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Canara Bank

CANARA BANK was established by Shri. Ammembal Subba Rao Pai, who was an ambitious and futuristic patron. The bank observed a remarkable growth and significant success during its long journey of over a century. The bank began its operations in Mangalore, Karnataka in July,1966 and later in 1969 nationalized to stretch within the Indian boundaries, reaching out to many Indian lives for meeting their financial needs. The bank stepped on to another ladder of success with diversification of its business in 1980’s. Canara pioneered in various types of financial services laying in a benchmark in the Indian financial industry, which includes:

• Launch of Inter-City ATM Network

• Obtain ISO Certification for a Branch

• Articulation of ‘Good Banking’ – Bank’s Citizen Charter

• Commissioning of Exclusive Mahila Banking Branch

• Launching of Exclusive Subsidiary for IT Consultancy

• Issuing credit card for farmers

• Providing Agricultural Consultancy Services

Along with its rich presence of over 5727 branches operating across the country the Financial Conglomerate has scaled up in the market over the years with 9 subsidiaries, sponsored institutions, joint ventures, both at a national and international level. The bank also caters to the need of its customers through its 9132 ATMs, covering 4081 centres. The bank offers a large spectrum of Loan Products viz:

Housing Loan

Home loans are granted for individuals who aspire to purchase their house or a flat, construction of a new house, purchase of a land and then a house on it.

Home Improvement Loan

Home loan improvement loans are offered to salaried or self employed individuals including NRIs who own a house or a flat and are looking for undertaking repairs, renovation, up gradation, and enhancing of further amenities in their house.

Canara Cash (Shares)

Canara Cash loans are loans that can be obtained on your investments such as shares, debentures bonds or units without liquidating your cash.

Canara Vehicle

Canara Vehicle loans offers loan for your dream vehicle including brand new or preowned four-wheelers , or even two wheelers.

Canara Site Loan

Canara Site Loan scheme is a scheme for purchasing housing site from state development or town planning development authorities, Central or State government authority either exclusively or in partnership with private sector, provided the layouts are approved from the statutory authority.

Canara Budget

Canara budget is a Personal Loan Scheme exclusively for the benefit of employees of Corporate, PSUs, Government Departments, Institutions such as Lecturers, assistant professors, professors of college, research institutions and universities whose salary account has been maintained with Canara Bank Branch.

Canara Pension

Canara pension is loan for senior citizen to meet the cost of medical expenses and other authentic needs of senior citizens drawing their pension from Canara Bank Branch.

Teachers Loan

Teachers loan is a loan offered to meet any genuine personal needs and not for speculative purposes. The loan can be availed by all the regular and confirmed teaching as well as non-teaching staff employed with schools, colleges having a salary account with Canara Bank and who have been drawing salaries through various branches of the bank. Acquiring an undertaking letter from respective office at District or Block level with a direction to not shift the salary account without a NOC from the branch is mandatory.

Swarna Loan(Gold Loan)

Swarna gold loan is a loan scheme where your gold can be mortgaged to meet an immediate expenditure such as medical expenses or any other emergency.

Canara Rent

Canara rent is a loan scheme provided to owners of the property in order to meet their business needs and or authentic personal needs, against the rent receivable. Such loans are granted in case the of propertied that are leased or rented out to PSU, Central government, State government, government undertakings, reputed corporates, financial institutions, insurance companies, MNC and banks including Canara Bank branch, office, quarters.

Canara Mortgage

Canara mortgage is a loan offered to the individuals for non-business purpose only, for meeting any unanticipated expenditures, immediate personal or medical needs etc.

Canara Jeevan

Canara Jeevan is a reverse mortgage loan scheme offered to senior citizens which enables the senior citizens to convert their dwelling house property into liquid cash flows to meet the financial needs of senior citizens. The purpose of this scheme is to add-on to the pension or other source of income to meet the financial need at your ripe age. It also allows you to smoothly maintain your family while meeting your medical as well as mortgaged expenses.

Housing Loan Scheme to Senior Citizens

This product allows senior citizens to purchase a new house, flat, construction of a house or a flat even after retirement. It also allows senior citizens to renovate their house such as undertaking repairs, renovation, up gradation, creation of additional amenities.

Canara Consumer Loan

Canara consumer loan scheme is a basically a personal loan scheme for the assisting salaried class businessmen, professionals to purchase durable utility such as articles, home appliances, furniture, computers, laptops, electronic gadgets, etc.

Canara Home Loan Plus

Canara home loan plus loan scheme is for existing housing loan borrowers falling between the age group of 18 to 65 years of age, having a satisfactory repayment track record for a minimum period of one year.

