What I can avail Canara Bank Housing Loan for?
Canara bank provides housing loan for the following purposes –
What is the applicable margin money I have to pay?
For new houses, a margin money of 10% of loan amount is mandatory for housing loans up to Rs. 30 Lacs. A margin money of 20% of loan amount is necessary for loans above Rs. 30 Lacs to Rs. 75 Lacs, and 25% for loans above Rs. 75 Lacs.
For old houses up to 10 years old, a margin money of 20% of loan amount is mandatory for housing loans up to Rs. 75 Lacs, and 25% for loans above Rs. 75 Lacs.
A margin money of 25% of loan amount is necessary for houses more than 10 years old. In case of repairs and renovations, expansion of existing unit, upgradation and creation of additional amenities, a uniform margin money of 25% of loan amount will be apply. And in case of Second/subsequent House, a margin money of 25% of loan amount will be applicable.
Do I have to provide any security or collateral for housing loan?
Yes, a mortgage of house or flat is mandatory for security of the loan.
What is the interest rate slab for Canara Bank Housing Loan?
An interest rate of 8.50% will be levied for housing loans up to Rs. 30 Lacs. Interest rate of 8.60% and 8.65% will be levied for loans above Rs. 30 Lacs to less than Rs. 75 Lacs and above Rs. 75 Lacs respectively.
Is there any special benefits or concession for female applicants?
Yes, a 0.50% concession is offered for all female applicants.
What are the housing projects approved by Canara Bank?
Click here to see the list of Approved Housing Loan projects by Canara Bank.
How is the margin calculated for my housing loan?
In case of Housing Loans where project cost is up to Rs. 10 Lacs, stamp duty, registration charges and other documentation charges can be included in the project cost for calculating the margin as well as for LTV ratio.
In all other cases where project cost exceeds Rs. 10 Lacs, the margin will be calculated only on the basic project cost, which should not include expenses towards stamp duty, registration and other documentation charges.
When I have to pay the margin for housing loan?
Margin should be contributed before loan disbursal. However, pro-rata and stage-wise contribution of margin is selectively permitted.
What is the maximum period I have before purchasing a land/plot or starting the construction of the housing, after the disbursement of loan?
You have a maximum period of 12 months to purchase a land/plot or begin the construction of the house on a self-owned land/plot.