Loans to fulfill your dream.... ... to own a home...sweet home . !

Planning to own a home is one of life's most rewarding challenges. Plan building a home / buying a flat. Leave the financing to us. We have the right housing finance scheme for you..

Online Application for Home Loan Purpose: For construction / purchase / repairs / additions / renovations of residential house / flat including the purchase of land and construction thereon. For taking over of the Housing Loan liability with other recognized Housing Finance Companies, Housing Boards, Co-operative Banks, Co-operative Societies and Commercial Banks at our prevailing low rate of interest. Eligibility:

Salaried individuals, individuals engaged in business / professionals and self-employed persons. NRIs are also eligible to avail loans without specific permission of RBI. Persons above the age of 55 years are also eligible subject to certain stipulations. of RBI.

How much you are entitled to : We finance upto:
   

4 years of gross salary to salaried individuals. 4 years' gross annual income to individuals engaged in business or to self-employed persons. For NRIs up to 2 years' gross income and selectively up to 3 years' gross income. Selectively loan upto 5 years' gross salary/ income also permitted Rs.7.5 lacs for repairs / renovations / additions to the existing house / flat. Selectively upto Rs.15 lacs in Metro Centres.

What is your contribution? Loans upto Rs.20 lacs Loans above Rs.20 lacs

New house / flat (including those for purchase of site & 15% 20% construction of house thereon) Old house/flat 20% 25% Margin - 25 % for both new and old houses in respect of housing loans for acquiring second house / flat i.e., where the applicant is already owning a house/flat with or without loan. Rate of Interest (Rate of interest is subject to change from time to time) Additional interest @ 0.25 % over and above the

Security:  Mortgage of House / Flat Repayment:  In convenient equated monthly instalments upto 25 years or borrow attaining age of 70 years whichever is earlier (subject to conditions).000 and no hidden cost. type of organization. Khata and permission for mortgage. EC for the past 13 years. Prepayment : At your choice.. (in case of self-employed) Balance Sheet and P&L Account for the past three years (in case of self-employed) FAQs On Housing Loans Contact your nearest branch Scheme available at all the branches of the bank For details please contact nearest branch of Canara Bank. No application fee.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. Property Tax paid receipt. Processing Charges:  0. We do not levy prepayment penalties except in case of takeover of the loan by other bank/HF institution.stipulated rates for acquiring second house/flat. 10. Documents / Formalities:            Stipulated Loan Application with 2 passport size photos of applicant / guarantor Sale Deed Agreement for Sale Copy of the approved plan for the proposed construction / extension / addition Detailed cost estimate / valuation report from Bank's Panel Chartered Engineer / Architect Allotment letter of Co-operative Housing Society / Apartment Owners' Association / Housing Board / NOC from the Society / Association / Builders / Housing Board Legal Scrutiny Report. etc.50% of the loan amount minimum of Rs. 500 and maximum of Rs. wherever necessary Salary Certificate and Form No. year of establishment. .

For carrying out repairs/renovations/alteration to the existing house. What are the components of project cost? Cost of house/flat proposed to be purchased or cost of construction alongwith stamp duty & registration charges and insurance premium can be included in the project cost. . However.20 lacs.FAQs on our housing loan scheme Who can avail Housing Loan from us? Any Individual/s – either salaried (including NRIs) or engaged in business/self employment. In case of borrowers opting for repayment of above 15 years. exceptions can be considered selectively based on merits. What are the purposes for which housing loan can be availed?      For construction of house. Business/Self employed persons – 4 times of annual gross income c.50 lacs. What is the amount of loan one can avail? In case of new house/flat. 85 % of the cost of project for loans upto Rs. For takeover of existing housing loan liability from other bank/HFI. Salaried individuals – 48 months gross salary b. In case of repairs/renovation/alterations maximum loan permissible is Rs.7. For additional constructions to the existing house. The applicant should not be above 55 years of age. Whether housing loan can be availed for purchase of plot alone? No.15 lacs in Metro centres. Non Resident Indians – 2 times of gross annual income/salary. depending upon the repaying capacity. What is the quantum of loan I am eligible for? Loan quantum shall be arrived at as under: a. Selectively higher quantum of loan can be considered. the entire loan should be cleared before the borrower attaining 70 years of age. Selectively upto Rs. For purchase of house/ flat. the loan cannot be availed for purchase of plot alone. Is there an age limit for availing the loan: Yes. Though cost of plot can be included in the project cost where construction of house is proposed.20 lacs and 80 % for loans above Rs.

