Looking to build or buy your dream home on a budget? Canara Bank’s Canara Kuteer Loan offers affordable housing finance tailored for economically weaker and low-income groups. In this blog, we’ll cover its interest rates, EMI options, eligibility, fees, and the documents you’ll need to get started.
Canara Bank Canara Kuteer Loan Highlights
| Category | Details |
|---|---|
| Interest Rate | Starting from 8.05% p.a. |
| Loan Tenure | Up to 30 Years |
| Processing Fee | 0.50% of the loan amount (Min ₹1,500 – Max ₹10,000) + GST |
Check Out: Canara Bank Home Loan
Canara Bank Canara Kuteer Loan Interest Rates 2025
Canara Bank Kuteer Loan interest rates are structured based on the applicant’s Credit Risk Grade (CRG). The effective interest rates are as follows:
| Credit Risk Grade (CRG) | Effective Interest Rate (per annum) |
|---|---|
| CRG-PRIME | 8.05% p.a. onwards |
| CRG 1 | 8.05% p.a. onwards |
| CRG 2 | 8.35% p.a. onwards |
| CRG 3 | 9.25% p.a. onwards |
| CRG 4 | 10.75% p.a. onwards |
For more detailed information, please visit the official Canara Bank Canara Kuteer Loan page.
Canara Bank Canara Kuteer Loan Eligibility Criteria
Before applying for a Canara Kuteer Loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by Canara Bank.
| Criteria | Details |
|---|---|
| Eligible Applicants | 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 |
| Income Limit | Up to ₹3 lakh/year (max loan ₹10 lakh) |
| Purpose | Purchase, construction, or site+construction of house |
| Repayment Tenure | Up to 30 years or age 75, whichever is earlier |
| Security | Mortgage of the financed property |
| Margin | 10%–25% based on house type and loan amount |
| Processing Fees | 0.50% of loan (Min ₹1,500 – Max ₹10,000) + GST |
| Offer | 50% fee waiver till June 30, 2025 |
For more detailed information and the most up-to-date terms, please refer to Canara Bank’s official website.
Check Out: Canara Bank Home Loan Eligibility Calculator
Canara Bank Canara Kuteer Loan Processing Fees
| Applicant Type | Processing Fee |
|---|---|
| Individuals & Non-Individuals | 0.50% of the loan amount, with a minimum of ₹1,500 plus GST and a maximum of ₹10,000 plus GST. Bank is celebrating Retail Loan Festival and waiver of 50% processing charges from 01.04.2025 to 30.06.2025. |
For more detailed information, please visit the official Canara Bank Canara Kuteer Loan page.
Canara Bank Canara Kuteer Loan Other Fees and Charges
Here are the Other Fees and Charges associated with the Canara Kuteer Loan:
| Charge Type | Details |
|---|---|
| Processing Fee | 0.50% of the loan amount Minimum: ₹1,500 + GST Maximum: ₹10,000 + GST |
| Retail Loan Festival Offer | 50% waiver on processing charges from April 1 to June 30, 2025 |
| Security | Mortgage of the house/flat financed and hypothecation of assets created out of the loan proceeds. |
| Repayment Tenure | Up to 30 years or until the borrower attains 75 years of age, whichever is earlier. |
| Prepayment Charges | No prepayment penalty for housing loans with floating interest rates, even if the loan is taken over by other banks or housing finance institutions. |
| Documentation Charges | Not explicitly specified, may vary based on loan amount and bank policies |
| Stamp Duty & Registration | As per state laws, to be borne by the borrower |
| Legal & Valuation Charges | Applicable as per actuals, to be borne by the borrower |
Source: Canara Bank Canara Kuteer Loan.
Read More: Canara Bank Home Loan Processing Fees and Other Charges
Canara Bank Canara Kuteer Loan Documents Required
The list of Documents required for the Canara Bank Kuteer Loan:
| Document Type | Details |
|---|---|
| Loan Application Form | Duly filled application form with passport-sized photographs of the applicant and co-applicant. |
| Identity Proof | PAN Card, Aadhaar Card, Passport, Voter ID, or Driving License. |
| Address Proof | Aadhaar Card, Passport, Voter ID, Driving License, Utility Bills (Electricity, Telephone), or Rent Agreement. |
| Age Proof | Birth Certificate, School Leaving Certificate, Passport, or PAN Card. |
| Income Proof (Salaried) | Latest salary slips, Form 16, and bank statements for the last 6 months. |
| Income Proof (Self-Employed) | Income Tax Returns for the last 3 years, Profit & Loss Account, Balance Sheet, and bank statements for the last 6 months. |
| Property Documents | Title deeds of the property, link documents for the last 13 years, Encumbrance Certificate, and approved building plan. |
| Other Documents | Passport-sized photographs, processing fee cheque, and any other documents as required by the bank. |
For the most accurate and updated information, please refer to Canara Bank’s official website.
Read More: Canara Bank Home Loan Documents Required
How to Apply to Canara Bank Canara Kuteer Loan?
Time needed: 3 minutes
To apply for the Canara Bank Canara Kuteer Loan online, follow these steps:
- Visit Canara Bank:
Apply online at canarabank.com or visit a nearby branch.
- Fill the Form:
Complete the loan application with accurate details.
- Submit Documents:
Attach required documents like ID, income, and property proof.
- Verification:
Bank reviews and verifies your application.
- Loan Disbursement:
On approval, the loan is sanctioned and disbursed.
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 Scheme | Interest Rate |
|---|---|
| Canara Bank Housing Loan | 8.05% p.a. onwards |
| Canara Bank Housing Cum Solar Loan | 8.75% p.a. onwards |
| Canara Bank Kuteer Loan | 8.05% p.a. onwards |
| Canara Bank Housing loan to Agriculturists | 8.05% p.a. onwards |
| Canara Bank Home Loan for NRIs | 8.05% p.a. onwards |
| Canara Bank Approved Housing Projects | 8.05% 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
| 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 |
Conclusion
The Canara Kuteer Loan offers affordable housing finance to economically weaker and low-income groups with flexible terms. It’s a supportive step toward inclusive homeownership across India.
For personalized assistance with your home loan, consider scheduling a free consultation call with Credit Dharma today.
Frequently Asked Questions
The Canara Kuteer Loan is a specialized housing loan scheme by Canara Bank aimed at individuals from economically weaker sections and low-income groups. It facilitates the purchase, construction, or renovation of residential properties, making homeownership more accessible.
You can apply by visiting the official Canara Bank website and navigating to the Canara Kuteer Loan section. Alternatively, you can visit the nearest Canara Bank branch with the required documents to initiate the application process.
Individuals residing in rural, urban, and metro areas with an annual household income of up to ₹3 lakh are eligible. Both salaried and self-employed individuals can apply, including members of Self-Help Groups (SHGs).
The maximum loan amount depends on the applicant’s annual household income:
– Up to ₹1 lakh: Eligible for a loan up to ₹5 lakh.
– Above ₹1 lakh and up to ₹3 lakh: Eligible for a loan up to ₹10 lakh.
The loan can be repaid over a maximum period of 30 years or until the borrower attains 75 years of age, whichever is earlier.
Yes, a processing fee of 0.50% of the loan amount is applicable, with a minimum of ₹1,500 and a maximum of ₹10,000, plus GST.
Applicants need to submit:
– Duly filled loan application form with passport-size photographs.
– KYC documents (Proof of Identity and Address).
– Income proof (salary slips, bank statements, ITRs).
– Property-related documents (title deeds, tax receipts, approved plans).
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