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CANARA BANK HOME LOAN

Canara Bank home loan offers funds to help you achieve your dream of living in your desired house. The bank is there to have your back on the construction of a new house or flat, purchase of a built house or flat, renovation, expansion of your house and even for the repairs. Apart from all that, you can avail the Canara bank home loan to purchase a site for the construction of a new house. On the top, you are offered the home loan by Canara bank at quite a competitive range of interest rates and the loan repayment tenure is flexible too. Want to know more about the Canara bank housing loan? Read on.

Fees and Charges of Canara Bank Home Loan

Loan Amount Up to 6 times the gross annual income 
Loan Tenure Up to 30 years
Interest Charges Starts at 6.90%
Processing Fees O.50% (Maximum Rs 10,000)
Prepayment NIL on floating interest rate

Features and Benefits of Canara Bank Home Loan

Here are the features and benefits of Canara bank housing loan:

Loan for Different Purposes : Canara bank home loan is there to fund different purposes to make your dream home a reality. The bank offers home loans for purchase of a new house or flat, construction of a new house and renovation/ repairs/extension of house.

Interest Rate : Canara bank housing loan is offered at an affordable rate of interest starting at 6.90%. 

Loan Amount : You can avail up to 6 times gross annual salary as home loan by Canara bank. If you wish to avail the home loan for renovation or repairs, the maximum amount you can borrow is Rs 15 lakh. 

Loan Tenure : Canara bank offers home loans for quite a flexible repayment tenure. The Canara home loan repayment tenure ranges up to 30 years. 

PMAY : Canara bank offers home loan under Pradhan Mantri Awas Yojana scheme. It is a government scheme that aims at offering affordable home loan options to the weaker sections of the society. If you are eligible, you can avail the interest rate subsidy under this scheme.

Balance Transfer : Canara bank home loan offers you the balance transfer facility using which you can transfer your existing home loan from another bank to Canara bank home loan. 

Prepayment : Canara bank allows you to make prepayment of your home loan amount and enables you to save money from interest charges. You will not be charged any prepayment/foreclosure penalty on floating rate of interest. However, you shall pay the applicable charges for prepayment in case of fixed interest rates. 

Canara Bank Home Loan Schemes

1. Canara Bank Housing Loan Scheme 

Canara Bank Housing Loan is used for the construction of a house, purchase of ready built property, under-construction property or pre-owned homes, extension of the house, repair and renovation of the house.

Resident Status  Employment Type Loan Amount  Interest Rate Tenure Period
Indian Resident Salaried and Non salaried individuals  Depends on candidate profile 6.90% to 9.30% Upto 30 years 

2. Canara Bank Site Loan Scheme

Canara Bank Site Loan Scheme can be taken for construction of the house and the site.

Resident Status  Employment Type  Loan Amount Interest Rate  Tenure Period Work Experience  Age Limit
Indian Resident and NRIs Salaried and Non salaried individuals  4 years gross annual salary or 75% of the cost of the site/guideline value, whichever is less 8.35% to 9.40% Upto 10 years
  • For salaried individuals 25% of the gross salary
  • For Non salaried individualsRs.5000 minimum annual income
  • Less than 60 years for loan application
  • Up to 65 years at the time of loan closure
  •  

3. Canara Home Improvement Loan Scheme

Canara Bank Home improvement Loan Scheme is taken for purchase a household appliances or furnishing the house.

Resident Status  Employment Type Loan Amount  Interest Rate Tenure Period
Indian Resident and NRIs Salaried and Non salaried individuals  Depends on candidate profile 9.80% to 11.85% Upto 5 years 

4. Canara Bank Housing Loan to Agriculturists

Canara Bank Housing Loan is for Agriculturists, planters, horticulturists, Dairy farmers . It is buying an under construction or a new or an existing house.

Employment Type Eligibility Loan Amount  Interest Rate Tenure Period
Agriculturists, planters, horticulturists, Dairy farming Minimum gross annual income is Rs.5 lakh and age limit should be up to 70 years at the time of loan closure 
  • 4 times of average annual income, or Maximum Rs.15 lakh for repairs/renovations, or
  • NTH of 25% with a minimum amount of Rs.10,000 after meeting the EMI of the proposed loan
Depends on candidate profile Upto 5 years 

5. Canara Bank Home Loan NRIs

The loan scheme can also be used to repair, renovate, expand and upgrade the existing unit in India.

Resident Status  Employment Type Loan Amount  Interest Rate Tenure Period
NRIs with valid Indian Passport & Persons of Indian Origin (PIOs) with a valid foreign passport Salaried and Non salaried individuals  Rs.15 lakh for repairs/renovation Depends on candidate profile Upto 30 years 

6. Canara Bank Yuva Awas Rin Scheme

Canara Bank Yuva Awas Rin is for salaried individuals who want to buy or construct a house/site and to repair, renovate, expand and upgrade the existing house.

Employment type  Loan amount Interest rate  Loan Tenure  Age Limit  Work Experience
Salaried individuals  6 years of net salary, subject to NTH/Margin norms
Up to 15 lakh for repairs/renovations
Depends on candidate profile Upto 30 years 21 years to 45 years  2 years 

Canara Bank Housing Loan Eligibility

Before providing you the housing loan, the bank checks if you are eligible for it. There are certain eligibility standards designed by the bank which you need to meet in order to avail the Canara bank home loan. These requirements are based on the age, income and credit worthiness of the applicant. 

