Canara Bank

Product Details

Bank Name

Canara Bank

Maximum Loan Tenure

Up to 30 years.

Maximum Loan Amount

No limit

Interest Rate

Floating: 8.45% to 11.25 per annum.
Fixed: 9.80% to 12% per annum.

Type

Both

Down Payment

10 to 25%.

Fees and Charges

Processing fees- 0.50%, minimum Rs.1500+GST and maximum Rs.10,000+GST
Pre-payment charges: NIL for floating interest rate. 2% on the fixed interest rate.
Late payment charges: Not mentioned by the bank.
Legal charges: At actuals.
Stamp Duty and registration charges: At actuals.

Minimum CIBIL Score

Not specified by the bank.

Down Payment and Fees

Housing Loan

Special Features

None

Eligibility Criteria

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: The 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.

Special Concession

Home Saver Option

Features, Eligibility and Concession

Pros

Complimentary credit card.
Minimal processing charges.
No cap on the maximum loan amount.
Available for both fixed and floating interest rates.

Cons

No Home Saver option

Pros & Cons

Application Procedure

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