. Whether additional loan is sanctioned for furnishing the house? Yes. However rental income from any other existing property of the applicant can be taken into account provided the amount declared in the IT Return. 2) Central Processing Unit. 0. Whether the loan can be availed jointly with spouse? Whether the income of both will be taken into account for arriving at loan quantum? Income of spouse can be clubbed for arriving at the eligible loan quantum and repayment capacity in case the spouse is a joint borrower.2. – 1) Retail Asset Hubs.Loan quantum shall also depend on repayment capacity. Flexible repayment tenor like Step up EMI is also permitted. Where I can avail Housing loans? – On line filing of application is available in our website. Whether rent receivable is taken into account for arriving at loan amount?   The anticipated rental income from the property for which the housing loan is sought cannot be taken into account. Additional loan to the extent of 1 year gross income with a maximum of Rs.25 % extra rate of interest will be levied. How long does it take to get my loan sanctioned? We assure sanction of the loan within one week of submission of all the required documents. What is the repayment period of the loan? Loan together with interest can be repaid in EMIs within a maximum period of 25 years. What will be the rate of interest? ROI on housing loans Note: For persons availing loan for 2nd house.00 lacs in addition to housing loan can be availed as HOME IMPROVEMENT loan. – Through a wide network of branches across the country. or before the borrower attaining the age of 70 years.

EMI can be reworked for the remaining liability retaining the same tenor. purchase . a tripartite agreement shall be executed amongst the developer. Effectively it means you pay lesser EMI initially which will gradually increase as your income increases. What is EMI? EMI stands for Equated Monthly Installments. What is the advantage of calculating interest on daily reducing balance? In the annual reducing balance method employed by some of the banks.In case of construction of house or flat maximum repayment holiday of 18 months is permitted. Suitable third party guarantee acceptable to the Bank. What is NTH (Net take home income/salary)? NTH denotes the amount of income/salary available for sustenance – i. In case of purchase of flats where mortgage cannot be created immediately. b. What is the security required by the bank for housing loans? a. borrower and the Bank. In the case of the daily reducing balance the interest is calculated only on the outstanding loan amount. Step down EMI – If bulk payments are made during the currency of the loan. interest is calculated on the balance outstanding at the commencement of the year. You can choose the repayment tenor. What is Step up/Step down EMI? Step UP EMI means EMI stipulated taking into account the anticipated increase in income over a period of time. Whether valuation of the property is a must?  Valuation of the property is required only in the case of purchase of ready built house/flat. which is best suited to your repayment capacity. gross income/salary minus other deductions and EMI for the housing loan. Mortgage of property for which the loan is availed. EMI comprises both principal and interest components. Whether interest applicable is flat rate or at reducing balance? Interest is charged on daily reducing balance.e. Thus even though you have paid your EMIs regularly you end up paying interest on a higher balance. This effectively amounts to lower rate of interest. which reduces every month as you pay your EMI. c. NTH should be 40 % of the gross salary.

10. Rs. At present processing charges is waived upto 31.50. in April or May for the previous financial year. Simple and hassle free documentation.e. However closure of loan by takeover of the loan by another banks/HFI attracts a penalty of 2 % on the outstanding loan amount.000/. as it will bring down your interest burden.1.50% (Min Rs.500/.00. Wide network of branches to choose from. No prepayment penalty except in case of takeover of loan by other banks.per annum qualifies for tax savings. Can I prepay the loan or remit amounts more than the EMI? Are there any penalties? Yes.000/-) is charged. However in case of purchase of house/flat directly from Government authorities. Flexible repayment tenors. No penalty is levied for prepayment/extra payment. However you can take a provisional Certificate to avail the IT benefits during the current financial year. d.and Max. e.2009. What are the processing fees charged by the bank? Nominal processing fee of 0. Speedy processing through retail asset hubs. valuation of property is not required.1. Further you can remit any amount over and above the stipulated EMI in case you have surplus funds. c. Housing Loan . b.000/. What are the tax benefits available for housing loans?   Under Section 24(1). Nominal processing charges and no HIDDEN charges. When can I take the IT certificate from the Bank? IT certificate can be taken after the end of a financial year i. What are special features of housing loan of CANARA BANK? a. interest repayment of Rs. Under Section 80(c) on repayment of principal amount to the extent of Rs. f. Central processing units. of land on which house is proposed to be constructed and takeover of liability from other banks/HFIs.12. the loan can be prepaid at any also available.

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