A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Canara Bank Home Loan

    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.

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    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    8.10% Floating
    0.50%(Max ₹10,000) One time fee
    -
    1 - 30 Years
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    Canara Bank Home Loan Interest Rates 2023

    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

    Canara Bank Home Loan EMI Calculator

    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 Home Loan Schemes

    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.

    • Interest rate: 8.85% p.a. to 13.80% p.a.
    • Processing fee: 0.50% (min. Rs.1,500 and max. Rs.10,000)
    • Specifically to buy sites sold by the State/Central governments, Town Planning departments,or any authorised govt organisation.
    • Additional housing finance can be taken for construction of house on the site
    • Repayment tenure of up to 10 years
    1. Canara Site Loan
      • Interest rate:10.30%
      • Processing fee: 0.50% (min. Rs.1,500 and max. Rs.10,000)
      • Specifically to buy sites sold by the State/Central governments, Town Planning departments, or any authorised govt. organisation
      • Additional housing finance can be taken for construction of house on the site
      • Repayment tenure of up to 10 years
    2. Canara Home Loan Plus
      • Interest rate:9.80% p.a. to 11.85% p.a.
      • Processing fee: NA
      • Additional amount on an existing housing loan from the bank
      • Only available to borrowers with good repayment history for at least 1 year
      • Available as term loan of up to 10 years as well as overdraft of up to 3 years
    3. Canara Bank Home Improvement Loan
      • Interest rate: 11.75%
      • Processing fee: 0.50% (min. Rs.1,500 and max. Rs.10,000)
      • Curated for purchase of household appliances and furnishing the house
      • Also available for NRIs
      • Maximum borrowing of Rs.2 lakh on top of existing home finance from the bank
      • Repayment tenure of up to five years
    4. Canara Mortgage
      • Interest rate: : 10.30% p.a. to 12.80% p.a. onwards
      • Processing fee: 0.50% (min. Rs.5,000)
      • Can be availed by individuals for non-business purposes only to meet immediate financial needs.
      • Maximum borrowing of Rs.10 crore
      • Repayment tenure of up to 10 years

    Canara Bank Home Loan Eligibility Criteria

    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

    Documents Required for Canara Bank Home Loan

    Generally, when you apply for housing finance, you will be required to submit the below documents:

    • Identity proof (Any one)
      • Valid passport
      • PAN card
      • Driving licence
      • Voter’s ID
      • Aadhaar Card
    • Address proof (Any one)
      • Aadhaar Card
      • PAN Card
      • Copy of utility bills
      • Voter’s ID
      • Driving licence
      • Valid passport
    • Income proof (Any one)
      • Salaried individuals
        • Salary/Employment Certificate
        • Recent salary slips
        • Latest Form No.16
      • Self-employed individuals
        • ITAO/IT Returns of the last 3 assessment years
        • Letter about nature of business, type of organisation, year of establishment, etc.
        • Last 3 years’ Balance Sheet and P&L Account
    • Other documents
      • 2 passport-sizes photos of the applicant/guarantor
      • Filled application form
      • Sale Deed
      • Agreement for Sale
      • Approved plan for the proposed construction/extension/addition (Duplicate copy)
      • Detailed cost estimate/valuation report designed by Bank's Architect/Panel Chartered Engineer
      • Allotment letter of Co-operative Housing Society/Apartment Owners' Association/Housing Board/NOC from the Society/Association/Builders/Housing Board
      • Legal Scrutiny Report
      • NIL Encumbrance Certificate (EC) for the past 13 years
      • Property Tax paid receipt
      • Khata Certificate, Khata Extract
      • Permission for mortgage, wherever necessary
      • Cost estimates and Proforma Invoices
      • Lease Deed copy, if applicable
      • Valuation Report of the property from Panel Valuer of the bank
    • Documents for NRIs
      • Identity proof: Copy of the first 4 pages of passport and the page with visa stamp, OR IC/PIO card
      • Work permit
      • Short profile of the applicant and employer
      • Employment contract copy
      • Salary Certificate copy attested by Indian Embassy/Consulate/Employer.
      • Copy of identity card from current employer
      • Proof of income for self-employed businessmen and professionals
      • Information about past employment
      • Last 6 month’s bank account passbook or statement
      • Passbook or account statement of overseas bank with savings and salary details
      • Residence proof: Driving licence/utility bills
      • Continuous Discharge Certificate (CDC) copy - for merchant navy employees
      • Original NOC under the Provisions of ULC Act

    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

    Canara Bank Pradhan Mantri Awas Yojana

    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.

    Canara Bank Home Loan Eligibility Based on Credit Score

    Rating Credit Score
    Good 750 and above
    Average 600 - 750
    Poor Below 600

    Canara Bank Home Loan Eligibility Based on Salary

    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

    Canara Bank Home Loan Eligibility for Women

    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.

    FAQs on Canara Bank Home Loan

    1. Can I apply for a housing loan from Canara Bank online?

      The bank doesn’t allow direct online application as of now.

    2. Does the bank charge an additional interest on loan opted for purchase of a second residential property?

      No, you will not be charged any additional interest of case of money borrowed for a second house.

