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canara

  • About Us
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canara bank
  • About Us
    • Board of Directors
    • Chief Vigilance Officer Details
  • Financial Results
  • PMJDY and Financial Inclusions
  • Press Release
  • Tenders
  • E Auction Properties
  • Announcements
  • Ex-employees
  • Careers
  • Personal Banking canara
    • Savings & Deposits
    • Technology Products
    • Mutual Funds
    • Insurance Business
    • International Services
    • Card Services
    • Consultancy Services
    • Depository Services
    • Ancillary Services
    • Approved Housing Projects
    • How To Apply
    • Retail Loan Products
    • MSME Loan Products
    • ONLINE SUBMISSION OF DEATH CLAIMS
    • ONLINE SUBMISSION OF 15G/15H APPLICATION
  • Corporate Banking canara
    • Accounts & Deposits
    • Supply Chain
    • Loans & Advances
    • Syndication Services
    • IPO Monitoring Activity
    • Merchant Banking
    • TUF Schemes
    • Canara eTax
  • Investor Relation canara
    • Contact Us
    • Appeal to Physical Shareholders of Canara Bank
    • Download TDS Certificate for payment of Dividend FY 2021-22 Blinker
    • SEBI’s ODR portal
  • Canara Easy Fee
  • NRI Banking canara
    • Deposit Products
    • Loans & Advances
    • Remittance Facilities
    • Investment Facilities
    • Consultancy Services
    • Other Services
    • NRI News Bulletin
    • Contact Details
    • FAQs
    • FATCA / CRS - Self Declaration Form
    • Callback Request
    • Books and Forms
  • Priority Portal canara
    • Schemes
    • RRB Section
    • Agri-Marketing
    • Agricultural Innovation Centre
    • Rural Development
    • CED for Women
    • Sustainable Development and Corporate Social Responsibility (SD-CSR)
    • Lead Bank
    • In Promotion Of Self Employment
    • RURAL DEVELOPMENT SCHEMES
    • SUPPORT INITIATIVES
    • Agriculture loan Application formats
  • Net Banking
  • MSME Banking
  • Register a Grievance
Got any Questions?
Call us Today!

Toll Free Numbers
(if dialed within India)

18001030

Non Toll Free Numbers
(if calling from outside India)

+91-80-22064232

Customers are requested to call on our
mentioned Toll Free Numbers only for any
complaints/issues. Bank shall not be
responsible for any consequences arising
out of customers calling any other
unverified numbers.

Housing loan/ Home loan

PURPOSE

Loans to fulfill your dream....
... to own a home...sweet home . !

Planning to own a home is one of lifes most rewarding challenges.
Plan building a home / buying a flat.
Leave the financing to us.
We have the right housing finance scheme for you..

 

  1. Purchase of a ready built house / flat.
  2. Construction of house / flat.
  3. Purchase of  site and construction of  house thereon. However, loan for purchase of only site shall not be considered under Housing Loans.  In case of composite Housing loans, utilisation of loan amount for purchase of plot is restricted to 60% of eligible / sanctioned loan amount.
  4. Maximum Rs.15.00 lacs for repairs / renovations.
  5. Under Expansion, Upgradation and Creation of Additional amenities housing loan can be sanctioned under two components:

  6. Component-1: For expansion of existing unit, upgradation & creation of additional amenities for financing upto 75% of the project cost complying all other guidelines as applicable to regular housing loans.


    Component-2: For Housing Loans sanctioned, cost of furnishing (by way of fixed furnishing, immovable attachments/ enhancements) to be included in the total project cost with maximum upto 25% of the loan or Rs.50 lakh whichever is lower subject to other conditions.

  7. For acquiring second house/flat where the borrower is already having a House/flat with or without loan.
  8. For taking over of the HL liability from :
    • All Public Sector Banks/Private Sector Banks/Co-operative Banks/RRBs/NBFCs/HFCs.

HOME LOAN ELIGIBILITY

  • Salaried individual with 2 years aggregated regular and continuous service with a minimum completed service of 6 months in the current organization/company.
  • Individuals engaged in business / professionals and self-employed persons. Such applicants should have been in the business/profession for a minimum period of 3 years.
  • The entry age of the borrower/s shall be less than 60 years  at the time of availing the loan and the ostensible liability in the normal course should get cleared before the borrower/s attain the age of 75 years.
  • Persons above the age of 60 years are also eligible subject to certain stipulations.

