Canara Bank Loan application – Retail lending (relating to Mortgage transactions) from Download

This document is the official Canara Bank Housing Loan / Mortgage-Based Retail Loan Application Form (Form NF 964) (NF-964 ASS… p. 1). It is used specifically for retail credit facilities secured by the mortgage of a property (NF-964 ASS… p. 23).

This comprehensive application is used to request mortgage-backed credit facilities, including (NF-964 ASS… p. 1):

• Housing Loan / HL cum Solar Loan: For house construction, purchasing ready-built houses, or flats (NF-964 ASS… pp. 1, 9, 22).
• Home Improvement Loan: For home modifications, furnishings, and renovations (NF-964 ASS… pp. 1, 9).
• Canara Mortgage / Canara Rent: General asset-backed credit or financing against lease rentals (NF-964 ASS… pp. 1, 14).
• Canara Site: Targeted financing to purchase vacant plots of land (NF-964 ASS… pp. 1, 21).
• Canara Home Loan – Super Gain / Home Loan Plus: Premium variants of standard housing credit lines (NF-964 ASS… p. 1).
• Canara Jeevan / Canara Kuteer: Specialized low-cost or senior-focused housing finance (NF-964 ASS… pp. 1, 22).

• Personal & Co-Applicant Profile: Tracks full name, family dependents, residential status (Resident/NRI), and active bank relationship entries (NF-964 ASS… pp. 1-2, 5).
• Income & Liability Balance Sheet: Captures gross and net earnings, tax histories, clear inventorying of active debts, asset values, and overdue counts (NF-964 ASS… pp. 3-4).
• Property Cost & Source Disclosures: Itemizes estimated expenses (site cost, construction estimate, registration fees, and stamp duty) mapped against your self-financed savings, employer financing, or PF withdrawals (NF-964 ASS… p. 10).
• Annexure I (Canara Rent/Mortgage): A detailed additional schedule recording lease timelines, monthly rent amounts, security deposits, and corporate tenant definitions (NF-964 ASS… pp. 14-15).

• For Home Construction/Purchase: Sale deeds, 13-year link documents, updated NIL Encumbrance Certificates (EC), approved building plans, and structural cost estimates verified by a panel engineer (NF-964 ASS… pp. 11, 16-17).
• For Apartment/Flat Purchase: Builder’s title deeds (13 years), flat sketch, local authority occupancy certificates, development agreements, and an unconditional NOC from the builder’s project financing bank (NF-964 ASS… pp. 18-19).
• For NRI Applicants: Attested employment contracts, embassy-verified salary certificates, overseas bank passbooks (showing 6 months of savings), a valid work permit, and a notarized Power of Attorney (PoA) if appointing a local representative (NF-964 ASS… pp. 19-20).

The self-funded margin requirements vary strictly by asset type and loan type (NF-964 ASS… p. 21):

• New Houses/Flats (Up to 10 years old): 10% margin for loans up to ₹30 Lakhs, 20% for loans up to ₹75 Lakhs, and 25% for loans exceeding ₹75 Lakhs (NF-964 ASS… p. 21).
• Old Properties (> 10 years old): A flat 25% margin applies, regardless of the requested loan sum (NF-964 ASS… p. 21).
• Canara Site (Vacant Plots): 30% margin for government-allotted plots, and 50% margin for private vendor plots (NF-964 ASS… p. 21).
• Canara Mortgage: Requires a flat 50% equity margin based on the approved valuer’s report (NF-964 ASS… p. 21).

• Processing Fee Thresholds:
  • Standard Housing Loan / Canara Kuteer / Agriculturist HL: 0.50% of the loan amount (Minimum ₹1,500 to Maximum ₹10,000) (NF-964 ASS… p. 22).
  • Housing Loan – NRIs: Capped at 0.10% of the loan amount (Minimum ₹500 to Maximum ₹10,000) (NF-964 ASS… p. 22).
  • Canara Home Loan – Super Gain: 0.40% of the loan amount (Minimum ₹2,000 to Maximum ₹50,000) (NF-964 ASS… p. 22).
  • Canara Rent / Canara Mortgage: 0.50% to 1.00% fee range with a minimum threshold of ₹5,000 (NF-964 ASS… p. 22).
• Pre-Payment & Penalty Clauses: No pre-payment penalty is levied on floating-rate housing loans (NF-964 ASS… p. 25). However, a 2% penalty is charged on overdue account balances (NF-964 ASS… p. 24). Furthermore, if the Equitable Mortgage (EMT) formalities are not completed within 6 months of sanction, a 2% penalty is enforced on the total approved amount (NF-964 ASS… p. 25).
• Official Disposal Turnaround Targets: The bank commits to clear timelines for application processing: 21 days for housing loans up to ₹25 Lakhs, and 30 days for housing credits exceeding ₹25 Lakhs (NF-964 ASS… p. 25). Sanctioned limits stand automatically cancelled if the loan is not availed within 6 months from approval (NF-964 ASS… p. 13).

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