Canara Bank Home Loan in Purnea, Bihar

Planning to own a home is one of life’s most rewarding challenges. Plan building a home or buying a flat. Leave the financing to us. At Avyud Finance, We Can provide the right Home Loan from Canara Bank for you. Purchase of site and construction of house thereon. 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 eligible sanctioned loan amount.

EMI Calculator

Loan Amount

₹

500000

No. of Months

months

Rate of Interest

Monthly EMI

₹

₹ 32,124.56

Total Interest

₹

10,622.78

Principal Amount

₹

500000

Payable Amount

₹

160,622.78

Pay No.	Begining Balance	EMI	Principal	Interest	Ending Balance
1	150000.00	32124.56	28637.06	3487.50	121362.94
2	121362.94	32124.56	29302.87	2821.69	92060.07
3	92060.07	32124.56	29984.16	2140.40	62075.91
4	62075.91	32124.56	30681.30	1443.26	31394.61
5	31394.61	32124.56	31394.64	729.92	-0.03

Canara Bank Home Loan Important Information

Purpose

Purchase of a ready built house / flat.

Construction of house / flat.

Purchase of site and construction of house thereon. 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.

For undertaking repairs, renovation, expansion, upgradation and creation of additional amenities with a monetary ceiling of Rs. 15.00 Lacs in case of repairs & renovations only.

For acquiring second house/flat where the borrower is already having a House/flat with or without loan.

All Public Sector Banks/Private Sector Banks

NBFCs/HFCs ( rated externally as A & above ) only in the case of Salaried class of borrowers with proper due diligence and after ensuring that the assessment by the NBFCs is acceptable and conforms to Bank’s policy guidelines.

Eligibility Criteria for Canara Bank Home Loan

Salaried individuals confirmed in the service with a minimum service of 2 years.

Individuals engaged in business / professionals and self-employed persons. Such applicants should have been in the business/profession for a minimum period of 3 years.

The entry age of the borrower/s shall be less than 60 years at the time of availing the loan and the ostensible liability in the normal course should get cleared before the borrower/s attain the age of 75 years.

Persons above the age of 60 years are also eligible subject to certain stipulations.

Documents Required for Canara Bank Home Loan

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 Banks 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 three assessment 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)

Fees & Charges for Canara Bank Home Loan

Nominal processing fee of 0.50% (Min Rs.1500/- and Max. Rs.10,000/-) is charged

FAQ for Canara Bank Home Loan

Who can avail Canara Bank Home Loan?

Following categories of individuals, in the age group of 18 to 55 years are eligible for housing loans:

Salaried individuals confirmed in the service with minimum service of 3 years.
Individuals engaged in business & self-employed persons like, doctors, chartered accountants, architects and others. Such persons should have been in the business for a minimum period of 3 years.
Eligibility relating to the upper age limit is relaxed selectively, subject to certain conditions. However, the entire loan should be cleared before the borrower attains the age of 70 years.

What are the purposes for which a housing loan is sanctioned?

For purchase of ready built house / flat
For construction of house / flat
For purchase of site and construction of a house thereon
For undertaking expansion of existing unit, upgradation and creation of additional amenities
For undertaking repairs and renovations, subject to ceiling of Rs.15.00 lakhs
For taking over of the HL liability from other Public Sector Banks/Private Banks and NBFCs.

Whether Housing Loan is sanctioned for purchase of site only?

No. Housing loan is not sanctioned for purchase of site only.

What is the quantum of loan?

The maximum loan is four times gross annual income of the concluded financial year OR four times of average gross annual income of preceding four financial years. A higher quantum is considered selectively

Minimum Net income/Net take home salary after meeting the installment of the proposed Housing loan should be 40%. This can be relaxed selectively to 25%.

Whether income of the family is reckoned for arriving at loan quantum?

In the case of salaried individuals/businessmen/self-employed persons, the income of the family may be taken into account, subject to documentary evidence, for the purpose of computing the quantum 2 of eligible amount of loan.

But in case of 2nd Housing loan, income of only spouses can be clubbed for this purpose.

Note: This content is taken from Canara Bank website

Purpose for Home Loan

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