Canara housing home loans are designed in a way to help you get a perfect dream home for yourself in a best possible way. Interest rates at the Canara bank are the most competitive and the loan procedure is far too simple, convenient and at the same time less tiresome. With a legacy of more than a century, Canara Bank’s specialization in a better banking services and a network of over 2500 branches throughout the country has given it an edge over the others in the business.

Purpose

Canara bank provides housing loan for lots of purpose which includes renovation or repairing of the residential flats or houses, purchase of land or any other residential property, building on residential land etc. it also gives loan to repay the home loan taken from any other recognized housing finance institution, Co-operative Banks, Commercial Banks, Housing Boards and the Co-operative society at its prevailing low interest rates.

Eligibility

Salaried individuals, business individuals, self-employed persons are eligible to take Canara housing home loan. NRIs can also avail loan and that too without any specific permission from RBI. Persons above 55 years can also get housing loan subject to RBIs stipulations.

Financing scheme

Canara Bank finances up to:

for salaried person: 4 years gross salary; for persons engaged in business or self-employed individuals: gross annual income of four years; for NRIs: gross income of 2 years and sometime even 3 years;

Repayment

You can repay the Canara housing home loan in equally divided monthly installments for or up to 20 years.

Documents/formalities

1. Duly filled application form with 2 recent passport size photo.
2. Sale agreement and deed.
3. Photocopy of the proposed construction’s approved plan.
4. Detailed valuation report or cost estimate from Bank’s Panel Chartered Architect or Engineer.
5. Legal scrutiny report, receipt of property tax paid, 13 years EC, and mortgage permission, wherever necessary.
6. Form 16 and salary certificate for salaried persons, 2 years IT returns file for non salaried persons and 3 years P&L A/c and Balance Sheet for the self employed persons.

Canara housing home loans interest are highly competitive and its services are quite impressive which has made Canara Bank to establish itself as a leader in the housing loan banking services.