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Saraswat Bank Loan Against Property Details

Loan AmountRs. 5 Crore
Rate of interest11.75% p.a.
TenureUp to 10 Years
Processing fee0.5% of loan amount (maximum Rs. 50,000) + applicable taxes

Apply for IDFC Loan Against Property

Saraswat Bank Loan Against Property Interest Rates

The rate of interest for Saraswat Bank Loan Against Property:

Floating PLR- 3.75: 11.75% p.a.
Present PLR : 15.50% p.a. w.e.f 13.02.2023

Kwik LAP Business Loan Interest Rate:

Rate of Interest: Floating PLR – 5.25 = 10.45%* p.a
Present PLR  @15.70% p.a. (w.e.f -22.04.2024)

Processing charges and Security for the Saraswat Bank LAP

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 of 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.

Types of the Saraswat Bank Loan Against Property

There are two variants under the Saraswat Bank LAP:

  • Loan Against Property
  • Kwik LAP Business Loan

Features of the Saraswat Bank Loan Against Property

Name of the productPurposeQuantumInterestSecurityRepaymentCharges
Loan Against PropertyThe loan can be utilised for any personal purpose like planning a wedding, for the higher education of the children, for a family vacation, for medical emergencies, for consolidation of  debts, etc.The quantum is based on 60% of the realizable value of the property or 40 times the average net monthly salary for salaried individuals and 20% of the gross annual Sales turnover or 4 times the average net cash accruals for professionals/Businessmen with a maximum of 5.00 Crores.

The rate of interest is PLR - 3.75% i.e., 11.75% p.a. (floating).

The current PLR is 15.50%

Equitable mortgage of the propery against which the loan is granted.

The property should be either in the name of the applicant or the spouse.

In the case of Private Limited Company, the property should either be in the name of the Company or in the name of any one of the Directors.

A personal guarantee of the spouse should be available.

In the case of Partnership Firms, a personal guarantee of the partners should be available and in the case of Pvt Ltd Companies, a personal guarantee of the Directors should be available.

The maximum repayment period for a term loan is 10 years.

The overdraft limit has to be renewed every year.

Processing charges:

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

Renewal charges for overdraft facility over 50.00 lakhs at 0.25% of the sanctioned limit with a maximum of 1.00 lakh

Pre-payment/Pre-closure charges

 

Nil for loans availed at a floating rate of interest.

Commitment charges:

For an overdraft limit above 50.00 lakhs at 0.25% of the unavailed portion. This charge will be collected only where the unavailed portion is below 80% of the sanctioned limit

Kwik LAP Business LoanSpecially meant for salaried individuals who wish to start a business. The loan should be used only for business purpose

The loan amount will be a maximum of 60% to 70% of the market value of the property as assessed by the bank's panel valuer.

For salaried individuals, the loan amount will be 40 times the average net monthly salary of the last 3 months.

For professionals/ businessmen the loan amount will be 4 times the average net cash accruals of the last 3 years or as per the latest balance sheet or 20% of the average gross sales turnover of the last 3 years or latest gross sales turnover with justification depending on the line of activity of the borrower.

The maximum quantum permitted will be 5.00 Crores.

The loan can be availed either as a term loan or an overdraft facility

The maximum repayment period for a term loan is 7 years and the overdraft limit has to be renewed every year.

Processing charges:

At 0.50% of the loan amount with a maximum of 25000/- for a loan up to 50.00 lakhs and 50.00 lakhs for a loan above 50.00 lakhs and up to 2.00 Crores and 1.00 lakh for a loan above 2.00 Crores and up to 5.00 Crores

Renewal charges for overdraft facility over 50.00 lakhs at 0.25% of the sanctioned limit with a maximum of 1.00 lakh

Pre-payment/Pre-closure charges

 

Nil for loans availed at a floating rate of interest.

