Looking to buy or build a home in India while living abroad? Canara Bank’s Home Loan for NRIs offers convenient and flexible financing options tailored for Non-Resident Indians. In this blog, we’ll walk you through the interest rates, EMIs, eligibility, fees, and documents you need to get started.
Canara Bank Home Loan for NRIs 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 Home Loan for NRIs Interest Rates 2025
Canara Bank Home Loan for NRIs 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 Home Loan for NRIs page.
Canara Bank Home Loan for NRIs Eligibility Criteria
Before applying for a Home Loan for NRIs, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by Canara Bank.
| Criteria | Details |
|---|---|
| Eligible Applicants | Non-Resident Indians (NRIs) holding a valid Indian passport and Persons of Indian Origin (PIOs) holding a foreign passport. |
| Age Limit | Minimum: 21 years, Maximum: 60 years at the time of loan application. |
| Employment Status | Steady income source with a minimum of 2 years of employment abroad under a valid job contract or work permit. |
| NRI Status Duration | Should have maintained NRI status for at least 3 years. |
| Joint Applicants | Spouses and close relatives of NRIs who residents are can join as co-applicants. |
| Eligible Properties | Loans are sanctioned only for non-agricultural properties with valid documents for usage for housing or non-agricultural purposes. |
For more detailed information, please refer to Canara Bank’s official website.
Check Out: Canara Bank Home Loan Eligibility Calculator
Canara Bank Home Loan for NRIs 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. Guarantee of suitable Resident Indian acceptable to Bank |
For more detailed information, please visit the official Canara Bank Home Loan for NRIs page.
Canara Bank Home Loan for NRIs Other Fees and Charges
Here are the Other Fees and Charges associated with the Canara Bank Home Loan for NRIs:
| 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 |
| 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 Home Loan for NRIs.
Read More: Canara Bank Home Loan Processing Fees and Other Charges
Canara Bank Home Loan for NRIs Documents Required
The list of Documents required for the Canara Bank Home Loan for NRIs:
| Category | Documents Required |
|---|---|
| Application Form | Duly filled with 2 passport-size photos |
| Identity Proof | Passport (first 4 pages), PAN Card, Aadhaar (if available), Visa/PIO/OCI card |
| Address Proof | Utility bill, Passport, Aadhaar, or Driving License |
| Income Proof | – For salaried: Last 3 months’ salary slips, employer certificate, overseas bank statements – For self-employed: Last 3 years’ ITRs, Balance Sheet, Profit & Loss, business proof |
| NRI Specific Docs | Valid work permit or employment contract, embassy/consulate attested salary certificate |
| POA (if applicable) | Notarized Power of Attorney in favor of a resident Indian |
| Property Documents | Sale deed, title deed, encumbrance certificate (13 years), approved building plan, tax receipts |
| Bank Statements | Last 6 months’ NRE/NRO account and overseas account statements |
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 Home Loan for NRIs?
Time needed: 3 minutes
To apply for the Canara Bank Home Loan for NRIs online, follow these steps:
- Visit Website
Go to Canara Bank NRI home loan official website to explore loan features and eligibility.
- Check Eligibility & Prepare Documents
Ensure you meet the criteria (NRI/PIO with stable income) and gather required documents like passport, visa, income proof, NRE/NRO bank statements, and property papers.
- Download & Fill Application Form
Get the form from the Download Center, complete it with accurate details.
- Submit at Branch
Submit the filled form and documents at your nearest Canara Bank branch or authorize a Power of Attorney holder in India to do so.
- Loan Processing
The bank verifies your documents, assesses eligibility, and on approval, finalizes the loan sanction and disbursement.
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 | 8.05% 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
Canara Bank Home Loan for NRIs offers a reliable and flexible way for Indians abroad to invest in a home back in India. With competitive rates and easy processing, it’s a smart choice for secure property ownership.
For personalized assistance with your home loan, consider scheduling a free consultation call with Credit Dharma today.
Frequently Asked Questions
Non-Resident Indians (NRIs) holding a valid Indian passport and Persons of Indian Origin (PIOs) with a foreign passport are eligible. Applicants should be between 21 and 60 years old and have a minimum of 2 years of employment abroad with a valid job contract or work permit.
The repayment period can extend up to 30 years or until the borrower reaches 70 years of age, whichever is earlier.
Interest rates for Canara Bank NRI Home Loans start from 8.75% per annum. The exact rate depends on the applicant’s credit profile and loan amount.
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).
Yes, NRIs can initiate the application process online through the official Canara Bank website. However, the submission of physical documents may be required at a later stage.
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