Canara Bank Home Loan

Features:

• Home loan is available for construction/purchase/repairs/renovation of house or flat including purchase of land & construction.
• For purchase of new house (including readymade & construction-linked), the loan to value would be 85% for loan amount up to Rs 20 lakh and 80% for loan amount above Rs 20 lakh.
• For purchase of old house or flat, loan to value would be 80% for loan amount up to Rs 20 lakh, & 75% for loan amount above Rs 20 lakh.
• Loan can be repaid with EMIs within 25 years or age at loan maturity is of 70 years whichever is earlier.

Eligibility:

• Salaried individuals, individual engaged in business/professionals & self-employed person & NRI can apply for home loan.
• Salaried Individuals are entitled to 4 years of total gross salary a maximum loan amount which can be 4 years of gross salary.
• Self-employed or business individual are entitled to 4 years of gross annual income  
• For NRIs are eligible of 2 years annual gross income.

Charges:

• Loan processing charge: 0.50% of the loan amount minimum of Rs. 500 & maximum of Rs. 10,000.
• Prepayment charges: 2% of outstanding liability in case of  takeover of loan by other banks.
• Late payment charges: Nil only penal interest is collected.

Interest Rates:

·          Bank is currently offering interest rates on floating basis linked with the base rates, currently base rate is 10.25% effective from from 1.07.2011.

Documentation:

Salaried Individual

• Application form with recent photograph
• Salary slip of last 3 months
• Latest Form 16
• Bank statement for last 6 months
• Processing fee check
• Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
• Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
• Proof of age (any one) : Passport/Voter's ID/PAN card/' Birth certificate/life insurance policy or premium receipt
  Signature verification proof
• Repayment track record of existing loans/Loan closure letter

Self Employed

• Application form with recent photograph
• Bank statement for last 6 months
• Processing fee check
• Proof of age (any one) : Passport/Voter's ID/PAN card/'Birth certificate/life insurance policy or premium receipt
• Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
• Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
• P&L and balance Sheet for last 2 years certified/audited by CA
• Qualification proof of the highest professional degree
• Proof of existence
• Income Tax return/Computation of total income/Auditor's Report Balance sheet/Profit and loss account for last
  2 years certified by CA
• Repayment track record of existing loans/Loan closure letter
• Proof of office address
• Board Resolution in case of company