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Canara Bank Home Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
Canara Bank Housing Loan 8.75% - 9.45%, Floating 1,500 to 10,000 4 times the gross annual salary 30 Years
Details
Documents Required

  • Duly filled in application form along with 2 recent passport size photographs of applicant/guarantor.
  • Agreement for sale
  • Sale Deed
  • A detailed cost estimate or valuation report from Bank’s panel Chartered Engineer/Architect
  • Copy of the approved plan obtained from respective authorities for the proposed extension or addition or construction
  • Allotment letter of Apartment Owner’s Association or No Objection Certificate from the Society or Association or Housing Board or Builders or Housing Board or Co-Operative Housing Society
  • EC for the last 13 years, Khata and permission for a mortgage, Legal Scrutiny Report, Property Tax paid receipt
  • In case of a Salaried Individual: Form 16 and salary certificate
  • In the case of Self-Employed: type of organization, year of establishment, nature of the business, Profit and Loss Account and Balance sheet for the last three years.
Benefits

  • Nominal Processing Fee
  • No Prepayment Penalties for home loans which carry floating interest rates
  • Attractive interest rates for women borrowers
  • Loan Tenure is spread over a long period of 30 years
Eligibility

  • The Salaried individuals should be in service for a minimum of 3 years.
  • Individuals who are into business/professionals and self-employed: they should be in their current profession or business for a minimum tenure of 3 years.
  • The applicant's age at the time of securing the home loan should be less than 60 years.
  • The applicants should repay the loan amount before they attain 70 years.
  • Individuals who are aged above 60 years are also eligible for securing a home loan in Canara Bank subject to certain conditions.
Other Details

  • Applicants should mortgage the house or flat to secure a home loan as collateral (security).
  • The commencement of repayment of the home loan begins within two months from the date of the first disbursement of the loan if the applicant purchases a built house or flat.
  • A nominal processing fee of 0.5% on the loan amount is charged (minimum of Rs 1500 and a maximum of Rs 10,000).
Canara Bank Home Improvement Loan 11.15% 0.50% on loan amount up to Rs 2,00,000 up to 60 months
Details
Documents Required

  • Duly filled in the application form
  • Two passport size photographs
  • Latest salary certificates
  • Form 16
  • IT Returns in case of professionals and non-salaried individuals
  • Proforma invoices
  • Cost estimates for home renovation
  • Proof of Residence
  • Proof of Income
  • PAN Card
  • Aadhaar Card
Benefits

  • Attractive interest rates
  • Lower Processing Fee
  • No hidden charges
  • Quick disbursement of the loan amount
  • The maximum time period for loan repayment
Eligibility

  • Owners of the house both salaried individuals or individuals engaged in business or professionals or self-employed
  • NRIs can also apply for the loan
  • In case of salaried individuals, one should have a minimum monthly salary of 25% of gross salary or Rs 2000 after repaying EMI amount of the proposed loan.
  • Professionals and other non-salaried individuals should have a minimum annual income of Rs 50,000
  • The professionals and other non – salaried individuals should produce income tax assessment order or return at the time of submitting the filled in application form
Other Details

  • The processing fee is 0.5% of the loan amount
  • The minimum processing fee is Rs 1500
  • The maximum processing fee is Rs 10000
  • The loan amount will be disbursed only after acquiring a ready built house or flat or on completion of construction of a house or flat or after completion of repairs or renovation works.
Canara Site Loan 9.70% 0.50% of loan amount 4 years of gross annual salary or 75% of the cost of the site or guideline value (whichever is less) up to 10 years
Details
Documents Required

  • Duly filled in application form along with 2 recent passport size photographs
  • Layout plan or site plan issued by the development authorities
  • Income Tax Returns for businessmen or professionals
  • Recent salary certificate for the past 6 months
  • Latest Form 16 for salaried individuals
  • Legal scrutiny report from Bank’s panel advocate
  • Allotment letter
Benefits