Premium Housing Loan to High Net worth Individuals

Premium housing loan to high net worth individuals is a housing loan scheme for individuals who have an annual gross income of Rs.25 Lac, and above for purchase of a residential property i.e. house, flat, purchase of a plot with simultaneous construction of house, etc.

Housing Loan to Agriculturists

Housing loan to agriculturists are the loans offered to agriculturists for the purchase of house, flat, construction of a house or a flat, purchase of a site and construction on the same site. These loans are offered to agriculturists only for their housing or non-agricultural purposes.

Home Loan for NRIs scheme

Home Loan scheme for NRI is applicable for NRI’s for the purchase of a already built house or a flat, construction of house or a flat, purchase of a site and construction of a house on it, for undertaking repairs, renovation, up gradation, creation of additional amenities.

For purchase of a second flat or a house where borrower already has a house without loan.

Canara Vehicle to Agriculturists

Canara Vehicle to agriculturist loan is a loan offered to agriculturists for purchase of brand new as well as used four wheeler vehicle (LMVs) of all types. Agriculturists who own and cultivate their land (>5 acres land) or 10 acres of dry land in their name with a minimum of 2 years of satisfactory dealing with Canara Bank can apply for these loans. Any other type of agriculturist such as dairy farming, poultry farming, crop plantation, horticulture activities, a minimum land holding is not applicable, rather in such cases minimum gross annual income of that agriculturist should be Rupees 4 Lac.

YUVA AWAS RIN – CANYAR

Yuva Awas RIN – CANYAR is a product that allows the salaried young people between 21 to years of age with a minimum of 2 years of confirmed working experience who have been working for Central Governments, State Governments, Reputed PSUs, Joint Stock organisation, Corporates, Public Limited organizations, Private Institution, IT organizations, BT companies or have been working as Lecturers, Assistant Professors, Professors in Colleges, Research Institutes and Universities.

The loan can be availed for the purchase a new house, flat, construction of a house or a flat. It also allows youth to renovate their house such as undertaking repairs, renovation, upgradation, or creation of additional amenities and meet their financial needs to help them do so.

COMBO LOAN SCHEME

Combo loan scheme is a loan offer for the existing reliable borrowers of Canara Bank to reward them by lending them loans with concessions. The type of loans that can be given under Combo Loan Schemes are (1) Home Loan Scheme (2) Canara Vehicle (4- wheeler Loan).

Eligibility and Documents for Salaried

Products Documents list Eligibility criteria and locations
Home Loan
  1. KYC Documents
  2. Salary Certificate and Form No.16 (in case of salaried persons)
  3. Legal Scrutiny Report, EC for the past 13 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary
  4. Allotment letter of Co-operative Housing Society / Apartment Owners' Association / Housing Board / NOC from the Society / Association / Builders / Housing Board
  5. Detailed cost estimate / valuation report from Bank's Panel Chartered Engineer / Architect
  6. Copy of the approved plan for the proposed construction / extension / addition
  7. Stipulated Loan Application with 2 passport size photos of applicant / guarantor
Salaried individuals confirmed in the service with a minimum service of 3 years. • The age of the borrowers should not be more than 55 years at the time of availing the loan. • Persons above the age of 55 years are also eligible subject to certain stipulations.
Personal Loan
  1. KYC Documents
  2. Salary Certificate and Form No.16 (in case of salaried persons)
  3. Stipulated Loan Application with 2 passport size photos of applicant / guarantor
• Salaried individuals with minimum monthly net salary of 40 % of their gross salary or Rs. 6,000/- after meeting the instalment for the proposed loan, whichever is higher. • Salary should be credited to the operating account of the applicant at our branch. Alternatively, a mandate to be lodged with employer to facilitate easy recovery of instalments. • Apart from income of applicant, income of spouse is reckoned for satisfying eligibility criteria
Loan Against Property
  1. Annual Financial Statements for the past 2 years
  2. Certificate of balance if finance is availed against property from any other source
  3. Approved plan of building
  4. Title deeds of the property / EC, latest tax paid receipt / Legal Scrutiny Report
  5. Income Tax Assessment Order / IT Returns
  6. Income proof of the applicant and guarantor
  7. Copy of lease deed
  8. KYC Documents
  9. Stipulated Loan Application with 2 passport size photos of applicant / guarantor
• Individual customers having satisfactory dealings with our bank • New customers well introduced and credit worthy with satisfactory banker's / market reports on them.
  1. Salary Certificate and Form No.16 / income proof
  2. Certificate by the Jewel Appraiser (Bank will arrange)
  3. Application for Swarna Loan
• Credit-worthy SB Account holders with satisfactory dealings or new customers properly introduced and credit-worthy.
Car Loan
  1. RTO Forms
  2. Salary Certificate and Form No.16 / income proof
  3. KYC Documents
  4. Stipulated Loan Application with 2 passport size photos of applicant / guarantor
• Salaried individuals should have a minimum gross salary of Rs. 3.00 lacs p.a. Net take home (NTH) salary after taking into consideration the installment of proposed loan should be 40% with a minimum of Rs.12000/- pm. • Other than salaried individuals should have a minimum gross average annual income of Rs.3.00 lacs p.a. (Average of last 3 years and as per ITR/ITAO). Net take home salary after taking into consideration the installment of proposed loan should be 40% with a minimum of Rs12000/- p.m.
2 Wheeler Loan
  1. RTO Forms
  2. Salary Certificate and Form No.16 / income proof
  3. KYC Documents
  4. Stipulated Loan Application with 2 passport size photos of applicant / guarantor
• Individuals including professional and salaried class. • Salaried individuals should have a minimum Gross Salary of Rs. 0.75 lacs p.a. and net take home salary of 40% after meeting the instalment of the proposed loan. • Other than salaried individuals should have a minimum annual income of Rs. 0.75 lacs to be evidenced by ITAO/ITR.

