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| Welcome to Canara Bank Home Loans |
Purpose:
For construction / purchase / repairs / additions / renovations of residential house / flat including the purchase of land and construction thereon. For taking over of the Housing Loan liability with other recognized Housing Finance Companies, Housing Boards, Co-operative Banks, Co-operative Societies and Commercial Banks at our prevailing low rate of interest.
Eligibility:
- Salaried individuals, individuals engaged in business / professionals and self-employed persons. NRIs are also eligible to avail loans without specific permission of RBI.
- Persons above the age of 55 years are also eligible subject to certain stipulations. of RBI.
Canara Bank finances upto:
- 4 years of gross salary to salaried individuals.
- 4 years' gross annual income to individuals engaged in business or to self-employed persons.
- For NRIs up to 2 years' gross income and selectively up to 3 years' gross income.
- Selectively loan upto 5 years'gross salary/ income also permitted subject to a maximum of:
- Rs.50 lacs for purchase / construction of house / flat. (Loan is also granted upto Rs.1 crore selectively.) and
- Rs.7.5 lacs for repairs / renovations / additions to the existing house / flat.
What is your contribution?
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Loans upto Rs.20 lacs |
Loans above Rs.20 lacs |
New house / flat
(including those for purchase of site &
construction of house thereon) |
15% |
20% |
| Old house/flat |
20% |
25% |
| Margin - 25 % for both new and old houses in respect of housing loans for acquiring second house / flat i.e., where the applicant is already owning a house/flat with or without loan. |
Rate of Interest with EMIs (w.e.f. 1st June, 2007)
(Rate of interest is subject to change from time to time) Additional interest @ 0.25 % over and above the stipulated rates for acquiring second house/flat.
Security:
Repayment:
- In convenient equated monthly instalments upto 20 years.
Processing Charges:
- 0.50% of the loan amount minimum of Rs. 500 and maximum of Rs. 10,000 and no hidden cost. No application fee.
Prepayment :
- At your choice. We do not levy prepayment penalties except in case of takeover of the loan by other bank/HF institution.
Documents / Formalities:
- Stipulated Loan Application with 2 passport size photos of applicant / guarantor
- Sale Deed
- Agreement for Sale
- Copy of the approved plan for the proposed construction / extension / addition
- Detailed 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 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary
- Salary Certificate and Form No.16 (in case of salaried persons)
- IT Returns filed for the past two years (in case of non-salaried persons)
- A brief note on the nature of business, year of establishment, type of organization, etc., (in case of self-employed)
- Balance Sheet and P&L Account for the past three years (in case of self-employed)
Interest Rates can be found in Canara Bank’s site itself. |
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