  • Lower processing fee
  • Quick loan disbursal
  • No hidden charges
  • Quick documentation process
Eligibility

  • The minimum age of the applicant should by 21 years
  • The maximum age of the applicant should be less than 60 years
  • NRIs are also eligible for this loan.
  • Existing customers of the bank who have satisfactory dealings can also apply for the loan.
Other Details

  • The repayment period of the loan is spread over 10 years of time.
  • The maximum loan amount, in this case, is four years of gross Annual salary or income or 75% of the cost of the site or guideline value (whichever is less)
  • The proposed residential site has to be mortgaged for security purpose.
  • Margin will be 25% on the project value.
  • The Processing fee will be 0.5% of the loan amount (minimum of Rs 1500 and a maximum of Rs 10000).
Canara Bank Home Loan for NRIs 8.50% - 9.25% 0.10% of loan amount up to 4 times of annual Salary/income up to 30 years
Details
Documents Required

  • Duly filled in the loan application form
  • Recent 2 passport sized photographs.
  • Valid Work permit.
  • Copy of the approved building plan or approvals in respect of the proposed construction or purchase or extension.
  • Details of previous employment.
  • Copy of the current employment contract.
  • Last Salary Certificate / slip in the original.
  • Copy of Salary Certificate duly attested by the Indian Embassy/ Consulate/ Employer
  • Bank account statement for the recent 6 months
  • Account statement or passbook of an overseas bank which shows salary and savings details.
  • Proof of residence (Utility Bills/ Driving Licence)
  • Agreement of Sale/Sale Deed
  • Detailed cost estimate or valuation report from the Bank’s Panel Chartered Architect or Engineer
  • Legal Scrutiny Report, Khata, EC for the last 13 years, Property Tax paid receipt, permission for the mortgage.
  • Allotment letter of Co-operative Housing Society or NOC from the Society or Association Builders Or Apartment Owner’s Association or Housing Board

In the case of Self-Employed

  • Balance Sheet and P&L A/C for the last 3 years.
  • A brief note on the nature of the business, type of organization, year of establishment and so on.
Benefits

  • Attractive interest rates
  • Get a repayment holiday as the repayment shall commence within two months from the date of the first disbursement in case of purchase of a ready built house or flat.
  • In case of a purchase of site and construction of house thereon and or only construction of a house in an existing site then the repayment of loan shall commence within two months after completion of the house or 24 months from the date of first disbursement (whichever is earlier).
  • In case of a purchase of a flat which is under construction, the repayment shall start within two months of completion of construction or 36 months from the date of the first disbursement (whichever is earlier).
  • Lower processing fee of 0.10% (minimum of Rs 500 and maximum of Rs 10000).
Eligibility

  • All Non-Resident Indians who are having a valid Indian passport and Persons of Indian Origin (PIO) having a foreign passport can apply.
  • The minimum age of the applicant should be 21 years.
  • The maximum age of the applicant should be 60 years.
  • The applicant should have NRI status for 3 years.
  • The spouses and close relatives of NRIs who are Indian residents can join NRIs as joint applicants.
  • The applicant should have a steady source of income and the minimum employment period abroad of 2 years with a valid job contract or work permit.
Other Details

  • Repayment of the loan can be made via EMIs, Fund transfer from NRE/FCNR (B) accounts, ECS mandate/PDCs lodging, remittance from local funds by close relatives, remittances from abroad through normal banking channel.
  • The maximum tenure for repayment of the loan is 30 years or until the borrower attains 60 years (whichever is earlier).
  • The maximum amount of loan shall be 4 times of annual salary or income with a net take-home of 40% after the proposed EMI.
  • The maximum loan amount will be Rs 15 lakhs in case of repairs or renovation works.
Canara Home Loan Plus 9.00% - 9.50% 0.50% of loan amount maximum loan amount (both housing loan and proposed loan) should not exceed 75% of property value 12 months - 120 months
Details
Documents Required

