People who are eagerly looking for a lender where they can get home loan often get confused between the suitability and availability. When you look for a home loan and the lender is ready to give you loan, you should not just run after it. You should always see if the loan is within your budget and is satisfying your needs or not. When Canara Bank home loan is within your reach, think about the purposes for which it is giving you the loan. Also, you should check monthly installment for the rate you are expected to get from the lender.
A home loan may continue for up to 30 years and thus it is important that you choose a loan amount and tenure which results in a budget EMI. Canara Bank home loan is available at floating rate of interest and vary for a salaried person and non-salaried person. Also, it is decided by the bank on the basis of your in-hand salary, credit score and proper documentation. By considering all these factors, you will be given the interest rate for Canara Bank home loan. Having income documents is very important to apply and get approval for the loan. You can check EMI for an expected rate of interest to get an idea whether or not you will be able to pay it or not.
Documents required for Canara Bank home loan
You have to make sure you have the documents listed below otherwise your Canara Bank home loan application will be rejected:
- Duly filled loan application form
- 2 passport size photographs
- Sale Deed
- Sale Agreement
- Copy of the approved plan for the construction, extension or addition to the house.
- Cost estimate / valuation report provided by Bank’s Architect/ Chartered Engineer
- Allotment letter from the Apartment Owners’ Association / Co-operative Housing Society/
- Housing Board or NOC from the Society/ Association/ /Builders/ Housing Board
- Legal Scrutiny Report, EC for the past 13 years, and permission for mortgage, and Property
- Tax paid receipt when required.
- Salaried Individuals: Salary Certificate and Form No.16
- Non-salaried persons: Last two years’ IT Returns
- Self-Employed: A brief note in the requisite format, with details about the business, such as type of organization, year of establishment, etc.
- Self-Employed: Past three years’ Balance Sheet and P&L Account.
Canara Bank Home Loan EMI Calculator
It helps in calculating the EMI in a few minutes by taking into account the basic details of your loan which are:
- Loan amount
- Interest rate
When you provide the above details, the calculator shows EMI, the total interest outgo, and total repayment amount (principal+interest). Here is an example with the loan amount ₹40 lakhs with the tenure of 15 years and interest rate of 8.75% p.a.
Total interest outgo: ₹31,96,030
Total amount: ₹71,96,030
You can check EMIs for different interest rate, tenure and loan amount to see which combination is suitable for you if you get Canara Bank home loan. The rate you will get from the bank would depend on the factors such as your income, age, property value, documentation submitted to the bank. The most important thing for you to know is that approval would only be given to properties which are legal and both lender and property are authorized.