20 Lakh Home Loan Canara Bank

Are you considering buying your first home or investing in a property with a budget of 20 lakhs? Such an amount can help you buy a decent home or a luxurious apartment. Thus, we're here to walk you through getting a home loan for up to 20 lakhs from Canara Bank. Find out if you qualify and what you need to get started. This simple guide is here to help everyone - whether you're working a 9-5, running your own business, or even if you're earning abroad. Let's make that dream home a reality!

20 Lakh Home Loan Canara Bank – Highlights

20 Lakh Home Loan EMI For 10 Years Canara Bank

20 Lakh Home Loan EMI For 20 Years Canara Bank

20 Lakh Canara Bank home loan – Fees and Charges

• Processing Fee: 0.50% (Min ₹1,500 + GST, Max ₹10,000 + GST)
• Prepayment Charges: None
• Late Payment Penalty: Applicable as per bank’s policy
• Legal & Technical Charges: As actual, for property verification
• Insurance Premium: Optional for loan protection

20 Lakh Canara Bank home loan – Documents Required

Applicants must submit:

• Identity and Residence Proof (Aadhaar, PAN, Passport)
• Salaried: Last six months’ bank statements, three years’ IT Returns
• Non-Salaried: Business proof, three years’ financial statements
• Property-related documents
• Employment or Business Stability Proof

20 Lakh Canara Bank home loan – Eligibility Criteria

To qualify for a 20 Lakh home loan from Canara Bank, applicants must meet the following eligibility criteria:

• The loan is available to Resident Indians, Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCI).
• Both salaried and non-salaried individuals are eligible. 
  • Salaried applicants should have at least two years of service, with at least six months in the current organisation. 
  • Non-salaried applicants, including business owners, self-employed professionals like doctors, chartered accountants, and architects, must provide proof of a stable income for the past three years, evidenced by Income Tax Returns (ITR) or Income Tax Assessment Orders (ITAO).
• The applicant must show a stable income sufficient to cover the loan’s monthly repayments.
• The entry age for borrowers should be less than 60 years, ensuring that the loan is fully repaid before the borrower attains the age of 75. If the primary borrower is 60 or older, the loan must be co-applied with an earning spouse or legal heirs with a stable income.
• A good credit score and history are essential to qualify for the loan, indicating the borrower’s ability to repay.