Canara bank is one of the largest and oldest public sector banks owned by the government of india. It’s headquarters at Bengaluru and established in 1906. In June 2006, the bank completed a century of operation in the Indian Banking Industry. Today, Canara Bank occupies a premier position in the committee of Indian Banks.
The home loan also known as housing loan is the amount borrowed by the individuals from the financial institutions for a fixed tenure for buying, renovating or constructing a residential property. In India, owning a house is one of the key signs of success but, for an average Indian, it gets difficult to generate the required income in such a short period of time. Here, we talk about all things above that are quite normal but there is change in it, now everyone can buy their dream home with ease. You all think that “how it is possible? To overcome with this issue Canara Bank came with an exciting opportunity i.e.Canara Bank Home Loan.
Canara Bank Home Loan Purpose
To buy a ready built house or flat
To construct a house or flat
To buy a site or construction of a house
To repair and renovate existing house
1. Provide wide range of home loan schemes to every customers
2. Available for salaried employees, self employed business/ professionals
3. Attractive home loan interest rate starts at 6.90% to 8.90% per annum
4. Balance transfer facility available
5. Easy and quick home loan documentation process
6. Long repayment tenure upto 30 years
7. Availed to purchase/ construction of house, purchase a plot and renovation expenses
To apply for a home loan you have to pay fees and charges applied by the Canara Bank. It covers all charges and fees made by a bank to their customers.The following charges are taken from Indusind Bank i.e processing fee, prepayment / foreclosure charges etc.
|
TYPE |
CHARGES |
|
Processing fee |
Upto 0.50% (Minimum Rs.1500 and Maximum Rs.10000) |
|
Prepayment charge |
Nil for floating rte loan and for fixed rate lon 2% on the outstanding liability in case of takeover of the loan by other banks |
|
Copy of loan paper / documents |
Rs.10 per page with a minimum of Rs.100 in additional to OFE charges if any |
|
Solvency certificate |
Rs.300 per lakh (Minimum Rs1500 and Maximum Rs.25000) |
|
Capacity / Capability Certificate |
Rs.300 per lakh (Minimum Rs1500 and Maximum Rs.25000) |
Before applying for a home loan from Canara bank, you should fulfil all basic eligibility criteria as prescribed by the bank. For the Canara Bank home loan application the salaried and self employed individuals / professionals are eligible to take a loan. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.
|
ELIGIBLE |
Salaried and self employed business/ professionals |
|
AGE |
21 years to 60 years |
|
INCOME |
Minimum net monthly income is Rs.25000 |
|
EXPERIENCE |
3 years of work experience |
|
NATIONALITY |
Indian |
|
CIBIL SCORE |
750 and above |
|
RESIDENCE STATUS |
Indian resident, NRIs (depending on the scheme chosen) |
Any applicant who is going to avail a home loan must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.
1. Fully filled signed application form
2. Passport size photograph
3. ID Proof : Aadhaar Card, PAN Card, Driving License, Passport, Voter identification, Employment id
4. Address Proof : Aadhar Card, Rental agreement, Voter id, Driving license, Passport, Employment id
5. Income Proof : For salaried employees = 3 months salary slip, last 2 years ITR Return or form 16, Bank statement for last 2 months showing that the salary has been credited
6. For Self employed individuals / professionals = 2 years ITR return, Profit & loss account and Balance sheet computation with CA seal and sign, Bank statement for the last 6 months.
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 |
|
BANKS |
INTEREST RATE |
|
Starts at 10.05% onwards |
|
|
Starts at 7.75% onwards |
|
|
Starts at 7.75% onwards |
|
|
7.75% to 9.40% |
|
|
Start at 9.55% onwards |
|
|
8.15% to 8.30% |
|
|
8.90% to 9.15% |
|
|
6.95% onwards |
|
|
7.40% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
7.65% onwards |
|
|
7.90% onwards |
|
|
9.50% to 10.50% |
|
|
6.75% onwards |
|
|
10.45% onwards |
|
|
8.05% onwards |
|
|
7.45% onwards |
|
|
6.95% to 7.50% |
|
|
7.40% to 9.70% |
|
|
9.60% to 10.55% |
|
|
7.34% to 8.29% |
|
|
6.95% to 8.05% |
|
|
Starting at 8.71% |
|
|
7.80% to 8.80% |
|
|
9.75% to 10.05% |
|
|
8.55% to 8.655 |
|
|
11.005 to 11.505 |
|
|
8.00% to 15.00% |
|
|
6.85% to 7.75% |
|
|
6.85% to 7.755 |
|
|
6.90% to 8.90% |
|
|
7.55% to 8.40% |
|
|
Starting at 7.00% |
There are two ways to apply for home loans from Canara Bank :
1. Offline method : By visiting nearest bank branch
2. Online Method :
First of all first visit to official website of Canara Bank
In retail section go to the “loans”
Now click in home loan
After that go to “Home loan”
Now click on apply now and fill application form
Canara Bank Home Loan Customer Care
Contact number : 18004250018
Email id : hocancard@canarabank.com
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
Financials products offered by Bank :
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.
The repayment tenure of Canara Bank for home loan is minimum 1 year and maximum is 30 years.
Yes, the processing fee charged by Canara Bank for home loan is Upto 0.50% (Minimum Rs.1500 and Maximum Rs.10000)
The minimum age of the customer is 21 years and the maximum age of the customer is 70 years to get a home loan from Canara Bank.
Last Updated on : 20/Aug/2020
Know 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 |
Home Loans EMI Calculator