Canara Bank offers home loans to eligible customers at affordable interest rates starting at 8.40% p.a., with a repayment period of up to 30 years. However, you will get a loan only if the bank deems you eligible.
So now, here’s how to check your Canara Bank home loan eligibility.
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Canara Bank Home Loan Eligibility Criteria
| Criteria | Details |
|---|---|
| Age | Salaried and Self-Employed: 21- 75 years |
| Employment Type | Salaried, Self-Employed (Professionals and Non-Professionals) |
| Resident Type | Resident Indian/NRIs/PIOs/OCIs |
Canara Bank Eligibility Criteria For all Home Loan Products
| Home Loan Product | Eligibility Criteria |
|---|---|
| Home Loan | Age: 21 to 75 years Nationality: Indian/ NRI/ PIO Tenure: 30 years |
| Housing Loan to Agriculturalists | Age: 18 to 60 years Borrowers: Agriculturists/Dairy and Allied Activity Farmers/Planters/Horticulturalists Minimum Income: Rs.5.00 Lakh per annum |
| Housing cum Solar Loan | -The applicant should have Roof Top Rights on which the installation is proposed – Electricity bill has to be regular |
| NRI Home Loan | Age: 21 to 60 years Nationality: NRIs with valid passport Employment: 2 years with valid job contract/work permit |
| Housing Loan For Customer with Minimal or NIL Income Proof | Should have: -Digital footprints of banking and other economic activities -A running Bank Account / UPI transaction history for a minimum period of 24 months Age: 21-60 years Credit Score: 650+ |
| PMAY | Age: 21-75 years Salaried: Salary certificate, salary slips, Form 16, ITRs whichever is applicable to be obtained, verified and satisfied. Self-Employed: Self-declared income certificate/affidavit can be obtained for annual income up to Rs 3.00 lakhs. |
| Canara Kuteer | Individual house hold Income in Rural, Urban, Metro areas and members of Self-Help Groups i. Up to 1,00,000/- p.a. ii. Above 1,00,000/- & up to 3,00,000/- p.a |
Factors Affecting Canara Bank Home Loan Eligibility
Several factors affect your eligibility for an Canara Bank home loan, including:
| Factor | Impact on Eligibility |
|---|---|
| Age of the applicant | Younger applicants get longer repayment tenures |
| Financial position | Strong financials improve eligibility |
| Repayment record | Also good repayment history boosts eligibility |
| Credit score | Higher scores increase chances of approval |
| Existing liabilities | Higher liabilities reduce eligibility |
| Applicant’s profile | Stable profiles are favored |
| Property specifications | Newer, well-located properties have better eligibility |
| Loan guarantor status | Being a guarantor to another loan can affect eligibility |
Eligibility Based on Age
Applying for an Canara Bank home loan early ensures that you can get a longer repayment tenure, lowering your EMI and helping you manage your finances better.
| Applicant Age | Maximum Eligible Tenure |
|---|---|
| 30 – 45 years | 30 years |
| 46 years | 29 years |
| 47 years | 28 years |
| 48 years | 27 years |
| 49 years | 26 years |
| 50 years | 25 years |
| 51 years | 24 years |
| 52 years | 23 years |
| 53 years | 22 years |
| 54 years | 21 years |
Eligibility Based on Property Value
The value of your property also influences your loan eligibility. Here’s how:
| Property Value | LTV Ratio |
|---|---|
| Up to Rs.30 lakh | 90.00% of the property cost |
| From Rs.30 lakh to Rs.75 lakh | 80.00% of the property cost |
| Above Rs.75 lakh | 75.00% of the property cost |
Eligibility Based on Credit Score
Your credit score is a crucial factor in determining your eligibility.
| Rating | Credit Score |
|---|---|
| Good | 750 and above |
| Average | 600 – 750 |
| Poor | Below 600 |
Eligibility for Women
For women applicants, the eligibility criteria are the same as for other applicants. However, women applicants are eligible for a 0.05% interest rate concession on the loan.
Calculate your ideal home loan eligibility and get your dream home faster!
What is Home Loan Eligibility?
Home loan eligibility is defined as a set of criteria by which a financial institution assesses the creditworthiness of a customer to avail and repay a particular loan amount. It depends on various parameters, including age, financial position, credit history, credit score, and other financial obligations.
Tips to Improve Canara Bank Home Loan Eligibility
| Strategy | Description |
|---|---|
| Adding a Co-Applicant | Adding an earning family member as a co-applicant can improve your eligibility. |
| Opt for Longer Tenure | A longer tenure reduces the EMI burden, improving your eligibility. |
| Improve Your Credit Score | Consistent repayments and rectifying errors in your credit report can enhance your score. |
| Adequate Funds for Down Payment | Making a higher down payment can increase your chances of loan approval. |
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Home Loan Interest Rates by Top Banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.00% p.a. onwards | 8.00% p.a. onwards | 8.00% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.40% onwards | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Home Loan Processing Fees by Top Banks
| Bank | Home Loan Processing Fee |
|---|---|
| SBI (State Bank of India) | 0.35% of the loan amount (min ₹2,000, max ₹10,000) + GST |
| HDFC Bank | Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher |
| ICICI Bank | 0.50% of the loan amount (min ₹3,000, max ₹5,000) + GST |
| Axis Bank | 1% of the loan amount or ₹10,000 (whichever is lower) |
| Kotak Mahindra Bank | 0.5% – 1.00% of the loan amount |
| Bajaj Housing Finance | Up to 4% of the loan amount |
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Conclusion
Checking your Canara Bank home loan eligibility is a crucial step in securing a home loan. Also, by understanding the eligibility criteria and using the tools provided by Canara Bank, you can ensure a smooth application process and improve your chances of approval. If you need assistance, Canara Bank offers a facility of a pre-approved home loan even before you have identified your dream home. For any queries, feel free to contact our team of experts.
Frequently Asked Questions
Canara Bank offers home loans up to 90% of the property’s value, depending on the applicant’s income and repayment capacity.
Applicants must be Indian citizens aged between 21 and 60 years, with a stable income and a good credit history.
Applications can be submitted online through Canara Bank’s official website or by visiting a nearby branch.
Necessary documents include proof of identity, address, income, property documents, and photographs.
Applicants can track their application status online through the bank’s portal or by contacting customer service.
Canara Bank allows prepayment of home loans; however, terms and conditions may apply.
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