Canara Bank Home Loan

• Anyone who wants to either Purchase a completed flat or built house or Construction of house / flat.
• Purchase plot and thereafter construction of a house. However no standalone purchase of site is covered under this loan scheme.
• Those who are having an existing property and now wants to undertake repairs or renovation, up gradation, creation of additional amenities.
• Those who are already having a house/flat with or without loan and now wants to buy a second house/flat.
• Any existing borrower who wants to transfer their home loan from other lenders.

Loan Amount

• High quantum of loan amount as 4 times the gross salary to salaried individuals and 4 times the gross annual income for self-employed professionals.
• In exceptional cases the quantum on loan could be further increased subject to bank’s discretion and repayment capacity of the borrower.
• The maximum loan amount for repair and renovations is Rs.15 lakhs.
• Acceptable security will be the Mortgage of House / Flat
• Repayment could be done in Equated monthly instalment for a term up to 30 years or the borrower age of 70 years, whichever is earlier.
• Processing fee of 0.10% of the loan amount or maximum 10,000 is charged.
• Nil prepayment charges for loans either closed from own funds or transferred to any other lender.

Note: The interest rates mentioned above are illustrative and subject to periodic change as per RBI’s directives and lender’s discretion.

Eligibility

1. Available for all individuals aged above 60 years and up to 70 years and are drawing Pension regularly in the pensioners account with the bank for more than 1 year.
2. With the above mentioned criteria, any salaried individuals, professionals and self-employed individuals aged between 60 years to 70 years jointly with a spouse or an earning inheritor who is below the age of 55 years can also apply for this type of loan.
3. Acceptable security will be the Mortgage of House / Flat
4. Repayment could be done in Equated monthly instalment for a term up to 15 years or the borrower age of 75 years, whichever is earlier.
5. No processing fee is being currently charged on Canara Home loans.
6. Nil prepayment charges for loans either closed from own funds or transferred to any other lender.

Loan Amount

1. High quantum of loan amount as 50 times the monthly pension amount being credited in the pension account with a maximum cap as 75 lakhs and 50% as remaining net take home pension amount after deducted the proposed EMI.
2. The maximum loan amount for repair and renovations is Rs.15 lakhs.

• A top up loan scheme, available for existing borrowers of Canara home loans with one year of good repayment track record.
• Either overdraft or Loan facility

Eligibility

Existing housing loan borrowers in the age group of 18 years to 65 years, who have a satisfactory repayment track record for at least one year can avail this type of loan.

Loan Amount

1. Maximum loan amount could be the amount not exceeding 75% of the property value for both loans combines(i.e. existing loan + Top up loan)
2. For salaried individuals the loan amount could be 10 time the gross monthly salary or Rs 25 lakhs whichever is lower.
3. For non-salaried individuals the loan amount could be 75% of the last 3 years average gross annual income or Rs 25 lakhs whichever is lower.
4. The existing security of the mortgaged property shall be continued.
5. The repayment period shall be either 120 EMIs or left over period of the current home loan, whichever is lesser.
6. In either of above condition, the maximum repayment could be prior to attainment of 70 years of the borrower.

• Anyone who wants to either Purchase a completed flat or built house or Construction of house / flat.
• Purchase plot and thereafter construction of a house. However no standalone purchase of site is covered under this loan scheme.
• Those who are having an existing property and now wants to undertake repairs or renovation, up gradation, creation of additional amenities.
• Those who are already having a House/flat with or without loan and now wants to buy a second house/flat.
• Any existing borrower who wants to transfer their home loan from other lenders.

