Canara Bank Home Loan

• Wide range of home loan schemes to suit every customer’s loan requirements
• Attractive home loan interest rates starting from 8.40% p.a.
• Longer repayment period extending up to 30 years
• Easy and quick home loan documentation process
• Get home loan Tax benefits

The Canara Bank housing loan interest rate is 8.40% onwards. The interest rates of other Canara Bank Home Loan Schemes are as below:

Before applying for Canara Bank Home Loan, calculate your home loan EMI using Paisabazaar’s Home Loan EMI Calculator. It helps you know the estimated value of your Home Loan EMI based on the amount you wish to borrow, loan tenure and applicable Canara Bank home loan rate of interest. The home loan calculator is easy for anyone to use and gives accurate results in less than a second. To calculate your home loan EMI, click here.

Canara Bank offers a wide variety of home loan schemes, each having its own eligibility criteria. However, a few common requirements are as follows:

Canara Bank Home Loan Documents Required for Salaried

• Duly filled and signed home loan application form
• Two passport size photographs
• Proof of identity
• Proof of age
• Proof of address
• PAN card (photocopy)
• Latest 6 months’ salary slips
• Bank statement of salary account for past 6 months
• Proof of confirmed service of 3 years
• Property documents
• Processing fee cheque

Canara Bank Home Loan Documents Required for Self Employed

• Duly filled and signed home loan application form
• Two passport size photographs
• Proof of identity
• Proof of age
• Proof of address
• PAN card (photocopy)
• Balance sheet and profit & Loss Account statements for last 3 years
• Income tax returns for last 3 years
• Brief note on the nature of business, year of establishment, present banker, form of organisation, capacity in which applicant is engaged and net worth of the applicant
• Bank statement of all bank accounts
• Business license, wherever applicable
• Property documents
• Processing fee cheque

Note: Besides the listed documents, you might have to submit other documents as required by the bank.

Canara Bank Housing Loan

Canara Bank Housing Loan can be availed for multiple purposes including the purchase of ready built property, under construction property or pre-owned homes, construction of a house, the extension of the house, repair and renovation.

Canara Bank Home Improvement Loan

Canara Bank Home Improvement Loan provides a packaged financial assistance to individuals for furnishing houses/flats at incredibly low rates.

Canara Site Loan

Canara Site Loan is for individuals to help them buy housing sites and construct a house on it.

Canara Bank Housing Loan to Agriculturists

Canara Bank Housing Loan to Agriculturists is for agriculturists, planters, horticulturists and other individuals engaged in similar activities. Through this loan scheme, they can buy or construct house/flat, buy site for home house construction.

Canara Bank Home Loan for NRIs

Canara Bank Home Loan for NRIs allows Non-Resident Indians get financial support when investing in properties in India. The loan scheme can also be used to repair, renovate, expand and upgrade the existing unit in India.

CANYAR – Yuva Awas Rin

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

Apply for Canara Bank Home Loan online at Paisabazaar.com by following these steps:

• Click here to start with the home loan application process
• Fill up the required fields and accept the terms and agree to the given terms & conditions
• Enter your personal and home loan related details to proceed further
• A few eligible loan options will appear. Compare and apply for a home loan which suits your requirements the best.

You can contact Canara Bank through call anytime except on national holidays. You can also visit the nearest branch of Canara Bank to get your queries and issues resolved. The Canara Bank toll-free customer number is: 1800 425 0018

What are the purposes for which Canara Bank Housing Loan is sanctioned?

Customers can avail Canara Bank Home Loan for the following purposes:

• To buy ready built house / flat
• To construct a house / flat
• To buy a site and construction of a house thereon
• To expand the existing unit
• To repair and renovate the existing unit, subject to ceiling of Rs.15 lakh
• For home loan balance transfer

What is the margin required to be borne by the applicant?

In case of repairs and renewals, expansion of existing unit, upgradation and creation of additional amenities, there is a uniform margin of 25%. Also in case of 2^nd and subsequent house, margin is 25%.

What are the repayment terms?

The entire loan shall be repaid in a maximum period of 30 years from the date of disbursement or the borrower attaining the age of 70 years, whichever is earlier. In the case of purchase of ready built house/flat, the repayment should start one month after the date of disbursement. In the case of construction of a house/flat, repayment should start one month after the completion of the house/flat. However, the maximum repayment holiday cannot exceed 18 months from the date of first disbursement.

Is there a provision of life insurance for the home loan borrower?

Yes, the bank has a life insurance cover for housing loan customers under Creditors Protection Plan of M/s. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited – Group Insurance.