40 Lakh Home Loan Canara Bank

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Pursuing the goal of homeownership within a 40 lakh budget represents a significant milestone for many. Understanding the pathway to financial support is crucial. This guide aims to elucidate the process of securing a home loan from Canara Bank. It will address critical aspects such as eligibility requirements, loan quantum, repayment terms, and procedural steps for application. They are designed to cater to a diverse range of applicants. Are you prepared to unfold the roadmap to acquiring your ideal property? Let us proceed with clarity and purpose.

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End-user (customer)hereby consents to Loantap financial technology being appointed as your authorized representative to receive your Credit Information from Equifax on an ongoing basis until the purpose of Credit Risk Assessment. is satisfied or the expiry of 6 months from the date the consent is collected; whichever is earlier.

This End User Agreement (the “Agreement” ) is made between you (the “User” or “You” ) and Urban Money Private Limited hereinafter referred to as “URBAN MONEY ”, a private limited company having its registered office at 1st Floor, Tower A, M3M Urbana Business Park, Sector 67, near M3M Urbana, Gurugram, Haryana 122001. (“Urban Money ”, “Us” or “We”, which term shall include its successors and permitted assigns). The User and URBAN MONEY shall be collectively referred to as the “Parties” and individually as a “Party”.

40 Lakh Canara Bank Home Loan EMI Calculator

Loan Amount

₹

5 Lac
20 Cr

Loan Tenure

Years

Rate Of Interest

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹40,00,000

Interest Payable

Total Amount Payable

Table of Content

1. 40 Lakh Home Loan Canara Bank Highlights

2. 40 Lakh Home Loan EMI For 10 Years Canara Bank

3. 40 Lakh Home Loan EMI For 20 Years Canara Bank

4. 40 Lakh Canara Bank home loan Fees and Charges

5. 40 Lakh Canara Bank home loan Documents Required

6. 40 Lakh Canara Bank home loan Eligibility Criteria

Written By

Hepson Franklin

Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Last Updated: 26th September 2024

40 Lakh Home Loan Canara Bank – Highlights

Features	Description
Who Are Eligible?	Resident Indians, NRIs, PIOs, and OCIs with stable income. Salaried individuals with a minimum of 2 years of service. Non-salaried individuals (business owners, professionals) must provide proof of income for the past 3 years.
Maximum Loan Amount	75 Lakhs
Loan Tenure	30 Years
Margin	Rs.30 Lakh – 10% Rs.30 to Rs.75 Lakh – 20% Rs.75 & above Lakh – 25%
Upfront Fee	0.50% of the loan amount (minimum Rs.1,500 + GST and maximum Rs.10,000 + GST)
Collateral/Security	Home that you have purchased through a loan

40 Lakh Home Loan EMI For 10 Years Canara Bank

Interest	Number of EMIs	Amount of one EMI	Total Interest Paid	Total payments made over the loan term
9.25%	180	₹51,213	₹21,45,571	₹61,45,571

40 Lakh Home Loan EMI For 20 Years Canara Bank

Interest	Number of EMIs	Amount of one EMI	Total Interest Paid	Total payments made over the loan term
9.25%	240	₹36,635	₹47,92,322	₹87,92,322

40 Lakh Canara Bank home loan – Fees and Charges

Processing Fee: 0.50% (Min ₹1,500 + GST, Max ₹10,000 + GST)
Prepayment Charges: None
Late Payment Penalty: Applicable as per bank’s policy
Legal & Technical Charges: As actual, for property verification
Insurance Premium: Optional for loan protection

40 Lakh Canara Bank home loan – Documents Required

Required submissions for applicants include:

Proof of identity and residence (such as Aadhaar, PAN, Passport)
For salaried individuals: Bank statements from the last six months and Income Tax Returns for the past three years
For non-salaried individuals: Evidence of business and financial statements for the last three years
Documents related to the property
Proof of stable employment or business

40 Lakh Canara Bank home loan – Eligibility Criteria

To qualify for a 40 Lakh home loan from Canara Bank:

Open to Resident Indians, NRIs, PIOs, OCIs.
Applies to salaried and self-employed individuals.
Salaried need 2+ years of work, 6+ months with current employer.
Self-employed must show three years of steady income via tax documents.
Reliable income for loan repayments is required.
Borrowers should be under 60; over 60 requires a co-applicant.
A good credit history is needed.

Frequently Asked Question (FAQs)

What is the EMI for a 40 Lakh Home Loan for 20 years in Canara Bank?

The EMI for a 40 Lakh home loan for 20 years at an annual interest rate of 9.25% in Canara Bank would be approximately ₹36,635.

Who is eligible for a 40 Lakh Home loan in Canara Bank?

Eligibility for a 40 Lakh home loan at Canara Bank includes resident Indians, NRIs, PIOs, and OCIs with stable incomes who meet the bank’s credit criteria.

What is the monthly interest rate of a 40 Lakh home loan in Canara Bank?

The monthly interest rate for a 40 Lakh home loan in Canara Bank varies based on current rates and the borrower’s profile.

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