Canara Bank Home Loan

Headquartered in Bengaluru, Canara Bank was established at Mangalore in 1906, and today it is one of the largest public sector banks of India.  The bank has now grown, made a strong network of more than 6639 branches and 10600 ATMs in all over India. Canara Bank has its presence in abroad too, offices in London, Hong Kong, Moscow, Tanzania, South Africa, Shanghai, Doha, Bahrain and in New York. The bank offers a wide variety of loan products, and services for its customer.

Buying your first home is a big and long term decision, and somehow your home is the biggest asset you can say you will create in your lifetime. Therefore, you need to spend enough time and effort choosing the right property that serves you and your family needs. To fulfill your need, Canara Bank offers home loan to its customers with an appealing interest rate.

Canara Bank Home Loan Rates

Canara Bank offers 8.35% rate of interest on home loans for loan amount up to INR 30 Lakh, with a special concession for women borrowers’ i.e.8.30%. For loans above INR 30 lakhs and up to INR 75 lakh, the interest rates for women applicants are 10.25%, and for male applicant it’s 10.30%.

Canara Bank Home Loan Eligibility

A bank needs a “proof” to believe on the details you fill in an online application form, and your repayment potential. For this, a bank take a thorough look not just on your income details, bank statements but also your assets and liabilities and credit history to see how you can handle repayments of home loan and other existing loans( if any).

Age: Your age plays an important role in determining your eligibility for home loan. Canara Bank Home Loan is generally available for a maximum tenure of 30 years. However your age and remaining year of service could restrict your loan amount. To be eligible for home loan, you must be at least 21 years of age at the time of loan commencement and loan tenure must not exceed 30 years subject to borrower’s age.

Net income: An applicant’s income is the second most important factor bank consider in determining your home loan eligibility. A borrower net monthly income or take home salary after deductions determines your actual home repayment capacity. It dictates how much loan EMI you are capable of paying after meeting your other expenses. Generally, a bank considers your 40% to 50% of monthly income available for repayment of home loan. The Canara Home Loan Eligibility for salaried persons differs from self-employed professionals.

Nature of Employment: The bank wants to check whether you are self-employed or salaried and what type of organization in which you are working. Basically, bank wants to know your job and income stability.

Canara Bank Home Loan Documents

In order to avail home loan, you need to submit basic documents along with loan application form. On the basis of these documents, bank determines your loan amount eligibility, and rate of interest. The loan amount varies for each applicant depending upon the repayment capacity and credit rating.

List of Common and Essential-Canara Bank Home Loan Documents

Duly completed application form with recent passport size color photo

Repayment track record of existing loans (if any)

Residential Proof

Processing Fee Cheque

Copy of PAN Card

Additional documents: In Case of Self Employed person

Bank statement of last 6 months

Income Tax Return and the computation of your total income certified by CA

Balance sheet, profit and loss account of last 3 years

In Case Of Salaried

An applicant needs to submit the TDS certificate, bank statement of your salary account for last 6 month.

Form 16

IT Returns

Copy of Sale agreement between you and builder

No objection certificate.

Resource link – https://canarabank.com/english/quick-access/interest-rates/loan-product/