Home Loan | Apply for Housing Loan | Housing Loan in India

Lower Rate of Interest.
No upper limit on loan amount.
Reducing Balance Interest Rate.
No Prepayment penalty.
Minimal processing charges.

Purpose	To meet domestic needs/ medical expenses / educational expenses of children/dependents/ unforeseen contingencies etc., other than speculative purposes.
Loan Quantum	Salaried Individuals 24 months gross salary subject to maximum of Rs 50.00 lakhs Other than Salaried Individuals Two times of 3 years average gross income of the applicant subject to a maximum of Rs.50.00 lakhs.
Margin & NTH (Net Take Home)	Margin to be maintained is NIL Net Take Home is 25% for Salaried Class & 30% for Non Salaried Class
Processing Charges	Nominal processing fee of 0.50% on the loan amount with a Minimum of Rs. 100/- & Maximum of Rs. 500/- is charged.
Documentation Charges	Nominal charges of Rs 100/- per lac part thereof with Minimum of Rs.1000/- and Maximum Rs. 25000/-
Security	Continuing security of the property mortgaged for Housing Loan Further EMT is to be created for “Canara Home Loan Plus”. Release of security is only on closure of both the loans.
Repayment tenure	Left over repayment period of existing housing loan or 180 EMIs, whichever is less. In case of pre-closure of housing loan liability, liability under “Canara Home Loan Plus” loan account has to be cleared first.

Existing housing loan borrowers in the age group of 18 to 75 years, whose have a satisfactory repayment track record irrespective of period run with our Bank subject to specific terms and conditions subject to scheme guidelines.
In case of joint loan accounts the age of the youngest borrower shall be reckoned in line with Housing Loan guidelines.

Stipulated Loan Application with 2 passport size photos of applicant / Co-applicants or guarantor.
KYC documents of applicant/ Co-applicants or guarantor
Proof of Identity
PAN CARD/Driver’s License/Voter ID /Passport/ Aadhar Card etc.
Proof of Residence
Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.
Age proof of the applicant/ Co-applicants.
PAN card (photo copy)
Salaried individuals
- Latest 6 months salary slips (including co-applicants) and latest original salary certificate with details of deduction.
- Bank statement of salary account for past 6 months.
- Proof of confirmed service of 3 years: -
  Form No.16 & ITR if any supported by Employee ID/Appointment Letter/ Confirmation in services evidencing duration of the employment/3 years IT Returns
Business/Self-Employed individuals
- Balance Sheet and Profit & Loss account for past three assessment years.
- ITR/ITAO filed for past three assessment years.
- In case of agricultural income is also included in ITR, Copy of lands records.
- Statement of Bank Account.
- Brief note on the nature of business.
- Proof of Business
NRI applicants
- Proof of identity Copy of first 4 pages of passport and page with visa stamp, or IC/PIO card.
- Valid work permit.
- Copy of salary certificate duly attested by Indian Embassy/ Consulate/ Employer.
- Account statement/ passbook of overseas bank showing salary and savings.
- Notarized Power of Attorney, if applicant proposes to authorize a third party to execute the documents/ complete the mortgage formalities/ avail the loan instalments.
Documents required based on the loan purpose:
- Property Documents.
- Project Completion Certificate.
- Occupancy certificate.
Additional Documents in case of Takeover from Other Bank/ FI
- NOC from existing Banker regarding pre-closure.
- List of original documents held by Transferor Bank along with their attest copy
- Copy of Sanction Letter
- Statement of Loan Account from date of sanction
Any other documents as required by Bank.

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