Margin

Eligibility

1. NRI home loan is offered to Non-resident Indians with valid Indian passport & PIO (Person of Indian Origin) holding foreign passport.
2. The Minimum age of borrower should be 21 years and maximum of 60 years.
3. Residents Spouses or blood relatives of NRIs can be Joint applicants in the loan
4. The borrower should have regular source of and minimum of 2 years of employment abroad on valid work permit or job contract.
5. The Applicant should be holding NRI status for last 3 consecutive years.
6. Non-resident customers can assign Power of Attorney to any resident individual in the bank’s specified format and stamped as per prevailing law.
7. Equitable mortgage is required by deposit of the title deeds or registered mortgage as applicable.
8. Maximum repayment tenure could be 30 years or attainment of 60 years of the borrower whichever is earlier.
9. NRI customer can repay the loan in form of EMIs through permissible Remittances from abroad done using normal banking channels, or transfer of funds from NRE / FCNR account or local remittance from close relatives on behalf of the borrower.

Loan Amount

1. Maximum loan amount available is 4 times the gross annual income with Net Take Home of 40% post deducting the proposed EMI.
2. For the cases where the applicant is applying for loans for repair and renovation a margin of 25% will apply.
3. Rate of Interest offered for NRI home loans starts from 8.85% onwards.

• A home loan scheme intended to finance any purchase of household items including consumer durables, furniture, air conditioners, fridges,
• Available for salaried individuals or self-employed person who owns a House / Flat
• Scheme is also available for NRIs.

Eligibility & Loan Amount

1. Salaried individuals having at least net take home salary of 25% per month of their annual gross salary or Rs. 2000/- post deduction of loan instalments for the planned loan can avail this loan.
2. A minimum annual income of Rs. 50,000 for Professionals and self-employed businessman. The same should be backed by Income Tax assessment order / return.
3. In case the loan is availed along with Home Loan, the quantum of finance will be up to 1 year gross salary / income over and above the regular eligible amount for home loan.
4. In case of standalone loan, 1 year gross income / salary will be computed to decide the loan amount under this Scheme.
5. Subject to above, in general, the maximum loan amount shall be Rs.2 lakhs. Higher amount can also be considered on case to case basis.
6. The margin predetermined is at par with the margin set for home loans, if the same is availed as a part of the home loan from Canara Bank. Otherwise the margin is stipulated @ 20%.
7. The assets created out of the loan shall be duly hypothecated by the bank.
8. Apart from this Mortgage of house / flat and appropriate co-obligation and personal guarantee may also be required depending on bank’s discretion.
9. The maximum repayment period is 60 EMIs.
10. The processing fee is charged @0.50% of the sanctioned loan amount wherein min Rs. 1500/- plus taxes and max. Rs. 10000/- shall be taken.
11. If the loan is combined with home loan, the sanctioned amount is disbursed post completion of project/house only. However if the loan is independently taken the amount shall be disbursed on furnishing the proforma invoice of the goods purchased.

• A housing  Loan Scheme for individuals to  purchase Housing plots from State Development Board /Town Planning Development authorities, or any local authorities.
• The loan scheme is available whenever the plot is purchased are with duly approved layouts by the concerned statutory authority. This is even applicable for plots purchased on their own or in partnership with private sector entities, or from any other Government constituted body empanelled for the distribution of plots.

Eligibility

1. Any existing Customer with the Bank having satisfactory dealings or  New to bank customers who are properly introduced and are creditworthy as per banks regulation can apply for the loan
2. The maximum Age of applicant allowed is 60
3. The scheme is also available for NRIs.

Loan Amount

1. The maximum quantum of loan that could be sanction for metro locations is four years gross annual income or 75% of the cost of site.
2. The margin is stipulated @ 25%.
3. The maximum repayment tem is 10years or upto 65 years borrower’s age at the time of closure.
4. The proposed housing site shall be mortgaged as the eligible security. Apart from this no other Co-obligation/personal guarantee will be required.
5. The processing fee is charged @0.5% of the sanctioned loan amount wherein min Rs. 1500/- plus taxes and max. Rs. 10000/- shall be taken.

• Anyone who wants to either Purchase a completed flat or built house or Construction of house / flat
• Purchase plot and thereafter construction of a house. However no standalone purchase of site is covered under this loan scheme.
• Those who are having an existing property and now wants to undertake repairs or renovation, up gradation, creation of additional amenities.
• Those who are already having a House/flat with or without loan and now wants to buy a second house/flat.
• Any existing borrower who wants to transfer their home loan from other lenders.

