Saraswat Bank Home Loan Interest Rates

Saraswat Bank Home Loan Interest Rates

Saraswat Bank Home Loan Interest Rates

Saraswat Bank offers home loan interest rates that are based on the borrower's CIBIL score and the loan amount. The interest rates range from 7.25% to 7.65% for a CIBIL score of 750 and above, 7.75% to 8% for a CIBIL score of 700 to less than 750, and 8.25% to 8.35% for a score below 700.

Apply Now

Updated: 18-10-2023 1:17:06 PM

Home Loan Details from Saraswat Bank

When Saraswat Bank was established, one of its main objectives was to provide temporary accommodation and other essential services. Today, the bank offers various types of loans, including home loans, vehicle loans, education loans, and loans against property. The Home Loan product caters to both salaried and self-employed individuals, offering loans up to 70 Lakhs for purposes such as purchasing or constructing a house. Saraswat Bank also provides balance takeover facilities, allowing borrowers to transfer their home loans from other banks and financial institutions. With a transparent interest rate structure and a commitment to excellent customer service, Saraswat Bank's Home Loan product has become quite popular.

You can also apply for a Saraswat Bank Loan Against Property online and check eligibility, interest rates, and the necessary documents required.

Table of Contents: Saraswat Bank Home Loan Interest Rates [Hide]

Saraswat Bank Home Loan Interest Rates

Saraswat Bank Home Loan - Processing Charges

Saraswat Bank Home Loan - PMAY

FAQs

Saraswat Bank Home Loan Interest Rates

Saraswat Bank offers attractive interest rates on Home Loans that are linked to its Prime Lending Rate (PLR), which currently stands at 8.60%.

The interest rate structure for Home Loans is as follows:

Loan amount slab Interest rate for women borrowers Interest rate for salaried persons (excluding women) Interest rate for non-salaried persons (excluding women)

Up to 28 Lakhs 8.55% 8.65% 8.65%

Higher than 28 Lakhs and up to 50 Lakhs 8.80% 8.80% 8.80%

Above 50 Lakhs 9% 9.05% 9.15%

Please note that these rates apply to the regular Home Loan product, Vastu Siddhi Home Loan. The Home Loan rates are linked to the Saraswat Bank PLR, which is influenced by market rates. Any changes in market rates will result in corresponding changes in the Home Loan interest rate.

Women borrowers are eligible for a concession of 0.10% on Home Loan interest rates, provided they meet specific conditions:

The woman must either be a sole borrower or one of the joint borrowers.

The property should be in the woman's name, or she should be one of the co-owners.

This benefit is only available if the cost of the dwelling does not exceed 35 Lakhs.

The concession is applicable only for Home Loans up to 28 Lakhs.

Both salaried and self-employed individuals can avail of a Home Loan from Saraswat Bank. However, the interest rate for their Home Loans differs.

Apart from the Vastu Siddhi Home Loan, Saraswat Bank offers a Top-Up Loan of up to 25 Lakhs. Specific conditions apply for the approval of the top-up loan, with one condition being that the Home Loan and top-up loan combined should not exceed 70 Lakhs per dwelling per beneficiary.

The interest rate for the top-up loan is different from that of the Home Loan.

Fixed rate for top-up loans up to 5 Lakhs: 9%

Fixed rate for top-up loans above 5 Lakhs: 10%

In addition to the regular Home Loan and Top-Up Loans for repairs and renovations, Saraswat Bank has other exciting Home Loan-linked products on offer.

Combo offer for Vastu Siddhi customers: Pre-sanctioned car loan of up to 6 Lakhs for borrowers with a minimum Home Loan of 50 Lakhs.

Pre-sanctioned credit card for all new Vastu Siddhi applicants.

Home Loan Amount Credit Card Limit

Home Loans up to 25 Lakhs 50,000

Home Loans more than 25 Lakhs up to 50 Lakhs 1 Lakh

Home Loans above 50 Lakhs and up to 70 Lakhs 2 Lakhs

In addition to Home Loans and its various combo offers, Saraswat Bank also offers loans against property. The bank has unique products designed for constructing hospitals, clinics, and dispensaries for medical practitioners. Loans are readily available for the purchase of essential medical equipment.

