Purpose:

For furnishing house / flat with household furniture items, air conditioners, wardrobes, kitchen cabinets, refrigerator, washing machine, etc.,

• Can be availed along with a Housing Loan from Canara Bank OR
  
  

• Separately in cases where Housing Loan is obtained from other Banks / Financial Institutions OR Without any Housing Loans

This loan can also be availed where a Housing Loan is already obtained from us and the liability is subsisting.

Eligibility:

• Owners of House / flat who are salaried individuals / individuals engaged in business / professionals / self-employed. NRIs are also eligible.
  
  

• Salaried individuals with minimum 25% net take home salary or Rs.2000/- after meeting loan repayment, whichever is more.
  
  

• Other than salaried individuals - minimum annual income of Rs.50,000/- as evidenced by ITAO / IT Returns

Loan Quantum & Margin:

1. When availed along with Housing Loan from our Bank, amount upto one year's gross salary / income over and above the normal eligible amount for housing finance.
   
   

2. In other cases, one year's gross income / salary will be reckoned to determine the loan quantum under this Scheme.
   
   

3. Subject to above, normally, the maximum loan quantum shall be Rs.2 lacs. Higher quantum considered selectively.
   
   

4. If availed as a part of the housing finance from our Bank, then, the margin stipulated is 15%. In other cases, the margin is 20%.

Rate of Interest:

PLEASE VISIT OUR PAGE ON RATE OF INTEREST ON PERSONAL LOANS

Repayment:
In convenient equated monthly instalments upto 60 months.

Processing Charges:

• 0.50%of the loan amount minimum of Rs. 500 and maximum of Rs. 10,000 and no hidden cost. No application fee.

Disbursements :
Amount will be normally disbursed only after acquiring ready built house / flat or completion of construction of house / flat or completion of repairs / renovations, etc., where the loan is availed along with housing finance. In case this loan is sanctioned independent of a housing loan then, the loan can also be disbursed against proforma invoice, etc.

Documents / Formalities:

• Stipulated Loan application with 2 passport size photographs

• Latest Salary Certificate and Form No.16

• ITAO / IT Returns (for professionals and non-salaried persons)

• Proforma Invoices, cost estimates