Eligibility & Loan Amount

1. A home loan scheme exclusively for the earning youths aged between 21 years to 45 years.
2. Higher loan amount which is 6years the gross annual salary for the purchase or construction of house/flat.
3. For repair and renovation, the loan amount is either 75% of the assessed cost or Rs 15 lakhs whichever higher.
4. Applicant’s Minimum take home salary should not be less than 30% or Rs. 10000/- of after deducting the proposed EMI.
5. Loan repayment could be done in 30 years to till the borrower attains the age of 70 years whichever is earlier.
6. 2 months moratorium period is allowed for purchase of completed house or flat.
7. For construction of house, a moratorium period of maximum 36 months is allowed.
8. Equitable mortgage or registered mortgage is required as security for the loan.
9. A suitable third party is required for the loan.
10. The processing fee is charged @0.5% of the sanctioned loan amount wherein min Rs. 1500/- plus taxes and max. Rs. 10000/- shall be taken.

• Purchase of House/Flat, Construction of House on the site owned, Purchase of flats under construction.
• Repairing work and addition of rooms, kitchen, toilet etc. to existing dwelling Kucha unit requiring extensive renovation to make Pucca House for EWS/LIG beneficiaries.
• The carpet area of house being constructed/enhanced should be upto 30 sq. meters for EWS beneficiaries , 60 Sq. meters for LIG beneficiaries,120 Sq.meters for MIG I and 150 Sq. meters for MIG II respectively. (Carpet Area:The net usable floor area of an apartment, excluding the area covered by the external walls, areas under service shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered  by the internal partition walls of the apartment).
• A house is defined as an all-weather single unit or a unit in a multi storied super structure having carpet area of upto 30 Sq.meters. for EWS and up to 60 Sq.meters. for LIG 120 Sq.meters for MIG I and 150 Sq.meters for MIG II category with adequate basic services.
• The eligible beneficiary, at his/her discretion, can build a house of larger area for EWS/LIG beneficiaries only but interest subsidy will be limited to loan amount of first Rs.6 lakh only.
• For extension/repairs to the existing Houses, the area limit will be 30 sq. m and 60 sq. m built up area for EWS and LIG category respectively.
• House/Flat to be purchased/constructed/repaired should be in 4315 statutory towns.

Eligibility

AGE OF THE BENEFICIARIES:

• Age of the beneficiaries shall be 21 years to 60 years. However, if the age of the Family Head/Beneficiary is more than 50 years, the major legal heir to join the loan.

INCOME LEVELS:

• For EWS beneficiaries the annual house hold income shall be up to Rs. 3.00 Lakhs and for LIG beneficiaries the annual house hold income shall be above Rs.3.00 Lakhs and up to Rs.6.00 Lakhs.
• For MIG I  beneficiaries the annual house hold income shall be above Rs.6.00 Lakh  and up to Rs. 12.00 Lakhs  and for MIG II beneficiaries  the annual house hold income shall be above Rs.12.00 Lakhs and up to Rs.18.00 Lakhs

PROOF OF INCOME:

• Salaried/Employed beneficiaries- Salary Certificate, Salary Slips, Form 16, ITRs whichever is applicable as per our Housing Loan guidelines.
• For Self Employed/Professional and other beneficiaries- Self declared income certificate/Affidavit can be submitted for annual income upto Rs.2.50 Lakhs. For annual income above Rs.2.50 lakhs, suitable income proofs to be submitted.

