10 Lakh Home Loan Canara Bank

Sometimes, the perfect home comes in a smaller package. Canara Bank, a leader in customer-centric banking, recognises this with their ₹10 lakh home loan scheme. This option is perfect for financing a studio apartment, a compact yet stylish space, or renovations that breathe new life into your existing home. This guide provides a clear overview –  interest rates, eligibility, and estimated EMIs – to help you decide if this loan unlocks the door to your dream space.

10 Lakh Home Loan Canara Bank – Highlights

Following are the key features of Canara Bank 10 Lakh Home Loan:

10 Lakh Home Loan EMI for 10 & 20 years Canara Bank

Since Canara Bank offers a range of interest rates, this table presents estimates of that range.  For a more accurate estimate, refer to Canara Bank’s website or consult directly with the bank.

*Note: The exact EMI can vary based on the prevailing interest rates.

Fees and Charges

• Processing Fee: As mentioned earlier, it is 0.50% of the loan amount (a maximum ₹10,000). There is currently a 50% waiver on processing charges until March 31st, 2024.
• Legal and Valuation Charges: These are external charges levied by lawyers and property valuers and may vary depending on the property and location.

Documents Required

Application & KYC: 

Submit the completed application form with photos and KYC documents (proof of identity, residence, and age) for yourself, co-applicants, and guarantor (if applicable).

Employment Verification:

• Salaried: Provide bank statements (past 6 months) and employment verification documents (Form 16, ITR, ID/Appointment Letter, Confirmation Letter) proving 3 years of service.
• Business/Self-Employed: Submit balance sheets & profit & loss statements (past 3 years), ITR/ITAO (past 3 years), land records (if agricultural income), bank statements, a business description, and business proof.

NRI Specifics: 

Include a copy of your passport (first 4 pages & visa stamp), work permit, attested salary certificate, overseas bank statements, and notarised power of attorney (if authorising a third party).

Eligibility Criteria

• Salaried individuals, professionals, and self-employed individuals can apply.
• The minimum age requirement is generally 18 years.
• The maximum age limit for loan maturity can vary (around 60-70 years).
• A minimum salary or income threshold may be required.
• A healthy credit score is crucial for loan approval.