Canara Bank NRI Home Loan

NRI loans by Canara Bank offer financial assistance to Non-resident Indians to purchase, construct or renovate homes in India. The loan is carefully designed to assist NRI borrowers in realizing their housing dreams. Canara Bank sanctions home loans to NRIs against security deposits, where the concerned property is mortgaged with the bank as collateral.

Stay tuned as we dive into the complete details of this loan. Keep reading to find Canara Bank NRI home loan interest rate, eligibility criteria, document requirements and more.

Highlights of Canara Bank NRI Home Loan

Here is a quick overview of the Canara Bank NRI home loan offerings:

Feature & Benefits of Canara Bank NRI Home Loan

The loan offers multiple advantages to the borrower. Here are the top features that make it stand out:

• Digital Applications
• Prepayment facility at no additional charges
• Complimentary Credit Card
• Flexible Repayment Options
• Join Applications

Purpose of Canara Bank NRI Home Loan

Canara Bank housing loan for NRIs can be used for the following purposes:

• Purchase of a new home
• Purchase of a plot for construction/ Loan only for construction 
• Purchasing 2nd home/ flat
• Home renovations and improvements

Canara Bank NRI Home Loan Interest Rates

Interest rates on NRI loans by Canara Bank start at 9.25% p.a. The interest charges are calculated based on the method of reducing the balance. This implies that the interest is payable only on the outstanding loan amount. Loans are offered to different borrowers at different rates based on their credit scores. It is advised that a loan seeker ensures securing a high credit score before applying for the loan to get the lowest interest rate possible.

Canara Bank NRI Home Loan Documents Requirements 

Here is the list of Canara Bank NRI home loan documents required while applying:

• Duly filled loan application with 2 passport size photographs
• Identity Proof
• Copy of first 4 passport pages and page with visa stamp
• IC/PIO Card
• Salary Proofs attested by the Indian Embassy/ Employer/ Consulate
• Bank statements of the overseas bank account of the applicant

Canara Bank NRI Home Loan Eligibility Criteria

The following candidates are eligible for NRI loan from Canara Bank:

• Eligible Candidates: NRIs with Valid Indian Passport/ PIO with foreign passport
  
• Age Limit: 21-60 years
  
• Work Experience: Minimum 2 years experience of working abroad
  
• NRI status for at least 3 years
  
• High Credit Score

Fees and Charges for Canara Bank NRI Home Loan

Apart from the Canara Bank NRI home loan interest rate, the additional charges apply to the loan at the following terms:

• A processing fee of 0.10% of the loan amount, plus taxes
• No prepayment charges 
• Other charges, such as document verification and incidental charges, may also apply.

Tax Benefits of Canara Bank NRI Home Loans

NRIs filing tax returns in India are eligible for tax deductions on home loan repayments as per the Income Tax Act 1961. A deduction of up to Rs. 1.5 lakh on principal repayments and Rs. 2 lakh on interest repayment is available to the borrowers. Tax benefits on Canara Bank Housing Loan for NRIs are further subject to the various provisions of the law and the T&Cs of the bank.