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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).

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