Saraswat Bank Loan Against Property

• The applicant should be a resident Indian.
• Salaried individuals, self-employed individuals, Partnership firms, Proprietorship Firms, and Private Limited Companies are eligible for the loan.
• The loan can be availed against residential as well as a loan against commercial property.

The rate of interest for the Loan Against Property and Kwik LAP Business Loan is  PLR - 3.75% i.e., 14.40% - 3.75% = 10.65% p.a.

Processing Charges For Kwik LAP Business Loan

Processing charge at 0.50% of the loan amount with a maximum of 25000/- for a loan up to 50.00 lakhs, 50,000/- for a loan above 50.00 lakhs and up to 2.00 Crores and 1.00 lakhs for a loan above 2.00 Crores and up to 5.00 Crores.

Renewal charges for the OD facility will be at 0.25% of the sanctioned limit with a maximum of 1.00 lakh.

For Loan Against Property

Processing charges at 0.50% of the loan amount with a maximum of 25000/- for a loan up to 50.00 lakhs and 50000/- for a loan above 50.00 lakhs.

Renewal charges for overdraft facility at 0.25% of the sanctioned limit with a maximum of 1.00 lakh.

Security

Security by way of equitable mortgage of the residential or commercial property. The property should be owned either by the applicant or the spouse. In the case of Private Limited Companies, the property can be owned either by the Company or in the name of any of the Directors of the Company.

A personal guarantee of the spouse should be available.

In the case Partnership Firm, the personal guarantee of the partners should be available and in the case of Private Limited Companies, a personal guarantee of the Directors should be available.

There are two variants under the Saraswat Bank LAP

• Loan Against Property
• Kwik LAP Business Loan

The following are the advantages of availing the Saraswat Bank LAP

• The loan is granted against a residential property or commercial property.
• A loan specially designed for salaried individuals who wish to start a business is provided in order to encourage entrepreneurship.
• The rate of interest is competitive and as per market standards.
• The documentation is simple and the approval quick.
• No pre-payment charges for loans at a floating rate of interest.
• The processing charges are reasonable.
• Hassle-free loan process.
• Flexible repayment period provided.

The documents that have to be submitted along with the prescribed application for a loan against property and two passport size photograph of the applicant and the guarantors are as mentioned below:

Applying for any loan is a very elaborate process and requires ample time. You will have to do a bit of groundwork before deciding on the financial institution you will be approaching for the loan. Your present banker doesn't need to be the best choice. There are several banks/financial institutions providing a loan under the same scheme under which you intend to avail of the loan. If you are looking for a loan against property, no doubt Saraswat Bank gives you the best offer with a special scheme for salaried individuals to float a business, but before making a decision you will have to compare the quotes from different financial institutions. If you have to do the groundwork on your own it will be confusing and time-consuming. The process does not end here. After the groundwork is done you will have to approach the lender, submit the application, reply all the queries and also make multiple visits for follow up on the status of the loan application.

You would definitely appreciate it if there is someone who could offer their support and assistance in the whole process. Yes, there are loan aggregators who will have partnered with various leading financial institutions and will have the data of various loan products that may suit your requirements. MyMoneyMantra is one such loan aggregator with a vast experience of over 30 years in the field and has a tie-up with over 100 leading financial institutions. They have an array of financial products from which you can choose the one that suits your requirements.

At MyMoneyMantra, the loan specialists will compare the different products and will help you choose the best deal. They will also have a continuous dialogue with you and will clear all your doubts regarding the loan. You can also calculate the EMI using the EMI calculator on the website of MyMoneyMantra and also do the calculation multiple times as per the best quotes available on the website. With the EMI that suits your budget and the choice of loan provider, you can apply for the loan through MyMoneyMantra. The loan specialists will help you fill-up the application and will collect the document kit from your doorstep and will deliver the same to the lender of your choice. They will also co-ordinate with the lender for a quick approval. They will help you through the documentation and will be constantly supporting you till the disbursal of the loan.