Plot Loan | Loan for Land Purchase | Site Loan Interest Rates | Canara Bank

Purchase of Residential Sites from State Development/Town Planning Development Authorities or from any other body constituted by the Government for distribution of sites.
Purchase of Residential Sites from statutory authorities of Central/ State Governments, local authorities either exclusively or in partnership with private sector entities provided such sites /layouts are duly approved by the statutory authority of the State Government and where registrations can be effected.
The land / plots of Government Development Authorities land such as DDA, HUDA etc. directly from authorities or under second sale. Further the plots in the colonies approved by Govt. Authorities along with approved maps and RERA approved projects.
To takeover accounts from other banks subject to fulfilment of any of the above existing purposes.

Loan Quantum	Three years gross Annual salary/income OR 75% of the cost of the site/guideline value (whichever is less).
Margin	A minimum margin of 25% shall be stipulated / maintained on the Project Cost consisting of site cost as shown in the allotment letter plus development charges, if any, not exceeding 10% of the site cost supported by documentary evidence.
Net Take Home	For Salaried Class : 40%. For Non Salaried Class : Net Annual Income Adequate to meet the Installments.
Processing Charges	Nominal processing fee of 0.50% on the loan amount with a Minimum of Rs.1,500/- & Maximum of Rs. 10,000/- is charged
Documentation Charges	Rs.100/- Per Lac or part thereof with minimum of Rs.1000/- and Maximum Rs. 25000/-.
Security	Mortgage of the residential site proposed to be purchased. Suitable Co obligation/personal guarantee of adequate net worth will be insisted.
Repayment Tenure	10 Years OR maximum period permitted by the allotment agency for construction of house or upto 65 years of the borrower at the time of closure of loan whichever is earlier.

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).
Layout/site plan issued by the development authorities.
Latest 6 months Salary Certificate/Form No.16 for salaried class.
Latest ITAO for Businessmen/professionals.
Legal Scrutiny Report form Bank’s panel Advocate.
Allotment letter other any other evidencing purchase/allotment of sites issued by the development authorities.

Any other documents as required by Bank.

Canara Site Loan: Realizing Your Land Purchase Dreams