{"id":366,"date":"2020-07-19T11:51:41","date_gmt":"2020-07-19T11:51:41","guid":{"rendered":"https:\/\/www.loanfasttrack.com\/blog\/?p=366"},"modified":"2020-07-19T11:51:41","modified_gmt":"2020-07-19T11:51:41","slug":"canara-bank-home-loan","status":"publish","type":"post","link":"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/canara-bank-home-loan\/","title":{"rendered":"Canara Bank Home Loan"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i.ytimg.com\/vi\/GpxCC2srJsY\/maxresdefault.jpg\" alt=\"Canara Bank Home Loan | Loanfasttrack\"\/><\/figure>\n\n\n\n<p>Canara\nbank is one of the leading housing loan providers among the nationalized banks.\nBeing a nationalized\/public sector bank with attractive &amp; affordable lowest\ninterest rate along-with flexible repayment tenures it remains the most\npreferred choice among the home loan borrowers. The housing loan interest rates\nof Canara bank start from 6.95% p.a. with a special discounted interest rate of\n6.90% for women borrowers.<\/p>\n\n\n\n<p>The\nhome loan with Canara bank is available for ready to buy property or\nunder-construction builder property, for construction of house, for purchase of\nsite and construction of loan thereon, for undertaking repairs, renovation,\nexpansion, upgradation and creation of additional amenities, for home\nimprovement and for loan takeovers. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Benefits of Applying Home Loan With Canara Bank<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Lowest\ninterest rate of 6.90% p.a.<\/li><li>No\nlogin-fees required.<\/li><li>Flat\nprocessing fees of 0.50% for home loans of any amount i.e. minimum Rs.1500\/-\nand maximum Rs.10, 000\/-.<\/li><li>Flat\ninterest rates (as applicable) for any loan amount. <\/li><li>Lenient\non the CIBIL scores.<\/li><li>Home\nloan available for all profiles.<\/li><li>Co-operative\nstaff and personalized services.<\/li><li>Home\nloan and home loan transfers available for borrowers who have applied for\nmoratorium during the covid-19 provided the basic requirement of minimum\naccount balance is maintained. <\/li><li>Home\nloan available for all borrowers irrespective of their working sectors\nincluding the most affected sectors during covid19 which includes transport,\naviation, tourism, hotels and restaurants, reality, construction, etc. provided\nthe basic requirement of minimum account balance is maintained.<\/li><li>Flexible repayment options upto 30 years.<\/li><li>Pre-sanction of loan possible without\nhaving selected a property.<\/li><li>PMAY credit linked subsidy schemes\navailable with subsidy upto Rs.2.67 lakhs.<\/li><li>Nil prepayment charges for floating\ninterest rate home loans.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Canara\nBank Home Loan Details<\/strong><\/h2>\n\n\n\n<p>Being\na government bank, the applicant feels secured for applying housing loan with <br>\nCanara bank. Below given are the details of Canara bank home loan.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Interest Rates<\/strong>: <\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>Floating\ninterest rates. <\/li><li>Interest\nrates start from 6.90% p.a. <\/li><li>Interest\nrates are linked to RLLR-Repo Linked Lending Rate. <\/li><li>Interest\nrates remain flat as applicable for any loan amount. <\/li><li>Since\nCanara bank is lenient on the CIBIL scores, interest rates differ with the risk\ngrade which range from 6.90% &#8211; 8.90%. <\/li><\/ul>\n\n\n\n<p><strong>Loan Amount<\/strong>: Minimum: NA, Maximum: 6x gross annual salary\n\/ gross annual income &amp; Rs.15.00 lakhs for repairs \/ renovations.<\/p>\n\n\n\n<p><strong>Loan Tenure<\/strong>: Maximum up-to 30 years.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Eligibility Criteria<\/strong>: <\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Regular\nflow of income.<\/li><li>Within the age group of 21 years to 70\nyears.<\/li><li>Applicants\nabove the age of 60 years are also eligible subject to certain stipulations.<\/li><li>Minimum 3 years work experience for\nsalaried borrowers.