OTHER CONDITIONS:

• A beneficiary family will comprise of husband, wife, unmarried sons and/or daughters.  An adult earning member (irrespective of marital status) can be treated as a separate household.
• He/She does not own a pucca (an all weather dwelling unit) house in his/her name in any part of India.
• In case of a married couple, either of the spouse or both together in joint ownership will be eligible for a single house, subject to income eligibility of the household under the scheme.
• Beneficiary family should not have availed central assistance under any housing scheme from Government of India.
• Houses/Flats to be financed to have basic civic facilities like Water, Electricity, Toilet, Sanitation, Sewerage, Roads etc.
• Beneficiaries can apply for the loan either directly or through Urban Local Body or NGO or through the Local Agency identified by the State/ULB.
• NRIs are also eligible under the scheme.

Canara Housing Loan Documnets Required

1. Duly filled Loan Application and  two passport size photos (for both Applicants and Guarantor)
2. Copy of Aadhar Card
3. Copy of Sale Deed
4. Copy of Agreement for Sale
5. Approved plan in case of construction of new house or extension / addition of existing house.
6. Cost estimate and valuation report  by empanelled  Chartered Engineer / Architect
7. Letter of Allotment of Co-operative Housing Societies / Housing Board / Apartment Owners’ Association
8. NOC from the Society or  Builders Association
9. Property Tax paid receipt, Khata Legal Scrutiny Report, and mortgage permission if required.
10. Salary slip and Form No.16 for salaried persons
11. In case of non-salaried persons Income Tax Returns for the last 2 years.
12. A brief description  on the nature of business, establishment year, organization type.
13. For self-employed borrowers, Balance Sheet and Profit &Loss Account for the past three years.

Housing Loan Scheme To Senior Citizens

1. Duly filled Loan Application and  two passport size photos (for both Applicants and Guarantor)
2. Copy of Sale Deed
3. Copy of Agreement for Sale
4. Approved plan in case of construction of new house or extension / addition of existing house.
5. Cost estimate and valuation report  by empanelled  Chartered Engineer / Architect
6. Letter of Allotment of Co-operative Housing Societies / Housing Board / Apartment Owners’ Association
7. NOC from the Society or  Builders Association
8. Property Tax paid receipt, Khata Legal Scrutiny Report, and mortgage permission if required.
9. Salary slip and Form No.16 for salaried persons
10. In case of non-salaried persons Income Tax Returns for the last 2years.
11. A brief description  on the nature of business, establishment year, organization type ,
12. For self-employed borrowers, Balance Sheet and Profit &Loss Account for the past three years.
13. Sheet and Profit &Loss Account for the past three years.

Canara Home Loan Plus Documnets Required

1. Duly filled Loan Application and  two passport size photos (for both Applicants and Guarantor)
2. Copy of Sale Deed
3. Copy of Agreement for Sale
4. Approved plan in case of construction of new houseor extension / addition of existing house.
5. Cost estimate and valuation report  by empanelled  Chartered Engineer / Architect
6. Letter of Allotment of Co-operative Housing Societies / Housing Board / Apartment Owners’ Association
7. NOC from the Society or  Builders Association
8. Property Tax paid receipt, Khata Legal Scrutiny Report, and mortgage permission if required.
9. Salary slip and Form No.16 for salaried persons
10. Incase of non-salaried persons Income Tax Returns for the last 2years.
11. A brief description  on the nature of business, establishment year, organization type ,
12. For self-employed borrowers,  Balance Sheet and Profit &Loss  Account for the past three years

Canara Home Loan for NRIs Scheme Documents Required

1. Duly filled Loan Application and  two passport size photos (for both Applicants and Guarantor)
2. Copy of Sale Deed
3. Copy of Agreement for Sale
4. Approved plan in case of construction of new houseor extension / addition of existing house.
5. Cost estimate and valuation report  by empanelled  Chartered Engineer / Architect
6. Letter of Allotment of Co-operative Housing Societies / Housing Board / Apartment Owners’ Association
7. NOC from the Society or  Builders Association
8. Property Tax paid receipt, Khata Legal Scrutiny Report, and mortgage permission if required.
9. Salary slip and Form No.16 for salaried persons
10. In case of non-salaried persons Income Tax Returns for the last 2years.
11. A brief description  on the nature of business, establishment year, organization type ,
12. For self-employed borrowers, Balance Sheet and Profit &Loss  Account for the past three years

