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  • Canara Bank

    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:-

    • 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 subject to a maximum of:
    • Rs.50 lacs for purchase / construction of house / flat. (Loan is also granted upto Rs.1 crore selectively.) and
    • Rs.7.5 lacs for repairs / renovations / additions to the existing house / flat.

    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.


    • 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 :-

    • 0.50% of the loan amount minimum of Rs. 500 and maximum of Rs. 10,000 and no hidden cost. No application fee.
    • 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, EC for the past 13 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary
    • 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, etc., (in case of self-employed)
    • Balance Sheet and P&L Account for the past three years (in case of self-employed)


    • 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?
    • Any Individual/s � either salaried (including NRIs) or engaged in business/self employment.
    • For construction of house.
    • For purchase of house/ flat.
    • For additional constructions to the existing house.
    • For carrying out repairs/renovations/alteration to the existing house.
    • For takeover of existing housing loan liability from other bank/HFI.

    • 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:
    • Salaried individuals - 48 months gross salary
    • Business/Self employed persons - 4 times of annual gross income
    • Non Resident Indians - 2 times of gross annual income/ salary.
    • Selectively higher quantum of loan can be considered.Loan quantum shall also depend on repayment capacity.

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