive, thus, soliciting your consideration when it comes to Saraswat Bank’s Vastu Siddhi Housing Loan.

    Features of Saraswat Bank Home Loan:

    When it comes to the Vastu Siddhi Housing Loan, customer centric features are definitely the USP. This would be a broad statement, breaking it down, this housing loan offers the following unbeatable features-

    • Loan eligibility applies for salaried employees, businessmen, self-employed professionals.
    • Maximum home loan amount is Rs.70 lakhs.
    • Home loan disbursal amounts to 85% (for loans upto Rs.25 lakhs) and 80% (for loans above Rs.25 lakhs) of the overall value of the property to be purchased.
    • In terms of home loan eligibility for salaried people- maximum 60x of the applicant’s net take-home salary will be disbursed. For self-employed people, this mark stands at 5x of average net cash accruals.
    • Maximum repayment tenure of 20 years for salaried and 15 years for self-employed individuals.
    • Salaried applicants can enjoy holiday for repayment of the principal amount for upto 12 months. Also, step-up repayment or bullet repayment option is also available.
    • Processing fees amounts to Rs.5000 (for loans upto Rs.25 lakhs), Rs.15,000 (for loans above Rs.25 lakhs to Rs.50 lakhs) and Rs.25,000 (for loans above Rs.50 lakhs).
    • Vastu Siddhi Housing Loan also allows for top up loans, to the tune of a maximum of Rs.25 lakhs, subject to repayment in a maximum of 7 years.
    • Where construction of a brand new house is concerned, the cost of the land to be purchased should not exceed 65% of the total cost of the project. This construction is expected to be completed in a span of 24 months.
    • The Vastu Siddhi Housing Loan can be converted from a fixed interest loan structure to a floating option. The reversal of this is also possible.

    Saraswat Bank Home Loan Interest Rate:

    • Currently, Saraswat Bank charges an interest rate of 11.75% (fixed) and 10.15% (floating) for loans up to Rs.25 lakhs.
    • For loans exceeding the Rs.25 lakhs margin, the interest rate is 12.00% (fixed) and 10.25% (floating).
    • For women, the applicable interest rate is 11.75% (fixed) and 10.15% (floating).
    • Saraswat Bank’s current Prime Lending Rate (PLR) is 14.5% per annum.

    Eligibility and Documentation:

    This loan is available for Salaried Employees and Self-Employed Individuals. The requisite documents that needs to be submitted at the time of loan application are as follows-

    • Completed application form with appended photograph of the applicant.
    • Residence proof of the applicant and the guarantor (if any).
    • Income Proof for Salaried applicants- a) Salary slips for last 3 months, b) Bank statements for last 6 months, c) ITR & form 16 for last 3 years.
    • Income Proof for Self-Employed applicants- a) Profit & loss proof, b) ITR copies and balance sheets for last 3 years, c) last 6 months bank statement.
    • Legal documents to compose the mortgage arrangement as required.

    Saraswat Bank’s Vastu Siddhi Housing Loan is a complete home loan option for the smart investor, and one that is loaded to the brim with customer friendly features and benefits. Coming from a century old bank, the concepts of traditional banking values and modern day conveniences, converge in a perfect mix to offer the best banking experience possible. Go ahead, apply for the Vastu Siddhi Housing Loan and experience the difference.

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