15 Lakh Home Loan Canara Bank

The excitement of owning your first home is unparalleled. Canara Bank, a trusted name in Indian finance, bridges the gap between your dream and reality with their ₹15 lakh home loan scheme. This option is ideal for first-time homebuyers or those seeking financing for a cosy apartment. We'll explore the specifics of Canara Bank's 15 Lakh Home Loan – interest rates, eligibility criteria, and estimated monthly payments – to empower you to decide on this stepping stone to homeownership.

Canara Bank 15 Lakh Home Loan: Key Features

Canara Bank’s home loan scheme is tailored to meet diverse housing finance requirements, including:

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

To better understand the EMI, here is a table of the EMI calculations with an estimate of the range of interest rates offered by Canara Bank.

*Please note that these figures are approximate and subject to change based on the actual terms of the loan.

Fees and Charges

• Processing Fee: A nominal fee of 0.50% of the loan amount (minimum Rs.1500/—+ GST, maximum Rs.10,000/—+ GST) is applicable.
• Special Offers: Promotional waivers such as 50% off on processing fees during the Retail Loan Festival.
• Repayment Tenure: Up to 30 years or until the borrower reaches 75 years of age, whichever is earlier.
• Margin: Varies with the loan amount and age of the property, ranging from 10% to 25%.
• Canara Home Loan Secure: Offers financing for a one-time insurance premium for life and total permanent disability coverage through Canara HSBC Life Insurance Company Limited.

Eligibility Criteria

• Resident Type: Open to Resident Indians, NRIs, PIOs, and OCIs.
• Salaried Individuals: Requires at least 2 years of continuous service, with a minimum of 6 months in the current organisation.
• Non-salaried Individuals: Business owners and self-employed professionals must provide evidence of income through 3 years of ITR/ITAO.

Documentations

Completed Application Form: 

Include 2 passport-sized photos (applicant, co-applicant(s), guarantor if applicable).

KYC Documents:

• Proof of Identity: (PAN Card, Driver’s License, Voter ID, Passport, Aadhar Card)
• Proof of Residence: (Driver’s License, Voter ID, Passport, Aadhar Card, Utility Bill, Business Proof with GST)
• Age Proof: (PAN Card photocopy)

Employment-Specific Documents:

Salaried Individuals: Bank statements (past 6 months), Proof of employment (3 years – Form 16, ITR, ID/Appointment Letter, Confirmation Letter)

Business/Self-Employed: 

Balance Sheet & Profit & Loss (past 3 years), ITR/ITAO (past 3 years), Land records (if agricultural income included), Bank statements, Business Description, Business proof

NRI Applicants (Additional): 

Passport (first 4 pages & visa stamp), Work Permit, Salary certificate (attested), Overseas bank statements, Power of Attorney (for third-party authorisation)