A home loan can fulfill the different needs of individuals. With a home loan, individuals can not only buy a home for themselves as a future investment but also can upgrade or repair their homes. Among several options at their disposal, Tata Capital Home Loan is one of the popular options among customers for a few crucial reasons. These reasons are affordable interest rates, quick loan amount disbursal, flexible repayment methods, highest home loan eligibility, etc. But one of the best things about this home loan facility from Tata Capital is multiple application methods through which you can get this home loan. With multiple application methods, Tata Capital Home Loan provides convenience to customers, so they can choose any of the methods according to their needs. There are 4 methods - Online, Phone, Virtual Assistant and Branch. In this article, we will be discussing these application methods along with the steps in the application process so that you can understand them better.
If you are planning to buy a flat in your desired area, and collect some money for it, but lack some amount more, don’t worry apply for a canara bank home loan. Read this post and find how a canara bank home loan will help you meet the money requirement for a flat purchase, and the benefits it has. So read further if you are seeking to purchase a flat in India.
Loan amount
Canara Bank will finance upto 6X your gross annual salary as per ITR/ITAO of the concluded financial year (if you belong to the Salaried Class). Otherwise, it is 6X the average gross annual income (if you are engaged in business or self-employed production). For this you need to submit the documentary evidence regarding the gross annual income of your business.
Am I Eligible for Canara Bank Home Loan?
Yes, you can borrow the Canara Bank home loan, if you meet the below criteria:
The confirmed salaried individuals who are currently in the service with a minimum experience of 3 years.
Individuals who are engaged in business or professionals and self-employed persons who have been in their current business or profession for a minimum period of 3 years.
Your age at the time of loan application must be less than 60 years, because in the usual cases the canara bank home loan is cleared before the borrower/s attain the age of 70 years.
If you are above the age of 60 years, also you are eligible for the canara bank home loan that is subject to certain stipulations.
Your Contribution in Flat Purchase
Canara Bank puts a margin over the home loans, that means you need to manage the rest of money by yourself. So if you have savings for the flat purchase, how much do you have? Or does it cover your flat purchase expenses, find out in this table below:
Note: The margin amount for Canara Bank home loan is stipulated as per the total flat cost. In case of a loan where flat cost is upto INR.10.00 lakh, stamp duty, registration charges and other documentation charges will also be included in the flat cost for the purpose of stipulating canara bank home loan margin as well as for LTV (loan to value) ratio.
Canara Bank Home Loan Interest Rates
You must borrow a home loan, by checking its interest rate. So let;s find out at what rate Canara Bank offers you a home loan.
Note: Canara Bank home loan interest rate based on the bank current repo linked lending rate, that means your loan interest rate will fluctuate as the RLLR changes.
How to Repay the Canara Bank Home Loan?
You can do the payment in a convenient equated monthly installments (EMI) upto 30 years or until you attain the age of 75 years whichever is earlier. The borrower will also get a repayment holiday in the case of purchase of a ready built flat, where the loan repayment shall commence within 2-months from the date of its first disbursement.
In case of purchase of a flat under construction, the repayment shall start within 2-months of completion of construction or 36-months from the date of its first disbursement, whichever is earlier.
So, this is how you can do the Canara Bank home loan repayment.
Is there any Extra Charge for Canara Bank Home Loan?
The bank will charge a nominal processing fee of 0.50% of your loan amount that is subject yo a minimum of INR.1,500/- and Maximum INR.10,000/-.
What Documents Do You Need for Canara Bank Home Loan?
The following are the list of documents which must be ready, so the loan will be approved without any hassle or delay.
A stipulated duly filled loan application form
2 passport size photos of applicant or the guarantor
Sale Deed of the flat/property
Agreement for Sale of the flat
Copy of the approved plan for the proposed flat construction
Detailed cost of the flat as estimated from Bank's Panel Chartered Engineer or Architect
An allotment letter from the Co-operative Housing Society, Apartment Owners' Association, Housing Board, NOC from the Society, Association, Builders, or Housing Board.
Legal Scrutiny Report such as EC for the past 13 years, Property paid tax receipt, permission for mortgage, wherever it is necessary.
Salary Certificate (for a salaried person)
Form No.16
Filled IT Returns for the past 3 assessment years (for non-salaried persons)
Nature of business, year of establishment, type of organization, etc., (for self-employed will be required)
Balance Sheet and Profit & Loss Account for the past 3-years (for self-employed)
So if you are interested in Canara Bank Home Loan, for more details, visit the nearest bank branch or call the toll free number 1800 425 0018.
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