Canara Bank offers all kinds of banking and financial services including Home Loans. The Home Loan Schemes extended to NRI quota is designed to accommodate the special needs of customers who are in the NRI category.
The interest rate for Canara Bank’s NRI home loan is linked to the Repo Linked Lending Rate (RLLR) which is 6.90% with effect from June 7, 2020. The rate of interest is also influenced by the credit risk premium over the RLLR. For women borrowers, the rate of interest ranges from 6.90% p.a. to 8.85% p.a. For all other borrowers, the rate of interest ranges from 6.95% p.a. to 8.90% p.a.
For the third and subsequent dwelling units, the applicable interest rate shall be 0.50% plus the rates given above.
There is a special category of Home Loans that is extended towards NRIs who are looking for:
After proposed EMI and margin requirements, the maximum loan amount you can take out is four times your annual gross income with NTH of 40%Margin:
|Loan Amount||Old House / Flat||New House / Flat|
|Upto 10 years old||More than 10 years old|
|Upto Rs. 20.00 Lacs||20%||25%||10%|
|Above Rs. 20.00 Lacs &
upto Rs.75.00 Lacs
|Above Rs. 75.00 Lacs||25%||25%||25%|
A uniform margin of 25% will apply in cases of Renovations & Repairs, Upgradation, and Expansion of existing unit as well as creation of additional amenities. Margin will be 25% for second/subsequent house as well.Repayment:
The repayment holiday will be between two and 18 months. It will depend on the purpose of the loan. The following table illustrates this:
|If the loan is taken for construction of house, where the land is already owned by the borrower||Maximum 18 months|
|If the loan is taken for the purchase of old house and for finishing / semi-finished house / repair of the house /modification||Maximum 12 months|
|If the loan is taken for purchase of flat/house that is already built and ready or for takeover of liability from other FIs.||Maximum 2 months|
Power of Attorney of NRI customers can be given to someone in India according to the specified format and stamped as per the law.
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