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Home Loan | Apply For Home Loan Online | Lowest EMI on Housing Loans - Canara Bank

No upper limit on loan quantum (subject to income)
Lower Rate of Interest
Reducing Balance Interest Rate
No Prepayment penalty
Avail loan for Repairs/ Renovation of house/flat
Financing to acquire 2nd house/flat
Minimal processing charges.
Complimentary Credit Card.

Purchase of a ready built house / flat.
Construction of house / flat.
Purchase of a site and construction of a house thereon, along with additional component of loan towards cost of furnishing (i.e., fixed furnishing) as per the eligibility quantum of loan.
Loan for repairs/renovations : Housing Loan can be sanctioned up to Rs.15.00 Lakh to Repairs/Renovations subject to completion of three years from the commencement of the repayment date of the housing loan.
Takeover of the HL liability : Eligible accounts from All Public Sector Banks/Private Sector Banks /Co-operative Banks/Regional Rural Banks/NBFCs/HFCs (irrespective of the rating by ECAI) (subject to terms and conditions).
Loan Quantum :
- No upper limit on loan quantum.
- Salaried Individuals.
  Max: 72 times last drawn monthly gross salary.
- Selectively, loan upto 96 times gross monthly salary / income also permitted.
- Other than Salaried Individuals.
  Max: 6 times of annual gross income (average of three years immediately preceding current financial year).
- Selectively, loan upto 8 years’ gross annual salary/ income also permitted.
- Loan quantum for repairs / renovations
  Amount upto Rs 15.00 Lakh.
- Loan amount towards cost of furnishing and fixed enhancement
  Maximum upto 25% of the loan or Rs.50 Lakh whichever is lower*.
All above cases are permissible subject to production of documentary evidence regarding the gross annual income.
Processing charges
- Nominal processing fee of 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-+GST) is charged.
- Bank is celebrating Retail Loan Festival and waiver of 50% processing charges from 01.06.2024 to 30.06.2024.
- In case of takeover of HL liability from other Banks/FIs for Customers enrolled under Canara SB Premium Payroll package (Gold, Diamond & Platinum Variant), processing charge is waived till 30.06.2024.
Repayment tenure
- Upto 30 years or upto 75 years of age of the borrower, whichever is earlier.
Margin
- For New House/Flat & Old House/Flat (upto 10 years old)
  - up to Rs.30 Lakh : 10%.
  - Above Rs.30 Lakh & up-to Rs.75 Lakh: 20%
    Above Rs.75 Lakh: 25%.
- For Old House/Flat (>10 Years old) irrespective of Loan Quantum
  - Applicable margin is 25%.
All home loan borrowers are eligible to opt for life insurance cover
Canara Home Loan Secure shall aid by financing the one-time insurance premium payable to M/s Canara HSBC Life Insurance Company Limited for availing their Group secure life insurance term plan to cover risk under life and Total Permanent Disability for existing as well as new home loan borrowers.

*all other terms and conditions shall apply.

Resident Type
Resident Indians & Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport or Overseas Citizens of India (OCI).
Salaried Individual
Any individual with 2 years aggregated regular and continuous service with a Minimum completed service of 6 months in the current organization/company.
Non-salaried Individual
Any individual engaged in business & self-employed persons like, doctors, chartered accountants, architects and others. This is subject to producing of documentary evidence 3 years ITR/ITAO.
Entry & exit age of borrowers
Entry age of the borrower shall be less than 60 years for availing the loan & shall be able to clear the liability before attaining 75 years of age. If the entry age of the main borrower is 60 years & above, the loan shall be availed jointly with earning spouse/earning legal heirs only.
Takeover of the HL liability
Eligible accounts from All Public Sector Banks/Private Sector Banks /Co-operative Banks/Regional Rural Banks/NBFCs/HFCs (irrespective of the rating by ECAI) (subject to terms and conditions).

