Canara bank offers home loans at attractive rates and is known to have impeccable customer service. One of the first banks in the nation, it is also a symbol of trust for many. Known also for its competitive rates, it is a good choice for home loans.
We found 1 Canara Bank Home Loan
Loan Amount
:-
Floating
:9.25%
Tenure
:1 - 30 Years
Processing Fee
:0.50%(Max ₹ 10,000)
Documents
What you'll love
Perks
Balance Transfer
Top-up Loan Available
Part-Payment Available
No Guarantor Required
Door Step Service
E-Approval
Think about
Putting your hard earned money into buying a property is one of the wisest investments we can make. For most of us, it all begins with buying a piece of land either with a view to build a house at a later time or holding it as an investment apparatus. For some, buying a site can also be a second property investment after owning a house. Whatever the reason may be, real estate is evergreen and reaps long term monetary benefits.
As a trusted public sector bank in India, Canara bank offers a loans for a variety of housing needs which includes financial assistance for purchasing plots. The Canara site loan is the exclusive scheme that provides loans with pleasing features coupled with competitive interest rates. It offers loans to individuals looking forward to purchasing sites developed and promoted by state/town planning authorities, plots promoted by central and state government in association with private companies or offered exclusively. Layouts approved and developed by government agencies are also included.
In addition to the above, Canara Bank also encourages site loan borrowers to apply for a construction loan when they decide to build a structure on the vacant plot.
The quantum of Canara Site loan is 75 percent of the cost of the site or guidance value or the gross annual income of four years, whichever is lower.
The eligibility criteria which need to be fulfilled are as follows:
The margin for Canara Site loan is:
Plot | Margin |
Project cost consisting of site as shown in the allotment letter inclusive development charges, if any, which does not exceed 10 percent of the site cost | 25% |
Vacant plots by government development authorities | 30% |
Other vacant plots | 50% |
As security, the residential site which is planned to be purchased must be kept as mortgage. Personal guarantee or suitable co obligation of net worth could be insisted.
The following documents need to be submitted for availing Canara Site Loan:
The repayment period will be 10 years or until the borrower turns 65 years of age or the period permitted by the allotment agency for construction of the house.
Yes, this Canara site loan can be converted into a housing loan if you decide to get the construction financed. Once the housing loan is approved, the outstanding amount from the site loan will be transferred to the new loan account.
The repayment of the borrowed amount will commence a month after the loan amount is disbursed. No repayment holiday is offered. In cases where payment is made in parts, the repayment will commence after 3 months from the date of disbursement of the loan.
Documentation charges payable are charged at the rate of Rs.100 per lac of the disbursed loan amount. It is subject to a minimum of Rs.1,000 with an upper cap of Rs.25,000.
There is requirement for personal guarantee. The site remains mortgaged until full repayment of the loan and acts as collateral.
Canara bank provides a maximum repayment period of up to 5 years. You're free to choose a term of your choice.
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.