HOW MUCH YOU ARE ENTITLED TO

We finance upto:

  • 6 times (of last drawn monthly gross salary) in the case of Salaried Class. subject to production of documentary evidence regarding the gross annual income.
  • 6 times of average gross annual income of all the (three) years immediately preceding current financial year in the case of individuals engaged in business or self-employed persons subject to production of documentary evidence regarding the gross annual income.
  • Selectively loan upto 8 years gross salary/ income also permitted
  • Maximum Rs.15.00 lacs for repairs / renovations.
  • Under Expansion, Upgradation and Creation of Additional amenities housing loan can be sanctioned under two components:

  • Component-1: For expansion of existing unit, upgradation & creation of additional amenities for financing upto 75% of the project cost complying all other guidelines as applicable to regular housing loans.


    Component-2: For Housing Loans sanctioned, cost of furnishing (by way of fixed furnishing, immovable attachments/ enhancements) to be included in the total project cost with maximum upto 25% of the loan or Rs.50 lakh whichever is lower subject to other conditions.

WHAT IS YOUR CONTRIBUTION?

Amount of Housing Loan

In case of New House/ Flat  & Old House/ Flat (Up to 10 Years Old)

In case of Old House/ Flat (> 10 Years old)

Up to Rs. 30.00 Lakhs

10%

 

 

25%

Above Rs. 30.00 lakhs & Up to Rs. 75.00 Lakhs

20%

Above Rs. 75.00 Lakhs

25%

The margin is stipulated on the total project cost.

 

In case of Housing Loans where Project Cost is upto Rs.10.00 Lakh, stamp duty, Registration Charges and other Documentation charges can be included in the Project Cost for the purpose of stipulating Margin as well as for LTV Ratio.

HOME LOAN INTEREST RATE

Click here for Rate of Interest

SECURITY

  • Mortgage of House / Flat

REPAYMENT

In convenient equated monthly instalments upto 30 years or borrower attaining age of 75 years whichever is earlier (subject to conditions).

Repayment Holiday:

  • In the case of purchase of ready built house/flat :  The repayment shall commence within TWO MONTHS from the date of first disbursement.
  • In the case of purchase of Site & Construction of House thereof and OR only construction of House in the existing Site : ‘The repayment shall commence within 2 months after completion of House OR 24 months from the date of first disbursement whichever is earlier’.
  • In the case of purchase of flat under construction : ‘The repayment shall start within 2 MONTHS of completion of construction OR 36 Months from the date of first disbursement, whichever is earlier.

PROCESSING CHARGES

  • Nominal processing fee of 0.50% (Min Rs.1500/- and Max. Rs.10,000/-) is charged.
  • Bank is celebrating Retail Loan Festival and waiver of 100% processing charges from 01.09.2023 to 31.12.2023
  • In case of takeover of HL liability from other Banks/FIs for Customers enrolled under Canara SB Premium Payroll package (Gold, Diamond & Platinum Variant), processing charge is waived till 30.09.2023

PRE- PAYMENT

  • At your choice. In case of take over of liability by other banks / HFIs, no prepayment penalties in respect of Housing Loans carrying floating rate of interest.

DOCUMENTS / FORMALITIES

  • Stipulated Loan Application with 2 passport size photos of applicant / guarantor
  • Sale Deed
  • Agreement for Sale
  • Copy of the approved plan for the proposed construction / extension / addition
  • Detailed cost estimate / valuation report from Banks Panel Chartered Engineer / Architect
  • Allotment letter of Co-operative Housing Society / Apartment Owners Association / Housing Board / NOC from the Society / Association / Builders / Housing Board
  • Legal Scrutiny Report, EC for the past 13 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary
  • Salary Certificate and Form No.16 (in case of salaried persons)
  • IT Returns filed for the past three assessment years (in case of non-salaried persons)
  • A brief note on the nature of business, year of establishment, type of organization, etc., (in case of self-employed)
  • Balance Sheet and P&L Account for the past three years (in case of self-employed)

For   more   details,   please   visit  our   nearest branch or  call  to  toll free No.1800 1030.

HOME LOAN EMI Calculator

  • EMI Calculator
Got any Questions?
Call us Today!

Toll Free Numbers

18001030


Non Toll Free Numbers
(if calling from outside India)

+91-80-22064232

Customers are requested to call on our
mentioned Toll Free Numbers only for any
complaints/issues. Bank shall not be
responsible for any consequences arising
out of customers calling any other
unverified numbers.
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Last Updated on: 04/09/2023 |   Visitors: 864013        

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