The Yuva Awas Rin home loan offered by Canara Bank is especially designed for salaried youth between the ages of 21 and 45 years. Women borrowers are offered a concession of 0.05% on the interest rate. The interest rate on this home loan starts from 8.65% p.a. with a maximum tenure of 30 years. The bank charges a low processing fee of 0.50% of the loan amount.
Canara Bank offers floating interest rates on the CANYAR home loan with rates pegged to their MCLR (Marginal Cost of Funds based Lending Rate). The current MCLR stands at 8.65%. The final rate you are offered will depend on your risk grade and other factors.
Here are the interest rates offered on the Yuva Awas Rin Home Loan:
|Loan Amount||Interest Rate for Women Applicants||Interest Rate for Other Applicants||Categories|
|Salaried employees (all loan amounts)||8.65% p.a.||8.70% p.a.||CIC Risk Grade (Low Risk Category)|
|Up to Rs.30 lakh||8.65% p.a.||8.70% p.a.||Other Categories|
|Rs.30 lakh to Rs.75 lakh||8.65% p.a.||8.70% p.a.|
|Above Rs.75 lakh||8.70% p.a.||8.75% p.a.|
The CANYAR home loan can be used for the following purposes:
If you wish to apply for the Yuva Awas Rin - CANYAR home loan, here are the criteria you need to meet:
The margin on this home loan is dependent on two factors – the loan amount and if the house/flat is new/old.
Here are the margins applicable on this home 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%|
*For repairs, renovations, etc. the margin is fixed at 25% of the project cost.
The processing fee applicable on this home loan is 0.50% of the loan, with a minimum fee of Rs.1,500 and a maximum fee of Rs.10,000.
The maximum loan tenure offered is 30 years or 70 years of age, whichever occurs earlier.
Yes. Here are the moratorium periods offered under this scheme:
Note: You will have to pay the pre-EMI interest and other applicable charges during the moratorium period.
The bank can as per its discretion relax this criterion on a case-to-case basis. However, in such instances, a personal guarantee or co-obligation from your parent will have to be provided mandatorily.
This will be determined by the total cost of your job. If the project cost is below Rs.10 lakh, then registration charges, stamp duty charges, and other documentation charges will be included in the project cost and your LTV (loan to value) ratio to stipulate your margin. If the cost of your project exceeds Rs.10 lakh, only the cost of your project will be used to determine your margin, ignoring any other charges such as stamp duty and registration fees.
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