Saraswat Bank

Saraswat Bank  Home Loan

Apply Saraswat Bank  Home Loan

Saraswat Bank Home loan

Most of us Indians dream of owning a home. It is one of the greatest achievements for a common man to build or buy his own home. Knowing that you have a shelter of your own in this universe indeed gives you a sense of satisfaction. Yet, a house of own remains a dream for millions of Indians. Why is this happening?... Of course, the lack of the huge amount required in ready cash. It has led to the massive popularity of Home Loans among Indian populace. Now, you can build your house of dreams without worrying about managing a lump sum of money. The cost of owning your house can be paid back in monthly instalments over a long tenure.

With an excellent experience of operating for last 100 years in India, Saraswat Bank offers a highly customer-oriented home loan scheme named Vastu Siddhi Housing Loan. The bank will help you with funds for both constructing and purchasing your dream house.

Saraswat Bank Home Loan

Interest rate

8.20%

Loan tenure

20 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 90% of the project cost

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

849 Per Lakh

About Saraswat Bank Home Loan

Found in 1918, Saraswat bank recently celebrated the centenary of their inception. Today, the bank has 281 fully computerized branches spread all over central India. Headquartered in Mumbai, the bank has pioneered in the urban co-operative banking sector of India. Sworn to bring the best of tradition and technology to its customers, the bank offers the prestigious "Vastu Siddhi Housing Loan" to help the dreamers fund their homes. The competitive interest rates and flexible repayment tenures make this scheme accessible to the general population.

Why Saraswat Bank Home Loan?

The large amount of money needed for building a house is often too big for many people. It takes you hard work of a lifetime to save that much. The Saraswat Bank home loan helps you find the money for your home purchase and gives you the pleasure of making your dream come true. With funding from the bank, you don't have to worry anymore about the place or features of the home you need.

With loan tenure up to a maximum of 20 years and interest rates starting at 8.65%, the Saraswat Bank home loan is one of the best in the market. Its affordability makes it very lucrative.

Features and Benefits of Saraswat Bank Home Loan

  • Low-Interest Rates - Saraswat Bank offers very low floating interest rates starting at 8.20%.

  • Flexible Repayment Period - A fairly long repayment period of up to a maximum of 20 years for salaried applicants and 15 years for self-employed ones, is offered by the bank

  • Top Up Loan Facility - Under this Vastu Siddhi Housing Loan scheme, you can top up your existing loans up to a maximum of 25 Lac. The rate of interest on this top-up is fixed at 9% for an amount up to 5 lacs and above 5 lacs at 10.00%

  • Low Processing Fees - The loan amounts up to 28 lacs are disbursed without any processing fee. Only 20,0000 is charged for the loan amounts above 50 Lacs.

  • High accessibility - The bank offers excellent access to individuals located in central states of India with their 281 branches spread all over this area.

  • Quick Approval - Applications are processed quickly to avoid delay in the disbursement.

  • High Upper Limit - Based on the value of the property being financed, the loan amount can be as high as 70 Lacs.

  • Variety of Plans -To meet the different needs of different individuals, various schemes are included with different rates and features.

Saraswat Bank Home Loan Processing Fees, Other Charges

The Saraswat bank does not charge any processing fee for loans with amounts up to 28 Lacs. For loan amounts between 28 lacs - 50 lacs, 10,000 is charged as processing fee. 20,000 is the processing fee applicable for loan amounts more than 50 Lacs.

 

Saraswat Bank Home Loan Interest Rates for Salaried & Non Salaried 

Saraswat Bank offers very low-interest rates causing a large dip in your total amount payable. The interest rates in the bank start at 8.65% for loan amounts up to 28 Lacs and at 8.80% for loan amounts above 28 Lacs. The interest rate may vary a little bit according to your profile and chosen plan. However, tenure is different for salaried and non-salaried applicants.

Salaried Self-employed

Flexible tenure up to 20 years

Flexible tenure up to 15 years

For women who take loans under 28 lacs, a concession of 0.10% is provided by the bank. The total cost of the dwelling unit should be under 35 lacs to get this offer.

Other Products by Saraswat Bank

Saraswat Banks services are available not just in the home loan sector. Following are the few important products offered by the Saraswat Bank:

Car Loan

How long a family can rely on public transportation? The wait is over. Add more mobility to your family to buy owning a car. Worry no more about the cost, the Saraswat Bank offers loan for this specific need. Get a maximum loan amount equal to 40 times your average net monthly salary or 4 times the average gross cash accruals. The loan can be repaid with a maximum period of up to 84 months. The Interest rate starting at 8.90% is one of the lowest in this segment. The security of hypothecation of the car to be purchased is enough to approve the loan.

