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Home > Home Loan > Canara Bank Home Loan > Canara Bank Housing Loan – For Customers with Minimal or Nil Income Proof | Check Interest Rates, EMI, Eligibility, Processing Fees, and Documents Required

Canara Bank Housing Loan – For Customers with Minimal or Nil Income Proof | Check Interest Rates, EMI, Eligibility, Processing Fees, and Documents Required

May 2, 2025
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Looking to own a home but lack formal income proof? Canara Bank Housing Loan – For Customers with Minimal or Nil Income Proof offers a practical solution for self-employed individuals and informal sector workers. This scheme provides flexible eligibility, competitive interest rates, and hassle-free documentation to make your dream home a reality.


Canara Bank Housing Loan – For Customers with Minimal or Nil Income Proof Highlights

FeatureDetails
Interest Rate9.50% p.a. onwards
PurposePurchase/construction/renovation of house/flat
Eligible ApplicantsIndividuals with minimal/no income proof, incl. SHG, PMAY, PM SVANidhi, etc.
Income LimitAnnual household income ≤ ₹9 lakh
Loan AmountUp to ₹35L (metro), ₹25L (other); Repairs: ₹10L/₹6L
EMI/NMI Ratio30%–60% based on income slab

Check Out: Canara Bank Home Loan


Canara Bank Housing Loan – For Customers with Minimal or Nil Income Proof Interest Rates 2025

Canara Bank Housing Loan – For Customers with Minimal or Nil Income Proof interest rates are structured based on the applicant’s Credit Risk Grade (CRG). The effective interest rates are as follows:

Home Loan TypeInterest Rate
Canara Bank Housing Loan – For Customers with Minimal or Nil Income Proof9.50% p.a. onwards

Source: Canara Bank Official Website


Canara Bank Housing Loan – For Customers with Minimal or Nil Income Proof Eligibility Criteria

The key eligibility criteria and features of Canara Bank’s Housing Loan for customers with minimal or nil income proof:

CriteriaDetails
EligibilityIndividuals with minimal/no income proof but with digital banking history
Age21–60 years (max repayment age: 70)
Co-borrowersUp to 4 (spouse, earning children)
Income LimitMax ₹9 lakh (combined annual income)
CIC ScoreMinimum 650
Transaction History24 months (bank account/UPI)
Loan PurposePurchase, construction, extension, renovation of house/flat
Max Loan Amount₹35 lakh (metro), ₹25 lakh (others)
Repair Loan Limit₹10 lakh (metro), ₹6 lakh (others)
Repayment TenureUp to 25 years
Processing FeeNil
Margin10%–20% depending on loan amount
Guarantee SchemeCovered under CRGFTLIH (up to ₹20 lakh for eligible applicants)

For more detailed information, please visit the official Canara Bank Housing Loan page.

Check Out: Canara Bank Home Loan Eligibility Calculator


Canara Bank Housing Loan – For Customers with Minimal or Nil Income Proof Processing Fees

Here is a concise overview of the Processing Fees for Canara Bank’s Housing Loan scheme tailored for customers with minimal or nil income proof:

Fee ComponentDetails
Processing ChargesWaived for loans sanctioned under this specific scheme.
Standard Processing FeeFor other housing loan schemes: 0.50% of the loan amount, with a minimum of ₹1,500 + GST and a maximum of ₹10,000 + GST.
Promotional OfferDuring the Retail Loan Festival (April 1, 2025 – June 30, 2025), a 50% waiver on processing charges is applicable across various housing loan schemes.

For more detailed information, please refer to the official Canara Bank page.


Canara Bank Housing Loan – For Customers with Minimal or Nil Income Proof Other Fees and Charges

Here are the Other Fees and Charges associated with the Canara Bank Housing Loan – For Customers with Minimal or Nil Income Proof:

Charge TypeDetails
Processing Fee0.50% of the loan amount
Minimum: ₹1,500 + GST
Maximum: ₹10,000 + GST
Retail Loan Festival Offer50% waiver on processing charges from April 1 to June 30, 2025
Prepayment ChargesNo prepayment penalty for housing loans with floating interest rates, even if the loan is taken over by other banks or housing finance institutions.
Documentation ChargesNot explicitly specified; may vary based on loan amount and bank policies
Stamp Duty & RegistrationAs per state laws, to be borne by the borrower
Legal & Valuation ChargesApplicable as per actuals, to be borne by the borrower

Read More: Canara Bank Home Loan Processing Fees and Other Charges


Canara Bank Housing Loan – For Customers with Minimal or Nil Income Proof Documents Required

Here is a structured summary of the Documents Required for Canara Bank’s Housing Loan scheme for customers with minimal or nil income proof:

Document TypeDetails
Loan ApplicationDuly filled loan application form with 2 passport-sized photographs of the applicant and co-applicants.
Proof of Identity (KYC)Any one of the following: PAN Card, Aadhaar Card, Passport, Voter ID, or Driving License.
Proof of ResidenceAny one of the following: Aadhaar Card, Passport, Voter ID, Driving License, Electricity Bill, or Telephone Bill.
Age ProofDocument indicating date of birth, such as Birth Certificate, PAN Card, Passport, or School Leaving Certificate.
Banking/Digital FootprintSatisfactorily maintained bank account or UPI transaction history for a minimum period of 24 months.
Property DocumentsDepending on the loan purpose: Sale Deed, Title Deed, Encumbrance Certificate, Approved Building Plan, Property Tax Receipt, and other relevant property-related documents.
Additional DocumentsAny other documents as specified by the bank to process the loan application.