<\/li><li>Minimum 3 years into business for\nself-employed.<\/li><\/ul>\n\n\n\n<p><strong>Processing Fees<\/strong>: 0.50% on the loan amount or\nRs.10,000\/- whichever is low. Minimum processing fees is Rs.1,500\/-.<\/p>\n\n\n\n<p><strong>Prepayment\/Foreclosure Charges<\/strong>: Nil.<\/p>\n\n\n\n<p><strong>Loan To\nValue (LTV) Funding<\/strong>: Varies from 75%-90% depending upon the\nloan amount, market value of the property and the age of the property. <\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>Home\n  Loan Amount<\/strong>\n  <\/td><td>\n  <strong>LTV %\n  (On The Market Value Of Property)<\/strong>\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  <strong>Property\n  Age <\/strong><strong>\u2264<\/strong><strong>\n  10 Years<\/strong>\n  <\/td><td>\n  <strong>Property\n  Age &gt; 10 Years<\/strong>\n  <\/td><\/tr><tr><td>\n  Upto\n  30lakhs\n  <\/td><td>\n  90%\n  \n  <\/td><td>\n  75%\n  <\/td><\/tr><tr><td>\n  30lakhs\n  &#8211; 75lakhs\n  <\/td><td>\n  80%\n  \n  <\/td><td>\n  75%\n  <\/td><\/tr><tr><td>\n  75lakhs\n  and above\n  <\/td><td>\n  75%&nbsp; \n  <\/td><td>\n  75%\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p>Note:\nIn case of Housing Loans where the cost of the project is upto Rs.10.00 lakhs,\nstamp duty, registration charges and other documentation charges can be\nincluded in the cost of the project for the purpose LTV ratio.<\/p>\n\n\n\n<p><strong>Documents Required<\/strong>: KYC, income documents and property\npapers. Additional LOD (list of documents), Outstanding Letter and 12 months repayment\ntrack record are required in case of home loan balance transfers.<\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  KYC\n  <\/td><td>\n  Pan Card, Adhar Card &amp; Photograph\n  <\/td><\/tr><tr><td>\n  Income Documents\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  For Salaried\n  <\/td><td>\n  4 months Salary Slips, 6 months Bank Account\n  Statement, 2 years From 16.\n  <\/td><\/tr><tr><td>\n  For Self-Employed \n  <\/td><td>\n  3 years ITR\n  with Saral Copy, Balance Sheet, P&amp;L Account, Capital Account \u2013 CA\n  certified with membership no. and UDIN No.\n  <\/td><\/tr><tr><td>\n  Property Papers\n  <\/td><td>\n  Prior Chain of\n  Agreement, OC\/CC + approved plans, Index 2, Share Certificate, Society\n  Registration Copy, Property Tax.&nbsp; \n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p>Click\nfor <strong>Home Loan <\/strong>documentations &#8211; <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-salaried-list-of-documents-resale-case\/\"><strong>For Salaried<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-salaried-list-of-documents-resale-case\/\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-salaried-list-of-documents-resale-case\/\"><strong>resale case<\/strong><\/a> &amp; <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-salaried-list-of-documents-builder-case\/\"><strong>builder case<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-list-of-documents-for-self-employed-proprietorship-firm-resale-case\/\"><strong>For Self-Employed- Proprietorship Firm<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-list-of-documents-for-self-employed-proprietorship-firm-resale-case\/\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-list-of-documents-for-self-employed-proprietorship-firm-resale-case\/\"><strong>resale case<\/strong><\/a> &amp; <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-list-of-documents-for-self-employed-proprietorship-firm-builder-case\/\"><strong>builder case<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-list-of-documents-for-self-employed-private-limited-company-resale-case\/\"><strong>Private Limited Company<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-list-of-documents-for-self-employed-private-limited-company-resale-case\/\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-list-of-documents-for-self-employed-private-limited-company-resale-case\/\"><strong>resale case<\/strong><\/a> &amp; <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-list-of-documents-for-self-employed-private-limited-company-builder-case\/\"><strong>builder