Purchase of a ready built house / flat
Construction of house / flat
Purchase of a site and construction of a house thereon, along with additional component of loan towards cost of furnishing (i.e., fixed furnishing) as per the eligibility
quantum of loan. In case of composite Housing loans, utilisation of loan amount for purchase of plot is restricted to 60% of eligible / sanctioned loan amount.
Housing Loan can be sanctioned up to Rs.15.00 Lakh to Repairs/Renovations subject to completion of three years from the commencement of the repayment date of the housing loan.
Under Expansion, Upgradation and Creation of Additional amenities housing loan can be sanctioned under two components:
- Component-1 : For expansion of existing unit, upgradation & creation of additional amenities for financing upto 75% of the project cost complying all other guidelines as applicable to regular housing loans.
- Component-2: For Housing Loans sanctioned, cost of furnishing (by way of fixed furnishing, immovable attachments/ enhancements) to be included in the total project cost with maximum upto 25% of the loan or Rs.50 lakh whichever is lower subject to other conditions.
For acquiring second house/flat where the borrower is already having a House/flat with or without loan.
Eligible accounts from All Public Sector Banks/Private Sector Banks /Co-operative Banks/Regional Rural Banks/NBFCs/HFCs (irrespective of the rating by ECAI) (subject to terms and conditions)

Stipulated Loan Application with 2 passport size photos of applicant / Co-applicants or guarantor.
KYC documents of applicant/ Co-applicants or guarantor:
Proof of Identity
PAN CARD/Driver’s License/Voter ID /Passport/ Aadhar Card etc.
Proof of Residence
Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.
Age proof of the applicant/ Co-applicants.
PAN card (photo copy).
Salaried individuals.
- Bank statement of salary account for past 6 months.
- Proof of confirmed service of 3 years: -
  Form No.16 & ITR if any supported by Employee ID/Appointment Letter/ Confirmation in services evidencing duration of the employment/3 years IT Returns.
- Business/Self-Employed individuals.
- Balance Sheet and Profit & Loss account for past three assessment years.
- ITR/ITAO filed for past three assessment years.
- In case of agricultural income is also included in ITR, Copy of lands records.
- Statement of Bank Account.
- Brief note on the nature of business.
- Proof of Business.
NRI applicants.
- Proof of identity
  Copy of first 4 pages of passport and page with visa stamp, or IC/PIO card.
- Valid work permit.
- Copy of salary certificate duly attested by Indian Embassy/ Consulate/ Employer.
- Account statement/ passbook of overseas bank showing salary and savings.
- Notarized Power of Attorney, if applicant proposes to authorize a third party to execute the documents/ complete the mortgage formalities/ avail the loan instalments.
Documents required based on the loan purpose:

For Construction of House	For purchase of Ready-Built House	For purchase of Flats
Title deeds of the property and link documents for the last 13 years.	Title deeds of the property and link documents for the last 13 years.	Title Deeds of Builder for last 13 years.
Encumbrance Certificate for past 13 years.	Encumbrance Certificate for past 13 years.	Encumbrance Certificate for past 13 years.
Khata Certificate/ Khata Extract	Khata Certificate/ Khata Extract.	Khata Certificate/ Khata Extract.
Upto date tax paid receipts of the property.	Upto date tax paid receipts of the property.	Upto date tax paid receipts of the property.
Copy of the approved plan for the proposed construction / extension / addition.	Copy of the approved plan	Sketch of Flat
An affidavit-cum-undertaking that applicant shall not violate the sanctioned plan, construction shall be strictly as per the sanctioned plan.	An affidavit-cum-undertaking from the applicant declaring that the built up property has been constructed as per the sanctioned plan and/or building bye-laws	Sanctioned Plan & License from competent authority.
Completion Certificate (within 3 months of completion of construction).	Completion Certificate.	Copy of Occupancy Certificate by Local Authority.
Allotment letter of Co-operative Society/Housing Board (wherever applicable)	Agreement of sale of property.	Agreement of Sale with Applicant.
In case of allotment of a plot by the Society, documents to be submitted are as follows : Extract of the Resolution Bye laws of the Society Payment receipts(original) Share Certificate(original) Title Certificate Property Register card extract Building Commencement Certificate.		Original Registration Receipts Original Stamp Duty Receipts (if any) Original receipts issued by the Builder to the Purchaser of the flat Certified copy of the Building commencement certificate Builder’s Demand Notice Property Register card extract
NOC from Society/Association/Builder/Housing Board (Wherever applicable).		NOC from Banker of Builder (wherever Project finance has been availed by the builder)
Copy of Lease Deed (wherever applicable)	Copy of Lease Deed (wherever applicable)	Original Sale Deed executed by builder in favour of purchaser.
	KYC documents of seller of property.

Additional Documents in case of Takeover from Other Bank/ FI.
- NOC from existing Banker regarding pre-closure.
- List of original documents held by Transferor Bank along with their attest copy.
- Copy of Sanction Letter.
- Statement of Loan Account from date of sanction.
- Any other documents as required by Bank.

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