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Canara Site Loan

  • A Loan Scheme to individuals for purchase of Housing sites from State Development/Town Planning Development authorities, Central and State Governments local authorities either exclusively or in partnership with private sector entities, or from any other body constituted by the Government for distribution of sites provided such layouts are duly approved by the concerned statutory authority.
  • Take over accounts from other banks permitted subject to fulfilment of original loan sanctioned for above purpose.
  • Housing loan can be availed whenever required for construction of house of the sites purchased.
  • Customer of the Bank with satisfactory dealings. New customers properly introduced & creditworthy.
  • Age of applicant should  be  less than 60 years.
  • NRIs also eligible.
  • Four years gross Annual salary/income OR 75% of the cost of the site/guideline value (whichever is less).
  • 25% on the project
  • 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.
  • Mortgage of the residential site proposed to be purchased. Suitable Co obligation/personal guarantee of adequate networth will be insisted.
  • 0.5% of Loan Amount Minimum Rs. 1500/- Maximum Rs. 10000/-
  • 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

Frequently Asked Questions on Canara Site Loan

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