case<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-list-of-documents-for-self-employed-partnership-firm-resale-case\/\"><strong>Partnership Firm<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-list-of-documents-for-self-employed-partnership-firm-resale-case\/\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-list-of-documents-for-self-employed-partnership-firm-resale-case\/\"><strong>resale case<\/strong><\/a> &amp; <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-list-of-documents-for-self-employed-partnership-firm-builder-case\/\"><strong>builder case<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/nri-list-of-documents-for-applying-home-loan\/\"><strong>NRI<\/strong><\/a><strong>.<\/strong><\/p>\n\n\n\n<p>Click\nfor <strong>Home Loan Balance Transfer <\/strong>documentations\n&#8211; <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-balance-transfer-list-of-documents-for-salaried\/\"><strong>For Salaried<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-balance-transfer-list-of-documents-for-self-employed-proprietorship-firm\/\"><strong>For Self-Employed- Proprietorship Firm<\/strong><\/a>,<a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-balance-transfer-list-of-documents-for-self-employed-private-limited-company\/\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-balance-transfer-list-of-documents-for-self-employed-private-limited-company\/\"><strong>Private Limited Company<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-balance-transfer-list-of-documents-for-self-employed-partnership-firm\/\"><strong>Partnership Firm<\/strong><\/a>.<\/p>\n\n\n\n<p style=\"text-align:center\"><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><em>CLICK <\/em><\/a><\/p>\n\n\n\n<p style=\"text-align:center\"><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><em>TO TRANSFER YOUR HIGH INTEREST\nRATE HOME LOAN @ 6.90%p.a.<\/em><\/a><em><\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Canara Bank Eligibility Calculation<\/strong><\/h2>\n\n\n\n<p>Canara\nbank keeps the eligibility calculation simple. 4 times of gross annual\nsalary\/gross annual income is the income eligibility of the borrower. At times\n6 times of the gross annual income\/salary may be considered for enhancement of\nthe eligibility. The formula for calculation of the borrower\u2019s income\neligibility is as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>For Salaried Borrower <br>Gross Annual Salary as per ITR X 4<br>(4 times gross annual Salary as per ITR\/ITAO of the concluded financial year).<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>For Self-Employed Borrower <br>Average Gross annual Income of 4 years X 4<br>(4 times of average gross annual income of all the four years in the case of individuals engaged in business or self-employed persons subject to production of documentary evidence regarding the gross annual income.)<\/li><\/ul>\n\n\n\n<p>Loan\neligibility can be enhanced by adding income from other sources and by adding\neligible income of the co-applicant. <\/p>\n\n\n\n<p>Additional\nRead: <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/what-do-you-mean-by-loan-eligibility-in-home-loan\/\"><strong>What Do You Mean\nBy Loan Eligibility In Home Loan?<\/strong><\/a><\/p>\n\n\n\n<p style=\"text-align:center\"><a href=\"https:\/\/www.loanfasttrack.com\/emi-calculator.html\"><em><strong>CLICK TO CALCULATE YOUR EMI <\/strong><\/em><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Canara Bank Home Loan Schemes<\/strong><\/h2>\n\n\n\n<p>Canara\nbank has a range of home loans to meet the requirements of borrowers. These\nare: Canara Housing Loan, Home Improvement Loan, Canara Site Loan, Canara Home\nLoan Plus, and Canara Home Loan For NRIs. Home loan interest rates of the bank\nare linked to RLLR &#8211; Repo Linked Lending Rate. RLLR of the bank is 6.90% w.e.f.\n07.07.2020. The interest rates differ with the risk grade and range from 6.90%\n&#8211; 8.90%. <\/p>\n\n\n\n<p>1) <strong>Canara Housing Loan<\/strong><\/p>\n\n\n\n<p>Canara\nhousing loan is available for multiple purposes for purchasing a house,constructing\na house, purchasing a plot, and renovating a house. It is available for\nborrowers with stable employment\/business and income for at least 3 years.