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Purchasing a plot of land is an important step toward building your dream home. Canara Bank offers a Plot Loan specifically designed to help customers finance the purchase of residential plots. Whether you’re buying land directly from government development authorities or through a second sale in approved colonies, Canara Bank provides competitive interest rates and flexible repayment options to suit your needs.
Canara Bank Site Loan Highlights
| Categories | Details |
|---|---|
| Interest Rates | 9.80% p.a. onwards |
| Tenure | 10 Years |
| Loan Quantum | Three years gross Annual salary/income OR 75% of the cost of the site/guideline value (whichever is less). |
| Processing Fees | 0.50% on the loan amount |
Check Out: Canra Bank Home Loan Interest Rates 2025
Canara Bank Site Loan Interest Rates 2025
| Canara Site CRG | Effective ROI (%) |
|---|---|
| CRG : 1 | 9.80 |
| CRG : 2 | 9.85 |
| CRG : 3 | 10.35 |
| CRG : 4 | 10.85 |
Also Read: Canara Bank Home Loan EMI Calculator
Canara Bank Site Loan Eligibility Criteria
| Eligibility Criteria | Details |
|---|---|
| Profession | Salaried individual/ self-employed/ business owner. |
| Credit Score | 650+ (Interest rates increase as the credit score reduces.) |
| Age | Age of applicant should be less than 60 years. |
| Loan Tenure | 10 Years |
Check Out: Canara Bank Home Loan Eligibility Calculator
Canara Bank Site Loan Processing Fees
| Processing Charges | Details |
|---|---|
| Nominal Processing Fee | 0.50% on the loan amount with a Minimum of ₹1,500/- & Maximum of ₹10,000/- |
Canara Bank Site/Plot Loan Other Fees & Charges
| Documentation Charges | Details |
|---|---|
| Documentation Charges | ₹100/- per Lac or part thereof with a Minimum of ₹1,000/- and Maximum ₹25,000/- |
| Security | Mortgage of the residential site proposed to be purchased. Suitable co-obligation/personal guarantee of adequate net worth will be insisted. |
Canara Bank Site/Plot Loan USPs
Purpose:
- Purchase of residential sites from State Development or Town Planning Development Authorities.
- Purchase of sites from statutory bodies of Central/State Governments or approved public-private partnerships.
- Purchase of plots from Government Development Authorities (e.g., DDA, HUDA), including second sales and RERA-approved projects.
- Takeover of home loan accounts from other banks if the purpose matches any of the above criteria.
Suggested Read: Canara Bank Home Loan Customer Care
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How to Apply to Canara Bank Site Loan?
- Visit the Official Website
Navigate to the Canara Bank Site Loan page.
- Review Loan Details
Familiarize yourself with the loan’s features, eligibility criteria, interest rates, and required documents.
- Prepare Required Documents
Ensure you have the following documents ready:
Loan Application Form: Duly filled with 2 passport-size photographs.
KYC Documents: Proof of identity and residence for all applicants and guarantors.
Income Proof:
Salaried Individuals: Latest 6 months’ salary slips or Form 16.
Self-Employed: Latest Income Tax Assessment Order (ITAO).
Property Documents:
Layout/site plan issued by development authorities.
Allotment letter or any document evidencing purchase/allotment of sites.
Legal Scrutiny Report: From a bank’s panel advocate. - Submit the Application
Visit your nearest Canara Bank branch with the prepared documents.
Consult with a loan officer to submit your application and initiate the processing.
Canara Bank Home Loan: Other Products
| Product | Interest Rates |
|---|---|
| Housing Loan | 8.05% p.a. onwards |
| Housing Loan to Agriculturalists | 8.05% p.a. onwards |
| Housing Cum Solar Loan | 8.75% p.a. onwards |
| Home Loan for NRIs | 8.05% p.a. onwards |
| Housing Loan for Customer with Minimal/ Nil Income Proof | 9.50% p.a. onwards |
| Mortgage Loan | 9.80% p.a. onwards |
| Site Loan | 9.80% p.a. onwards |
Compare Top Bank Plot Loan Interest Rates
| Bank | Interest Rate Range (p.a.) | Maximum Tenure | Processing Fee |
|---|---|---|---|
| HDFC Bank | 8.75% – 9.95% | Up to 15 years | 0.5% – 1.5% of loan amount |
| ICICI Bank | 8.90% – 10.30% | Up to 20 years | 1% of loan amount + admin charges |
| SBI | 9.40% – 9.85% | Up to 10 years | 0.4% (Min ₹10,000; Max ₹30,000) |
| Bank of Baroda | 8.40% – 12.20% | Up to 30 years | 0.25% – 0.5% (Min ₹8,500; Max ₹25,000) |
| LIC Housing Finance | 6.90% – 7.90% | Up to 15 years | ₹10,000 – ₹15,000 |
| Union Bank of India | 8.50% (fixed) | Up to 30 years | 0.5% (Min ₹1,500) |
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Conclusion
Canara Bank’s Plot Loan is an excellent financing option for individuals looking to purchase residential plots from government or statutory authorities. With competitive interest rates, a flexible repayment period, and minimal processing charges, the loan offers a convenient and affordable way to finance your land purchase. If you’re ready to invest in your dream property, Canara Bank’s Plot Loan can help make it a reality.
For personalized advice on plot loans and other financial solutions, contact Credit Dharma today for expert guidance.
Frequently Asked Questions
Canara Bank designs Plot Loans to help individuals finance the purchase of residential plots from government or statutory development authorities. It offers competitive interest rates and flexible repayment options.
The interest rate starts at 9.25% and varies based on factors like loan amount and tenure.
Yes, NRIs are eligible to apply for a Canara Bank Plot Loan, subject to fulfilling the required criteria.
The loan amount is the lesser of 75% of the plot’s value or three years’ gross annual income.
No, Canara Bank does not charge any prepayment penalty, allowing you to close your loan early without extra fees.
The repayment tenure can be up to 10 years or the maximum period permitted by the allotment agency for house construction, whichever is earlier.
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