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Canara Bank Home Loans

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Canara Bank home loan

salaried self employed NRI add co-applicant

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Canara Bank Home Loan Overview

Canara Bank Home Loan Deals

Exciting Home Loan deals available from Canara Bank to buy your dream home. Canara Bank is offering housing loans For construction / purchase / repairs / additions / renovations of residential house / flat including the purchase of land and construction. Transfer your current home loans to Canara Bank and save thousands. Check your Eligibility Now!

Fill the form above and check your home loan eligibility instantly and get e-approved in minutes.

Benefits of Canara Bank Home Loans:
  • Home loan is available for construction/purchase/repairs/renovation of house or flat including purchase of land & construction.
  • For purchase of new house (including readymade & construction-linked), the loan to value would be 85% for loan amount up to Rs 20 lakh and 80% for loan amount above Rs 20 lakh.
  • For purchase of old house or flat, loan to value would be 80% for loan amount up to Rs 20 lakh, & 75% for loan amount above Rs 20 lakh.
  • Loan can be repaid with EMIs within 25 years or age at loan maturity is of 70 years whichever is earlier.
  • Attractive home loan interest rates

Canara Bank Home Loan FAQs

  1. Can I avail of Home Loan from Canara Bank ?
    • Yes, you can avail a Home Loan from Canara Bank, if you plan to construct or purchase a house/flat or extend your existing house/flat and,you are :
    • A minimum of 21 years
    • Employed or Self Employed with regular income.

  2. What are the processing fees charged by the bank?
    Nominal processing fee of 0.50% (Max. Rs.10,000/-) is charged.

  3. Can I prepay the loan or remit amounts more than the EMI? Are there any penalties?
    Yes, the loan can be prepaid at any moment. Further you can remit any amount over and above the stipulated EMI in case you have surplus funds, as it will bring down your interest burden. No penalty is levied for prepayment/extra payment. However closure of loan by takeover of the loan by another banks/HFI attracts a penalty of 2 % on the outstanding loan amount.

  4. For how long a period can I get the loan ?
    We grant term upto a maximum of 25 years. The term for the loan will under no circumstances exceed the age of retirement or completion of 65 years of age, whichever is earlier.

  5. Can I prepay the loan ahead of schedule ?
    Yes, you have the option to prepay the loan ahead of schedule either in part or in full from your own sources.

  6. Is there an age limit for availing the loan?
    Yes. The applicant should not be above 55 years of age. In case of borrowers opting for repayment of above 15 years, the entire loan should be cleared before the borrower attaining 70 years of age. However, exceptions can be considered selectively based on merits.

  7. Whether additional loan is sanctioned for furnishing the house?
    Whether additional loan is sanctioned for furnishing the house? Yes. Additional loan to the extent of 1 year gross income with a maximum of Rs.2.00 lacs in addition to housing loan can be availed as HOME IMPROVEMENT loan at the same rate of interest as that of housing loan.

Canara Bank Home Loan Eligibility & Documentation

Canara Bank Home Loan Eligibility:

  • Salaried individuals, individual engaged in business/professionals & self-employed person & NRI can apply for home loan.
  • Salaried Individuals are entitled to 4 years of total gross salary a maximum loan amount which can be 4 years of gross salary.
  • Self-employed or business individual are entitled to 4 years of gross annual income
  • For NRIs are eligible of 2 years annual gross income.

How is your Canara Bank home loan eligibility determined?
Based on the following aspects Canara Bank will determine your loan eligibility:

  • Your monthly income
  • Property cost
  • Other EMI’s which you are paying for any other loan

Fill the form above to check your actual home loan amount eligibility.


Canara Bank Home Loan documentation:

  • Application form with recent photograph
  • Salary slip of last 3 months
  • Latest Form 16
  • Bank statement for last 6 months
  • Processing fee check
  • Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
  • Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
  • Proof of age (any one) : Passport/Voter's ID/PAN card/' Birth certificate/life insurance policy or premium receipt. Signature verification proof
  • Repayment track record of existing loans/Loan closure letter

Canara Bank Home Loan Interest RatesUpdated on 19 May 2013

Details of Canara Bank Home Loan

Canara Home Loan Interest Rate.(Daily reducing balance)
10.25% to 10.75% floating. Check Customized Interest Rates Now!
Processing Fees
0.50% of the loan amount,minimum of Rs. 500 and maximum of Rs. 10,000
Home Loan Tenure
1 year to 25 years
Home Loan Amount Funded
Up to 80% of property value
Partial Pre-payment Charges
Nil
Pre-closure Charges
2% of pre-closed amount if transferred to another institution. Nil if pre-closed with own funds
Guarantor Requirement
Guarantor is required

Home Loan Articles

  • Checklist-Home loan documentation!
    Home loans are easy to come by these days. So, don’t fret over it. Focus on the documents you need to furnish while applying for a home loan. Documents required: We give you a standard list of documents your bank will ask for. Besides this you need to submit details of the property or home you are obtaining the loan for.
  • Are you loan eligible?
    Home loans are the most easily accessible financial supplement to purchase your dream home. To understand how to enhance your eligibility to apply for a home loan, make a simple self-assessment. Here is how banks do it.
  • Beware of these home loan facts!
    A bank is eligible to demand additional security when property prices fall. Even if you are loyal on your EMI payments, this clause demands a security cover in addition to your loan amount and if a borrower fails to provide such a security then he/ she may be declared a defaulter by the lender.
  • Arithmetic jugglery and home loans!
    Different banks quote their interest rates differently. Some might quote rates with an annual rest, while others may quote rates with a monthly rest. In every case the bank will usually quote the ‘annualised rate’, which is obtained by multiplying the rate per rest period into the number of rests per year.

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