Additional Info: Also Apply for Home Construction Loan

Saraswat Bank Home Loan - Processing Charges

Saraswat Bank has an attractive processing fee structure for its Home Loans and their variants.

Loan Product and Amount Slab Processing fee applicable

Vastu Siddhi - Up to 28 Lakhs No processing fees

Vastu Siddhi - More than 28 Lakhs and up to 50 Lakhs 10,000

Vastu Siddhi - More than 50 Lakhs 20,000

Combo offer - Vastu Siddhi plus Car loan Processing fee waived

Check for 50 lakh home loan EMI and easily apply on MyMoneyMantra.

Saraswat Bank Home Loan - PMAY

Saraswat Bank operates more than 280 branches in India, spread across Maharashtra, Karnataka, Goa, Madhya Pradesh, and a couple of other states. The bank actively participates in the Pradhan Mantri Awas Yojana (PMAY) in these states.

The key features of PMAY Home Loans offered by Saraswat Bank are as follows:

PMAY Category EWS/LIG MIG-I MIG-II

Maximum annual family income eligibility

EWS - Up to 3 Lakhs

LIG - Up to 6 Lakhs

More than 6 Lakhs and up to 12 Lakhs More than 12 Lakhs and up to 18 Lakhs

House dimensions - Carpet area No restrictions 160 sq.mt 200 sq.mt

Maximum amount of loan eligible for subsidy 6 Lakhs 9 Lakhs 12 Lakhs

Interest Subsidy 6.50% 4.00% 3.00%

Maximum Subsidy Amount 2.67 Lakhs 2.35 Lakhs 2.30 Lakhs

Loan sanctioned dates w.e.f. June 17, 2015 w.e.f. January 01, 2017 w.e.f. January 01, 2017

Scheme validity March 31, 2022 March 31, 2020 March 31, 2020

Women ownership Mandatory Not compulsory Not mandatory

PMAY Home Loan Interest Rate Structure

The interest rate on a PMAY Home Loan is the same as that of the regular Home Loan. The only difference is the availability of PMAY interest subsidy for eligible borrowers.

The subsidy amount depends on the following factors:

Borrower category: EWS/LIG/MIG-I/MIG-II

Loan amount: Home Loan can be availed up to the eligible levels, but the entire loan amount is not eligible for subsidy calculation. The maximum amount eligible for subsidy calculation is as follows:

EWS/LIG: 6 Lakhs

MIG-I: 9 Lakhs

MIG-II: 12 Lakhs

Loan amount over these limits is considered as an unsubsidized loan

Subsidy ceiling: The maximum subsidy amount is 2.67 Lakhs for EWS/LIG, 2.35 Lakhs for MIG-I, and 2.30 Lakhs for MIG-II category.

The subsidy is granted upfront, and the bank should credit it to the loan account immediately upon receipt.

Therefore, the bank will charge interest on the approved loan amount minus the subsidy received in the account.

As the subsidy is credited upfront, the borrower's EMI liability is significantly reduced.

PMAY Home Loan Interest Subsidy Benefit to the Borrower

The following examples demonstrate the benefit of the upfront interest subsidy:

Example 1:

Borrower category: LIG

Loan amount: 6 Lakhs (maximum amount eligible for subsidy)

Rate of interest: 7.25%

Repayment tenure: 20 years

EMI in the ordinary course: 5,226

This borrower is eligible for an upfront subsidy of a maximum of 2.67 Lakhs. Upon receiving the subsidy, the principal loan amount is reduced to 3.33 Lakhs. The revised EMI becomes 2,900, resulting in a monthly gain of 2,326 for 20 years.

Example 2:

Borrower category: MIG-I

Loan amount: 13 Lakhs (above the maximum amount eligible for subsidy, which is 9 Lakhs)

Rate of interest: 7.25%

EMI in the ordinary course: 11,323

The borrower receives a grant of 2.35 Lakhs, which is credited to the account. The principal loan amount is reduced to 10.65 Lakhs. As a result, the revised EMI is 9,276, leading to a monthly gain of 2,047 over 20 years. Note that the loan amount above 9 Lakhs (i.e., 4 Lakhs) is considered an unsubsidized loan. The borrower does not receive the interest subsidy benefit on this amount.