  • Duly filled in the application form
  • Recent 2 passport sized photographs
  • Latest salary certificate of the applicant
  • Form 16
  • Income Tax Returns for the last 3 years
  • Agreement for Sale
  • Sale Deed
  • Detailed cost estimate or valuation report from Bank’s panel Chartered Architect/Engineer
  • Copy of the approved plan obtained from the respective authorities for the proposed extension or construction or addition.
Benefits

  • This loan comes in as a top-up loan to the existing home loan availed with the Canara Bank.
  • The loan helps in handy in meeting out the medical expenses or educational expenses of kids or dependents or unforeseen unexpected expenses and so on.
  • Attractive interest rates
  • A minimum processing charge of Rs 100.
  • Maximum processing fee of Rs 500
Eligibility

  • The minimum age of the applicant should be 18 years
  • The maximum age of the applicant should be less than 65 years.
  • Applicant should be a resident of India.
  • The applicant should have availed Canara Bank Home Loan and should have a satisfactory repayment track record of at least one year to avail the loan.
Other Details

  • The Net Take Home salary of salaried individuals should not be less than 40% after deduction of EMIs towards existing housing loan and Canara Home Loan Plus.
  • The quantum of loan amount should be limited to 10 months gross salary (maximum of Rs 25,00,000).
  • In the case of Non-Salaried Individuals, the quantum of the loan amount will be limited to 75% of 3 years of the average gross income of the applicant (maximum of Rs 25,00,000).
  • No margin in case of Canara Home Loan Plus.
  • The mortgaged property will continue to serve as security.
  • If a loan is sanctioned, then the leftover repayment period of existing housing loan or 120 EMIs (whichever is less) will be the repayment period.
  • If overdraft facility is sanctioned and if the residual repayment of housing loan is less than 5 years, then the OD facility will be converted as a term loan with applicable EMIs.
Canara Bank Housing Loan to Agriculturists 8.50% - 8.75% 0.50% of loan amount 4 times of average annual income up to 30 years or till borrower attains 70 years (whichever is earlier)
Details
Documents Required

  • Agreement for Sale
  • Sale Deed
  • Income Proof
  • Detailed cost estimate or valuation report from Bank’s Panel Chartered Engineer/ Architect
  • Stipulated Loan application
  • Recent 2 passport size photographs
  • Allotment letter of Co-operative Housing Society or NOC from the Society or Association Builders Or Apartment Owner’s Association or
  • Housing Board
  • Legal Scrutiny Report, Khata, EC for the last 13 years, Property Tax paid receipt, permission for the mortgage.
Benefits

  • Individuals can repay the loan amount in convenient equated monthly instalments up to 30 years or until the borrower attains the age of 70 years (whichever is earlier).
  • Attractive interest rates
  • Get repayment holiday in case of purchase of ready built house or flat as the repayment will commence within two months from the date of the first disbursement.
  • If an individual is purchasing the site and will construct the house later or only construction of the house in the existing site then the repayment will commence within 2 months after the completion of house construction or 24 months from the date of first disbursement (whichever is earlier).
  • If in case of purchase of flat under construction, then the repayment will start within 2 months of completion or 36 months from the date of the first disbursement (whichever is earlier).
Eligibility

  • The applicant should be a resident Indian.
  • All agriculturists who own and cultivate agricultural land of more than 5 acres of irrigated or 10 acres of dry land can avail the loan.
  • The agriculturist should have two years of satisfactory dealing.
  • Agriculturist who is engaged in all allied activities with a minimum gross annual income of Rs 5,00,000 can avail the loan.
Other Details