House Improvement Loan

1. Duly filled Loan Application and  two passport size photos (for both Applicants and Guarantor)
2. Copy of Sale Deed
3. Copy of Agreement for Sale
4. Approved plan in case of construction of new houseor extension / addition of existing house.
5. Cost estimate and valuation report  by empanelled  Chartered Engineer / Architect
6. Letter of Allotment of Co-operative Housing Societies / Housing Board / Apartment Owners’ Association
7. NOC from the Society or  Builders Association
8. Property Tax paid receipt, Khata Legal Scrutiny Report, and mortgage permission if required.
9. Salary slip and Form No.16 for salaried persons
10. Incase of non-salaried persons Income Tax  Returns for the last 2years.
11. A brief description  on the nature of business, establishment year, organization type
12. For self-employed borrowers, Balance Sheet and Profit &Loss  Account for the past three years

Canara Site Loan

1. Duly filled Loan Application and  two passport size photos (for both Applicants and Guarantor)
2. Copy of Sale Deed
3. Copy of Agreement for Sale
4. Approved plan in case of construction of new house or extension / addition of existing house.
5. Cost estimate and valuation report  by empanelled  Chartered Engineer / Architect
6. Letter of Allotment of Co-operative Housing Societies / Housing Board / Apartment Owners’ Association
7. NOC from the Society or  Builders Association
8. Property Tax paid receipt, Khata Legal Scrutiny Report, and mortgage permission if required.
9. Salary slip and Form No.16 for salaried persons
10. In case of non-salaried persons Income Tax Returns for the last 2 years.
11. A brief description  on the nature of business, establishment year, organization type ,
12. For self-employed borrowers,  Balance Sheet and Profit &Loss  Account for the past three years
13. A deceleration from the applicant to complete the proposed construction within allotted time period.

Yuva Awas Rin

1. Duly filled Loan Application and  two passport size photos (for both Applicants and Guarantor)
2. Copy of Sale Deed
3. Copy of Agreement for Sale
4. Approved plan in case of construction of new house  or extension / addition of existing house.
5. Cost estimate and valuation report  by empanelled  Chartered Engineer / Architect
6. Letter of Allotment of Co-operative Housing Societies / Housing Board / Apartment Owners’ Association
7. NOC from the Society or  Builders Association
8. Property Tax paid receipt, Khata Legal Scrutiny Report, and mortgage permission if required.
9. Salary slip and Form No.16 for salaried persons
10. In case of non-salaried persons Income Tax  Returns for the last 2
11. A brief description  on the nature of business, establishment year, organization type ,
12. For self-employed borrowers, Balance Sheet and Profit &Loss Account for the past three years

Paisabazaar offers an online tool ‘Home Loan EMI calculator’ for the convenience of its applicants. The EMI calculator is a simple and handy tool that makes the financial planning of the applicant really easy. One may know how much saddle the upcoming loan EMI is going to put on their monthly budget.

Applying for NRI home loan via Paisabazaar.com

Any Interested applicant may login to www.paisabazaar.com. The applicant may select the EMI calculator and fill up the requisite details accordingly. Post-filling up the details, such as Loan Amount, Rate of Interest and Tenure, the results would be prompt and the applicant may know the forthcoming EMI amount in case he/she applies for the Canara Bank NRI Home Loan.

An applicant who wishes to apply for a Canara Bank Limited Home Loan may do so through the Paisabazaar.com. An application form would have to be filled. When the home loan application form is filled and submitted online, the Canara Bank Limited home loan process commences.

After doing the necessary check on your creditworthiness, CIBIL score, repayment capacity, etc. the bank will issue the Canara Bank Limited home loan. It will be decided also how much EMI (Equated Monthly Installments) the customer will have to pay and he/she will be informed about the rate of interest that he/she will be charged.