All About Canara Bank Home Loan
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Canara Bank Home Loan brings to you Home Improvement Loans on low Interest rates for development / buy / fixes / extras / building work of personal house / flat such as the buying of land and development thereon. For taking over of the Home Loan obligation with other recognized Real estate Finance Companies, Real estate Forums, Co-operative Financial institutions, Co-operative Organizations and Commercial Financial institutions at our existing low rates.
Canara Bank Home Loan: Eligibility
- Salaried-individuals, individuals who deals in ‘business’ / ‘professionals’ and ‘self-employed persons’. ‘NRI’s are also eligible to avail loans without specific permission of RBI.
- Persons whose age is more than 55 yrs , also eligible subject to certain stipulations of RBI.
Canara Bank Home Loan: Maximum Loan Eligibility
- 4 yrs of gross salary to salaried-individuals.
- 4 yrs’ gross-annual income to individuals who deals in business or to self-employed person(s).
- For NRIs up to 2 yrs’ gross income and selectively up to 3 yrs’ gross income.
- Selectively loan up to 5 yrs’ ‘gross-salary’/ income also permitted.
Rs.7.5 lacs for repair(s) / renovation(s) / addition(s) to the existing house / flat. Selectively up to Rs.15 lacs in Metro-Center(s).
Loan(s) upto Rs.2O lacs
Loan(s) above Rs.20 lacs
New house / flat
‘Margin’ :25 % for both new and old house(s) in respect of housing loan(s) for availing second house / flat
Canara Bank Home Loan: Rate of Interest
New Home Loan Rates Of Canara Bank Comes Into Effect From April 2. The Rate Of Reduction Is For All Borrowers Across Repayment Tenors And Quantum Slabs. With The Revision, The Rate Of Interest Now Range Between 10.75 % And 11.25 %.
For Loans Between Rs 30 Lakh And Rs 75 Lakh, The Home Loan Interest Rate Reduction Ranges Between 25 Basis Points To 75 Basis Points Depending On The Repayment Tenor. For Loans Above Rs.75 Lakhs, The Interest Rate Reduction Ranges Between 25 Basis Points To 175 Basis Points Depending On The Repayment Tenor.
Canara Bank Home Loan: Security
- Mortgage of House / Flat
Canara Bank Home Loan: Repayment
- In convenient equated monthly installments upto 25 yrs or borrow attaining age of 70 yrs. whichever is earlier
Canara Bank Home Loan: Processing Charges
- 0.50% of the loan amount min. Rs. 500 and max. Rs. 10,000 and no ‘hidden-cost’. No ‘application-fee’.
Canara Bank Home Loan: Prepayment
The Company do not levy pre-payment penalties except in situation of take-over of the loan by another bank/HF institution(s).
Canara Bank Home Loan: Documentation / Formalities:-
- ‘Stipulated Loan Application’ with 2 passport-size photos of applicant / guarantor.
- Copy of the approved-property plan for the designed construction(s) .
- Detailed description of cost-estimate / valuation report from Bank’s Panel ‘Chartered Engineer’ / ‘Architect’.
- Allotment letter of ‘Co-operative Housing Society’ / ‘Apartment Owners’ Association’ / ‘Housing Board’ / ‘NOC’ from the Society / ‘Association’ / ‘Builders’ / ‘Housing Board’.
- ‘Legal Scrutiny-Report’, EC for the past 13 yrs, receipt of Property-Tax paid, Khata permission for mortgage.
- Pay-Certificate(s) and Form No.16 (for salaried persons).
- IT-Returns filed for the past two yrs (for non-salaried persons).
- A description on the type of business, yr of establishment, organization-type, etc.,
- ‘Balance-Sheet’ and P&L A/c for the past 3 yrs (in case of ‘self-employed’).
Leading Home Loan Providers (Click to Apply)