Canara Bank Home Loan interest rate 2023
In this era when we have loan policies for even the slightest things. The EMIs have made the entire thing easier than ever. In such a scenario of financial freedom and success, why not go for a home loan? Loan99will introduce you with various home loans policies for you to decide on your own. We shall provide information about the eligibility, home loans interest rates, tenure, purpose, tax benefits, loan transfer, foreclosure, etc. Loan99 is a one-stop solution for all your loan requirements and enquiry. We at Loan99 assure you that with our plans and information you will be able to make the smartest choice when it comes to home loan. You will get all the information here, thus reduced hassle. Loan99 is an endeavour to make your journey towards loan easier and stress free. We provide the following services that can ease out the entire process;
●Home search
●EMI calculator
●Talk to advisor
● Processing charges for home loan
●Service at your doorstep
●Loan disbursement process
●Pradhan Mantri Awas Yojna
Why a home loan ?
The Indian market for home buyers believes in creating assets for them whether it is gold, property or education. They have a strategic approach towards the future which includes assets that secure a future as well as enhance it. A house is not only the businessmen’s dream or the upper class dream. In fact in our country we have the majority of the middle class population who are going for home loans to bring into reality- the house of their dreams. The pandemic has shown what uncertainty of life can mean. It has released a chain of thoughts for everybody, as a result of which people are keen on building more and more assets in case of emergency.
Before getting into any specific home loans it is important to understand why a home loan is needed. A house is not just a place to live in. It is more than just a shelter. A house is needed and can be used as a way to generate more wealth. As mentioned earlier a house is an asset which can be sold at the right time to avail wealth, rented regularly to ensure a uniform flow of income, and lived in with absolute security and harmony.
A home loan is not something that only has short term benefits. In the long run a home loan is beneficial as a house is not something the value for which will depreciate over time. The appreciation value for houses is huge because of which it is a long term plan. Taking a home loan will not give you teary eyes as a house can be rented, the money for which can be used to pay the EMI. A home loan is also beneficial for your other financial plans. The inference is that once you have a home loan running,you keep track of a lot of other things as well. These include, payment due date, bank balance etc which allows to to have a financial planning.
A home loan is such a loan that will give you tax benefit for even the repayment of the loan. Trust us a home loan will not be a liability. The home loan for Canara bank is preferable because of its less documentation and interest rates. Buying a house is not merely buying a property for many but it is similar to buying emotions. House has a metaphorical significance in people’s life which is why we are here with our policies to enhance the overall process. We promise to even save you from the initial pinch of the EMI through planning your entire investment with you.
The canara bank Home Loan interest rate cover home loans for the following purposes:
1. Purchase of residential sites from the state government or any other body constituted by the government.
2. Plots known as DDA and HUDA, which are owned by Government Development Authorities
Canara Bank offers home loan under the following conditions :
●The purchase/ buying of a flat
●The construction of a flat or house for that matter
●Purchase of site and construction of house afterwards. It is to be noted that no loan can be provided in the case of only purchasing the site. If a house is to be built afterwards on the same site then only loan can be sanctioned.
●Canara bank also sanctioned a loan for the purchase of a second flat. In this case a loan will be sanctioned if a person is owning a house already, with or without loan.
●Loan will also be sanctioned for taking over the HL liability from all public, private and cooperative banks.
Home loan interest rate
● Security
When it comes to giving a security to the bank, a house or flat can be mortgaged against the loan.
Interest rates : there are two types of interest rates that can be followed
●Fixed interest rates
In this one the home loan interest rate or so to say the EMI will not be the dependent variable which will be affected by market conditions. Under fixed interest rates your interest rate will be locked for the entire tenure of your loan. Consequently, there will be no change in your EMI.
● Floating interest rates
In this type of interest rate, the housing loan rate will keep on changing every quarter. The loan rate of course will be pegged on the base rate only. So if any change happens in the base rate with respect to the RBI policy and market changes, then automatically the interest rates will change.
Before coming to the interest rates it is important to analyze what all factors the interest rates depend upon.
●Market conditions
●Your income
●Your age
●Your location
●Nature of employment
●Existing debts
●Nature and value of the property
●Risk policy of the bank
The interest rates for Canara Bank
As owning a beautiful house is a dream for many which is why Canara bank home loans go down to minimum interest rates. We believe dreams can only be fulfilled if we help others. With the same mindset Canara Bank, proceeds to provide loans for all the aspiring home loan takers.
●Canara Bank home loan interest rates for the month of January ranged from 6.90% - 8.90%. But this is applicable for the tenure of 30 years.
●Canara bank home loan balance transfer rates : Canara Bank is also there to reduce your burden by transferring your existing loan to their bank. The balance transfer facility at Canara Bank will enable you to enjoy lower interest rates accompanied by lower EMIs and Interest burden. You can transfer your home loan to Canara bank from anywhere after talking to their executives and getting information on interest rates and terms and conditions.
●The processing fee for the loan at Canara Bank will be 0.50% of the loan amount.
●For women beneficiaries the interest rates will have 0.05% less than the normal rates.
Apart from this we have Canara home loan plus the details about which are mentioned below:
Eligibility :
●Canara Home loan plus is applicable to the existing home loan borrowers who fall within the age group of 18-70 years.
●They should not be defaulters. Should have satisfactorily repayment record irrespective of period run with our bank.
Purpose
●The purpose is to meet unforeseen contingencies, educational expenses of children, dependents etc.
●It is a term loan type
Margin
●Salaried: 40%
●Non- Salaried class: annually EMI commitments should not exceed 50% of the annual income.
Repayment method
● Leftover repayment period of existing housing loan or 120 EMIs, whichever is less.
● This is subject to clearance of loan before the borrower attains the age of 70 years.
Processing charges
● 0.50% of loan amount
Documents Required
● ID proof(PAN card, Passport/Voter Id/Employer ID/Driving Licence/ Aadhaar Card/MNREGA No) with 2 PP photos
● Residence proof: Latest Tel bill, Bank Statement / Elec bill / Ration Card / letter from employer)
● Certificate from employer confirming confirmation of continuous service - For Salaried Only
● A brief note on nature of business / activity / business licence in case of self-employed
● Form 16 for last 3 years
● Bank Statement / Pass book of salary or Business A/c for last 6 months
● Balance sheet and P&L Account for last 3 years - For Self Employed
● Salary Slip for last six months - for Salaried
Income Tax returns with tax paid challans for last 3 years - For Self Employed