Saraswat Co-operative Bank Ltd. is the premier co-operative bank in Asia. Apart from its wholesale banking business under which it provides a wide range of products, it also offers a bouquet of Retail Loan Products such as Vaastu Siddhi Home Loan.

Starting out as a Society that was initially set up to help families in distress, and to provide temporary accommodation to its members in eventualities, it was converted into a full-fledged Urban Co-operative Bank in the year 1933.

Vastu Siddhi Home Loan Scheme

You would be eligible if you are a:

• Salaried individual employed in a reputed organization.
• Professional / businessman.

Repayment Period:

For loan above Rs.2.50 lakhs up to Rs.5.00 lakhs, the maximum period is 5 years or unexpired period of Vastu Siddhi loans whichever is lower.

The caveat is that the loan should be repaid prior to or along with Vastu Siddhi Home Loan. In no case the borrower will be allowed to close Vastu Siddhi Home loan prior to the loan under this scheme.

• Vastu Sajawat Home Renovation Loan is a scheme for repairs, renovation of house with a maximum loan of up to Rs.2.50 lacs at 11.00% on daily reducing balance. The repayment period is a maximum of 5 years.
• Sajaawat Loan Scheme finances repairs and renovation of house but is meant for existing customers/borrowers, who have regularly repaid Vastu Siddhi Installments for last three years. The cap is at Rs.5.00 lacs with a rate of interest equivalent to rate for housing loan account.

Loan Amount:

• Maximum amount is Rs.25.00 lakhs.
• The basis of advance is 95% of cost of land & construction or cost of flat + registration charges + stamp duty.
• 100% of cost on case to case basis with 10% collateral security in the form of approved liquid securities like Term Deposit, Govt. Securities, NSC, KVP, LIC etc.

Rate of Interest:

Saraswat Bank (Rate of Interest)
Fixed	Flexi Fixed	Floating
11.00%	10.00%	10.00%

Documents Required :

• Covering letter stating sources of owned funds and photographs, residence proof of borrower and guarantor.
• In case of salaried latest salary slip/ IT Return with computation of income.
• In case businessman/professional/self employed, last three years profit & loss account and balance sheet
• Copies of title deeds.

Repayment Period:

• Maximum period is 15 years. You can repay in convenient monthly installments over 15 years on daily reducing balance.
• Regular Repayment option provides for 60 times of net monthly salary (avg. for the last three months) or 3 times of Net Cash accruals of applicant, spouse and close blood relative.
• Bullet Repayment and Progressive Repayment Options offer 65 times of net salary (avg. for the last three months) or 3 times of net cash accruals of the applicant, spouse, and dependent blood relative, if applicant opts for Bullet payment mode

Repayment Period:

Maximum 15 years.In case of Businessman the repayment period is 7 years and only in case of existing customers or customers / good standing longer repayment periods will be considered.

Processing Fees:

Administrative Charges: Rs.2000/-

Processing Charges:

The home loan processing charges for home loans are 1% + legal charges on actual basis.