Saraswat Bank Loan Against Property
Apply for Saraswat Bank Loan Against Property up to 5 Crore starting at 11.75% p.a. You can choose floating as well as fixed interest rate for Saraswat Corporative Bank Mortgage Loan. The lender offers high value mortgage funding for up to 60% of the property value at a nominal processing fee up to 0.5%. To determine loan affordability use the LAP EMI Calculator and make an informed decision.
Apply for Saraswat Bank Loan Against Property @ 9% - 14% Interest Rates
Saraswat Bank Loan Against Property Details
| Loan Amount | Rs. 5 Crore |
| Rate of interest | 11.75% p.a. |
| Tenure | Up to 10 Years |
| Processing fee | 0.5% of loan amount (maximum Rs. 50,000) + applicable taxes |
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
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 proof | Voter's ID Card, Aadhar Card, Passport, Driving Licence, Utility Bills | |
| Photo Id Proof | Pan 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 documents | Documents as per the list provided by the bank at the time of applying for the loan. | |
Other Charges of Saraswat Bank LAP
| Type of charge | Description |
|---|---|
| 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 charges | At 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 loan | Collected at 100/- per month and part thereof. |
| Foreclosure/pre-payment charges | Nil for the loans availed at a floating rate of interest. |
Loan Against Property Saraswat Bank FAQs
The Saraswat Bank LAP will be sanctioned against a residential as well as commercial property.
Salaried individuals, self-employed individuals/professionals, Proprietorship/Partnership Firms and Private Limited Companies can apply for the loan.