Commitment charges:

For an overdraft limit above 50.00 lakhs at 0.25% of the unavailed portion. This charge will be collected only where the unavailed portion is below 80% of the sanctioned limit

Advantage of taking the Saraswat Bank LAP

The following are the advantages of availing the Saraswat Bank LAP:

  • The loan is granted against a residential property or loan against 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.

Saraswat Bank Loan Against Property Eligibility

  • 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.

Documents required for the Saraswat Bank LAP

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:


Documents Type

 


Salaried

 


Self-employed

 

Residence proofVoter's ID Card, Aadhar Card, Passport, Driving Licence, Utility Bills
Photo Id ProofPan Card, Voter's ID Card, Passport, Driving Licence
Income Proof

Salary slips for the last 3 months.

Form 16 and ITR for the last 2 years.

Bank account statement for the last 3 months

Audited Balance Sheet and P & L Account for the last 3 years.

ITR with income computation for the last 3 years.

Bank Account Statement for the last 3 months

Property documentsDocuments as per the list provided by the bank at the time of applying for the loan.

Other Charges of Saraswat Bank LAP

Type of chargeDescription
Processing charges

For Kwik LAP Business Loan

25% discount on processing fee

 

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

For a loan above 50.00 lakhs and up to 2.00 Crore- 50,000/-

For a loan above 2 Crore and up to 5.00 Crores- 1.00 lakh.

For renewal of OD facility charges 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 a maximum of 50000/- for a loan above 50.00 lakhs.

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

Commitment chargesAt 1% p.a. on the unavailed portion for loans above Rs. 50 lakhs. This charge is collected for an overdraft limit of above 50.00 lakhs and in cases where the utilisation is below 80% of the sanctioned limit.
Charges for custody of title deeds mortgaged with the bank which is not collected within 30 days from the date of closure of the loanCollected at 100/- per month and part thereof.
Foreclosure/pre-payment chargesNil for the loans availed at a floating rate of interest.

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Pre-Approved Loan Against Property @9% p.a 

Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.

Loan Against Property Saraswat Bank FAQs

What are the types of property you can mortgage for the Saraswat Bank LAP?

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The Saraswat Bank LAP will be sanctioned against a residential as well as commercial property.

Who can apply for the Saraswat Bank LAP?

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Salaried individuals, self-employed individuals/professionals, Proprietorship/Partnership Firms and Private Limited Companies can apply for the loan.

What is the security that is required for the Saraswat Bank LAP?

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Equitable mortgage of the property in the name of the applicant or the spouse in the case of loans availed by individuals and in the name of either the Firm/Company or any of the Partners/Directors in the case of a loan availed by a Partnership Firm/Private Limited Company respectively.

Personal guarantee of the spouse in the case of the loan availed by an individual, the personal guarantee of the partners in the case of a loan availed by a Partnership Firm and the personal guarantee of the Directors in the case of a loan availed by a Private Limited Company should be available.

What are the charges collected by the Saraswat Bank for the Loan Against Property?

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The charges as mentioned below are collected by the Bank for the LAP.

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 for a Loan Against Property and at 0.50% of the loan amount with a maximum of 25000/- for a loan up to 50.00 lakhs, 50000/- for a loan above 50.00 lakhs and up to 2.00 Crores, and 1.00 lakh for a loan above 2.00 Crores and up to 5.00 Crores, for Kwik LAP Business Loan.

Renewal charges at 0.25% of the sanctioned limit with a maximum of 1.00 lakh will be collected for the overdraft facility under both type of loans.

Pre-payment charges: No pre-payment charges will be collected for a loan availed at a floating rate of interest.

Commitment charges: The charges will be collected for an overdraft limit above 50.00 lakhs at 0.25% of the unavailed portion. This charge will be collected only where the unavailed portion is below 80% of the sanctioned limit.

What is the rate of interest charged for the Saraswat Bank LAP?

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The rate of interest charged for both Loan Against Property is PLR - 3.75% i.e., 11.75% p.a. and Kwik LAP Business Loan is PLR – 5.25 = 10.45%* p.a presently.