Canara Bank Home Loan

Canara Home Interest Rate

Canara Bank provides a wide range of home loans with competitive interest rates and minimal documentation requirements. Whether you’re a salaried individual or self-employed, Canara Bank home loan offerings are tailored to meet your specific needs. Here’s an in-depth look at

Canara Bank home loan options:

Types of Home LoansInterest Rate (2023)Loan AmountRepayment Tenure
Canara Home Loan Plus8.55% to 13.35% p.a.Up to Rs. 25 lakhUp to 120 EMIs or the remaining tenure of your existing home loan
Canara Home Loan6.90% – 8.90% p.a.Up to 6 times your gross annual income or Rs. 15 lakhs for repairsFlexible repayment tenure of up to 30 years
Canara Home Improvement Loan11.30% to 13.35% p.a.Up to 20% of the total housing loan sanctionedUp to 7 years or the residual tenure of your underlying housing loan
Canara Plot Loan9.85% to 10.90% p.a.Up to 75% of the cost of the site valueMaximum of 10 years for house construction
Canara Bank Mortgage Loan10.30% to 12.35% p.a
Canara Bank Home Loan Secure7.00% p.a.

Diverse Home Loan Schemes by Canara Bank:

  1. Canara Bank Housing Loan:
    • Ideal for purchasing, constructing, repairing, renovating, and even balance transfers.
    • Loan amount: 6 times your gross annual income for salaried applicants, or six times the average gross annual income for self-employed applicants.
    • Offers a generous repayment tenure of up to 30 years.
  2. Canara Kuteer Scheme:
    • Tailored for purchasing plots, new houses, and houses under construction.
    • Eligibility criteria include an annual household income of up to Rs. 3 lakhs.
    • Maximum age limit: 75 years.
    • Enjoy a lengthy repayment period of 30 years.
  3. Agriculturist’s Housing Loans:
    • Geared towards planters, agriculturists, and similar individuals for buying houses, plots, or house construction.
    • Also available for balance transfers.
  4. NRI Home Loans from Canara Bank:
    • A specialized scheme for NRIs looking to purchase houses, flats, and more, including renovation and upgrades.
    • Loan amount: Four times your gross annual income or five years of gross income in selective cases.

Some more Schemes offered by the bank,

  1. Canara Bank Home Loan Plus:
    • Tailored for existing Canara Bank home loan borrowers to meet various needs, including domestic expenses, medical costs, education fees, and emergencies.
  2. Canara Bank Plot Loan:
    • Specifically designed for purchasing residential sites from development authorities or government bodies.
    • Loan amount: Up to 75% of the site value or the guideline value of 4 years’ gross annual salary.
    • Repayment period: Maximum of 10 years for house construction.
  3. Home Improvement Loan:
    • Ideal for purchasing furnishing items and home appliances.
    • Loan amount: One year’s gross salary or up to 20% of the total housing loan sanctioned, whichever is lower.
    • Repayment period: 7 years or the residual tenure of the underlying housing loan, up to the borrower’s 70th birthday.
  4. Super Gain Home Loan Scheme – Canara Bank:
    • Suited for purchasing houses, plots, flats, constructing, repairing, and renovating second-hand residential properties.
    • Loan amount: Rs. 20 lakhs and above.
    • Enjoy an extended repayment tenure of 30 years or until you reach the age of 75.
  5. Pradhan Mantri Awas Yojna:
    • Geared towards economically weaker sections and lower income groups for the purchase, construction, or renovation of pucca houses.

Eligibility Criteria for Canara Bank Home Loan:

  • Age criteria: Applicants should be between 21 and 70 years old.
  • Residential criteria: Available for residents of India and Non-residents of India.
  • Employment Type: Open to salaried individuals, businessmen, professionals, and self-employed individuals.

Required Documents:

  • Proof of identity (e.g., Passport, PAN, Driver’s license, Aadhaar).
  • Proof of residence (e.g., Aadhaar card, utility bill, Voter’s ID).
  • Income documents (e.g., salary slips, Form 16).
  • Any other necessary documents as per Canara Bank’s requirements.

Processing Fee:

Canara Bank charges a processing fee of 0.50% of the loan amount, with a minimum fee of Rs. 1,500 and a maximum fee of Rs. 10,000.

Canara Bank’s commitment to customer satisfaction, competitive interest rates, and a diverse range of home loan products makes it a preferred choice for borrowers seeking affordable and flexible housing finance solutions.

Also check home loans from other banks

LenderHome Loan Interest Rates (Above 75 lakhs)Home Loan Interest Rates (Above 30 lakhs to 75 lakhs)Home Loan Interest Rates (Up to 30 lakhs)
LIC Housing Finance8.50% – 10.75%8.50% – 10.55%8.50% – 10.35%
State Bank of India8.50% – 10.05%8.50% – 10.05%8.50% – 10.15%
HDFC Bank Limited8.40% onwards8.40% onwards8.40% onwards

FAQs

What is the maximum tenure Canara offers home loan for

The maximum tenure for the home loan is 20-30 years (but the tenure of the loan can also change based on the scheme.)


Are Canara housing Finance interest rates fixed or floating?

Offers both fixed and floating interest rate options for home loans. With a fixed rate, the interest remains constant throughout the loan tenure, while with a floating rate, it fluctuates with the market condition.


How is Interest Rate Determined for Canara Home Loan

Canara determines the interest rate based on factors like the loan amount, loan tenure, CIBIL Score, and the type of interest rate (fixed or floating) chosen by the borrower.

How can I calculate the EMI for Canara Home Loan?

You can calculate the EMI for using any online EMI Calculator

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