Canara Bank Home Loan for Salaried Person

When on the lookout for the perfect home, nothing would ease making decisions better than a reliable home loan from a reputable bank. As the real estate market expects a growth rate (CAGR) of 9.2% during the five years from 2023 to 2028, the Canara Bank home loan for salaried employees offers attractive interest rates ranging from 8.5 to 11.25% and loan tenures of up to 30 years or till the borrower reaches 75 years of age.

Any applicant between the ages of 18 and 70 with steady service will find meeting Canara Bank home loan criteria for salaried people quite attainable. Let’s go through a few more details on the Canara Bank home loan for a salaried person.

Key Highlights

Canara Bank Home Loan for Salaried Person: Fees and Charges

The charges that are involved in Canara Bank Home Loan for salaried persons are:

1. 0.50% of HL as processing fee (min. Rs. 1500/-, max. Rs.10,000/-).
2. Until March 31, 2024, applicants enjoy a 100% processing charge waiver. 

Canara Bank Home Loan for Salaried Person: Documents Required

Here are the required Canara Bank home loan documents for a salaried person:

• Completed application form with two passport-size photos
• Age proof: Voter ID, Passport, PAN card, Driver’s License, Aadhar Card, etc.
• Address Proof: Passport, Aadhar Card, Driver’s License, Vehicle ID, Electricity Bill, Telephone Bill, etc.
• Income Proof: Bank statement of salary account for the past 6 months; confirmed service proof (Form 16 or ITR), supported by Employee ID/Appointment Letter/ Confirmation in services evidencing the duration of employment or IT returns.

Canara Bank Home Loan for Salaried Person: Eligibility Criteria

Canara Bank housing loan eligibility for a salaried person is as follows: 

• Residency: Resident Indians and Non-Resident Indians (NRIs) holding Indian passports; Persons of Indian Origin (PIOs) holding foreign passports; or Overseas Citizens of India (OCIs).
• Service Tenure: 2 years of continuous service experience with at least 6 months in the current organization.
• Age: Between 18 and 70 years.