Housing Loan
Purpose:
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.

http://www.canarabank.com/English/Sc...usingloan.aspx

Eligibility:
** 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.

How much you are entitled to :
We finance upto:
** 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.
Rate of Interest
Please visit interest rate page for current rates.
Security:
** Mortgage of House / Flat
Repayment:
** In convenient equated monthly instalments upto 25 years or borrow attaining age of 70 years whichever is earlier (subject to conditions).
Processing Charges:
** 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).
Prepayment :
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.

Documents / Formalities:
** 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)

Contact Us:
Canara Bank Head Office 112, J C Road BANGALORE - 560 002.