Everyone's dream is to purchase a property. It is something that everyone desires and has plans for their dream home. If you are planning to take a home loan for your dream house, you must know the Canara Bank home loan documents required. It includes your loan application, photographs, KYC documents, and so on.
Canara Bank Housing Loan Documents Required
Here are the detailed Canara Bank home loan required documents. You must go through it to ensure a smooth approval process.
Duly filled home loan application form.
Two passport-sized photographs of the applicant and co-applicant/guarantor.
Proof of Identity (anyone):
PAN Card
Aadhaar Card
Passport
Voter ID
Driving Licence
Proof of Residence (anyone):
Aadhaar Card
Passport
Voter ID
Driving Licence
Utility bills (electricity, telephone)
Age Proof:
PAN Card
Aadhaar Card
Passport
Birth Certificate
Passbook
Driving Licence
Income Proof for Salaried Individuals:
Latest 3 months' salary slips.
Form 16 for the last 2 years.
Bank statement of salary account for the past 6 months.
Proof of employment continuity (e.g., appointment letter, employment certificate).
For Self-Employed/Business Executives:
Income Tax Returns (ITR) for the last 3 years.
Balance Sheet and Profit & Loss account for the last 3 years.
Business proof (e.g., GST registration, business license).
Bank statements for the past 6 months.
Sale Deed or Agreement to Sell.
Copy of the approved building plan.
Property tax receipts.
Khata Certificate and Extract.
Encumbrance Certificate (EC) for the past 13 years, etc.
To get the complete lists, you can contact your manager. These are the latest documents required for home loan Canara Bank.
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Interest rates play a crucial role in determining the affordability and demand for housing. It affects the house pricing. But do you know how do interest rates affect house prices. Interest rates have several effects, including affecting mortgage rates, the cost of borrowing money for consumers to purchase a home, the demand for real estate, and so on.
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How do Interest Rates Affect the Housing Market?
When the Reserve Bank of India (RBI) adjusts repo rates, it influences the home loan interest rates offered to borrowers.
When interest rates fall, home loan EMIs become cheaper. This increases affordability for buyers, especially the middle-class segment that relies heavily on financing.
As demand rises due to easier access to credit, property prices tend to go up, particularly in urban and suburban areas with high housing demand.
Conversely, when interest rates rise, the cost of borrowing increases. This discourages potential buyers from taking home loans, leading to reduced demand in the housing market. As a result, property prices may stagnate or even decline, especially in markets with excess supply.
Lower interest rates also make real estate more attractive to investors compared to fixed-income instruments like FDs or bonds. This influx of investment capital can further drive up property prices.
This is all about how will rising interest rates affect housing market.
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To tell you whether does applying for a home loan affect your credit score or not, answer is yes it does. When you go ahead and apply for a home loan, the lenders perform a proper credit check, going through your credit history to analyse your creditworthiness. This inquiry does impact your credit scores, reducing it by a few points. There’s more to this, which I will talk about below.
Does Applying for a Home Loan Affect Credit?
As I said above, home loan applications do have a slight impact on your credit score. Apart from this, a thing that can be critical for your credit score is multiple inquiries from several lenders in a short period. When multiple checks are done, they hurt your creditworthiness.
So, you must close the home loan approval within 30 days to not let it negatively affect your credit score. Also, don’t opt for several loans in a short duration.
How to Counter Dip in Credit Score After Home Loan Application?
There is something you can do to counter the impact that a home loan application has on your credit score. It is to make mortgage payments on time and stick to it. Late payments, especially the ones exceeding 30 days can be detrimental to your credit score.
So, this is all I have to say. I hope you now know does applying for home loan affect credit.
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Does Applying for a Home Loan Affect your Credit Score?
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2025-03-24T16:56:38+00:00 2025-03-25T19:27:15+00:00Comment
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