A Canara Bank loan scheme for a takeover of home loan from another bank
A low-interest home loan from Canara Bank to pay-off your existing housing loan
Canara Bank Home Loan Plus (Takeover of Home Loan)
This loan helps housing loan borrowers pay off their existing home loan from another bank or other purposes. The residual period for the housing loan must be less than 5 years to be eligible for a takeover under this scheme.
Features of Canara Home Loan Plus
Why this Loan?
- The Canara Bank Home Loan Plus is meant for housing loan borrowers who want to transfer their home loan to Canara Bank
- This is a secured loan
- The maximum loan amount offered under this loan scheme is capped at Rs. 25 lakh
- The actual loan amount offered is decided by the bank on a case-to-case basis in such a way that the combined liability of the borrower under the existing loan and the proposed loan is up to 75% of the value of the property accepted at the time of sanction of the previous housing loan
- The applicable interest rate on this loan is defined as the sum of two factors namely, Repo Linked Lending Rate (RLLR) and Credit Risk premium based on the CIC Risk Grade of the borrower
- As of October 2020, the interest rate applicable to this loan may range from 7.45% to 9.50%
Repayment Period of Loan
- The maximum repayment period for this loan is 10 years. It must be repaid before the borrower turns 70 years of age
- Existing home loan borrowers between 18 to 65 years of age are eligible for this loan
- The borrower must have a satisfactory repayment track record for at least one year
- The residual period of the existing housing loan must be less than 5 years
- The bank accepts mortgage of residential property as well as the primary charge of collateral pledged under the previous loan scheme
Margin Money (Borrowers Contribution to Total Cost)
Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, a 20% margin means you will have to contribute Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.
- The bank charges up to 0.50% of the loan amount for processing the loan with a minimum of Rs. 100 and maximum of Rs. 500
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
- Property and existing loan related documents
- Canara Bank Website: www.canarabank.com and www.canarabank.in (net banking)
- Headquarters: Bengaluru, Karnataka
- Call Centre Toll-Free Number: 1800 425 0018