Canara Home Loan Plus
- Existing housing loan borrowers in the age group of 18 to 65 years, whose have a satisfactory repayment track record for at least one year.
- Any purpose, other than speculative purposes
- Either Overdraft or Loan Facility (Loan facility only, if residual period of Housing Loan is less than 5 years)
- Maximum quantum both for loans and also for overdraft facility shall be arrived at in such a way that combined liability of borrower under Housing Loan and the proposed loan does not exceed 75% of the value of property accepted at the time of sanction of housing loan.
- Quantum shall be limited to 10 months’ gross salary; maximum Rs.25.00 lakhs.
- Net Take Home salary shall not be less than 40%, after deducting EMIs towards Housing Loan & Canara Home Loan Plus.
- Selectively, sanctioning authority may reduce NTH stipulation to 25%.
- Quantum shall be limited to 75% of 3 years average gross income of the applicant subject to a maximum of Rs.25.00 lakhs.
- In case of pre-closure of housing loan liability, liability under “Canara Home Loan Plus” loan / overdraft account has to be cleared first.
Rate of Interest:
- Continuing security of the property mortgaged for Housing Loan
If Loan is sanctioned:
- Left over repayment period of existing housing loan or 120 EMIs, whichever is less.
- This is subject to clearance of loan before borrower attains the age of 70 years.
If overdraft facility is sanctioned:
- OD Limit shall be valid for 3 years subject to half yearly review.
- In cases where residual repayment of Housing Loan is less than 5 years, then the OD facility will be converted as Term Loan with applicable EMIs.
- 0.50% of loan amount; Min Rs.100/-; maximum Rs.500/-