For detailed information and updates, please refer to the official Canara Bank page.

Read More: Canara Bank Home Loan Documents Required


How to Apply to Canara Bank Housing Loan – For Customers with Minimal or Nil Income Proof?

Time needed: 3 minutes

To apply for the Canara Bank Housing Loan – For Customers with Minimal or Nil Income Proof, follow these steps:

  1. Check Eligibility

    Ensure you meet age, income, and CIBIL score criteria.

  2. Collect Documents

    Gather KYC, income proof (if any), bank/UPI history, and property papers.

  3. Visit Branch

    Go to the nearest Canara Bank branch with your documents.

  4. Submit Application

    Fill and submit the loan application form.

  5. Loan Processing

    Bank verifies documents and processes the loan.

Also Read: Online vs Offline Home Loan Application in India: Which is Better?


Canara Bank Home Loan: Other Products

Canara Bank offers multiple home loan schemes, each with its own interest rate structure and features.

Home Loan SchemeInterest Rate
Canara Bank Housing Loan8.05% p.a. onwards
Canara Bank Housing Cum Solar Loan8.05% p.a. onwards
Canara Bank Kuteer Loan8.05% p.a. onwards
Canara Bank Housing loan to Agriculturists8.05% p.a. onwards
Canara Bank Home Loan for NRIs8.05% p.a. onwards
Canara Bank Approved Housing Projects8.05% p.a. onwards

Source: Canara Bank Official Website – Interest Rate Circular

Check Out: Canara Bank Home Loan Interest Rates 2025


Compare Home Loan Interest Rates by Top Banks

BankUp to Rs. 30 LakhAbove Rs. 30 Lakh to Rs. 75 LakhAbove Rs. 75 Lakh
SBI Bank8.00% p.a. onwards8.00% p.a. onwards8.00% p.a. onwards
HDFC Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
LIC Bank8.50% – 10.35% p.a.8.50% – 10.55% p.a.8.50% – 10.75% p.a.
ICICI Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Kotak Mahindra Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Punjab National Bank8.50% – 11.05% p.a.8.50% – 11.05% p.a.8.50% – 11.05% p.a.
Bank Of Baroda8.40% onwards8.40% – 10.65% p.a.8.40% – 10.90% p.a.
Bajaj Housing Finance8.50% p.a. onwards8.50% p.a. onwards8.50% p.a. onwards
Axis Bank8.75%-10.30% p.a.8.75%-10.30% p.a.8.75%-10.30% p.a.
Bank of India8.40% p.a onwards8.40% p.a onwards8.40% p.a onwards
TATA Capital8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
The interest rates, maximum tenures, and other charges are subject to change, and it’s advisable to check with our experts for the most current information.

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Conclusion

Canara Bank’s Housing Loan for customers with minimal or nil income proof offers an inclusive path to homeownership. It’s ideal for individuals with informal incomes backed by digital transaction history and basic documentation.

For personalized assistance with your home loan, consider scheduling a free consultation call with Credit Dharma today.


Frequently Asked Questions

Who is eligible for Canara Bank’s housing loan with minimal or nil income proof?

Individuals aged between 21 and 60 years with a combined annual income not exceeding ₹9 lakh, a minimum Credit Information Company (CIC) score of 650, and a satisfactorily maintained bank account or UPI transaction history for at least 24 months are eligible.

What is the maximum loan amount I can avail under this scheme?

The maximum loan amount is ₹35 lakh for metro cities (with a maximum project cost of ₹45 lakh) and ₹25 lakh for other cities (with a maximum project cost of ₹30 lakh). For repairs and renovations, the limit is ₹10 lakh in metro centers and ₹6 lakh in other centers.

What is the repayment tenure for this loan?

The maximum repayment tenure is 25 years (300 months), subject to full repayment before the youngest earning borrower attains the age of 70 years.

Are there any processing charges for this loan?

Processing charges are waived for loans sanctioned under this scheme.

What types of properties are eligible under this loan scheme?

The loan can be availed for the purchase of a ready-built house/flat, construction of a house/flat, purchase of a site and construction of a house, or extension, repair, or renovation of an existing house/flat located in metro/urban areas.

Is property insurance mandatory?

Yes, it is compulsory to insure the house/flat against risks such as fire, lightning, riots, earthquakes, floods, etc.

Can co-borrowers be included in the loan application?

Yes, the applicant can include their spouse and earning children as co-borrowers, with a maximum of four co-borrowers allowed.

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