A "low interest" loan shouldn't mean you have very little interest in paying it back!
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.
| Description | Women Borrowers | Other Borrowers |
| NRI Home Loan Interest Rates | 6.90% p.a. - 8.85% p.a. | 6.95% p.a. to 8.90% p.a. |
| Loan Tenure | Up to 30 years or till the borrower reach 70 years of age. | Up to 30 years or till the borrower reach 70 years of age. |
| Processing Fees | 0.10% of the loan amount (min. 500; max. Rs.10,000) | |
| Age |
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| Resident Status |
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| Income |
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| NRI Status |
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| Proof of Identity |
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| Proof of Residence |
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| Account Statement |
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| Proof of Income for Salaried Applicants |
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| Proof of Income for Self-Employed Applicants |
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| Property Documents |
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| Other Documents |
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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.
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.
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.
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.
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