\nSpecial discounted interest rates are available for women borrowers. Below\ngiven is the interest grid for women borrowers and other borrowers according to\ntheir risk grade as on July 16, 2020. <\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>CIC- Risk Grade<\/strong>\n  <\/td><td>\n  <strong>RLLR<\/strong>\n  <\/td><td>\n  <strong>Women Borrowers<\/strong>\n  <\/td><td>\n  <strong>Other Borrowers<\/strong>\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  &nbsp;\n  <\/td><td>\n  <strong>Credit Risk Premium Over RLLR<\/strong>\n  <\/td><td>\n  <strong>Effective ROI Under RLLR<\/strong>\n  <\/td><td>\n  <strong>Credit Risk Premium Over RLLR<\/strong>\n  <\/td><td>\n  <strong>Effective ROI Under RLLR<\/strong>\n  <\/td><\/tr><tr><td>\n  CS: 1\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  0.00%\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  0.05%\n  <\/td><td>\n  6.95%\n  <\/td><\/tr><tr><td>\n  CS: 2\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  0.05%\n  <\/td><td>\n  6.95%\n  <\/td><td>\n  0.10%\n  <\/td><td>\n  7%\n  <\/td><\/tr><tr><td>\n  CS: 3\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  0.45%\n  <\/td><td>\n  7.35%\n  <\/td><td>\n  0.50%\n  <\/td><td>\n  7.40%\n  <\/td><\/tr><tr><td>\n  CS: 4\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  1.95%\n  <\/td><td>\n  8.85%\n  <\/td><td>\n  2.00%\n  <\/td><td>\n  8.90%\n  <\/td><\/tr><tr><td>\n  <em>Note: For Housing\n  loans under Commercial Real Estate (3rd &amp; subsequent dwelling unit) the\n  applicable rate shall be the above rate +0.50%<\/em>\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p><em>Note: Interest rates are subject\nto change as per RBI\u2019s discretion without prior notice.<\/em><em> <\/em><\/p>\n\n\n\n<p style=\"text-align:center\"><a href=\"https:\/\/www.loanfasttrack.com\/home-loan\/apply-online-now.html\"><strong><em>COMPARE\nHOUSING LOAN INTEREST OF TOP BANKS<\/em><\/strong><\/a><strong><em><\/em><\/strong><\/p>\n\n\n\n<p>2) <strong>Canara Site Loan<\/strong><\/p>\n\n\n\n<p>Canara\nsite loan is a loan scheme available for borrowers for purchasing of housing\nsites from State Development\/Town Planning Development authorities, Central and\nState Governments local authorities either exclusively or in partnership with\nprivate sector entities, or from any other body constituted by the Government\nfor distribution of sites provided such layouts are duly approved by the\nconcerned statutory authority. Additional housing loan can be taken for\nconstruction of house on the site. Takeover of loan is also allowed under this\nscheme provided the original loan is sanctioned for the mentioned purposes. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Eligibility: &#8211; Maximum age upto 60 years. <\/li><li>Eligible Applicant: &#8211; Salaried, Self-employed, Professionals &amp; NRI.<\/li><li>Eligible Loan Amount: &#8211; Four years gross Annual salary\/income OR 75% of the cost of the site\/guideline value (whichever is less).<\/li><li>Repayment Tenure: &#8211; Whichever is earlier of<br>&#8211; 10 Years OR <br>&#8211; Maximum period permitted by the allotment agency for construction of house OR<br>&#8211; upto 65 years of the borrower at the time of closure of loan. <\/li><li>Processing Fee: &#8211; 0.50% of the loan amount subject to a minimum of Rs.1,500\/- and maximum of Rs.10,000\/-.<\/li><li>Interest Rate: &#8211; Range from 7.95% &#8211; 9% p.a.<\/li><\/ul>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>CIC- Risk Grade<\/strong>\n  <\/td><td>\n  <strong>RLLR<\/strong>\n  <\/td><td>\n  <strong>Credit Risk Premium Over RLLR<\/strong>\n  <\/td><td>\n  <strong>Effective ROI Under RLLR<\/strong>\n  <\/td><\/tr><tr><td>\n  CS: 1\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  1.05%\n  <\/td><td>\n  7.95%\n  <\/td><\/tr><tr><td>\n  CS: 2\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  1.10%\n  <\/td><td>\n  8%\n  <\/td><\/tr><tr><td>\n  CS: 3\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  1.60%\n  <\/td><td>\n  8.50%\n  <\/td><\/tr><tr><td>\n  CS: 4\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  2.10%\n  <\/td><td>\n  9.00%\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p><em>Note: Interest rates are subject\nto change as per RBI\u2019s discretion without prior notice.