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Canara Bank Home Loan

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Home Loan @ Lowest Rates

  • Interest Rate: 6.90% onwards
  • Loan Tenure: Upto 30 years
  • Processing Fees: 0.50%

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हिंदी में पढ़े
Updated: 14-10-2020 06:37:11 AM
Canara Bank Home Loan Interest Rates & Other Details 2020
Interest Rate6.90% – 10.05%
Loan AmountDepends on the applicant’s profile
Loan TenureUp to 30 years
Processing Charges0.5% of loan amt. (Min. Rs. 1,500 & Max. of Rs. 10,000) + GST

Note: The figures given in the table are indicative and are subject to change as per the loan scheme at Canara Bank or a change in RBI policy, without prior information.

Canara Bank home loan interest rate ranges from 6.90% to 10.05%, with loan tenure extending up to 30 years. The processing fee stands at 0.50% of the loan amount. Both salaried and self-employed individuals can apply for Canara Bank home loan that can be availed for home purchase, plot purchase, home construction and home renovation.

Table of Contents

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Canara Bank Home Loan - Features & Benefits
Canara Bank Home Loan Interest Rates
Canara Bank Home Loan Processing Fees & Other Charges
Canara Bank Home Loan EMI Calculator
Canara Bank Home Loan Eligibility
Canara Bank Home Loan Documents
Canara Bank Home Loan Schemes
How to Apply for Canara Bank Home Loan Online
Canara Bank Home Loan Customer Care
Canara Bank FAQs

Canara Bank Home Loan - Features & Benefits

Canara Bank Home Loan Interest Rates

Canara bank home loan interest rates are linked to Repo Linked Lending Rate (RLLR). Currently, RLLR of the bank is 6.90% w.e.f. 07.11.2019. For existing Canara Bank customers, the bank’s current 1-year Marginal Cost of funds based Lending Rate (MCLR) is 8.35%, effective from November 7, 2019. The current Canara Bank housing loan interest rate (linked to RLLR) is 6.90% onwards.

Compare Canara Bank Home Loan Rates for Various Loan Schemes

Canara Bank Home Loan SchemesRLLR linked Interest Rates (p.a.)
Canara Bank Housing Loan6.90% – 9.30%
Home Improvement Loan9.80% – 11.85%
Canara Site Loan8.35% -9.40%
Canara Home Loan Plus – Term Loan7.85% – 9.90%
Canara Home Loan Plus – Overdraft8.35% – 10.40%

Canara Bank Home Loan Processing Fees & Other Charges

ParticularsApplicable Charges
Processing Fees0.50% (Min Rs. 1,500 and Max. Rs. 10,000)
Prepayment ChargesFor floating housing loan rate: No prepayment charges for floating rate housing loans
For fixed housing loan rate: 2% on the outstanding liability in case of takeover of the loan by other banks/FIs
Copy of loan paper/documentsRs. 10 per page with a minimum of Rs. 100 in addition to OPE charges, if any
Solvency CertificateRs. 300 per lakh (Min. Rs. 1,500 & Max. Rs. 25,000)
Capacity/ Capability CertificateRs. 300 per lakh (Min. Rs. 1,500 & Max. Rs. 25,000)

Note: All the charges mentioned are exclusive of GST and other applicable taxes. All the charges mentioned are subject to change.

Canara Bank Home Loan EMI Calculator

Before applying for Canara Bank Home Loan, calculate home loan EMI using Paisabazaar’s Home Loan EMI Calculator. It helps to know the estimated value of the Home Loan EMI based on the amount to be borrowed, loan tenure and applicable Canara Bank home loan rate of interest. Home loan calculator is easy to use and gives accurate results instantly. To calculate your home loan EMI, click here.

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Canara Bank home loan EMI depends on the borrowed principal amount, repayment tenure and the applicable rate of interest. The following table illustrates variations in home loan EMIs with the change in loan amount and loan tenure. Canara Bank home loan interest rate considered here is 8.05%.

Loan AmountEMIs as per Different Loan Tenures
15 years20 years30 years
Rs. 40 lakhRs. 38,457Rs. 33,707Rs. 29,630
Rs. 60 lakhRs. 57,686Rs. 50,560Rs. 44,445
Rs. 80 lakhRs. 76,915Rs. 67,414Rs. 59,260
Rs. 1 croreRs. 96,143Rs. 84,267Rs. 74,075

In the above table, home loan EMIs increase with an increase in the loan amount and decrease when the loan tenure increases. Here, longer tenure or repayment period reduces monthly instalments, but it increases the overall interest payout. Hence, choose the loan tenure carefully and borrow only the required amount.

