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Canara Home Loan

Apply Canara Home Loan

4.4

Max Tenure

30 yrs

Best Rate

6.90%

Processing Fee

0%*

View Details

Features

  • Best ROI in the industry
  • For women beneficiaries 0.05% less than normal rate
  • Speedy Sanction
  • No prepayment charges
  • No hidden charges
  • Interest calculated on daily reducing balance
  • Longer Repayment tenor

Pricing

  • Interest Rate: 6.90% to 8.90%
  • Processing Fee: 0

Documents Required

  • ID proof(PAN card, Pass port/Voter Id/Employer ID/Driving Licence/ Aadhaar Card/MNREGA No) with 2 PP photos
  • Residence proof: Latest Tel bill, Bank Statement / Elec bill / Ration Card / letter from employer)
  • Certificate from employer confirming confirmation of continuous service - For Salaried Only
  • A brief note on nature of business / activity / business licence in case of self-employed
  • Form 16 for last 3 years
  • Bank Statement / Pass book of salary or Business A/c for last 6 months
  • Balance sheet and P&L Account for last 3 years - For Self Employed
  • Salary Slip for last six months - for Salaried
  • Income Tax returns with taxpaid challans for last 3 years - For Self Employed
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How to Get a Canara Home Loan

Canara bank home loan interest rates start from 6.90% going up to 10.05%. The bank offers home loan tenures of up to 30 years. With a processing fee of as low as 0.50% on the loan amount, it is one of the most preferred home loan options in the country. Canara bank home loans can be availed by both salaried and self-employed individuals. The loan can be used towards a home purchase, home construction and also renovation.

Canara bank home loan interest rates

Canara bank home loan interest rates are based on Repo Linked Lending Rate (RLLR).

Here are the interest rate details applicable on Canara bank home loans:

Canara home loan

6.90% to 8.90% p.a.

Canara home loan plus

7.45% to 9.50% p.a.

Canara home improvement loan

9.40% to 11.45% p.a.

Canara mortgage loan

9.95% to 12.00% p.a.

Canara site loan

7.95% to 9.00% p.a.

Canara home loan secure

7.00% p.a.

The table below provides additional details on Canara home loans:

Canara Bank Home Loan Interest Rates 2022

Interest Rate

6.90% – 10.05%

Loan Tenure

Up to 30 years

Loan Amount

As per the applicant’s profile

Processing fees

0.5% of the loan amount

What are the home loan schemes offered by Canara Bank?

Canara Bank is known to offer a wide range of home loan schemes to cater to different consumer requirements. These include:

  • Canara Housing Loan
  • Canara Home Loan Plus
  • Canara Site Loan
  • Home Improvement Loan

These loans can be used for:

  • purchase or construction of a house, 
  • purchase of plot, 
  • renovation or expansion of property

Canara home loans are:

  • Available for individuals who have stable employment or business income for at least 3 years
  • Also offered to individuals who are 60 years of age or more as long as they fulfil certain loan conditions

Here are the details of the home loan schemes offered by Canara Bank:

Canara Site Loan

  • Interest rate: 7.95% to 9% p.a.
  • Processing fees: 0.50% 
    • Minimum Rs. 1,500 
    • Maximum Rs. 10,000
  • Helps borrowers to buy sites that are being sold by governments or any authorized government organizations
  • Additional finance can be sought for the construction of a house on the purchased site
  • The loan repayment tenure is a maximum of 10 years

Canara Home Loan Plus

  • Interest rate: 7.45% to 9.50% p.a.
  • No processing fees
  • Acts as an additional loan on an existing housing loan from Canara bank
  • Available to borrowers who have a good repayment track record of at least 1 year
  • Provided in the form of term loans of up to 10 years and also overdraft facility of up to 3 years

Canara Bank Home Improvement Loan

  • Interest rate: 9.40% to 11.45% p.a.
  • Processing fees: 0.50% 
    • Minimum Rs. 1,500 
    • Maximum Rs. 10,000
  • Designed to provide finances for purchasing big-ticket items like household appliances and furnishing
  • NRIs can avail of this loan
  • The maximum amount that can be borrowed is Rs. 2 lakhs as a top-up on an existing home loan from the bank
  • The repayment tenure is a maximum of 5 years

What are the features & benefits of Canara Bank home loans?

Here are some of the key features of Canara home loans:

  • Wide range of home loan financing options to cater to different borrower requirements
  • Competitive home loan interest rates start at 6.90% p.a.
  • Longer loan repayment tenure of up to 30 years
  • Home loans are also offered under PMAY “Housing for All” scheme
  • Fast and easy home loan application process

Canara Bank home loan eligibility criteria

Canara Bank offers a number of home loan schemes, each offering some unique benefits. Each of the home loans has its eligibility criteria. Here are a few common requirements to be met:

Borrower type

Indian residents or Non-Resident Indians (NRIs)

Employment type

Salaried or Self Employed

Age

18 to 70 years

Credit score

750 and above

Income

Depending on the borrower profile and loan application

Work Experience

Minimum 3 years

How to apply for Canara Bank home loans online?

Home loan borrowers can apply for Canara home loans online through the below-mentioned steps:

  • Go to the bank’s website and navigate to the home loan application link
  • Fill in the required fields in the application section
  • Accept the terms and conditions before proceeding
  • Enter personal and bank-related details
  • Once the list of eligible loan options appears, one can compare and apply for the right home loan that suits personal requirements

End Note

Canara Bank, one of the leading public sector banks in India has recently revised its home loan rates as per repo rate linked lending rate (RLLR) and the base rate. This makes it one of the most preferred banks for home loans in the country.

FAQs

1. How can I transfer my existing home loan to Canara Bank?

You can transfer your existing home loan to Canara Bank by applying for the balance transfer facility. To apply for it, you can reach out to the bank executives who can offer more details on the interest rate and other loan terms.

2. Why should I use Canara bank balance transfer for home loans?

Canara bank home loan balance transfer facility can help in saving the overall cost of the loan since the bank offers one of the most competitive interest rates on home loans in India.

3. Can I apply for a home loan from Canara Bank online?

Currently, Canara bank does not have a direct online application for home loans. While the initial application can be made online, the remaining process has to be done through bank executives and offline.

4. Does Canara bank charge additional interest on loans borrowed for purchasing a second home?

No, the bank does not charge any additional interest on a loan borrowed for a second property. The rates are the same as ongoing home loan interest rates.

5. How do I connect with Canara bank customer care for the resolution of my home loan queries?

Canara Bank customer care executives for home loans can be contacted using the toll-free number 1800-425-0018 from anywhere in India.

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