<\/em><em> <\/em><\/p>\n\n\n\n<p>3) <strong>Home Improvement Loan<\/strong><\/p>\n\n\n\n<p>Home\nimprovement loan is a loan scheme available for purchase of household\nappliances and for furnishing the house, such as refrigerator, fans, air\nconditioner\/s, to put up wardrobes, etc. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Eligible Applicant: &#8211; <br>&#8211;   Salaried, Self-employed, Professionals &amp; NRI.<br>&#8211;   Salaried minimum net take home salary should be 25% of the gross salary or Rs.2000\/- after the deduction of EMI.<br>&#8211;   Self-employed &amp; Professional should have a minimum annual income of Rs.50,000\/-.<\/li><li>Eligible Loan Amount: &#8211; 1 year&#8217;s gross salary \/ income subject to maximum loan amount of Rs.2 lakhs. <\/li><li>Repayment Tenure: &#8211; Maximum upto 5 years.<\/li><li>Processing Fee: &#8211; 0.5% of the loan amount subject to a minimum of Rs. 1500\/- and maximum of Rs. 10000\/-.<\/li><li>Loan Disbursement: &#8211; <br>&#8211;   Loan amount is disbursed only after acquiring a ready built house or after completion of house construction or after completion of repairs &amp; renovations, etc. &#8211; when the loan is availed along with a housing loan. <br>&#8211;   Loan amount is disbursed against proforma invoice, etc. &#8211; when the loan is not availed along with a housing loan.<\/li><li>Interest Rate: &#8211; Range from 9.40% &#8211; 11.45% p.a.<\/li><\/ul>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>CIC- Risk Grade<\/strong>\n  <\/td><td>\n  <strong>RLLR<\/strong>\n  <\/td><td>\n  <strong>Credit Risk Premium Over RLLR<\/strong>\n  <\/td><td>\n  <strong>Effective ROI Under RLLR<\/strong>\n  <\/td><\/tr><tr><td>\n  CS: 1\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  2.50%\n  <\/td><td>\n  9.40%\n  <\/td><\/tr><tr><td>\n  CS: 2\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  2.55%\n  <\/td><td>\n  9.45%\n  <\/td><\/tr><tr><td>\n  CS: 3\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  3.05%\n  <\/td><td>\n  9.95%\n  <\/td><\/tr><tr><td>\n  CS: 4\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  4.55%\n  <\/td><td>\n  11.45%\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p><em>Note: Interest rates are subject\nto change as per RBI\u2019s discretion without prior notice.<\/em><em> <\/em><\/p>\n\n\n\n<p>4) <strong>Canara Home Loan Plus<\/strong><\/p>\n\n\n\n<p>Canara\nhome loan plus is a top-up facility available only for the existing housing\nloan borrowers of Canara bank who are having a satisfactory repayment track\nrecord for at least 1 year. The loan is available in the form of term loan of\nup to 10 years as well as overdraft of up to 3 years.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Eligibility: &#8211; Minimum age is 18 years and Maximum upto 60 years. <\/li><li>Eligible Applicant: &#8211; Only existing housing loan borrower having satisfactory repayment track record for at least 1 year.<\/li><li>Eligible Loan Amount: &#8211; Loan amount is subject to 75% LTV on the valuation of the property.\u00a0 <br>For Salaried &#8211; Loan amount is limited to 10 months gross salary subject to maximum Rs.25 lakhs.<br>(Pre-condition- net take home salary shall not be less than 40%)<br>For Self-employed &#8211; Loan amount is limited to 75% of 3 years gross income subject to maximum of Rs.25 lakhs. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Repayment Tenure: &#8211; <br>For Term Loan &#8211; Remaining repayment period of existing housing loan or 120 EMIs, whichever is less. (Subject the loan is closed before 70 years of the age of the borrower).<br>For Overdraft &#8211; 3 years.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Processing\nFee: &#8211; 0.50% of loan amount subject to a minimum of Rs.100\/- and maximum of\nRs.500\/-.