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Canara Bank Home Loan Eligibility

Canara Bank home loan sets an eligibility criteria which the applicant has to meet in order to get his or her loan sanctioned. The bank sets a specific eligibility age limit which the applicant has to complete. Apart from the applicant himself, a certain limit is set even on the co-applicant of the loan. Co-applicant can be a close relative, spouse, or son. Following are some of the criteria on which the bank gives a home loan to its customers.

The minimum age limit of the applicant and the co-applicant must be 21 years of age as on the date of application. The maximum age of a person should not exceed more than 60 years on the maturity of loan. Apart from the age limit the applicant of the home loan must have minimum of 2 years experience in an organization. In case of self employed people, the applicant must provide balance sheets of the previous years.

You can yourself calculate the eligibility of availing the home finance with the help of the following things:
  1. Gross income
  2. Interest payable
  3. EMI
  4. Loan terminated

This means you must give in proper details of the above mentioned things to the bank. It will later on be decided whether you are eligible to avail the housing loan or not. The bank has all the right to refuse home loan to an individual if it thinks you are not matching all the required formalities. The housing loan amount is negotiable. If the bank refuses to give you a particular amount, it would give you valid reasons for the same and also give you an option of either reducing the loan amount or increasing the loan term. Increasing the loan term will make you repay the loan for a longer period of time. Canara Bank customer care centers are situated in almost all parts of the country. Details about Canara Bank home loan eligibility can be acquired by calling on their toll free number 1800 425 0018.

You can also visit their official website www.canarabank.com for more details on the same.

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