For opting for a home loan, I called the Canara Bank helpline to know about the Canara Bank housing loan eligibility. I opted for a loan from Canara Bank because I had an account with them. A support staff asked me if I am a salaried or non-salaried person. I told him I am a salaried person and after that he told me about the eligibility criteria. I added all of that below.
What is the Home Loan Eligibility in Canara Bank?
The support staff told me that to be eligible for Canara Bank Home Loan, I must fulfill the following criteria.
Resident Type: I need to be a resident of India holding an Indian passport.
Age: According to him, my age needs to be between 18 to 60 years to avail the loan. He also said that to clear the liabilities need to be cleared before attaining 75 years of age.
Salaried Individual: As I told him I am a salaried person, he said that I should have a work experience of minimum 2 years and have completed 6 months of service in the current company.
And that’s all he told me about the Canara Bank home loan eligibility criteria. I hope you find this information helpful.
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Due to my inadequate finances, my Canara Bank home loan application was denied last year. Then, my brother suggested that I first review the detailed Canara Bank home loan eligibility criteria. I found online that to qualify for a home loan, I have to meet certain requirements such as having a reliable source of income, being under a certain age, having a good credit score, etc. Read on if you are also planning to get the home loan from this bank.
Canara Bank Housing Loan Eligibility Criteria
I found online that Canara Bank's eligibility requirements lower the bank's risk by guaranteeing that the prospective borrower has the financial means to repay the loan. However, while calculating the loan amount and interest rate, Canara Bank primarily takes the borrower's overall financial situation and ability to repay into account.
To be eligible for home loan eligibility in Canara Bank, you must fulfil the following criteria:
Age Criteria |
Minimum: 21 years Maximum: 60 years (Above 60 years - Only earning spouses or earning legal heirs may apply for the loan jointly.) |
Employment Type |
Salaried and Self-Employed (should possess a reliable source of income) |
Resident Type |
Indians; Non-Resident Indians (NRIs)- must hold Indian passports; Persons of Indian origin (PIOs) possessing a foreign passport; Overseas Citizens of India (OCI). |
Income Criteria |
Must have a minimum salary of Rs 25,000 |
Criteria for Salaried Individual |
Any person who has worked for the current organisation or firm for a minimum of six months and has a total of two years of combined regular and continuous service. |
Criteria for Non-Salaried Individual |
Any person working independently or in business, including architects, doctors, and certified accountants. This requires a submission of the last three years of ITR/ITAO in a documented form. |
In addition to the above requirements, I found that my creditworthiness and credit history will also be taken into account.
To improve your chances of receiving a house loan and realising your dream of home ownership, you must meet Canara home loan eligibility requirements.
Simplify Your Home Loan Process to Get Faster Approval via NoBroker.I hope you get an idea of the Canara Bank Home Loan Eligibility Criteria.
Read more -How to Apply Home Loan in Canara Bank?
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Authors Of The Question
What is Canara Bank Home Loan Eligibility?
Rishi
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2 Answers
9 months
2024-02-29T20:50:23+00:00 2024-08-06T15:01:31+00:00Comment
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