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Canara Bank Home Loan

Canara Bank Home Loan is one of the best available loan options offered by the bank to help first time and low income home buyers to finance their dream home. It is specially designed to provide the financial assistance that most home buyers require while thinking to purchase a home. Canara Bank home loans can be availed for a number of purposes that include purchase, construction, repairs, renovations, additions on residential house of purchase of plot for construction of a house. The home loan scheme can also be used to shift housing loan liability from housing finance companies and co-operative banks to get the advantage of low interest rates.

Canara Bank Home Loan Eligibility

The bank offers competitive rate of interest on its home loan programs. However, the borrowers are required to meet some eligibility conditions in order to get the loan amount. Canara Bank home loan can be availed by salaried individuals, those engaged in business, professionals and by self-employed persons. NRIs can also obtain home loans from Canara Bank without any specific permission from Reserve Bank of India. Moreover, borrowers above 55 years can also avail the housing loan with subject to some stipulations set by RBI.

Canara Bank Home Loan Details


Canara Bank home loan interest rate may change from time to time depending on the prevailing market conditions. The bank finance upto 4 years of gross salary amount to salaried individuals. In case of self-employed and those individuals involved in business, the bank offers 4 years' gross of their annual income. Home loan for NRI provides 2 years' gross of the income of the borrowers. Home loan amounts upto Rs. 20 lacs and above can be financed depending on the financial status of the borrowers. There is no hidden cost or application fees to be paid by the borrowers. However, a loan processing charge of 0.50% of the loan amount is required to be paid in order to get the loan approval.

Canara Bank Home Loan Documents

While making application for home loans borrowers are required to submit some essential documents which are listed below;
  • Completed home loan application form along with two passport size photographs of applicant
  • Original sale deed
  • Agreement for sale
  • Allotment letter from Co-operative Housing Society, Housing Board, or Apartment Owners' Association
  • Detailed cost estimate or valuation report made by Bank's Panel Chartered Architect or Engineer
  • Form 16 and salary certificate (for salaried individuals)
  • IT returns for the last two years (for non-salaried)
  • Balance sheet along with P&L account for last three years (for self-employed)
It is advisable for the home buyers to use the home loan calculator of the bank to get a better understanding of the available loan terms. Using EMI calculator will allow the borrowers to find out the monthly EMI payment on several loan terms. Visit the bank website or contact the nearest branch to find more details on home loan offer and its benefits.
 
Canara Bank has assisted a large number of low income home buyers in the past. The bank still continues to offer a number of affordable housing options.

Website:http://www.canarabank.com/
 

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