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:
Eligibility Criteria for Canara Home Loan
| Eligibility criteria | Requirements |
|---|---|
| Minimum age | 21 years |
| Maximum age | 70 years |
| Residency status | 1. Residents of India 2. Non-residents of India (Depending on the scheme chosen) |
| Type of employment | 1. Salaried 2. Self Employed Professionals 3. Self Employed Business Owners |
Calculate your Canara home loan eligibility and unlock exclusive offers for you!
Canara Bank Home Loan Interest Rates
Canara Bank Home Loan Floating Interest Rates
For Loan Amount up to Rs 50 lakh
| Credit Risk Grade | Interest Rate (p.a.) | Women Borrowers |
|---|---|---|
| CRG-Prime | 8.50% | 8.55% |
| CRG:1 | 8.50% | 8.55% |
| CRG:2 | 8.80% | 8.85% |
| CRG:3 | 9.70% | 9.75% |
| CRG:4 | 11.20% | 11.25% |
For Loan Amount above Rs 50 lakh to Rs 1 crore
| Credit Risk Grade | Interest Rate (p.a.) | Women Borrowers |
|---|---|---|
| CRG-Prime | 8.45% | 8.50% |
| CRG:1 | 8.45% | 8.50% |
| CRG:2 | 8.75% | 8.80% |
| CRG:3 | 9.60% | 9.65% |
| CRG:4 | 11.10% | 11.15% |
For Loan Amount above Rs 1 crore to Rs 25 crore
| Credit Risk Grade | Interest Rate (p.a.) | Women Borrowers |
|---|---|---|
| CRG-Prime | 8.40% | 8.45% |
| CRG:1 | 8.40% | 8.45% |
| CRG:2 | 8.70% | 8.75% |
| CRG:3 | 9.50% | 9.55% |
| CRG:4 | 11.00% | 11.05% |
For Loan Amount above Rs 25 crore
| Credit Risk Grade | Interest Rate (p.a.) | Women Borrowers |
|---|---|---|
| CRG-Prime | 8.40% | 8.45% |
| CRG:1 | 8.40% | 8.45% |
| CRG:2 | 8.70% | 8.75% |
| CRG:3 | 9.40% | 9.45% |
| CRG:4 | 10.90% | 10.95% |
Canara Home Loan Plus- Term Loan
| Credit Risk Grade | Interest Rate (p.a.) |
|---|---|
| CRG: 1 | 9.80% |
| CRG: 2 | 9.85% |
| CRG: 3 | 10.35% |
| CRG: 4 | 11.85% |
Types of Canara Bank Home Loans
Canara Bank Housing Loan
The Canara Bank Housing Loan can be utilized for purchasing or constructing a house or flat, purchasing a site and constructing a house, and for repairs, renovations, expansions, and upgrades. Existing Canara Bank home loan borrowers can also use this loan to purchase a second house, with or without an existing home loan.
| Type of Home Loan | Interest Rate | Loan Amount | Repayment Tenure |
|---|---|---|---|
| Canara Bank Housing Loan | Starting from 8.40% p.a. | 6 times gross annual income for salaried applicants 6 times average gross annual income for the last 3 years for self-employed applicants Up to 8 years gross salary/income for select cases Up to Rs 15 lakh for repairs/renovation | Up to 30 years or until 75 years of age, whichever is earlier |
Canara Home Loan Plus
The Canara Home Loan Plus is a top-up loan for existing Canara Bank home loan borrowers to finance domestic needs, medical expenses, education expenses, and other emergencies.
| Type of Home Loan | Interest Rate | Loan Amount | Repayment Tenure |
|---|---|---|---|
| Canara Home Loan Plus | Variable based on existing home loan | For Salaried: 24 months gross salary, up to Rs 50 lakh For Non-Salaried: Twice the average gross income of the last 3 years, up to Rs 50 lakh | Up to 15 years or the remaining repayment period of the existing home loan |
Canara Bank Housing Loan to Agriculturists
This loan is aimed at agriculturists and individuals engaged in allied activities for purchasing or constructing a house or flat, and purchasing a site for construction. The loans are only sanctioned for non-agricultural properties, preferably in urban or semi-urban areas.
| Type of Home Loan | Interest Rate | Loan Amount | Repayment Tenure |
|---|---|---|---|
| Canara Bank Housing Loan to Agriculturists | Variable based on credit risk grade | 6 times gross annual income for salaried applicants 6 times average gross annual income for the last 3 years for self-employed applicants Up to Rs 15 lakh for repairs/renovation | Up to 30 years or until 75 years of age |
Canara Kuteer Housing Loan Scheme
The Canara Kuteer Housing Loan scheme is available for purchasing a plot and constructing a house on it, purchasing a new or old house/flat, and home construction on an already owned plot/site.