  • A maximum loan amount of Rs 15,00,000 can be secured for repairs or renovations.
  • Get a loan of up to four times of average annual income.
  • The Net Take Home of 25% with a minimum amount of Rs 10,000 after meeting the equated monthly instalments of the proposed loan.
  • Equitable mortgage of deposit of title deed or registered mortgage is the security for availing the loan.
  • Nominal processing fee of 0.5% of loan amount, with a minimum of Rs 1,500 and a maximum of Rs 10,000 will be charged.
Canara Bank Yuva Awas RIN (CANYAR) 8.50% -8.75% 0.50% of loan amount maximum of 6 years of gross salary up to 30 years or till borrower attains 70 years (whichever is earlier)
Details
Documents Required

  • Stipulated Loan application
  • Recent 2 passport size photographs
  • Latest salary certificate of the applicant
  • Form 16
  • Income Tax Returns for the last 3 years
  • Allotment letter of Co-operative Housing Society or NOC from the Society or Association Builders Or Apartment Owner’s Association or Housing Board
  • Legal Scrutiny Report, Khata, EC for the last 13 years, Property Tax paid receipt, permission for the mortgage.
  • Agreement for Sale
  • Sale Deed
  • Income Proof
  • Detailed cost estimate or valuation report from Bank’s Panel Chartered Engineer/ Architect
Benefits

  • Attractive Interest Rates
  • Minimum Processing Fee
  • Individuals can repay the loan amount in convenient equated monthly instalments up to a maximum of 30 years or until the borrower attains the age of 70 years (whichever is earlier).
  • Attractive interest rates
  • Get moratorium period of 2 months in case of purchase of a completed flat or ready to build a house or take over of liability from other banks or financial institutions.
  • Get a maximum of 36 months in case if the loan amount is availed for construction.
Eligibility

  • The applicant should be a resident Indian.
  • The minimum age of the applicant should be 21 years.
  • The maximum age of the applicant should be 45 years.
  • The minimum net take-home salary of the applicant after meeting the proposed EMI should not be less than 30% (minimum of Rs 10,000).
  • The applicant should have a minimum of 2 years of confirmed services and should be working for:
    - Central/State Government.
    - Reputed PSUs/Joint Stock Companies.
    - Reputed Corporates/Public Limited Companies/Private Institutions.
    - Lecturers/Asst. Professors / Professors of Colleges /Research Institutes and Universities.
    - IT/BT Companies.
Other Details

  • The maximum loan amount will be 6 years of gross salary as per the latest income tax assessment order or acknowledgement of ITR or Form 16 (subject to Net Take Home or margin norms).
  • Get up to Rs 15,00,000 as loan for repairs or renovations of the home.
  • Equitable mortgage or registered mortgage of the house or flat to be purchased or constructed will be used as security.
  • A processing fee will be 0.50% of the loan amount (minimum of Rs 1500 and a maximum of Rs 10000).
  • A third party guarantor is required to secure the loan in case of purchase of flat under construction.
Canara Bank Pradhan Mantri Awas Yojna 8.50% - 8.75% - four times the gross annual income up to 20 years
Details
Documents Required

  • Duly filled in Loan application
  • Recent 2 passport size photographs
  • Allotment letter of Co-operative Housing Society or NOC from the Society or Association Builders Or Apartment Owner’s Association or Housing Board
  • Legal Scrutiny Report, Khata, EC for the last 13 years, Property Tax paid receipt, permission for the mortgage.
  • Agreement for Sale
  • Sale Deed

For Salaried Employees

- Latest salary certificate of the applicant
- Salary Slips
- Form 16
- Income Tax Returns for the last 3 years

For Self-Employed

- Self-declared income certificate or affidavit if the annual income is up to Rs 2,50,000.
- If annual income is above Rs 2,50,000, then suitable income proof has to be submitted.

