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Canara Bank Housing Loans

 

 

Canara Bank is one of the largest and finest banks in India with its headquarter based in Bangalore. The bank provides a wide range of housing loans to suit your budget and requirements. If you're planning to purchase or build your dream house, or planning to extend, repair or renovate your existing home, then Canara Bank has just the right housing finance scheme for you.

 

 

Why Canara Bank Housing Loans?

 

  • Highly competitive interest rates and low processing fee of 0.5% subject to minimum of 500 and maximum of 10,000 rupees.

 

  • Higher loan amount upto 4 years of your gross salary/income. Also, option to combine your spouse income for higher loan amount eligibility.

 

  • Flexible repayment terms. Long tenure of upto 25 years or upto 70 years of age which ever is earlier.

 

  • Step Up and Step Down EMI facility available. Under Step Up you you pay lesser EMI initially which will gradually increase as your income increases. Under Step Down, a bulk payment can be made to lower future EMI's.

 

  • Interest is charged on daily reducing balance. Thus saving a substantial amount on interest towards your housing loan.

 

  • No prepayment penalty if loan is prepaid from own funds.

 

  • High loan amount of upto 15 lacs for the purpose of extension or renovation of homes.

 

  • Loan upto 85% cost of property.

 

  • Online loan booking facility. Also wide network of branches across the country to choose from.

 

  • Simple and hassle free documentation. Speedy processing. Sanction of the loan within one week of submission of all the required documents.

 

 

Canara Bank Housing Loan Interest Rate

 

 

Repayment

Upto Rs.30 lacs

>30 lacs upto 75 lac

> 75 lac upto 3 crore

More than Rs. 3 crore

 

Float

Fix

Float

Fix

Float

Fix

 

Upto 5 years

10.5

12.75

11.0

13.0

11.25

13.25

 

More than 5 years & upto 10 years

10.75

13.0

11.25

13.25

11.75

13.0

14.0

More than 10 years & upto 25 years

11.0

13.25

11.75

13.5

12.75

13.75

 

Eligibility and documentation

 

Salaried individuals, self-employed person or business person are eligible for Canara Bank housing loans. NRIs are also eligible to avail loans without specific permission of RBI. Persons above the age of 55 are not eligible.

 

Documents

 

  • Loan application form with 2 passport size photos of applicant.

 

  • Sale Deed.

 

  • Copy of the approved plan for the proposed construction / extension / addition.

 

  • Allotment letter of Co-operative Housing Society / Apartment Owners' Association / Housing Board / NOC from the Society / Association / Builders / Housing Board.

 

  • Salary Certificate and Form No.16 (in case of salaried persons).

 

  • IT Returns filed for the past two years (in case of non-salaried persons).

 

  • A brief note on the nature of business, year of establishment, type of organization

(in case of self-employed).

 

  • Balance Sheet and profit and loss account for the past 3 years (in case of self-employed).

 

Canara Bank Housing Loan Calculator

 

 

 

 

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