Canara Bank Home Loans Rates

When you have made a decision about securing a home loan from Canara Bank India, you should also know about Canara Bank India home loans rates. Having a comprehensive idea about these interest rates will help you make a sensible home buying decision.

About Canara Bank India home loans rates

Canara Bank India home loans rates are one of the most competitive rates that we find in the home financing market in India. The table given below will give you a fair understanding about Canara Bank India home loans rates:

Canara Bank Interest Rate on housing loan with effect from 21st February, 2010:

Repayment	Upto Rs.30 lacs		More than Rs.30 lacs upto Rs.1 crore		More than Rs.1 crore upto Rs.3 crores		More than Rs. 3 crores
	FL	FX*	FL	FX*	FL	FX*
Upto 5 years	8.75	11.00	9.25	11.25	9.50	11.50
More than 5 years & upto 10 years	9.00	11.25	9.50	11.50	10.00	11.75	BPLR + 0.50% (Currently 12.50%)
More than 10 years & upto 25 years	9.25	11.50	10.00	11.75	11.00	12.00
Processing Charges
			Minimum		Maximum
	0.50%		500		1000

The fixed rate is subject to readjustment at the end of every 3 years.

Supplementary interest @ 0.25% on top of the card rates as mentioned above for acquiring a second flat/home will keep on being charged.

How much you have to contribute for getting a Canara Bank India home loan?

For loans upto Rs.20 lacs for construction/purchase of a new flat/ house (including those for purchase of plot and construction of house thereon), you have to contribute 15%. For the same purpose, if the loan amount is more than Rs.20 lacs, you have to contribute 20%. For purchasing an old flat/house with a loan amount of up to 20 lacs, you have to contribute 20%. For the same purpose, if the loan amount exceeds 20 lacs, you have to contribute 25%.

Margin is 25 % for both new and old houses regarding home loan schemes for purchasing a second flat/house specifically where the loan applicant already owns a flat/house with or without a loan.

What are the documents that you need to furnish for getting a Canara Bank India Home Loan?

• Sale Deed
• Specified Loan Application with 2 passport size photographs of loan applicant/guarantor
• Copy of the sanctioned plan for the projected extension/construction/modification
• Agreement for Sale
• Allocation letter of Apartment Owners’ Association/Co-operative Housing Society /NOC from the Society/Housing Board/Builders/Association.
• Comprehensive cost estimate /assessment report from Architect/Chartered Engineer of the Bank’s Panel
• Salary Certificate and Form No.16 (for salaried individuals)
• EC for the last 13 years, Legal Inspection Report, Khata, Property Tax paid receipt and approval for mortgage, anywhere required
• Income Tax returns filed for the last 2 years (for non-salaried individuals)
• P&L Account and Balance Sheet for the last 3 years (for self-employed individuals)
• A short reminder on the type of business, year of incorporation, type of establishment and so on (for self-employed individuals)

Tax benefits available from housing loans offered by Canara Bank India

Given below are the tax benefits available from Canara Bank India home loans:

• Under Section 80(c) of the Income Tax Act, 1961 tax benefits on repayment of principal amount of the loan up to Rs.100,000/- are available.
• Under Section 24(1) of the Income Tax Act, 1961, repayment of interest amount of Rs.1,50,000/- per annum is eligible for tax deductions.