Product Details
Bank Name
Canara Bank
Maximum Loan Tenure
Up to 30 years or up to 75 years of age of the borrower, whichever is earlier.
Maximum Loan Amount
No upper limit.
Interest Rate
From 8.5 to 11.25 depending on the cibil score of the applicant.
Type
Floating rate.
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Down Payment
For New House/Flat & Old House/Flat (upto 10 years old)
up to Rs.30 Lakh : 10%.
Above Rs.30 Lakh & up-to Rs.75 Lakh: 20%
Above Rs.75 Lakh: 25%.
For Old House/Flat (>10 Years old) irrespective of Loan Quantum
Applicable margin is 25%.
Fees and Charges
Prepayment Charges: Nil
Processing Fee: f 0.50% (Min Rs.1500/- and Max. Rs.10,000/-)
Legal Fee: At Actuals
Stamp Duty And Registration Charges: At actuals.
Penal Interest On The Delayed EMI: 2% per month above the applicable interest rate.
Minimum CIBIL Score
Not specified.
Down Payment and Fees
Canara Bank Housing Loan
Special Features
Low interest rate.
Eligibility Criteria
Type of Resident: Indian citizens who live in India and Indian citizens who don't live in India (NRIs) with an Indian passport, Indian citizens with a foreign passport, and Overseas Citizens of India (OCIs).
Salaried Individuals:Anyone who has worked regularly and continuously for at least two years, with at least six months of that time spent with the present organisation or company.
Self-emplyed Individuals: Anyone who runs a business or is self-employed, such as doctors, builders, chartered accountants, and others. This is only possible if you can show proof of three years' worth of ITR or ITAO.
Age: Applicants must be younger than 60 years old to get the loan, and they must be able to pay it back before they turn 75 years old. If the main borrower is at least 60 years old, the loan can only be taken out with a partner or legal heir who is also working.
Takeover of Existing Home Loans: Loans from all public and private sector banks, cooperative banks, regional rural banks, NBFCs, and HFCs are eligible, even if they haven't been rated by ECAI (subject to terms and conditions).
Special Concession
Concession available for women.
Home Saver Option
No.
Features, Eligibility and Concession
Pros
Low interest rate.
Low processing fee.
Nil prepayment charges.
They offer special interest rate concessions for certain categories like women borrowers.
They also offer flexible repayment tenures ranging from 5 to 30 years.
Cons
No home saver option.
Limited network.
Pros & Cons
Application Procedure
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