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Canara Site Loan
Purpose
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 fulfillment of any of the above existing purposes. Takeover norms as applicable in respect of Retail Loans under Housing Loan and subsequent guidelines if any to be complied. However, as per the Housing Loan take over norms, loans where
Eligibility
- Customer of the Bank with satisfactory dealings. New customers properly introduced & creditworthy.
- Age of applicant should be less than 60 years.
- NRIs also eligible.
- Employees of our Bank are also eligible.
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.
- Vacant plots by Government Development Authorities: 30%
- Other Vacant Plots: 50%
NTH:
(i) For Salaried Class: 40%
(ii) For Non-Salaried Class: Net Annual Income Adequate to meet the Installments.
Rate of Interest
Repayment Period
- 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.
Security
- Mortgage of the residential site proposed to be purchased. Suitable Co obligation/personal guarantee of adequate networth will be insisted.
Processing Charges
- 0.5% of Loan Amount Minimum Rs. 1500/- Maximum Rs. 10000/-
Documents / Formalities
- Application with 2 passport size photographs
- Layout/site plan issued by the development authorities.
- Latest 6 months Salary Certificate/Form No.16 for salaried class and 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.
- An undertaking should be obtained from the borrower for construction of the house within the stipulated time (as stipulated by the development authorities while allotting or giving possession of sites