Eligibility Criteria

  • The salaried persons should at least have one year of service period in the current organisation.

  • Self-employed applicant must prove their source of income is regular.

KwiK LAP

KwiK LAP is a scheme designed to help the salaried employees who are trying to initiate a business. Loan amounts up to 500 lacs is sanctioned under this scheme over a security of mortgages of residential or commercial property. A repayment period up to 10 years can be obtained for this loan. With interest rates starting at 10.65%, this is the best companion for your business venture.

Eligibility Criteria

  • Applicant must have a regular source of income
  • If the loan applicant is a partnership firm or private limited company, the partners or the directors of the company should provide a personal guarantee.

Personal Loan

The Saraswat Bank offers loan amounts up to 5 lacs at the lowest interest rates. The personal loan can be used to meet any of your emergency need for money. At 14.40% interest rate, a repayment period up to a maximum of 60 months is available. The security for this loan will be a compulsory ECS from the salary account and hypothecation of household articles.

Eligibility Criteria

  • The applicant must have a regular source of income.

  • After all EMI deductions including this proposed one, the total take home salary should be at least 25% of the gross salary.

  • Business persons should have at least one year of experience and gross cash accruals of 1.5 lacs per year.

  • The CIBIL score should be more than 700.

Doctor Delite

Are you a doctor who wishes to start your own clinic? Saraswat Bank offers up to 500 lacs to support the doctors set up their clinic. A long tenure of 120 months is available for the repayment. The interest rates for this scheme starts at 9.90%. For experienced doctors, the loan is collateral free up to 50 lacs. in other cases, an equitable mortgage of the clinic or hypothecation of equipment is taken as collateral.

Eligibility Criteria

  • Applicant must be a qualified doctor.

Saraswati Education Loan

What is the best gift you can give to your child? of course it is education. Saraswat Bank provides financial assistance to students who struggle to accommodate the expense of education. For courses in abroad and India, up to 50 lacs is provided by the bank.

Eligibility criteria

  • The applicant must have secured admission in any of the graduation or post graduation courses offered by college or university approved by IBA

  • Students of vocational coursed can take up to 10 lac under this scheme.

  • In case of a minor student, the parent must be the applicant.

Types of Home Loans Offered by Saraswat Bank

The Saraswat bank offers the following types of home loans:

  • Home Loan for Purchasing the House - This scheme is for the individuals who are willing to buy a house or flat from a seller. Up to 80% of the total cost (agreement cost + stamp duty+ registration) is sanctioned based on your financial profile.
  • Loan for Construction of House - This loan is for those who are trying to build their own house. The cost of land is supposed to be less than 65% of the total cost for this scheme.

Saraswat Bank Home Loan Eligibility

For a successful home loan application, the Saraswat Bank Home Loan eligibility criteria must be met. Home loans are provided to salaried employees, professionals or self-employed individuals with a regular source of income. The salaried employees are expected to have a minimum 2 years of service.

They must provide collateral which will either be equitable or the legal Mortgage of the property to be purchased.

Following are the few elements among others that bank will consider to ensure your eligibility before loan approval.

  • The age of the applicant at the scheduled time of loan maturity

  • Monthly income of the applicant
  • Consistency and regularity in the income
  • The family background of the applicant
  • Assets and other liabilities of the applicant
  • CIBIL score of the applicant
  • Qualification of the applicant

The Saraswat Bank will provide funding up to a maximum of 80% of the total cost. In case of a resale property, the realizable value is considered as the limit for the maximum amount. Thus, a higher loan amount can be obtained with a high-value property. The value of the property is influenced by factors such as location, unit size, number of rooms and other amenities. Despite the type of property, the location adds significant valuation points to the house. The supply and demand condition in that particular area influences the price of property hence the maximum eligible loan amount. Similarly, more area and rooms mean eligibility for a higher amount of loan.

The average CIBIL score required for a home loan is around 750. Since Saraswat bank is a cooperative society, you can expect a reasonable relaxation in this criterion. However, a higher CIBIL score will always increase your chances of succeeding the loan application. An individual with a lower CIBIL score not only have a lower probability of loan sanction but also have to pay a higher rate of interest.

