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.
| 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 |
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.
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 |
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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 |
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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 |
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:
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% |
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.
The following formula is used to calculate EMI of Canara Bank Home Loan:
EMI = [PXRX(1+R)^N] / [(1+R)^N-1]
Where,
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
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.
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.
The bank does not ask to provide a guarantor for a housing loan.
The interest rate of Canara bank for home loans starts at 6.90% to 8.90% per annum.
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/2021Know More About
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
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 |
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