“Home Improvement Loan Scheme” provides a packaged financial assistance to individuals for furnishing their houses / flats at incredibly low rates of interest.

Purpose:

For acquiring / construct / renovate house / flat  

• Can be availed along with a Housing Loan from Canara Bank OR

• Separately in cases where Housing Loan is obtained from other Banks / Financial Institutions OR Without any Housing Loans

This loan can also be availed where a Housing Loan is already obtained from us and the liability is subsisting.

Eligibility:

• Owners of House / flat who are salaried individuals / individuals engaged in business / professionals / self-employed. NRIs  are also eligible.

• Salaried individuals should have a minimum monthly net take home salary of 25% of their gross salary or Rs. 2000/- after meeting the loan instalments for the proposed loan.

• Professionals and other non-salaried persons should have a minimum annual income of Rs. 50000/- to be evidenced by Income Tax assessment order / return.

Loan Quantum & Margin:

• When availed along with Housing Loan from our Bank, amount upto one year's gross salary / income over and above the normal eligible amount for housing finance.

• In other cases, one year's gross income / salary will be reckoned to determine the loan quantum under this Scheme.

• Subject to above, normally, the maximum loan quantum shall be Rs.2 lacs. Higher quantum considered selectively.

• If availed as a part of the housing finance from our Bank, then, the margin stipulated is 15%. In other cases, the margin is 20%.

Rate of Interest: Please visit our interest rate page for current rates

Security:

• Hypothecation of assets created out of this loan.

• Mortgage of house / flat (if housing loan is availed from us)

• Suitable co-obligation / personal guarantee. Waiver considered selectively.

Repayment:

• In convenient equated monthly instalments upto 60 months.

Processing Charges:

• The processing charges payable is 0.5% of the loan amount subject to a minimum of Rs. 500/- and maximum of Rs. 10000/- (subject to change from time to time)

Disbursements :

• Amount will be normally disbursed only after acquiring ready built house / flat or completion of construction of house / flat or completion of repairs / renovations, etc., where the loan is availed along with housing finance. In case this loan is sanctioned independent of a housing loan then, the loan can also be disbursed against proforma invoice, etc.

Documents / Formalities:

• Stipulated Loan application with 2 passport size photographs

• Latest Salary Certificate and Form No.16

• ITAO / IT Returns (for professionals and non-salaried persons)

• Proforma Invoices, cost estimates

For more details, please visit our nearest branch or call to toll free no. 1800 425 0018.