The properties being financed need to be readily built houses or flats. In case of a resale property, the residual life of the property is calculated and the loan tenure is kept below that. In the case of loans for construction, the building should cost at least 35% of the total cost (including the cost of the land). Also, the construction of the house should be completed within a 2 years' time period

After the loan amount and interest rates are fixed, the borrowers can start paying back in monthly EMIs. EMI stands for Equated Monthly Instalments. EMI is your total loan amount divided by the number of months in your loan tenure, payable every month till the completion of the loan tenure.

You can pay your EMIs using following options

  • Post-dated cheques
  • Electronic Clearing System

A combo offer is available for the borrowers with minimum salary 30,000 net of all EMI's and loan ticket size more than 50 lacs. Using this offer an eligible applicant can pre-sanction a car loan up to 6 lacs without any processing fee. 

Documents Required for Saraswat Home Loan

You are expected to produce the following documents along with the application form at the time of the application of home loan.

Salaried Self-Employed

Latest Photograph

Latest Photograph

Photo Identity Proof of applicant and the guarantor

Photo Identity Proof of applicant and the guarantor

Residence proof of the applicant guarantor

Residence proof of the applicant guarantor

Salary slip for last 3 months

Profit and loss balance sheet for last 3 year

Bank statement for last 3 months or ITR form for two years

Bank statement for last 3 months or ITR copies of last 3Years

Documents required for the mortgage

Documents required for the mortgage

How To Calculate Saraswat Bank Home Loan EMI?

The Saraswat Bank Home Loan EMI can be calculated using the MyMoneyMantra EMI Calculator. The EMI calculator takes parameters such as loan amount, repayment period, Interest rate and computes the EMI. The other details about your scheme, the total amount to be paid and total interest payable are also shown in this calculator.

The EMI of your loan is dependent on the following factors.

Interest Rate: Usually, for a large amount of loan the interest rates will be lower. With a lower interest rate, the total amount payable and thus the EMI will be low. The lowest interest rate for the Saraswat Bank Home Loan is 8.65%.

Loan Tenure: The longer the loan tenure, lower will be your EMI. To get a long loan tenure, you will have to be young enough. The Bank will sanction your loan tenure based upon your age.

Loan Amount: The Saraswat Bank Home Loan EMIs increases with the loan amounts. For example, if the loan amount is 1 lac and the loan tenure is 20 years at 8.65% interest rate the EMIs would be 745. For 10 Lacs with the same parameters, the EMIs would be 7,445.

 

SARASWAT BANK HOME LOAN LATEST NEWS

ICICI Pru Life, Saraswat Bank join hands to offer life insurance products

The Saraswat Bank and Life insurance giant, ICICI Prudential Life have joined hands to provide life insurance services ranging from protection to wealth creation. Over 280 branches of Saraswat bank located in Goa, Maharashtra, Gujarat, Madhya Pradesh, Delhi and Karnataka will now provide the range of health insurance plans and other long-term saving products of ICICI Prudential Life.

Managing Director, Saraswat Co-Operative Bank.

Saraswat Bank wins NPCI Excellence Award

"National Payments Corporation of India (NPCI) has honoured Saraswat Bank with the National Payments Excellence Award in recognition of its excellent performance in various products viz. NFS ATM Network, RuPay, CTS, Instant Payment Products (IMPS+UPI+BHIM+USSD), NACH & AEPS. Saraswat Bank has been chosen as the Winner across the entire product range this year as against last year wherein it was considered for a few products only', said the leading UCB in a press release.

Saraswat Bank: 57% rise in profit; plans bash in 100th yr

Beating the ills of demonetization as well as the sluggish economic pace in the country, the leading urban cooperative bank in the country Saraswat Co-op Bank registered a growth of 57% per cent in its profit this year, said its Chairman Gautam Thakur in the recently concluded Annual General Meeting held at Ravindra Natya Mandir, Prabhadevi in Mumbai.

FREQUENTLY ASKED QUESTIONS

What type of houses are eligible for Saraswat Bank Home Loan

The properties being financed need to be readily built houses or flats. In the case of loans for construction, the building should cost at least 35% of the total cost (including the cost of the land). Also, the construction being funded should be completed within a two years' time period.

What is the collateral required for the loan?

An equitable or legal mortgage will be needed as security for the loan. The type of mortgage changes according to the type of ownership documents (documents of title) being produced. Bank officials will recommend the type of mortgage required.

How can I repay the loan?