<\/li><li>Interest\nRate: &#8211; Range from 7.45% &#8211; 9.50% p.a.<\/li><\/ul>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>CIC- Risk Grade<\/strong>\n  <\/td><td>\n  <strong>RLLR<\/strong>\n  <\/td><td>\n  <strong>Credit Risk Premium Over RLLR<\/strong>\n  <\/td><td>\n  <strong>Effective ROI Under RLLR<\/strong>\n  <\/td><\/tr><tr><td>\n  CS: 1\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  0.55%\n  <\/td><td>\n  7.45%\n  <\/td><\/tr><tr><td>\n  CS: 2\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  0.60%\n  <\/td><td>\n  7.50%\n  <\/td><\/tr><tr><td>\n  CS: 3\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  1.10%\n  <\/td><td>\n  8%\n  <\/td><\/tr><tr><td>\n  CS: 4\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  2.60%\n  <\/td><td>\n  9.50%\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p><em>Note: Interest rates are subject\nto change as per RBI\u2019s discretion without prior notice.<\/em><em> <\/em><\/p>\n\n\n\n<p>5) <strong>Canara Home Loan For NRIs<\/strong><\/p>\n\n\n\n<p>Canara\nbank home loan is available for NRIs with a valid Indian passport. NRI home\nloan is available for purchase of ready built house, for construction of house,\npurchase of site and construction of house (subject to purchase\nof plot is restricted to 60% of the sanctioned loan amount), for undertaking\nrepairs, renovation, expansion, upgradation and creation of additional\namenities and balance transfer of home loan.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Eligibility: &#8211; <br>&#8211; Minimum age is 18 years and Maximum upto 60 years. <br>&#8211; Must have NRI status for 3 years.<br>&#8211; Must have a valid Indian passport or foreign passports for PIO i.e. person of Indian origin.<br>&#8211; Must have a steady source of income.<br>&#8211; Must have 2 years minimum job experience with valid job contract and work permit.<\/li><li>Eligible Loan Amount: &#8211; Minimum: NA, Maximum: 6x gross annual salary \/ gross annual income &amp; Rs.15.00 lakhs for repairs \/ renovations.<\/li><li>Repayment Tenure: &#8211; Upto 30 years.<\/li><li>Processing Fees: &#8211; 0.10% of loan amount subject to a minimum of Rs.500\/- and maximum of Rs.10,000\/-.<\/li><li>Prepayment\/Foreclosure Charges: &#8211; Nil.<\/li><li>LTV Funding: &#8211; Varies from 75%-90% depending upon the loan amount, market value of the property and the age of the property. <\/li><\/ul>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>Home\n  Loan Amount<\/strong>\n  <\/td><td>\n  <strong>New\n  Property <\/strong>\n  <\/td><td>\n  <strong>LTV %\n  (On The Market Value Of Property) <\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>&nbsp;<\/strong>\n  <\/td><td>\n  <strong>&nbsp;<\/strong>\n  <\/td><td>\n  <strong>Property\n  Age <\/strong><strong>\u2264<\/strong><strong>\n  10 Years<\/strong>\n  <\/td><td>\n  <strong>Property\n  Age &gt; 10 Years<\/strong>\n  <\/td><\/tr><tr><td>\n  Upto\n  30lakhs\n  <\/td><td>\n  90%\n  \n  <\/td><td>\n  80%\n  \n  <\/td><td>\n  75%\n  <\/td><\/tr><tr><td>\n  30lakhs\n  &#8211; 75lakhs\n  <\/td><td>\n  80%&nbsp; \n  <\/td><td>\n  80%&nbsp; \n  <\/td><td>\n  75%\n  <\/td><\/tr><tr><td>\n  75lakhs\n  and above\n  <\/td><td>\n  75%&nbsp; \n  <\/td><td>\n  75%&nbsp; \n  <\/td><td>\n  75%\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<ul class=\"wp-block-list\"><li>Documents\nRequired: &#8211; Click to know <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/nri-list-of-documents-for-applying-home-loan\/\"><strong>NRI List Of\nDocuments For Applying Home Loan<\/strong><\/a>.