Your Way to Property & Prosperity
Housing Loan Bank
Home Insurance Providers
An attractive scheme of Carana Bank for Home Loan :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 :
Rate of Interest with EMIs (w.e.f. 1st June, 2007) :(Rate of interest is subject to change from time to time) Additional interest @ 0.25 % over and above the stipulated rates for acquiring second house/flat.
Repayment :In convenient equated monthly installments upto 20 years.
Processing Charges :0.50% of the loan amount minimum of Rs. 500 and maximum of Rs. 10,000 and no hidden cost. No application fee.
Documents/ Formalities :
Who can avail Housing Loan from us?Any Individual/s – either salaried (including NRIs) or engaged in business/self employment.
Is there an age limit for availing the loan?Yes. The applicant should not be above 55 years of age. In case of borrowers opting for repayment of above 15 years, the entire loan should be cleared before the borrower attaining 70 years of age. However, exceptions can be considered selectively based on merits.
What are the purposes for which housing loan can be availed?
What is the amount of loan one can avail?In case of new house/flat, 80 % of the cost of project for loans upto Rs.20 lacs and 75 % for loans above Rs.20 lacs, depending upon the repaying capacity. In case of repairs/renovation/alterations maximum loan permissible is Rs.7.50 lacs.
What are the components of project cost?Cost of house/flat proposed to be purchased or cost of construction along with stamp duty & registration charges and insurance premium can be included in the project cost.
Whether housing loan can be availed for purchase of plot alone?No. Though cost of plot can be included in the project cost where construction of house is proposed, the loan cannot be availed for purchase of plot alone.
What is the quantum of loan I am eligible for?Loan quantum shall be arrived at as under: