Canara Bank Kuteer Home Loan
The Canara Kuteer Home Loan is a specialised housing loan scheme. It is ideally designed to make homeownership more accessible and affordable for individuals across various income levels. As it focuses on inclusivity, the loan caters to individuals with annual household incomes below Rs. 3,00,000. The scheme is particularly beneficial for those looking to build a house on their own land, acquire a residential site, or purchase new or old homes, considering a more borrower-friendly credit option. For more detailed information, continue to scroll down. Hereunder, we offer a complete overview of the Canara Kuteer Housing Loan. Let’s dive in.
- Personalized Home Loan solutions
- Expert guidance
- Application assistance
- Credit score discussion
- Home Loan Interest rate comparison
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Reviewed ByCanara Kuteer Home Loan – Highlights
Here are the key parameters of a Canara Kuteer Home Loan:
| Minimum Loan Amount | 5 lakh |
| Maximum Loan Amount | 10 lakh |
| Loan to Value (LTV) Ratio | 75 – 90% of the property value |
| Loan Tenure | 30 years |
Canara Kuteer Home Loan – Features and Benefits
Here are the applicable features and benefits regarding a Kuteer Canara Home Loan scheme:
- Lower interest rates
- Minimal processing fees
- No Prepayment penalty
- ‘Reducing balance’ interest rate
- Fast fund disbursement
Canara Kuteer Home Loan Interest Rates
Following are the expected interest rates for a Canara Kuteer Housing Loan:
| Minimum Rate of Interest | 8.40% p.a. |
| Maximum Rate of Interest | 11.75% p.a. |
| Mean Rate of Interest | 9.41% p.a. |
Canara Kuteer Home Loan Fees and Charges
Here are the applicable fees and charges for a Canara Kuteer Home Loan:
| Fee/Charge | Amount |
| Processing fee | 0.5% of the loan amount |
| Prepayment Charges | Nil |
| Penal interest or Late Payment penalty | Up to 2% p.a. |
| Legal/Valuation Charges | At actual |
Canara Kuteer Home Loan – Eligibility Criteria
The eligibility criteria for the Canara Kuteer Housing Loan are as follows:
- Age Requirement: Be between 21 and 60 years old.
- Employment Types: Available to both salaried and self-employed individuals.
- Income Criteria: Applicable to those with an annual income below 3 lakh.
- Credit Score: A credit score of 700 or above is ideal.
- Residential Status: Open to both Indian residents and non-residents of India.
Canara Kuteer Home Loan – Documents Required
Following are the required documents for a Kuteer Canara Home Loan scheme:
- Proof of Identity: PAN Card, Driver’s License, Voter ID, Passport, Aadhar Card, etc.
- Proof of Residence: Aadhar Card, Ration Card, Electricity Bill, Telephone Bill, etc.
- Proof of Income: For salaried individuals, this could be salary slips, Form 16, and bank statements of the salary account. It would include balance sheets, profit & loss accounts, ITRs, and business proof for self-employed individuals.
- Proof of Property: Agreement for sale, sale deed, authorised blueprint of the planned building, etc.
- Additional Documents: Completed application form with 2 passport-size photos of the applicant/guarantor.
Canara Kuteer Home Loan – EMI Calculator
Following is the step-by-step procedure to estimate the EMI for a Canara Kuteer Home Loan
- Step 1: Visit the Urban Money website.
- Step 2: Click on the “Loan” tab at the home screen’s horizontal menu bar.
- Step 3: Select the “Home Loan” option and tap “Home Loan Calculator.”
- Step 4: You will be redirected to a new EMI Calculator page.
- Step 5: Enter the principal loan amount, tenure, and interest rate.
- Step 6: The calculator will instantly display the monthly EMI you must pay.