Benefits

  • For Economically Weaker Section or Low Income Group Beneficiaries, there will be no processing fee for a loan up to Rs 6,00,000.
  • For Middle Income Group I and II: there will be no processing fee for a housing loan amount of up to Rs 9,00,000 in case of Middle
  • Income Group I and up to Rs 12,00,000 in case of Middle Income Group II.
  • The loan repayment has to be done within 20 years in EMIs including the moratorium period.
  • The loan tenure can be more than 20 years with a maximum of 30 years, but the interest subsidy will be applicable for the actual period of a maximum of 20 years.
  • In case of construction of a house or flat the repayment of the loan amount will start one month after the completion of the house or flat or 18 months after the first disbursement (whichever is earlier).
  • In case of an already built house or flat, the repayment will begin one month after the disbursement.
Eligibility

  • The minimum age of the applicant should be 21 years.
  • The maximum age of the applicant should be 60 years.
  • If in case, the age of the family head or beneficiary is more than 50 years, then the major legal heir should join the loan.
  • The income level of the economically weaker section (EWS) beneficiaries should be up to Rs 3 lakhs and for Low Income Group (LIG) the annual household income should be above Rs 3 lakhs and up to Rs 6 lakhs.
  • In the case of Middle Income Group (MIG) I beneficiaries, the annual household income should be above Rs 6 lakhs
  • For MIG II beneficiaries, the annual household income should be above Rs 12 lakhs and up to Rs 18 lakhs.
  • The beneficiary family should consist of a husband, wife, unmarried daughters or sons.
  • The applicants should not own a pucca house in any part of India.
  • The beneficiary family should not have availed any central assistance under any of the existing housing schemes from the Government of India.
  • The houses or flats which are to be financed under the scheme should have civic facilities like water, sanitation, roads, electricity, toilet, sewerage and so on.
  • NRIs are also eligible to apply under this scheme.
  • Beneficiaries can either apply for a loan directly or through an NGO or Urban Local Body.
Other Details

  • Equitable Mortgage of the land, house or flat to be purchased or constructed will act as security to avail the loan.
  • Quantum of the loan will be four times the gross annual income with net take home (NTH) of 40% considering the EMI of the proposed loan.
  • The maximum eligible loan is :

            - Rs 12.00 lakh for Economically Weaker Section (EWS)

            - Rs 24.00 lakh for Low Income Group (LIG),

            - Rs 48.00 lakh for Middle Income Group (MIG) I

            - Rs 72.00 lakh for Middle Income Group (MIG) II beneficiaries.

FAQs

Q: What is the Home Loan interest rate in Canara Bank?

A: Canara Bank offers an attractive interest for home loan borrowers.

The interest rate range is from 8.35% to 8.5.% it depends on the borrower's profile.

Q: Who can apply for a housing loan from Canara bank?

A: The following list of people can apply for a housing loan in Canara Bank

  1.  Salaried individuals who have been employed for a minimum period of at least 3 years can apply.
  2. Self-employed and Businessmen as well as professionals who have been in their professions for a minimum period of 3 years, can apply.
  3.  The applicant should not be more than 55 years old at the time of availing the loan. If the applicant age is more than 55 years old they can avail loan with certain specific conditions as followed by the Canara Bank.

Q: What is the applicable margin on a home loan in Canara Bank?

A: Canara bank offers a margin of 25% on home loans which is used for expansion of existing house, repairs & renovations for construction/purchasing a second house and for any other purposes.

Q: What is the maximum repayment period for Canara bank housing loan?

A: The maximum repayment period for Canara bank housing loan is 30 years.

Q: What are the documents required to avail NRI housing loan from Canara bank?

A: Canara Bank offers home loans for borrowers with competitive interest rates and extends various special features to its customers, such as home loan balance transfer, no prepayment charges, minimal documentation, quick processing, and much more. The documentations are listed below:

  • Filled loan application form.
  • Copy of the approved plan for the construction, extension or addition to the house.
  • Sale Deed copy.
  • Sale Agreement.
  • Cost estimate/valuation report provided by the Bank's Architect/ Chartered Engineer.
  • Legal Scrutiny Report, EC from the past 13 years, and permission for a mortgage, and Property.
  • Salaried Individuals: Salary Certificate and Form No.16
  • Non-salaried persons: Last three years’ IT Returns.
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