Canara Bank Home Loan Plus

Features and Benefits

If you are interested in applying for this housing loan from Canara Bank, here are the features and benefits that you are offered:

1. You can apply for this loan as a term loan or overdraft. However, if your existing Canara Bank Home Loan only has a remaining tenure of 5 years, then you will only be eligible for a term loan.
2. Maximum loan amount - Rs.25 lakh for all applicants. Your combined liability towards your home loan and this proposed loan should not exceed 75% of your property value at the time your first loan was sanctioned.
3. There is no margin for this loan.
4. The same property that you mortgaged to the bank when you applied for your housing loan will continue to serve as security for this loan as well.

Repayment Periods

Term Loan - maximum repayment period:

1. The remaining tenure on your existing home loan or 120 EMIs, lower of the two.
2. The loan to be cleared before you turn 70 years old.

Eligibility Criteria

If you wish to apply for this housing loan from Canara Bank, here are the criteria you need to meet:

• Age:
  • Minimum - 21 years.
  • Maximum - 65 years.
• You must have a satisfactory repayment track record for the past 1 year.
• Salaried employees:
  • You are eligible for a loan amount of 10 months' gross salary.
  • Your Net Take Home (NTH) salary should not be below 40% after deducting the EMI towards your existing housing loan and the proposed loan.
  • On a selection basis, the NTH stipulation may be reduced to 25% by the bank.
• Non-salaried employees:
  • You are eligible for a maximum loan amount of 75% of 3 years' average gross income.

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