<\/li><li>Interest\nRates: &#8211; Range from 6.90% &#8211; 8.90%. Interest rates vary according to the risk\ngrade. <\/li><\/ul>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>CIC- Risk Grade<\/strong>\n  <\/td><td>\n  <strong>RLLR<\/strong>\n  <\/td><td>\n  <strong>Women Borrowers<\/strong>\n  <\/td><td>\n  <strong>Other Borrowers<\/strong>\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  &nbsp;\n  <\/td><td>\n  <strong>Credit Risk Premium Over RLLR<\/strong>\n  <\/td><td>\n  <strong>Effective ROI Under RLLR<\/strong>\n  <\/td><td>\n  <strong>Credit Risk Premium Over RLLR<\/strong>\n  <\/td><td>\n  <strong>Effective ROI Under RLLR<\/strong>\n  <\/td><\/tr><tr><td>\n  CS: 1\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  0.00%\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  0.05%\n  <\/td><td>\n  6.95%\n  <\/td><\/tr><tr><td>\n  CS: 2\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  0.05%\n  <\/td><td>\n  6.95%\n  <\/td><td>\n  0.10%\n  <\/td><td>\n  7%\n  <\/td><\/tr><tr><td>\n  CS: 3\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  0.45%\n  <\/td><td>\n  7.35%\n  <\/td><td>\n  0.50%\n  <\/td><td>\n  7.40%\n  <\/td><\/tr><tr><td>\n  CS: 4\n  <\/td><td>\n  6.90%\n  <\/td><td>\n  1.95%\n  <\/td><td>\n  8.85%\n  <\/td><td>\n  2.00%\n  <\/td><td>\n  8.90%\n  <\/td><\/tr><tr><td>\n  <em>Note: For Housing\n  loans under Commercial Real Estate (3rd &amp; subsequent dwelling unit) the\n  applicable rate shall be the above rate +0.50%<\/em>\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<ul class=\"wp-block-list\"><li><em>Note: Interest rates are\nsubject to change as per RBI\u2019s discretion without prior notice.<\/em><em> <\/em><\/li><\/ul>\n\n\n\n<p>Additional\nRead: <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/everything-you-must-about-nri-home-loans\/\"><strong>Everything You\nMust Know About NRI Home Loans<\/strong><\/a><\/p>\n\n\n\n<p>Speak to our experts on <strong>9321020476<\/strong> or log on to <a href=\"https:\/\/www.loanfasttrack.com\/\"><strong>https:\/\/www.loanfasttrack.com\/<\/strong><\/a>\nfor additional details. You\ncan also email on <a href=\"mailto:info@loanfasttrack.com\"><strong>info@loanfasttrack.com<\/strong><\/a>.<\/p>\n\n\n\n<p>Loanfasttrack is a direct sales associate\nwith Canara Bank. <\/p>\n\n\n\n<p class=\"has-background has-very-light-gray-background-color\"><a href=\"http:\/\/www.loanfasttrack.com\"><strong>Loanfasttrack <\/strong><\/a>is the best online user friendly\nplatform to compare and evaluate the <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/best-banks-for-housing-loan-in-india\/\"><strong>best bank for home loan in India<\/strong><\/a>.\nLoanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on&#8211; <a href=\"https:\/\/www.loanfasttrack.com\/home-loan\/apply-online-now.html\"><strong>housing\nloan in Mumbai<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>mortgage\nloan in Mumbai<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/personal-loan\/apply-online-now.html\"><strong>personal\nloan in Mumbai<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/personal-loan\/apply-online-now.html\">,<\/a><a href=\"https:\/\/www.loanfasttrack.com\/business-loan\/apply-online-now.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/business-loan\/apply-online-now.html\"><strong>business\nLoan in Mumbai<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/business-loan.html\"><strong>unsecured business loans<\/strong><\/a>,<a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>home loan transfe<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>r<\/strong><\/a>, top-up loans, <a href=\"https:\/\/www.loanfasttrack.com\/car-loan.html\"><strong>car loans<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/car-loan.html\">,<\/a> educational loans and <a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>loan transfers<\/strong><\/a>. <\/p>\n\n\n\n<p>It also helps you:<\/p>\n\n\n\n<p>\u221a To find the<a href=\"https:\/\/www.loanfasttrack.com\/home-loan.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/home-loan.html\"><strong>best bank for home loan<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p>\u221a To get lowest<a href=\"https:\/\/www.loanfasttrack.com\/home-loan\/apply-online-now.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/home-loan\/apply-online-now.html\"><strong>home loan\nrates in Mumbai<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p>\u221a To get an<a href=\"https:\/\/www.loanfasttrack.com\/personal-loan\/apply-online-now.