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Explore Saraswat Bank home loan, a trusted financial institution celebrated for its reliable services. Whether you're a salaried professional, self-employed, or an NRI, they offer a diverse array of Saraswat Bank home loan options tailored to suit your distinct requirements. In this section, you'll acquire insights into Saraswat Bank home loan details, interest rates, eligibility criteria, the application procedure, and additional benefits.
Saraswat Bank Home Loan Details
Saraswat Bank home loan offerings encompass appealing attributes and adaptable choices, simplifying a seamless and budget-friendly path towards achieving your homeownership aspirations. Let's delve deeper into the essential specifics that characterize Saraswat Bank home loans:
- Interest Rate Saraswat Bank offers home loans at competitive rates starting from 8.60% p.a. Women applicants can enjoy a concession of 0.10% on the existing rate. The interest rate is fixed for the entire tenure of the loan.
- Loan Amount Saraswat Bank offers home loans of up to Rs. 140 lakh (per dwelling unit). The loan amount will depend on the applicant's income, repayment capacity, and the value of the property.
- Processing Fees The processing fees for Saraswat Bank Home Loan are as follows:
- · Up to Rs. 50 lakh 0.30% of the loan amount
- · Above Rs. 50 lakh 0.50% of the loan amount
- Prepayment/Foreclosure Charges Saraswat Bank charges a prepayment penalty of 1% of the outstanding loan amount if the loan is repaid within 3 years. If the loan is repaid after 3 years, there is no prepayment penalty.
- Maximum Tenure The maximum tenure for Saraswat Bank Home Loan is 20 years.
- Rate Packages Available Saraswat Bank offers the following rate packages for its home loans:
- · Vastu Siddhi Home Loan This is the bank's flagship home loan scheme. It offers competitive interest rates, flexible tenures, and easy documentation.
- · Special Scheme for Defense Forces This scheme is specifically designed for defence personnel. It offers attractive interest rates and processing fees.
- · Top-Up Loan This loan can be availed by existing Saraswat Bank home loan borrowers to meet their additional financial needs. It offers competitive interest rates and flexible repayment options.
Saraswat Bank Home Loan Interest Rates
| Scheme | Interest Rate Range |
| Vastu Siddhi Home Loan | 8.60% - 9.20% |
| Women Home Loan | 8.50% - 9.10% |
| Special Scheme for Defense Forces | 8.60% - 9.20% |
| NRI Home Loan | 8.60% - 9.20% |
| Top-Up Loan | 8.50% - 9.10% |
Saraswat Bank Home Loan EMI Calculator
The EMI calculator functions by calculating the monthly amount you need to pay for your Saraswat Bank home loan, covering both the initial loan amount and the accumulated interest. This computation takes into account variables like the interest rate and the repayment period to accurately ascertain your monthly payment.
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
• P = Loan amount
• R = Interest rate
• N = Repayment period in months
Saraswat bank Home Loan Schemes
The bank offers competitive interest rates across different Saraswat Bank home loan plans. These rates are subject to change based on the specific loan scheme and repayment duration. Presented below is an outline of the diverse Saraswat Bank Home Loan Schemes:
1. Vastu Siddhi Home Loan:
This is the bank's flagship home loan scheme. It offers competitive interest rates, flexible tenures, and easy documentation. The interest rate for Vastu Siddhi Home Loan starts from 8.60% p.a
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 60 years
- Monthly income: INR 25,000 - INR 40,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 20 years
Maximum Loan Amount:
- Up to 1.4 Crores
Interest Rate:
- 8.60% Onwards.
Processing Fees:
- 0.30% to 0.50% of the loan amount.
2. Women's Home Loan:
This scheme is for women who want to buy a property. It offers a concession of 0.10% on the interest rate of the base home loan scheme. The interest rate for Women's Home Loans starts from 8.50% p.a
Applicant Type:
- Women borrowers
Eligibility:
- Age: 21 years - 58 years
- Monthly income: INR 25,000 - INR 40,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 20 years
Maximum Loan Amount:
- Up to 1.4 Crores
Interest Rate:
- 8.50% Onwards.
Processing Fees:
- 0.30% to 0.50% of the loan amount.
3. Special Scheme for Defense Forces:
This scheme is specifically designed for defence personnel. It offers attractive interest rates and processing fees. The interest rate for the Special Scheme for Defense Forces starts from 8.60% p.a
Applicant Type:
- Serving or retired personnel of the Indian Armed Forces, Paramilitary Forces, and Central Armed Police Forces
Eligibility:
- Age: 21 years - 65 years
- Monthly income: No minimum monthly income requirement for serving personnel. Retired personnel must have a minimum monthly pension of Rs. 10,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 30 years
Maximum Loan Amount:
- Up to 1.5 Crores
Interest Rate:
- 8.60 % Onwards
Processing Fees:
- 0.30% to 0.50% of the loan amount.