Saraswat Bank Home Loan Interest Rates

Saraswat Bank offers home loan interest rates that are based on the borrower's CIBIL score and the loan amount. The interest rates range from 7.25% to 7.65% for a CIBIL score of 750 and above, 7.75% to 8% for a CIBIL score of 700 to less than 750, and 8.25% to 8.35% for a score below 700.

Apply Now

Updated: 18-10-2023 1:17:06 PM

Home Loan Details from Saraswat Bank

When Saraswat Bank was established, one of its main objectives was to provide temporary accommodation and other essential services. Today, the bank offers various types of loans, including home loans, vehicle loans, education loans, and loans against property. The Home Loan product caters to both salaried and self-employed individuals, offering loans up to 70 Lakhs for purposes such as purchasing or constructing a house. Saraswat Bank also provides balance takeover facilities, allowing borrowers to transfer their home loans from other banks and financial institutions. With a transparent interest rate structure and a commitment to excellent customer service, Saraswat Bank's Home Loan product has become quite popular.

You can also apply for a Saraswat Bank Loan Against Property online and check eligibility, interest rates, and the necessary documents required.

Table of Contents: Saraswat Bank Home Loan Interest Rates [Hide]

Saraswat Bank Home Loan Interest Rates

Saraswat Bank Home Loan - Processing Charges

Saraswat Bank Home Loan - PMAY

FAQs

Saraswat Bank Home Loan Interest Rates

Saraswat Bank offers attractive interest rates on Home Loans that are linked to its Prime Lending Rate (PLR), which currently stands at 8.60%.

The interest rate structure for Home Loans is as follows:

Loan amount slab Interest rate for women borrowers Interest rate for salaried persons (excluding women) Interest rate for non-salaried persons (excluding women)

Up to 28 Lakhs 8.55% 8.65% 8.65%

Higher than 28 Lakhs and up to 50 Lakhs 8.80% 8.80% 8.80%

Above 50 Lakhs 9% 9.05% 9.15%

Please note that these rates apply to the regular Home Loan product, Vastu Siddhi Home Loan. The Home Loan rates are linked to the Saraswat Bank PLR, which is influenced by market rates. Any changes in market rates will result in corresponding changes in the Home Loan interest rate.

Women borrowers are eligible for a concession of 0.10% on Home Loan interest rates, provided they meet specific conditions:

The woman must either be a sole borrower or one of the joint borrowers.

The property should be in the woman's name, or she should be one of the co-owners.

This benefit is only available if the cost of the dwelling does not exceed 35 Lakhs.

The concession is applicable only for Home Loans up to 28 Lakhs.

Both salaried and self-employed individuals can avail of a Home Loan from Saraswat Bank. However, the interest rate for their Home Loans differs.

Apart from the Vastu Siddhi Home Loan, Saraswat Bank offers a Top-Up Loan of up to 25 Lakhs. Specific conditions apply for the approval of the top-up loan, with one condition being that the Home Loan and top-up loan combined should not exceed 70 Lakhs per dwelling per beneficiary.

The interest rate for the top-up loan is different from that of the Home Loan.

Fixed rate for top-up loans up to 5 Lakhs: 9%

Fixed rate for top-up loans above 5 Lakhs: 10%

In addition to the regular Home Loan and Top-Up Loans for repairs and renovations, Saraswat Bank has other exciting Home Loan-linked products on offer.

Combo offer for Vastu Siddhi customers: Pre-sanctioned car loan of up to 6 Lakhs for borrowers with a minimum Home Loan of 50 Lakhs.

Pre-sanctioned credit card for all new Vastu Siddhi applicants.

Home Loan Amount Credit Card Limit

Home Loans up to 25 Lakhs 50,000

Home Loans more than 25 Lakhs up to 50 Lakhs 1 Lakh

Home Loans above 50 Lakhs and up to 70 Lakhs 2 Lakhs

In addition to Home Loans and its various combo offers, Saraswat Bank also offers loans against property. The bank has unique products designed for constructing hospitals, clinics, and dispensaries for medical practitioners. Loans are readily available for the purchase of essential medical equipment.