| Type of Home Loan | Interest Rate | Loan Amount | Repayment Tenure |
|---|---|---|---|
| Canara Kuteer Housing Loan Scheme | Variable based on applicant profile | Up to Rs 5 lakh for household income up to Rs 1 lakh Up to Rs 10 lakh for household income between Rs 1 lakh and Rs 3 lakh | Up to 30 years or until 75 years of age |
Canara Site Loan
The Canara Site Loan is a plot loan scheme for purchasing residential sites from State Development/Town Planning Development Authorities or other government bodies. It can also be used for purchasing plots approved by statutory authorities or RERA-approved projects.
| Type of Home Loan | Interest Rate | Loan Amount | Repayment Tenure |
|---|---|---|---|
| Canara Site Loan | Variable based on applicant profile | 75% of the plot value or 3 years gross annual salary/income | Up to 10 years or maximum period for house construction, or until 65 years of age |
Canara Home Loan Super Gain Scheme
This scheme is for new and existing Canara Bank customers for the purchase and construction of houses or flats, as well as for repairs and renovations of new or second-hand residential properties.
| Type of Home Loan | Interest Rate | Loan Amount | Repayment Tenure |
|---|---|---|---|
| Canara Home Loan Super Gain Scheme | Variable based on applicant profile | Rs 20 lakh onwards | Up to 30 years or until 75 years of age |
Canara Bank Home Loan for NRIs
NRI applicants can avail this loan for the purchase and construction of houses/flats, plot purchase and house construction, and for repairs and renovations. Existing NRI home loan borrowers from other lenders can transfer their home loans to Canara Bank at lower interest rates.
| Type of Home Loan | Interest Rate | Loan Amount | Repayment Tenure |
|---|---|---|---|
| Canara Bank Home Loan for NRIs | Variable based on applicant profile | 4 times annual gross income 5 years of gross income in select cases | Up to 30 years or until 60 years of age (70 years under certain conditions) |
Canara Bank Home Loan Eligibility Criteria
For Canara Bank Housing Loan
| Eligibility Criteria | Details |
|---|---|
| Salaried Individuals | Continuous service of at least 2 years, with a minimum of 6 months in the current organization |
| Self-Employed/Professionals | Engaged in their profession or business for at least 3 years |
| Age Range | Minimum age: Less than 60 years Maximum age: Up to 75 years |
For Canara Bank Housing Loan to Agriculturists
| Eligibility Criteria | Details |
|---|---|
| Agriculturists | Owning and cultivating agricultural land of more than 5 acres |
| Engaged in Allied Activities | With a minimum gross annual income of Rs 5 lakh |
For Canara Bank NRI Home Loan
| Eligibility Criteria | Details |
|---|---|
| NRIs | Valid Indian passport or Person of Indian Origin with a foreign passport |
| Age Range | Minimum age: 21 years Maximum age: 60 years |
| NRI Status | At least 3 years |
| Work Experience Abroad | Minimum of 2 years |
For Canara Home Loan Super Gain
The Canara Home Loan Super Gain scheme is available for both new and existing home loan borrowers availing home loans of Rs 20 lakh and above.
For Canara Home Loan Plus
| Eligibility Criteria | Details |
|---|---|
| Existing Home Loan Borrowers | Must have a satisfactory repayment track record |
| Age Range | Minimum age: 18 years Maximum age: 70 years |
For Canara Kuteer
Individuals residing in rural, urban, and metro areas, including members of self-help groups, with a household income between Rs 1 lakh and Rs 3 lakh per annum are eligible for the Canara Kuteer Housing Loan scheme.
Documents Required for Canara Bank Home Loan Application
- Duly filled application form with 2 passport size photos of applicant/guarantor
- Copy of the approved plan for the proposed construction/extension/addition
- Detailed cost estimate/valuation report from Banks Panel Chartered Engineer/Architect
- Agreement for Sale
- Sale Deed
- Allotment letter of Co-operative Housing Society/Apartment Owners Association/Housing Board/NOC from the Society/Association/Builders/Housing Board
- Salary Certificate and Form No.16 (for salaried persons)
- IT Returns filed for the past three assessment years (for non-salaried persons)
- A brief note on the nature of business, year of establishment, type of organization, etc. (for self-employed)
- Legal Scrutiny Report, EC for the past 13 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary
- Balance Sheet and P&L Account for the past three years (for self-employed)
Ready to Own Your Dream Home with Canara Bank?
Also check home loans from other banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.5% p.a. onwards | 8.5% p.a. onwards | 8.5% p.a. onwards |
| HDFC Bank | 8.7% p.a. onwards | 8.7% p.a. onwards | 8.7% 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 | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
| Punjab National Bank | 8.40% – 12.10% p.a. | 8.40% – 12.10% p.a. | 8.40% – 12.10% p.a. |
| Bank Of Baroda | 8.40% – 10.65% p.a. | 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%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. |
| Bank of India | 8.4% p.a onwards | 8.4% p.a onwards | 8.4% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Frequently Asked Questions
The maximum tenure for the home loan is 20-30 years (but the tenure of the loan can also change based on the scheme.
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.
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.
You can calculate the EMI for using any online EMI Calculator
HDFC Home Loan
SBI Home Loan