Canara Bank Home Loan Eligibility

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

Borrower ProfileIndian Residents/Non-Resident Indians (NRIs)
Employment TypeSalaried/Self Employed
Age18 to 70 years
Credit ScorePreferably 750 and above
IncomeVaries from case to case
Work ExperienceAt least 3 years

Canara Bank Home Loan Documents

Canara Bank Home Loan Documents 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
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Canara Bank Home Loan Documents 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
  • A 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 Home Loan Schemes

Canara Bank Housing LoanHome Improvement LoanCanara Site Loan
Housing Loan to AgriculturistsHome Loan for NRIsCANYAR – Yuva Awas Rin

Compare Canara Bank Home Loan Offers

1. Canara Bank Housing Loan

Canara Bank Housing Loan can be availed for 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.

Borrower TypeResident Indians
Employment TypeSalaried and Non-Salaried Individuals
Loan AmountDepends on applicant’s profile
Interest Rate6.90% – 9.30%
Loan TenureUp to 30 years
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2. Canara Bank Home Improvement Loan

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

Borrower TypeResident Indians and NRIs
Employment TypeSalaried and Non-Salaried Individuals
Loan AmountDepends on the applicant’s profile
Interest Rate9.80% – 11.85%
Loan TenureUp to 5 years
Income· Salaried individuals should have a minimum monthly Net Take Home (NTH) salary of 25% of their gross salary or Rs. 2,000 after meeting the loan instalments for the proposed loan
· Non-salaried individuals should have a minimum annual income of Rs. 50,000 to be evidenced by Income Tax assessment order/return
3. Canara Site Loan

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

Borrower TypeResident Indians and NRIs
Employment TypeSalaried and Non-Salaried Individuals
Loan Amount4 years gross annual salary or 75% of the cost of the site/guideline value, whichever is less
Interest Rate8.35% – 9.40%
Loan TenureUp to 10 years or maximum period permitted by the allotment agency for construction of house, whichever is earlier
Income· Salaried individuals should have a minimum monthly net take-home salary of 25% of their gross salary or Rs. 2,000 after meeting the loan instalments for the proposed loan
· Non-salaried individuals should have a minimum annual income of Rs. 50,000 to be evidenced by Income Tax assessment order/return.
Age LimitLess than 60 years for loan application
Up to 65 years at the time of loan closure
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4. 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.

Employment TypeAgriculturists, Persons engaged in allied activities like Diary/Poultry, Planters, Horticulturists etc.
Loan Amount· 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
Interest RateDepends on the applicant’s credit profile
Loan TenureUp to 30 years
Eligibility· All agriculturists owning and cultivating agricultural land of more than 5 acres of irrigated/10 acres of dry land
· 2 years of satisfactory dealing
· Agriculturists engaged in allied activities – minimum gross annual income – Rs.5 lakh
· Age limit should be up to 70 years at the time of loan closure
5. Canara Bank Home Loan for NRIs

Canara Bank Home Loan for NRIs allows Non-Resident Indians to 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.

Borrower TypeNRIs with valid Indian Passport & Persons of Indian Origin (PIOs) with a valid foreign passport
Loan Amount· Maximum loan amount shall be 4 times of annual salary/income with NTH of 40% after proposed EMI
· Selectively higher quantum of loan up to 5 years of gross annual salary/ income is also permitted
· Rs.15 lakh for repairs/renovation
Interest RateDepends on the applicant’s credit profile
Loan TenureUp to 30 years
Eligibility· Applicant should have NRI status of 3 years
· Steady income source and minimum employment abroad of 2 years with valid job contract/work permit
· Age limit should be between 21 to 60 years
6. 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.

Employment TypeSalaried Individuals
Loan Amount6 years of net salary, subject to NTH/Margin norms
Up to 15 lakh for repairs/renovations
Interest RateDepends on the applicant’s credit profile
Loan TenureUp to 30 years
IncomeMinimum Net Take Home salary (NTH) of the borrower after meeting the proposed EMI should not be less than 30% with a minimum of Rs. 10,000
Age Limit21 – 45 years
Work ExperienceAt least 2 years of confirmed service

How to Apply for Canara Bank Home Loan Online

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.
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Canara Bank Home Loan Customer Care

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

Canara Bank FAQs

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 a 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 a ceiling of Rs. 15 lakh
  • For home loan balance transfer

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

Amount of LoanNew House/FlatOld House/Flat
Upto 10 Years OldMore than 10 Years Old
Up to Rs. 20 lakh10%20%25%
Above Rs. 20 lakh & Up to Rs. 75 lakh20%20%25%
Above Rs. 75 lakh25%25%25%

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 2nd and subsequent house, the 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 the 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.

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