This housing loan by Canara Bank is specifically targeted towards agriculturists or individuals partaking in allied activities including horticulture, planting, dairy or poultry activities. The interest rate on the Housing Loan to Agriculturists starts from 8.40% p.a. with an interest rate concession for women borrowers. The maximum repayment tenure offered is 30 years with a processing fee of 0.50% of the loan amount.
This home loan comes with a floating interest rate structure based on your risk grade and loan amount, among other factors. Women enjoy a concession of 0.05% p.a. on the interest rate.
The floating interest rate is pegged to the bank’s Marginal Cost of Funds Based Lending Rate (MCLR) which currently stands at 8.40%.
Find below the interest rates offered on Housing Loan to Agriculturists:
|Loan Amount||Interest Rate for Women Applicants||Interest Rate for Other Applicants||Categories|
|Salaried employees (all loan amounts)||8.40% p.a.||8.40% p.a.||CIC Risk Grade (Low Risk Category)|
|Up to Rs.30 lakh||8.45% p.a.||8.50% p.a.||Other Categories|
|Rs.30 lakh to Rs.75 lakh||8.55% p.a.||8.60% p.a.|
|Above Rs.75 lakh||8.60% p.a.||8.65% p.a.|
This home loan can be obtained for the following reasons:
Please note that the property for purchase should be non-agricultural and you must produce valid documents for the usage of housing/non-agricultural reasons.
You must meet the following eligibility criteria if you wish to apply for the Housing Loan to Agriculturists:
While applying for this loan, you need to submit certain documents as mentioned below:
The margin on this home loan offered by Canara Bank is based on your loan amount and whether the property (flat/house) is new or old.
Find below the margins applicable on this housing loan:
|Home Loan Amount||New House||Old House (Up to 10 years)||Old House (Below 10 years)|
|Up to Rs.30 lakh||10%||20%||25%|
|Rs.35 lakh to Rs.75 lakh||20%||20%||25%|
|Above Rs.75 lakh||25%||25%||25%|
*The margin is fixed at 25% of the project cost for repairs, renovations, etc.
The processing fee charged will be calculated based on your home loan amount. You will be charged a processing fee of 0.50% of the loan amount with a minimum of Rs.1,500 and maximum of Rs.10,000.
Yes. Here are the different repayment holiday periods for different home types:
This depends on the total cost of the project. If your total project cost is below Rs.10 lakh, then the stamp duty charges, registration cost, and other documentation charges will be included in your project cost to determine your loan-to-value (LTV) ratio as well as your margin.
If your total project cost is above Rs.10 lakh, then only your basic project cost (excluding stamp duty, registration fee, and other documentation charges) will be considered to determine your margin.
Yes. Your age should not be more than 70 years upon completion of your loan tenure.
Yes. You can apply for this housing loan from Canara Bank online.
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