4. NRI Home Loan:
This scheme is for non-resident Indians (NRIs) who want to buy a property in India. It offers competitive interest rates and flexible repayment options. The interest rate for NRI Home Loan starts from 8.60% p.a
Applicant Type:
- NRIs with a valid Indian passport
Eligibility:
- Age: 21 years - 65 years
- Monthly income: N/A
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 30 years
Maximum Loan Amount:
- Up to 2.0 Crores
Interest Rate:
- 8.60% Onwards
Processing Fees:
- 0.50% of the loan amount.
Furthermore, a Saraswat Bank home loan top-up option is also available. The Saraswat Bank home loan top-up provision enables individuals who currently hold an existing Saraswat Bank home loan to secure extra funds for various intentions, including home enhancement, educational pursuits, or individual financial requirements. By acquiring comprehension of the interest rates linked with diverse Saraswat Bank home loan plans and the provision of Saraswat home loan top-ups, borrowers can adeptly arrive at judicious choices.
Saraswat Bank Home Loan Eligibility
To qualify for a Saraswat Bank Home Loan, certain criteria must be fulfilled. Eligibility standards can differ depending on the chosen loan scheme and the applicant's category. Presented here are essential aspects evaluated by Saraswat Bank to determine eligibility for a home loan:
- Age
- The applicant must be at least 21 years old.
- Not more than 65 years old at the time of loan maturity.
- Income
- The applicant's monthly income must be at least three times the monthly EMI of the loan.
- Employment Type
- The applicant must be employed in a regular salaried job or self-employed in a business with a minimum track record of three years.
- Credit Score
- The applicant's CIBIL score must be at least 700.
- Property Documents
- Sale deed of the property
- Title deed of the property
- Property tax receipts for the last three years
- Encumbrance certificate
- In the case of a resale property, the no objection certificate from the seller's bank
Alongside the above-mentioned eligibility conditions, Saraswat Bank may also take into account additional aspects like your debt-to-income ratio, savings, and overall financial stability.
Documents Required for Saraswat Bank Home Loan Application
When seeking a Saraswat Bank home loan, it's crucial to furnish specific documents. The documentation necessities can differ depending on the applicant's classification and the selected loan scheme. Presented below is a list of typical documents requested by Saraswat Bank when applying for a home loan:
Documents Based on Loan Purpose
1. Identity Proof
- PAN Card
- Aadhaar Card
- Passport
- Voter ID
- Driving License
2. Address Proof
- Aadhaar Card
- Passport
- Voter ID
- Utility Bills
- Rental Agreement
3. Income Proof
- Salary slips
- Bank statements
- Income tax returns
- Audited financial statements for self-employed individuals
4. Property Documents
- Sale Agreement
- Property title deed
- Approved building plan
- Property tax receipts
5. Other Documents
- Passport-size photographs
- Bank statements
- Employment proof
How to Apply for Saraswat Bank Home Loan
Commencing the process of applying for a Saraswat Bank Home Loan is a simple endeavour, facilitated by the availability of online application choices. Provided here is a comprehensive, step-by-step guide to assist you in navigating the Saraswat Bank Home Loan application process:
1. Research:
Understand the various Saraswat Bank Home Loan schemes and choose the one that suits your needs.
2. Check Eligibility:
Use Saraswat Bank’s online eligibility calculator to determine your loan eligibility.
3. Gather Documents:
Collect all the necessary documents as per the loan scheme and applicant type.
4. Online Application:
Explore Saraswat Bank's official website or utilize trustworthy platforms such as Nobroker to conveniently submit your online application. Additionally, you can monitor your Saraswat Bank home loan status by accessing the official website online.
5. Fill Application Form:
Provide accurate details and upload the required documents.
6. Application Review:
Your application will be assessed by Saraswat Bank, and if needed, they may ask for supplementary documents. Subsequently, you will need to await the Saraswat Bank home loan status update on your Saraswat Bank home loan application.
7. Loan Approval and Disbursement:
Upon approval of your application, the sanctioned loan amount will be credited to your designated bank account. By adhering to these instructions, you can successfully finalize the Saraswat Bank Home Loan application process with ease and effectiveness.
By adhering to these instructions, you can successfully finalize the Saraswat Bank Home Loan application process with ease and effectiveness.
Saraswat Bank Home Loan Customer Care
If you have any queries or require assistance regarding a Saraswat Bank Home Loan, reaching out to their specialized customer care team is effortless. Presented below are the contact details for Saraswat Bank Home Loan Customer Care:
| Toll-Free Number | 022 6600 5555 |
| corporatecenter@saraswatbank.com | |
| Address | Ekanath Thakur Bhavan 953, Appasaheb Marathe Marg, Prabhadevi. Mumbai- 400 025 |
Conclusion
Saraswat Bank home loan offers an outstanding chance for individuals who have achieved their dream of owning a home. With attractive interest rates, versatile loan choices, and a wide array of plans, Saraswat Bank home loan services adeptly cater to borrowers' varied requirements. By interacting with this article, you have obtained a thorough understanding of Saraswat Bank home loan particulars, encompassing interest rates, eligibility standards, the application procedure, and avenues for customer support.