Additional Info: Also Apply for Home Construction Loan

Saraswat Bank Home Loan - Processing Charges

Saraswat Bank has an attractive processing fee structure for its Home Loans and their variants.

Loan Product and Amount Slab Processing fee applicable

Vastu Siddhi - Up to 28 Lakhs No processing fees

Vastu Siddhi - More than 28 Lakhs and up to 50 Lakhs 10,000

Vastu Siddhi - More than 50 Lakhs 20,000

Combo offer - Vastu Siddhi plus Car loan Processing fee waived

Check for 50 lakh home loan EMI and easily apply on MyMoneyMantra.

Saraswat Bank Home Loan - PMAY

Saraswat Bank operates more than 280 branches in India, spread across Maharashtra, Karnataka, Goa, Madhya Pradesh, and a couple of other states. The bank actively participates in the Pradhan Mantri Awas Yojana (PMAY) in these states.

The key features of PMAY Home Loans offered by Saraswat Bank are as follows:

PMAY Category EWS/LIG MIG-I MIG-II

Maximum annual family income eligibility

EWS - Up to 3 Lakhs

LIG - Up to 6 Lakhs

More than 6 Lakhs and up to 12 Lakhs More than 12 Lakhs and up to 18 Lakhs

House dimensions - Carpet area No restrictions 160 sq.mt 200 sq.mt

Maximum amount of loan eligible for subsidy 6 Lakhs 9 Lakhs 12 Lakhs

Interest Subsidy 6.50% 4.00% 3.00%

Maximum Subsidy Amount 2.67 Lakhs 2.35 Lakhs 2.30 Lakhs

Loan sanctioned dates w.e.f. June 17, 2015 w.e.f. January 01, 2017 w.e.f. January 01, 2017

Scheme validity March 31, 2022 March 31, 2020 March 31, 2020

Women ownership Mandatory Not compulsory Not mandatory

PMAY Home Loan Interest Rate Structure

The interest rate on a PMAY Home Loan is the same as that of the regular Home Loan. The only difference is the availability of PMAY interest subsidy for eligible borrowers.

The subsidy amount depends on the following factors:

Borrower category: EWS/LIG/MIG-I/MIG-II

Loan amount: Home Loan can be availed up to the eligible levels, but the entire loan amount is not eligible for subsidy calculation. The maximum amount eligible for subsidy calculation is as follows:

EWS/LIG: 6 Lakhs

MIG-I: 9 Lakhs

MIG-II: 12 Lakhs

Loan amount over these limits is considered as an unsubsidized loan

Subsidy ceiling: The maximum subsidy amount is 2.67 Lakhs for EWS/LIG, 2.35 Lakhs for MIG-I, and 2.30 Lakhs for MIG-II category.

The subsidy is granted upfront, and the bank should credit it to the loan account immediately upon receipt.

Therefore, the bank will charge interest on the approved loan amount minus the subsidy received in the account.

As the subsidy is credited upfront, the borrower's EMI liability is significantly reduced.

PMAY Home Loan Interest Subsidy Benefit to the Borrower

The following examples demonstrate the benefit of the upfront interest subsidy:

Example 1:

Borrower category: LIG

Loan amount: 6 Lakhs (maximum amount eligible for subsidy)

Rate of interest: 7.25%

Repayment tenure: 20 years

EMI in the ordinary course: 5,226

This borrower is eligible for an upfront subsidy of a maximum of 2.67 Lakhs. Upon receiving the subsidy, the principal loan amount is reduced to 3.33 Lakhs. The revised EMI becomes 2,900, resulting in a monthly gain of 2,326 for 20 years.

Example 2:

Borrower category: MIG-I

Loan amount: 13 Lakhs (above the maximum amount eligible for subsidy, which is 9 Lakhs)

Rate of interest: 7.25%

EMI in the ordinary course: 11,323

The borrower receives a grant of 2.35 Lakhs, which is credited to the account. The principal loan amount is reduced to 10.65 Lakhs. As a result, the revised EMI is 9,276, leading to a monthly gain of 2,047 over 20 years. Note that the loan amount above 9 Lakhs (i.e., 4 Lakhs) is considered an unsubsidized loan. The borrower does not receive the interest subsidy benefit on this amount.

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