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/personal-loan\/apply-online-now.html\"><strong>instant\nloan in Mumbai<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p>\u221a To get instant <a href=\"https:\/\/www.loanfasttrack.com\/personal-loan\/apply-online-now.html\"><strong>personal loan in Mumbai<\/strong><\/a> &amp;<a href=\"https:\/\/www.loanfasttrack.com\/business-loan\/apply-online-now.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/business-loan\/apply-online-now.html\"><strong>business\nloan in Mumbai<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p>\u221a To make you\nqualify for the maximum<a href=\"https:\/\/www.loanfasttrack.com\/loan-against-property.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/loan-against-property.html\"><strong>loan\nagainst property eligibility<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p>\u221a To get a low\ncost<a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>home loan\nbalance transfer<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p>\u221a To get assured\nlow interest rates for<a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>loan\nagainst property in Mumbai<\/strong><\/a><\/p>\n\n\n\n<p>Additional\nRead: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-interest-rates%ea%98%a1compare-rates-of-top-banks\/\"><strong>Home Loan Interest Rates<\/strong><strong>\ua621<\/strong><strong>Compare Rates Of Top Banks<\/strong><\/a><strong><\/strong><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/must-know-all-costs-in-home-loan\/\"><strong>DON\u2019T GET\nFOOLED !! MUST KNOW ALL COSTS IN HOME LOAN<\/strong><\/a><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/everything-you-must-know-before-applying-for-a-housing-loan\/\"><strong>Everything You Must Know Before Applying For A\nHousing Loan<\/strong><\/a><strong><\/strong><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/how-to-read-home-loan-sanction-letter-of-bank\/\"><strong>Know How To Deal With The Increasing Interest Rates\nOf Housing Loans<\/strong><\/a><strong><\/strong><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/housing-loan-benefits-for-women-borrower-in-india\/\"><strong>Housing Loan Benefits For Women Borrower In India<\/strong><\/a><strong><\/strong><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/difference-in-applying-home-loan-with-public-bank-private-bank\/\"><strong>Difference In Applying Home Loan With Public Bank\n&amp; Private Bank<\/strong><\/a><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/why-home-loan-interest-rates-of-nbfcs-higher-than-banks\/\"><strong>Why Home Loan Interest Rates Of NBFCs Higher Than\nBanks<\/strong><\/a><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/the-slow-down-home-loan-industry-is-now-reviving\/\"><strong>The Slow Down\nHome Loan Industry Is Now Reviving<\/strong><\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Canara bank is one of the leading housing loan providers among the nationalized banks. Being a nationalized\/public sector bank with attractive &amp; affordable lowest interest rate along-with flexible repayment tenures it remains the most preferred choice among the home loan borrowers. The housing loan interest rates of Canara bank start from 6.95% p.a. with a &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[42,43],"class_list":["post-366","post","type-post","status-publish","format-standard","hentry","category-finance","tag-canara-bank-home-loan","tag-canara-bank-loan"],"_links":{"self":[{"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/posts\/366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/comments?post=366"}],"version-history":[{"count":1,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/posts\/366\/revisions"}],"predecessor-version":[{"id":367,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/posts\/366\/revisions\/367"}],"wp:attachment":[{"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/media?parent=366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/categories?post=366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/tags?post=366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}