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Canara Home Loan Plus
ELIGIBILITY
- Existing housing loan borrowers in the age group of 18 to 70 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.
PURPOSE
- To meet domestic needs/ medical expenses / educational expenses of children/dependents/ unforeseen contingencies etc., other than speculative purposes
TYPE OF LOAN
- Term Loan.
QUANTUM OF LOAN
FOR SALARIED CLASS
- 10 months’ gross salary subject to a maximum of Rs.25.00 lakhs
FOR NON-SALARIED CLASS
- 85% of 3 years average gross income of the applicant subject to a maximum of Rs.25.00 lakhs
RATE OF INTEREST
MARGIN
- NIL
NTH:
(i) Salaried Class: 40%
(ii) Non-Salaried Class: Annual EMI commitments shall not be more than 50% of Annual Income.
OTHER CONDITIONS
- In case of pre-closure of housing loan liability, liability under “Canara Home Loan Plus” loan account has to be cleared first.
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 PERIOD
If Loan is sanctioned:
- Left over repayment period of existing housing loan or 120 EMIs, whichever is less.
- This is subject to clearance of loan before borrower attains the age of 70 years.
PROCESSING CHARGES
- 0.50% of loan amount; Min Rs.100/-; maximum Rs.500/-