A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Canara Bank Home Loans for NRIs

    Canara Bank offers prospective NRI customers housing loans under their ‘Home Loans for NRIs Scheme’ at competitive interest rates starting from 8.70% p.a. with loan tenures up to 30 years. The processing fee associated with the NRI home loans is as low as 0.10% of the loan amount. Minimal documentation, flexible repayment options, and zero prepayment charges on floating-rate loans make them one of the most proffered housing loans in the present market. 

    Interest Rates for Salaried and Self-Employed 

    Description Salaried  Self-employed 
    NRI Home Loan Interest Rates  Starts from 8.70% p.a.  Starts from 8.75% p.a. 
    Loan Tenure  Up to 30 years  Up to 30 years 
    Processing Fees  0.10% of the loan amount (min. 500; max. Rs.10,000) 

    Eligibility 

    Age
    • Between 21-60 years of age
    Resident Status
    • Non-Resident Indians (NRIs) having a valid Indian passport
    • Persons of Indian Origin (PIO) having a foreign passport
    Income
    • You should have a steady income source
    • You must have a valid work/contract permit
    • You should have a minimum employment period of 2 years abroad prior to applying
    NRI Status
    • At least 3 years of NRI status while applying for the loan

    Documentation Required 

    Proof of Identity 
    • Photocopy of the first 4 pages of the valid passport. 
    • Photocopy of the page with the Visa stamp or IC/PIO card. 
    Proof of Residence
    • Valid driving license. 
    • Photocopy of utility bills. 
    Account Statement
    • Bank account statement for the previous 6 months
    Proof of Income for Salaried Applicants
    • Account statements of the overseas bank indicating salary credit and savings history. 
    • Photocopy of the employment contract. 
    • Original copy of the previous salary certificate/salary slip. 
    • Copy of the Salary Certificate attested by your Employer/Indian Embassy. 
    • Photocopy of Continuous Discharge Certificate (CDC) in case you are employed in the merchant navy.
    Proof of Income for Self-Employed Applicants
    • Balance Sheet and Profit & Loss Account for the last 3 years. 
    • Business Profile. 
    • Account statement from your overseas bank. 
    • Copy of identity card issued by the current employer. 
    Property Documents
    • Agreement for Sale. 
    • Sale Deed. 
    • Photocopy or blueprint of the approved building plan. 
    • The estimated cost of the project obtained from the bank’s panel-chartered architect/civil engineer. 
    • Allotment letter of the Co-operative Housing Society/Housing Board. 
    • No Objection Certificate (NOC) from the Housing Board/Builder/Association/Society. 
    • Property Tax Receipt. 
    • Legal Scrutiny Report. 
    • Encumbrance Certificate for the past 13 years. 
    • Khata and permission for the mortgage, if necessary. 
    • Original NOC under the Urban Land (Ceiling and Regulation) Act. 
    Other Documents
    • Valid Work Permit. 
    • Details of previous employment. 
    • Applicant Profile. 
    • Work Establishment Profile. 
    • Duly filled loan application form attested with 2 passport size photographs of all the applicants/co-applicants. 

    Features of Canara Bank NRI Housing Loans 

    • Avail home loan up to 4 times your annual income with NTH of 40% once the EMI has been proposed. 
    • Extended loan repayment tenures up to 30 years or until attainment of 70 years, whichever is earlier. 
    • Avail repayment holiday facility up to 2 months from the date of the first disbursement in case of loans availed for the purpose of buying a ready to move-in house/flat. 
    • Repayment holiday period up to 36 months from the date of the first disbursement on loans availed to purchase an under-construction property or 2 months after the completion of construction. 
    • Full waiver of prepayment charges on NRI home loans carrying floating interest rates. 

    FAQ’s

    1. What properties are eligible for financing under this loan?

    You can avail the NRI home loan if you are looking to: 

    • Purchase a ready-to-move-in flat/house. 
    • Construct a new house/property. 
    • Purchase a plot and construct a house on it later. 
    • Repair/renovate/alter the structure of an existing property. 
    • Transfer the outstanding loan amount from your existing lender. 
    • Purchase a second house after having purchased a house/flat with/without availing a home loan. 

    2. What security will I have to provide when availing the loan?

    You will be required to submit an equitable/registered mortgage by deposit of the Title Deeds of the property. If necessary, the bank might also require the guarantee of your Power of Attorney or the suitable Resident Indian as per the bank’s format. 

    3. What will be my down payment on this home loan?

    The down payment you will have to make on this loan will be dependent on several factors including (but not limited to) the amount borrowed, whether it is a new or an old flat/house, and it if it is an old flat/house, whether it is older than 10 years. 

    In case of a new house/flat, the down payment will be from 10% to 25% and for an old flat/house, it will be from 20% to 25% of the loan amount. 

    4. How much financing can I get for renovations and/or repairs?

    You can get up to Rs.15 lakh for renovations/repairs to be done on your home. 

    5. Can I avail tax benefits on home loans under the IT Act?

    As per the Income Tax Act, 1961, you can avail tax deductions up to Rs.2 lakh on the interest paid towards your home loan under Section 24. Similarly, you are eligible for tax benefits up to Rs.1.5 lakh on the principal repaid under Section 80C of the IT Act, 1961. 

      

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.