Here is the eligibility criteria for Canara bank housing loan:

  • The loan applicant should be at least 21 years of age.
  • The maximum age of the applicant should not exceed 70 years at the time of loan maturity.
  • The applicant should be salaried or self employed.
  • The salaried applicant should have 3 years of experience in service.
  • The self employed applicant should have 3 years of business. 

Documents Required for Canara Bank Home Loan Application

You need to submit some documents at the time of home loan application procedure. These documents include your identity proof, income proof and the documents related to the property. 

Here are the documents required for Canara bank home loan application:

Documents Salaried Applicants Self Employed Applicants
Identity Proof Aadhar Card, Passport, Driving Licence, Voter’s ID Card Aadhar Card, Passport, Driving Licence, Voter’s ID Card
Address Proof PAN Card, Passport, Driving Licence, Voter’s ID Card PAN Card, Passport, Driving Licence, Voter’s ID Card
Income Proof Salary Slips, Bank Statements, Form 16, Salary Certificate Bank Statements, Proof of Business, Income Tax Returns, Balance Sheet and P&L Account
Others Important Documents  Passport-Size photographs, Agreement for Sale, Approved Plan for the Construction / Addition / Extension Passport-Size photographs, Agreement for Sale, Approved Plan for the Construction / Addition /Extension

Compare other bank home loan interest rates

BANKS  INTEREST RATE
AXIS Bank Home Loan 7.75% to 9.40%
SBI Regular Home Loan 6.95% onwards 
HDFC Bank Home Loan 6.95% to 7.50%
Kotak Mahindra Bank Home Loan 7.40% to 9.70%
Yes Bank Home Loan 9.60% to 10.55%
Citi Bank Home Loan 7.34% to 8.29%
ICICI Bank Home Loan 6.95% to 8.05%
Standard Chartered Bank Home Loan Starting at 8.71%
IDBI Bank Home Loan 7.80% to 8.80%
RBL Bank Home Loan 9.75% to 10.05%
HSBC Bank Home Loan 8.55% to 8.655
HSBC Bank Smart Home Loan 11.005 to 11.505
IndusInd Bank Home Loan 8.00% to 15.00%
Bank of Baroda Home Loan 6.85% to 7.75%
Bank of India Home Loan 6.85% to 7.755
Canara Bank Home Loan 6.90% to 8.90%
Indian Bank Home Loan 7.55% to 8.40%
Punjab National Bank Home Loan Starting at 7.00%

How to Apply for Canara Bank Home Loan

You need to visit the nearest branch of Canara bank in order to apply for a Canara home loan. The bank official will provide you with assistance with the home loan application procedure. When visiting the bank, make sure that you have all the necessary documents that are required to be submitted with the Canara bank home loan application.

You can also dial the Canara bank customer service number and ask the representative about the procedure of home loan application. 

How to calculate EMI of Canara Bank Home Loan

The following formula is used to calculate EMI of Canara Bank Home Loan:

EMI = [PXRX(1+R)^N] / [(1+R)^N-1]

Where,

  • P stands for Loan Amount
  • R stands for Interest Rate
  • N stands for tenure in number of months 

Canara Bank Customer Helpline

If you have any query, complaint, grievance or feedback regarding the Canara bank home loan, you can contact the bank on their toll-free number.

Here is the toll-free number for Canara bank customer service:

Contact number: 1800-425-0018 , 1800-103-0018

Email id : hocancard@canarabank.com

Other products of Canara Bank

1. Canara Bank Car Loan 

2. Canara Bank Education Loan 

4. Canara Bank Gold Loan

5. Canara Bank Personal Loan

FAQs On Canara Bank Home Loan

Q.1 How can I transfer my existing loan to Canara bank home loan?

You can apply for the balance transfer of your existing home loan. For any help with the procedure, you can either contact the Canara bank customer service or visit the nearest branch of the bank.

Q.2 Are there any prepayment charges for Canara housing loan?

You do not have to pay any prepayment charges for Canara home loan with floating rate of interest. However, the prepayment charges apply in case of housing loan at fixed interest rate.

Q.3 Do I need a guarantor to avail Canara bank housing loan?

The bank does not ask to provide a guarantor for a housing loan. 

Q.4 What is the interest rate of Canara Bank for home loan?

The interest rate of Canara bank for home loans starts at 6.90% to 8.90% per annum.

Q.5 What is the minimum and maximum loan amount provided by Canara Bank for home loan?

The minimum loan amount is Rs.1 lakh and maximum loan amount is Rs.10 crore provided by Canara Bank for Home Loan.

Q.6 How much repayment tenure of Canara Bank for home loan?

The repayment tenure of Canara Bank for home loan is minimum 1 year and maximum is 30 years.

Last Updated on : 19/Mar/2021

Know More About

Canara Bank Home Loan

You're eligible for a Canara Bank Home Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Home Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Canara Bank Home Loan Interest Rates

Updated on 25 Nov 2017

Canara Bank Home Loan Details
Interest Rate (Monthly reducing balance) 6.9% - 8.9%
Processing Fees Upto 0.50% (Minimum Rs.1500 and Maximum Rs.10000)
Loan Tenure 1 year to 30 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Home Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959