After the loan amount and interest rates are fixed, the borrowers can start paying back in EMIs. EMI is your total loan amount divided by the number of months in your loan tenure, payable every month till the completion of the loan tenure. You can pay your EMIs using following options

  • Post-dated cheques
  • Electronic Clearing System

What is the maximum loan amount that can be approved?

The maximum amount of loan varies according to the financial profile and the value of the property being financed. For a perfect applicant, up to 70 Lacs can be sanctioned.

What is the time required for loan processing?

An average time of thirty days is observed between loan application and the fund disbursal. However, the pace at which the application gets processed is completely the bank's discretion. Applicant's profile and relationship with bank influence the speed of the loan being approved.

What is the processing fee applicable to the home loan?

The loan amounts up to 28 lacs are disbursed without any processing fee. Only 20,0000 is charged for the loan amounts above 50 lacs.

I am a self-employed person, what are the documents required for my home loan application?

The following documents are required for a self-employed applicant

Latest Photograph

Photo Identity Proof of applicant and the guarantor

Residence proof of the applicant guarantor

Profit and loss balance sheet for last 3 year

Bank statement for last 3 months or ITR copies of last 3Years

How can I calculate my EMI?

You can calculate your EMI using the EMI calculator in MyMoneyMantra website.

What is the Maximum loan period?

Depending upon the financial profile, repayment period up to a maximum of 20 years for the salaried applicants and 15 years for the self-employed ones is provided.

What is the interest rate for this home loan?

The interest rates in the bank start at 8.65% for loan amounts up to 28 Lacs and at 8.80% for loan amounts above 28 Lacs. The interest rate may vary a little bit according to your profile and chosen plan.

 At Saraswat Bank, we love to help you get a permanent postal address with our Vastu Siddhi Home Loan. With arguably the lowest interest rates, we ensure you the most profitable home loans in the market. The faster application processing and the full-time customer support make us the perfect companion for your housing dreams. Our presence all over Central India adds more accessibility to our services.

Why Apply for Saraswat Bank Home Loan On MyMoneyMantra?

At MyMoneyMantra we are sworn to make the application process of home loan from Saraswat Bank more convenient and hassle-free. Our team of experts will help you select the best scheme to suit your requirements and financial condition. Also, our team will help you to complete the documentation, collects your kit from your doorsteps and deposits it to the bank. We guide you throughout the entire approval and disbursal process of the loan.

How to Apply for Saraswat Bank Home Loan on MyMoneyMantra

At MyMoneyMantra, you can find the easiest loan application procedure for your home loan from Saraswat Bank. After accessing MyMoneyMantra website, select home loan, under the loan tab. You can then complete the following steps.

  • Select your gender
  • Choose your city
  • State your purpose of loan (Make choice between residential plot, residential plot + construction, residential ready property, or home extension loan).

  • Choose city at where the property is situated.
  • Enter estimated market value of the property.
  • Choose the type of your employment.
  • Enter the loan amount required.
  • Fill in the few personal details.
  • Enter your Email and phone number.
  • Verify the phone number through OTP sent by us.

After verification you will be able to select Saraswat Bank as the loan provider. We will contact you with all the necessary assistance at free of cost. Our assistance will be available at every step of acquiring the loan.

Saraswat Bank Home Loan Customer Care

If you have any complaint regarding the service or any other matter related to the loan, the bank is all ears to you. You can inform your complaint first to the branch manager. Every branch of the bank keeps a register of the complaints. If the branch manager could not resolve your issue within 7 day's time or you are not satisfied, you can approach the Zonal Officer with your complaint. The address of the respective Zonal Officer would be displayed on every branch. If he too fails to bring satisfaction, the Nodal Officer will listen to you. The Nodal Officer of Saraswat Bank is available at the following address.

Chief General Manager

Saraswat Co-operative Bank Limited

Saraswat Bank Ekanath Thakur Bhawan 953,

Appasaheb Marathe Marg Prabhadevi, Mumbai- 400 025

Tel: 022-6600 5555

Email:corporatecenter@saraswatbank.com

In the case of no response from the company within a reasonable period or not satisfied with the reply from the company, You may approach at Complaint Redressal cell at National Housing Bank by lodging complaints online at the link https://grids.nhbonline.org.in or in offline mode by post in prescribed format available at the link http://nhb.org.in/Grievance-Redressal-System/Lodging-Complaint-AgainstHFCs-NHB-Physical-Mode.pdf to

Complaint Redressal Cell,

Department of Regulation & Supervision,

National Housing Bank,

4th Floor, Core 5A,

India Habitat Center,

Lodhi Road,

New Delhi - 110003.

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