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www.canarabank.com : Canara Bank Housing Loan
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[QUOTE=MariPriya;177416][B]Housing Loan Purpose[/B]: For construction / purchase / repairs / additions / renovations of residential house / flat including the purchase of land and construction thereon. For taking over of the Housing Loan liability with other recognized Housing Finance Companies, Housing Boards, Co-operative Banks, Co-operative Societies and Commercial Banks at our prevailing low rate of interest. [url]http://www.canarabank.com/English/Scripts/pblHousingloan.aspx[/url] [B]Eligibility[/B]: ** SSalaried individuals, individuals engaged in business / professionals and self-employed persons. NRIs are also eligible to avail loans without specific permission of RBI. ** Persons above the age of 55 years are also eligible subject to certain stipulations of RBI. [B]How much you are entitled to [/B]: [B]We finance upto[/B]: ** 4 years of gross salary to salaried individuals. ** 4 years' gross annual income to individuals engaged in business or to self-employed persons. ** For NRIs up to 2 years' gross income and selectively up to 3 years' gross income. ** Selectively loan upto 5 years' gross salary/ income also permitted ** Rs.7.5 lacs for repairs / renovations / additions to the existing house / flat. Selectively upto Rs.15 lacs in Metro Centres. What is your contribution? Loans upto Rs.20 lacs Loans above Rs.20 lacs New house / flat (including those for purchase of site & construction of house thereon) 20% 20% Old house/flat 25% 25% Margin - 25 % for both new and old houses in respect of housing loans for acquiring second house / flat i.e., where the applicant is already owning a house/flat with or without loan. [B]Rate of Interest[/B] Please visit interest rate page for current rates. [B]Security[/B]: ** Mortgage of House / Flat [B]Repayment[/B]: ** In convenient equated monthly instalments upto 25 years or borrow attaining age of 70 years whichever is earlier (subject to conditions). [B]Processing Charges[/B]: ** Nominal processing fee of 0.50% (Min Rs.500/- and Max. Rs.10,000/-) is charged. (Waived during Retail Loan Festival period valid till 15.01.2012). [B]Prepayment [/B]: At your choice. In case of take over of liability by other banks / HFIs, no prepayment penalties in respect of Housing Loans carrying floating rate of interest. [B]Documents / Formalities[/B]: ** Stipulated Loan Application with 2 passport size photos of applicant / guarantor ** Sale Deed ** Agreement for Sale ** Copy of the approved plan for the proposed construction / extension / addition ** Detailed cost estimate / valuation report from Bank's Panel Chartered Engineer / Architect ** Allotment letter of Co-operative Housing Society / Apartment Owners' Association / Housing Board / NOC from the Society / Association / Builders / Housing Board ** Legal Scrutiny Report, EC for the past 13 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary ** Salary Certificate and Form No.16 (in case of salaried persons) ** IT Returns filed for the past two years (in case of non-salaried persons) ** A brief note on the nature of business, year of establishment, type of organization, etc., (in case of self-employed) ** Balance Sheet and P&L Account for the past three years (in case of self-employed) [B]Contact Us[/B]: Canara Bank Head Office 112, J C Road BANGALORE - 560 002.[/QUOTE]
