Canara Bank Housing Loan

Canara Bank Housing Loan

Can you tell me in details about the Housing Loan facility offered by Canara Bank? Tell me about the eligibility required to apply for it and what documents are required for that?

[Shaleen]

Canara Bank is an Indian state-owned bank which was established at Mangalore in 1906, making it one of the oldest banks in India. The government nationalized it in 1969. It has offices abroad in London, Hong Kong, Moscow, Shanghai, Doha, Dubai, and New York.

Canara Bank Housing Loan

Purpose:
a. Purchase of a ready built house / flat.
b. Construction of house / flat.
c. Purchase of a site and construction of a house thereon. However, loan for the purchase of only site shall not be considered.
d. For undertaking repairs, renovation, up gradation, creation of additional amenities with a ceiling of Rs. 15.00 Lacs in case of repairs & renovations.
e. For acquiring second house/flat where the borrower is already having a House/flat with or without loan.
f. For taking over of the HL liability from :
All Public Sector Banks/Private Sector Banks
NBFCs rated externally as A & above after ensuring that assessment by the NBFCs is acceptable and confirms to Banks policy guidelines.

Eligibility:
• Salaried person confirmed in the service with a minimum service of 3 years.
• One engaged in business / professionals and self-employed persons. Such applicants must be in the business/profession for a minimum period of 3 years.
• The age of the applicant should not be more than 55 years at the time of availing the loan.
• Persons above the age of 55 years are also eligible subject to certain conditions.

It finances upto:
• 4 years of gross salary to salaried individuals.
• 4 years' gross annual income to individuals engaged in business or to self-employed persons.
• Selectively loan upto 5 years' gross salary/ income also permitted
• Rs.15.00 lacs for repairs / renovations.

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)