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A "low interest" loan shouldn't mean you have very little interest in paying it back!
Canara Bank home loan interest rate starts from 8.85% p.a., with loan tenures of up to 30 years. Women borrowers can avail a loan at 8.85% p.a.while general borrowers can avail it from 8.90% p.a. onwards.The eligible home loan amount is 4 times your gross annual income and up to 5 years’ gross income permitted in select cases. The bank charges a nominal processing fee of 0.50% of the loan amount and zero prepayment charges for floating rate home loans. Also, you can avail up to 90% of the property value if it’s a new house/flat. The bank also offers loans of up to Rs.15 lakh for repairs or renovations. With certain preconditions, persons above the age of 60 years can avail the Canara Bank housing loan.
| Loan Amount | Minimum: NA, Maximum: 6x Gross Annual Salary |
| Processing Fees | Up to 0.50% (Max. Rs.10,000) |
| Penal Interest Rate | Not available |
| Prepayment/Foreclosure Charges | Nil |
| Max Tenure | 30 Years |
| Rate Packages Available | Floating |
Along with the interest rates and processing fees, home loans are subject to a variety of other charges. Before you apply for a Canara Bank home loan, check out the applicable fees and charges that you may have to pay.
Canara Bank housing finance schemes are linked to its Repo Linked Lending Rate (RLLR). The table below shows the interest rates you need to know:
| Canara Home Loan Schemes | Interest Rates |
|---|---|
| Canara Housing Loan | 8.85% p.a. onwards |
Compare: Home Loan Interest Rate all Banks
| Loan Amount | 10 Year EMI | 20 Year EMI | 30 Year EMI |
|---|---|---|---|
| Rs.10 lakh | Rs.12,587 | Rs.8,901 | Rs.7,939 |
| Rs.20 lakh | Rs.25,173 | Rs.17,802 | Rs.15,877 |
| Rs.30 lakh | Rs.37,760 | Rs.26,703 | Rs.23,816 |
| Rs.40 lakh | Rs.50,346 | Rs.35,604 | Rs.31,754 |
| Rs.50 lakh | Rs.62,933 | Rs.44,505 | Rs.39,693 |
Note: These interest rates are effective from 12 April 2023
The housing loan EMI amount is calculated based on the loan amount, loan tenure and lowest interest rate as 8.85%.
Check the monthly repayment amount of your home loan before applying by using the Home Loan EMI Calculator.
Canara Bank has a range of home loans to meet your requirements. These are: Canara Housing Loan, Canara Site Loan, Canara Home Loan Plus, and Home Improvement Loan.
| Eligibility criteria | Requirements |
|---|---|
| Minimum age of the applicant | 21 years |
| Maximum age of the applicant | 70 years |
| Residency status | Residents of India/Non-residents of India (Depending on the scheme chosen) |
| Type of employment | Salaried/Self-employed/Businessmen/Professionals |
Check: Home Loan Eligiblity
Generally, when you apply for housing finance, you will be required to submit the below documents:
The bank may ask for some other documents based on the purpose for which the money is being borrowed. Check complete list of documents required for Home Loan
The Pradhan Mantri Awas Yojana (PMAY), introduced in 2015 by the government, is aimed at providing affordable housing schemes to the economically-challenged section of the country. Canara Bank offers housing finance under PMAY to eligible applicants. You can get an interest rate subsidy for loans up to Rs.18 lakh. Read more about the government scheme.
| Rating | Credit Score |
| Good | 750 and above |
| Average | 600 - 750 |
| Poor | Below 600 |
A number of factors go in to checking the home loan eligibility of Canara Bank. The home loan eligibility calculator of Canara Bank helps you determine the approximate loan amount that you will be eligible for. This is dependent on the information that you provide.
You can use the Canara Bank home loan eligibility calculator to find out the loan amount that you will be eligible for. For the loan amounts listed in the table below, the loan repayment tenure is assumed to be 30 years and the rate of interest is assumed to be 6.90% p.a.
| Monthly Income | Loan Amount |
| Rs.25,000 | Rs.15,18,372 |
| Rs.30,000 | Rs.20,49,802 |
| Rs.35,000 | Rs.23,91,436 |
| Rs.40,000 | Rs.27,33,070 |
| Rs.45,000 | Rs.30,74,703 |
| Rs.50,000 | Rs.34,16,337 |
| Rs.55,000 | Rs.41,75,523 |
| Rs.60,000 | Rs.45,55,116 |
| Rs.65,000 | Rs.49,34,709 |
| Rs.70,000 | Rs.53,14,302 |
| Rs.75,000 | Rs.56,93,895 |
The eligibility criteria for women applicants are in line with the other borrowers. The women borrowers are, however, eligible for a special rate of interest for the loans that they avail under the Canara Bank Home Loan scheme. The rate of interest is 0.5% lower than the interest rates which applies for the other borrowers.
Note: The figures mentioned above are indicative and are based on certain assumptions. The figures are subject to change on the basis of other relevant factors such as the age of the applicant, etc.
The bank doesn’t allow direct online application as of now.
No, you will not be charged any additional interest of case of money borrowed for a second house.
You can transfer your existing housing loan to Canara Bank by applying for the balance transfer option. Before applying, get in touch with the executives to know the interest rate and other terms and conditions.
The executives of Canara Bank customer care can be reached at the toll-free number 1800-425-0018. The number can be accessed from any part of India.
Under the Canara Bank Home Loan scheme, a salaried individual will be eligible for a loan amount of up to 6 times of his or her gross annual salary. Self-employed individuals or people engaged in business will be eligible for a loan amount of up to 6 times of their average gross annual income.
In the case of salaried employees, the applicant should have been working in the designation for at least 3 years with a confirmed employment. For people engaged in business, professionals, and self-employed individuals, the applicants should have been engaged in the business for a period of 3 years at least.
The processing fee for Canara Bank Home Loans is 0.50% subject to a minimum of Rs.1,500 and a maximum of Rs.10,000.
The applicant will be required to mortgage the house or flat to be eligible for availing a home loan from Canara Bank.
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