FAQs for Salaried

1. What is the quantum of home loans?
The maximum loan is four times gross annual income of the concluded financial year OR four times of average gross annual income of preceding four financial years. A higher quantum is considered selectively Minimum Net income/Net take home salary after meeting the instalment of the proposed Housing loan should be 40%. This can be relaxed selectively to 25%.
2. What is the Maximum tenure for Home loan?
The maximum repayment tenure is 30 years depending on the borrower’s category, age, purpose.
3. What is the quantum of 2 wheeler Loan?
• For Salaried Persons- 80% of the total value inclusive of invoice value, life tax, registration charges, insurance premium and other accessories. or to the extent of 50% of their annual net income in the immediate previous year, whichever is less. • For non-salaried individuals- 75% of the total value inclusive of invoice value, life tax, registration charges, insurance premium and other accessories or to the extent of 50% of their annual net income in the immediate previous year, whichever is less.
4. What is the Maximum tenure?
The maximum repayment tenure is 60 months depending on the borrower’s category, age, purpose.
5. What is the quantum of Mortgage Loan?
Up to 50% on the value of the property offered as security as per the valuation report of the bank's panel- value with a maximum Rs. 10.00 Cr.
6. What is the Maximum tenure for mortgage Loan?
The maximum repayment tenure is 84 months depending on the borrower’s category, age, purpose.
7. What is the security to be provided for Mortgage Loan?
EMT of un-encumbered residential house/flat/ commercial property in the name and possession of the borrower either self occupied or vacant or partially tenanted. Loan against vacant land only is not permissible.
8. What are the other Charges Payable for Mortgage Loan?
Inspection Charges: Upto Rs. 10 Lacs-Rs. 200/- per inspection Max.Rs.600/- per year. Above Rs.10 Lacs-Rs. 300/- per inspection or actual expenses incurred whichever is higher. All out of pocket expenses like Outsourcing Charges, CIBIL Charges, CERSAI Charges, Insurance premia, LSR Charges, Valuation Charges to be borne by the borrower.
9. What is the quantum of Gold Loan?
Minimum Rs. 10,000/- Maximum Rs.10,00,000/
10. What is the Maximum tenure for Gold Loan?
The entire loan is to be repaid within 12 months from the date of sanction as bullet payment along with interest. Interest will be accrued to the account at monthly rests compounded but will become due for payment along with principal only at maturity.
11. What is the security to be provided?
Specially minted gold coins sold by any Bank, Gold Ornaments

Eligibility and Documents for Self Employed

Products Documents list Eligibility criteria and locations
Home Loan
  1. KYC Documents
  2. Balance Sheet and P&L Account for the past three years (in case of self-employed)
  3. A brief note on the nature of business, year of establishment, type of organization, etc., (in case of self-employed)
  4. IT Returns filed for the past two years (in case of non-salaried persons)
  5. Allotment letter of Co-operative Housing Society / Apartment Owners' Association / Housing Board / NOC from the Society / Association / Builders / Housing Board
  6. Detailed cost estimate / valuation report from Bank's Panel Chartered Engineer / Architect
  7. Copy of the approved plan for the proposed construction / extension / addition
  8. Agreement for Sale
  9. Sale Deed
  10. Stipulated Loan Application with 2 passport size photos of applicant / guarantor
• Individuals engaged in business / professionals and self-employed persons. Such applicants should have been in the business/profession for a minimum period of 3 years. • The age of the borrowers should not be more than 55 years at the time of availing the loan. • Persons above the age of 55 years are also eligible subject to certain stipulations.