Canara bank offers a wide range of home loans at attractive interest rates. There are certain schemes for NRIs as well. The bank offers loans for various purposes that include the purchase of a house/flat/site/construction of house over your site or undertaking house repairs/renovation/improvement and upgradation. It can also be used for acquiring a second house/flat where the borrower is having a home with/without a loan.
Features and Benefits of Canara Bank Home Loans
- Available for salaried/self-employed/professional individuals.
- Repayment tenure of up to 30 years/until you turn 70 years old.
- Loan sanction up to 4x or 6x gross annual income.
- Repayment holiday of up to 3 years for under-construction flats.
- Loan up to Rs. 15 lakh can be sanctioned for renovation and repairs.
- Most schemes also available for a balance transfer at no prepayment penalty for floating rate schemes.
- LTV starting from 90% for small-ticket borrowings.
- Pradhan Mantri Awas Yojna scheme is made available for eligible borrowers.
Types of Canara Bank Home Loans
Housing Loan
Canara Bank Housing Loan is made available for purchase/construction of a ready-built house/flat, for purchase of site and construction of the house (for composite Housing loans, utilization of loan amount for the plot is restricted to 60% of the eligible amount), for undertaking repairs/renovation/expansion/upgradation/creation of additional amenities, and for acquiring second house/flat if the borrower already has a house/flat with or without a loan.
Eligibility
- A minimum service of 3 years for salaried individuals/self-employed
- A limit of Rs. 15.00 Lakhs in case of repairs/renovations
- Individual must be between 21 and 60 years of age
- Persons above 60 years of age are also eligible subject to certain stipulations
- Decent credit score
Housing Loan to Agriculturists
Housing Loan to agriculturists is a tailor-made loan for individuals who are engaged in allied activities like diary/poultry, planters, horticulturists, etc. Repayment can be done in convenient equated monthly installments for up to 30 years or borrower attaining the age of 70 years, whichever is earlier.
Eligibility
- All agriculturists cultivating and owning an agricultural land of more than 5 acres of irrigated land/10 acres of dry land with 2 years of satisfactory dealing.
- A minimum gross annual income of 5 lakhs for those who are engaged in allied activities.
Housing Loan to NRIs
Canara Bank Housing Loan to NRIs is made available for purchase/construction of a ready-built house/flat, for purchase of site and construction of the house (for composite housing loans, utilization of loan amount for the plot is restricted to 60% of the eligible amount), for undertaking repairs/renovation/expansion/upgradation/creation of additional amenities, and for acquiring second house/flat if the borrower already has a house/flat with or without a loan.
Eligibility
- Applicant should have an NRI status for a minimum of 3 years.
- All NRIs having a valid Indian passport and Persons of Indian origin (PIO) having a foreign passport.
- Individual must be between 21 and 60 years of age.
- Spouse/close relatives of NRIs who are the Indian residents can join NRI as Joint applicants.
- Employment in abroad for a minimum period of 2 years with a valid job contract/work permit.
- Repayment can be done through EMIs for a maximum period of 30 years or upto 60 years of borrower’s age, whichever is earlier.
Yuva Awas RIN - CANYAR
Yuva Awas RIN Housing Loan is made available for the purchase/construction of a ready-built house/flat, for purchase of site and construction of the house (for composite housing loans, utilization of loan amount for the plot is restricted to 60% of the eligible amount), for undertaking repairs/renovation/expansion/upgradation/creation of additional amenities, and for acquiring second house/flat if the borrower already has a house/flat with or without a loan.
Eligibility
- Salaried youth between 21-45 years of age with 2 years of confirmed service working for State Govts./Central Govt./Reputed PSUs/Reputed Corporates/Joint Stock Companies/Public Limited Companies/IT Companies/Private Institutions/BT Companies or working as Lecturers/Professors in Colleges/Asst. Professors/Research Institutes and Universities.
- Repayment can be done through EMIs with a maximum tenure of 30 years or upto 70 years of age, whichever is earlier.
PMAY – Pradhan Mantri Awas Yojana
Canara bank offers CLSS for Economical Weaker Section, Lower Income Group, Middle Income Group categories under Pradhan Mantri Awas Yojana.
Credit Linked Subsidy Scheme (CLSS) is introduced by the Ministry of Housing & Urban Poverty Alleviation (MoHUPA), which was announced by Prime Minister Narendra Modi, with a vision of housing for all by 2022.
Under PMAY scheme, the beneficiary is eligible to avail interest subsidy on the purchase/construction/enhancement of a house.
Eligibility
- Available for Individuals only.
- Age should be above 18 years.
- Applicants should be of immediate family including self/spouse/unmarried children only.
- Annual combined income must be up to Rs. 6 lakhs for EWS & LIG category, Rs. 6.01 Lakhs to Rs. 12 Lakhs for MIG1 and Rs. 12.01 Lakhs to 18 lakhs for MIG2.
- Renovation/extension must be used to convert kuccha house to a pucca house.
- The beneficiary family must not own a pucca house in his/her/in the name of any member of his/her family in any part of India.
- The beneficiary family should not have availed any of the housing schemes from the Government of India.
Housing cum Solar Loan
Housing cum Solar Loan is offered to individuals for Grid-connected Roof Top Solar Photovoltaic (PV) System installation on the rooftop of the house as a part of Home Loan/without Housing Loan. Purchase/construction of flats is not permitted under this scheme.
Eligibility
- Salaried/self-employed individuals with a minimum service of 3 years.
- The age must be less than 60 years.
- NTH (Net Take Home) must be 25%.
- Should have a rooftop to install the Solar Equipment.
- Repayment can be done through EMIs with a maximum tenure of 20 Years or the period stipulated under Housing Loan, whichever is earlier.
