Home loan for NRIs - Canara Bank

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Lower Rate of Interest.
Reducing Balance Interest Rate.
No Prepayment penalty.
Avail loan for Repairs/ Renovation of house/flat.
Financing to acquire 2nd house/flat.
Minimal processing charges.
Complimentary Credit Card.

Purchase of a ready built house / flat.
Construction of house / flat.
Purchase of a site and construction of a house thereon. However, loan for purchase of only site shall not be considered under Housing Loans. In case of composite Housing loans, utilisation of loan amount for purchase of plot is restricted to 60% of eligible / sanctioned loan amount.
Housing Loan can be sanctioned up to Rs.15.00 Lakh to Repairs/Renovations subject to completion of three years from the commencement of the repayment date of the housing loan.
For acquiring second house/flat where the borrower is already having a House/flat with or without loan.
Eligible accounts from All Public Sector Banks/Private Sector Banks /Co-operative Banks/Regional Rural Banks/NBFCs/HFCs (irrespective of the rating by ECAI) (subject to terms and conditions).

Purchase of a ready built house / flat.
Construction of house / flat.
Purchase of a site and construction of a house thereon. However, loan for purchase of only site shall not be considered under Housing Loans. In case of composite Housing loans, utilisation of loan amount for purchase of plot is restricted to 60% of eligible / sanctioned loan amount.
Housing Loan can be sanctioned up to Rs.15.00 Lakh to Repairs/Renovations subject to completion of three years from the commencement of the repayment date of the housing loan.
For acquiring second house/flat where the borrower is already having a House/flat with or without loan.
Eligible accounts from All Public Sector Banks/Private Sector Banks /Co-operative Banks/Regional Rural Banks/NBFCs/HFCs (irrespective of the rating by ECAI) (subject to terms and conditions).

All Non resident Indians having valid Indian passport and persons of Indian origin (PIO) having foreign passport.
Minimum age 21 years and maximum age 60
Spouses and close relatives of NRIs who are residents can join NRI as Joint applicants
Steady income source and minimum employment abroad of 2 years with valid job contract/work permit.
Applicant should have NRI status of 3 years
The loans for above purposes shall be sanctioned only for the properties which are non-agricultural having valid documents for usage for Housing / non agricultural purposes.

Stipulated Loan Application with 2 passport size photos of applicant / Co-applicants or guarantor
KYC documents of applicant/ Co-applicants or guarantor
Proof of Identity
PAN CARD/Driver’s License/Voter ID /Passport/ Aadhar Card etc.
Proof of Residence
Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.
Age proof of the applicant/ Co-applicants.
PAN card (photo copy)
Salaried individuals
- Bank statement of salary account for past 6 months.
- Proof of confirmed service of 3 years: -
  Form No.16 & ITR if any supported by Employee ID/Appointment Letter/ Confirmation in services evidencing duration of the employment/3 years IT Returns
Business/Self-Employed individuals
- Balance Sheet and Profit & Loss account for past three assessment years.
- ITR/ITAO filed for past three assessment years.
- In case of agricultural income is also included in ITR, Copy of lands records.
- Statement of Bank Account.
- Brief note on the nature of business.
- Proof of Business
NRI applicants
- Proof of identity
  Copy of first 4 pages of passport and page with visa stamp, or IC/PIO card.
- Valid work permit
- Copy of salary certificate duly attested by Indian Embassy/ Consulate/ Employer
- Account statement/ passbook of overseas bank showing salary and savings.
- Notarized Power of Attorney, if applicant proposes to authorize a third party to execute the documents/ complete the mortgage formalities/ avail the loan instalments.

Documents required based on the loan purpose :

For Construction of House	For purchase of Ready-Built House	For purchase of Flats
Title deeds of the property and link documents for the last 13 years.	Title deeds of the property and link documents for the last 13 years.	Title Deeds of Builder for last 13 years.
Encumbrance Certificate for past 13 years.	Encumbrance Certificate for past 13 years.	Encumbrance Certificate for past 13 years.
Khata Certificate/ Khata Extract	Khata Certificate/ Khata Extract.	Khata Certificate/ Khata Extract.
Upto date tax paid receipts of the property.	Upto date tax paid receipts of the property.	Upto date tax paid receipts of the property.
Copy of the approved plan for the proposed construction / extension / addition.	Copy of the approved plan	Sketch of Flat
An affidavit-cum-undertaking that applicant shall not violate the sanctioned plan, construction shall be strictly as per the sanctioned plan.	An affidavit-cum-undertaking from the applicant declaring that the built up property has been constructed as per the sanctioned plan and/or building bye-laws	Sanctioned Plan & License from competent authority.
Completion Certificate (within 3 months of completion of construction).	Completion Certificate.	Copy of Occupancy Certificate by Local Authority.
Allotment letter of Co-operative Society/Housing Board (wherever applicable)	Agreement of sale of property.	Agreement of Sale with Applicant.
In case of allotment of a plot by the Society, documents to be submitted are as follows Extract of the Resolution Bye laws of the Society Payment receipts(original) Share Certificate(original) Title Certificate Property Register card extract Building Commencement Certificate.		Original Registration Receipts Original Stamp Duty Receipts (if any) Original receipts issued by the Builder to the Purchaser of the flat Certified copy of the Building commencement certificate Builder’s Demand Notice Property Register card extract
NOC from Society/Association/Builder/Housing Board (Wherever applicable).		NOC from Banker of Builder (wherever Project finance has been availed by the builder)
Copy of Lease Deed (wherever applicable)	Copy of Lease Deed (wherever applicable)	Original Sale Deed executed by builder in favour of purchaser.
	KYC documents of seller of property.

Additional Documents in case of Takeover from Other Bank/ FI
- NOC from existing Banker regarding pre-closure.
- List of original documents held by Transferor Bank along with their attest copy
- Copy of Sanction Letter
- Statement of Loan Account from date of sanction
Any other documents as required by Bank.