Canara site loan

Hi,

I need Canara site loan. What’s the maximum loan amount? Can I buy any plot?

Hi,

Canara Site Loan is a Loan Scheme for purchase of housing sites from State Development/Town Planning Development authorities, Central and State Governments, or local authorities, either exclusively or in partnership with private sector entities, or from any other body constituted by the Government for distribution of sites provided such layouts are duly approved by the concerned statutory authority.

Canara Bank will also take over accounts from other banks subject to fulfilment of above conditions. You can also avail a housing loan whenever required for construction of house on the sites purchased.

The amount of loan can be up to four years gross annual salary/income OR 75% of the cost of the site/guideline value, whichever is lower. The maximum tenure will be 10 years OR maximum period permitted by the allotment agency for construction of house or up to 65 years of age of the borrower at the time of closure of loan, whichever is lower.

The processing fees will be 0.5% of loan amount - minimum Rs. 1,500/- and maximum Rs. 10,000/-.

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Cheers,
BB Expert