Canera Bank Home Loan Review, Calculator, Interest Rate, EMI Calculator

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CANARA BANK HOME LOAN 

Canara Bank Home Loan Details 

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

Benefits of Canara Bank Home Loan 

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

Fees and Charges of Canara Bank Home Loan 

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)

Eligibility Criteria for Canara Bank Home Loan 

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)

Documents Required for Canara Bank Home Loan 

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 

Compare other bank home loan interest rates 

BANKS 

INTEREST RATE

AXIS Bank Asha Home Loan

Starts at 10.05% onwards 

AXIS Bank Shubh Aarambh Home Loans

Starts at 7.75% onwards

AXIS Bank Fast Forward Home Loans

Starts at 7.75% onwards

AXIS Bank Home Loan

7.75% to 9.40%

AXIS Bank Empower Home Loan

Start at 9.55% onwards 

AXIS Bank Super Saver Home Loan

8.15% to 8.30%

AXIS Bank TopUp Loan

8.90% to 9.15%

SBI NRI Home Loan

6.95% onwards

SBI Flexipay Home Loan

7.40% onwards 

SBI Privilege Home Loan

6.95% onwards 

SBI Regular Home Loan

6.95% onwards 

SBI Shaurya Home Loan

6.95% onwards 

SBI Pre-approved loan

6.95% onwards 

SBI Realty Home Loan

7.65% onwards

SBI Home Top Up Loan

7.90% onwards

SBI Bridge Home Loan

9.50% to 10.50%

SBI Tribal plus Home Loan

6.75% onwards

SBI Earnest Money Deposit

10.45% onwards

SBI Reverse Mortgage Loan

8.05% onwards

SBI CRE Home Loans

7.45% 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%

Other products of Canara Bank :

1. Canara Bank Car Loan 

2. Canara Bank Education Loan 

3. Canara Bank Home Loan

4. Canara Bank Gold Loan

5. Canara Bank Personal Loan

How to apply for Canara Bank Home Loans 

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

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 

Financials products offered by Bank :

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

Canara Bank Home Loan Frequently asked Questions :

1. 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.

2. 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.

3. 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.

4. Is there any processing fee charged by Canara Bank for home loan?

Yes, the processing fee charged by Canara Bank for home loan is Upto 0.50% (Minimum Rs.1500 and Maximum Rs.10000)

5. What is the minimum and maximum age of the customer to take a home loan from Canara Bank?

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

Canera Bank Home Loan

You're eligible for a Canera 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

Canera Bank Home Loan Interest Rates

Updated on 25 Nov 2017

Canera 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