Table of Content
First, the bank will compute per lac EMI based on the existing interest rate and maximum loan tenure. Bank will check your eligibility and if you are eligible in the category you have applied for like EWS/ LIG/ MIG-I/ MIG-II, then accordingly the interest subsidy would be credited in your bank account. Canara Bank home loan balance transfer option allows applicants to shift their existing housing loan from the current lender to Canara Bank.
With this loan, you can buy household furniture items, refrigerator, fans, air conditioners, wardrobes and any other essential household items. If the couple jointly owns the property, then the joint owner, who is above 60 years, will be the primary borrower. The life of the property should be at least 20 years.
Financial Calculators
You need to be ready with a specific amount for the payment of margin money, which actually is a certain percentage of the loan amount. Below is the table to find the margin amount for different loan amounts. I further authorize Wishfin to obtain such information solely to confirm my identity and display my Consumer Credit Information to me.
Maximum amount disbursed for repairs & renovation will be up to Rs.15 lakh. To be eligible for this scheme, the applicant should own at least 5 acres of irrigated or 10 acres of dry land. In all, Canara Bank Housing Loan eligibility criteria are easy to meet for all customer profiles. The borrower will at least need a minimum CIBIL score of 650 to increase the chances of loan approval.
Document Checklist for Canara Bank Home Loan
What is the security that has to be provided by an applicant to be eligible for the Canara Bank Home Loans? The applicant will be required to mortgage the house or flat to be eligible for availing a home loan from Canara Bank. Canara Bank Home Loan processing fee is nominal at 0.50% of the loan amount. The minimum processing charge will be Rs.1500 and the maximum fee will be Rs.10000. The tool also sends the computation via mail so that the borrower can make an understanding of the amount of EMI that will be one of the primary factors in making a decision.
It will map your income and savings before arriving at the desired figure. Suppose you work in a reputed firm with a net monthly salary of ₹60,000. So, if you want to know how much loan can you get, you have to wait just a little.
Margin or Loan to Value Ratio (LTV) Ratio: For New Home Loan
Canara Bank home loan interest rate starts from 8.55% p.a., with loan tenures of up to 30 years. While general borrowers can do it at 8.60%.The eligible home loan amount is 4 times your gross annual income and up to 5 years’ gross income permitted in select cases. The bank charges a nominal processing fee of 0.50% of the loan amount and zero prepayment charges for floating rate home loans. Also, you can avail up to 90% of the property value if it’s a new house/flat. The bank also offers loans of up to Rs.15 lakh for repairs or renovations. With certain preconditions, persons above the age of 60 years can avail the Canara Bank housing loan.
Not Exceeding 30 years of repayment or 75 years of age of the borrower whichever is earlier. However, loan for purchase of only site shall not be considered under Housing Loans. In case of composite Housing loans, utilisation of loan amount for purchase of plot is restricted to 60% of elaigible / sanctioned loan amount. What kind of job makes me eligible for Canara Bank home loan? You can either be a salaried employee or self-employed for obtaining this loan.
Canara Bank Home Improvement Loan
The loan can also availed for purchase, repair or renovation of existing residential unit in India. As for repairs & renovations, maximum of Rs.15 lakh will be approved. Up to 10 years or max construction time permitted by the allotment agency, whichever is earlier. The borrowers will then enter the amount of the loan.
For MCLR-linked home loans, the rate is reset after 6 or 12 months according to the agreement between the borrower and the bank. The interest rate applicable on the reset date will become the new rate on which the future EMI's will be calculated. MIG II households - households having an annual income above Rs. 12,00,000 and up to Rs. 18,00,000 and house size with carpet area upto 150 square meter.
Along with the interest rates and processing fees, home loans are subject to a variety of other charges. Before you apply for a Canara Bank home loan, check out the applicable fees and charges that you may have to pay. Subsequently, the bank will start the proceedings by letting its executive visit your office and residence to verify the details. If the details are found to be true, the bank will approve your loan application. Now, a bank-appointed chartered engineer or architect will visit the property you look to buy.
Regardless of the high EMI amounts, shorter tenure loans attract low-interest rates. I have taken Home Loan directly with CANARA bank past 5 years. I received the loan amount as per my expectation for the tenure of 17 years ,still the loan is on process,I have got the loan amount on time without any delay. How do I transfer my existing home loan to Canara Bank? You can transfer your existing housing loan to Canara Bank by applying for the balance transfer option. Before applying, get in touch with the executives to know the interest rate and other terms and conditions.
flat with or without loan.
The interest rate on the Senior Citizen home loan scheme varies from 8.65 % to 8.85 %. If a couple wishes to be a joint borrower of the loan, so for that at least one spouse should be above 60 years, and the other one should be more than 55 years of age. As the senior citizens come close to their retirement age, their biggest worry of leading a peaceful life, without any monetary issues, keeps hogging them. Canara Jeevan or Reverse Mortgage loan offered by Canara Bank promises to help them lead a carefree life. Both salaried, as well as self-employed people, are eligible to take the loan. The bank also promises to quickly process the loan so that the customer doesn’t have to face any problem.
In this case, Canara Bank Home Loan EMI Calculator will help the borrower in determining the interest rates and the total amount that needs to be paid. In other words, it constructs an idea of the loan and gets him ready to proceed. Besides that, it also helps in planning the finances, and if the loan is affordable, the borrower can opt for the one that can be afforded.
Pre-EMI is an option in which the borrower has to pay only interest on loan amount during the progress on the construction of the project. The actual EMI payment will be started only after his/ her possessing the house. It will be beneficial for them to switch to MCLR linked rate if the difference between what they are paying and what the bank is offering is significant. So they must switch to MCLR linked rates, if outstanding loan is high and the remaining tenure is also long.
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