    3. How do I transfer my existing home loan to Canara Bank?

      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.

    4. How do I contact the customer care section of Canara Bank to resolve my home loan queries?

      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.

    5. What is the maximum loan amount that can be borrowed under the Canara Bank Home Loan scheme?

      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.

    6. What is the minimum job experience required to be eligible for a Canara Bank Home Loan?

      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.

    7. What is the processing fee for Canara Bank Home Loans?

      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.

    8. What is the security that has to be provided by an applicant to be eligible for the Canara Bank Home Loans?

      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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    Canara Bank Home Loan Reviews

    • Canara Bank
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan through Canara Bank directly .The rate of interest was 8 % it was very less according to my concern and not sure about the processing fee .This loan was sanctioned on time without any drawbacks .I have taken 17 lakhs for the tenure of 10 lakhs .I am totally satisfied with the service so far .
      Was this review helpful? 30
      , chennai
      Reviewed on Dec 12, 2019
    • Canara Bank
      Canara Bank
      "Medium"
      0.5 3.0/5 "Satisfactory"
      I have taken a home loan with CANARA bank on 1 year before, with the good amount for the tenure period of 20 years. The rate of interest 8.9% was okay. More than 3 months to get a card. EMI payment is nominal. I use to get remainder message on time. But their service is not good and no prompt.
      Was this review helpful? 18
      , thane
      Reviewed on Oct 21, 2019
    • Canara Bank
      "Good bank "
      0.5 3.0/5 "Satisfactory"
      Home seller had a home loan from Canara bank when i purchase the same house, they have transferred the home loan to my name. I have closed the loan already 1 year back. I had paid the EMI of Rs. 8700 every month. The amount is deducted through ECS.
      Was this review helpful? 11
      , chennai
      Reviewed on Aug 22, 2019
    • Canara Bank
      "BETTER"
      0.5 3.0/5 "Satisfactory"
      I have taken the loan on 2015, the documentation process was simple and i got the loan within 1 month. The loan amount given was 7.30L, the rate of interest was 8.85%. The duration for repaying the loan was 15 years, there are pre closer charges are there which is 3%.
      Was this review helpful? 18
      , hyderabad
      Reviewed on Jul 27, 2019
    • Canara Bank
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      It was through the builder has a tie up with cananra bank hence i have chosen them. They have sanctioned the loan on time. I'm not that much satisfied with the interest rates. I have chosen the tenure period of 20 years. The documentation process was quite smooth.
      Was this review helpful? 12
      , hyderabad
      Reviewed on Jul 23, 2019
    • Canara Bank
      "BEST LOAN"
      0.5 5.0/5 "Blown Away!"
      I am using the services since from last 5 years. The documentation process was delay also they have given the loan amount within 45 days. The loan amount given was good also the rate of interest was 90 paise interest, it is lesser it is in offers with womens loan. The duration for repaying the loan was 15 years.
      Was this review helpful? 11
      , hyderabad
      Reviewed on Jul 08, 2019
    • Canara Bank
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in HDFC bank before 3 years ago. The loan was processed through an online. The process was smooth and loan got sanctioned on time. The loan amount was sufficient for the tenure of 25 years. The rate of interest and the processing fee are nominal.
      Was this review helpful? 8
      , new delhi
      Reviewed on Jun 28, 2019
    • Canara Bank
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for a home loan with CANARA BANK and to get my application processed it has not took a long time. There was no delay. The interest rates moderate because they keep on changing the rates . Customer service is very good they are very professional .
      Was this review helpful? 19
      , ghaziabad
      Reviewed on May 22, 2019
    • Canara Bank
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home Loan directly with CANARA bank past 5 years. I received the loan amount as per my expectation for the tenure of 17 years ,still the loan is on process,I have got the loan amount on time without any delay. At a verification process was good and smooth. The rate of interest and processing fee is nominal.
      Was this review helpful? 11
      , coimbatore
      Reviewed on May 18, 2019
    • Canara Bank
      "Not satisfied with their service"
      0.5 1.0/5 "Really Bad"
      I have been holding my housing loan with Canara bank from long time, the loan amount was okay it was not as per my requirement but was okay for me, the rate of interest they have charged me up to 12.2% which was high comparing to market rate, even the processing fee they have charged me up to 35,000 which was high, for everything they have charged for documents charges, for stamp duty for everything they have been charging me.
      Was this review helpful? 20
      , chennai
      Reviewed on May 05, 2019
    • Canara Bank
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I have taken Home Loan directly taken through ,rate of interest and processing fee was nominal .I have applied for the loan amount of 8lakhs for the tenure of 10years ,still the loan is on process,I have got the loan amount on time without any delay ,it was sufficient ,the agent gave all the information about the loan process and there was no issues on submitting the documents .
      Was this review helpful? 12
      , new delhi
      Reviewed on May 03, 2019
    • Canara Bank
      "gOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I took a housing loan from the CANARA BANK .The interest rate was nominal.There are no additional charges such as part payment charges. Overall it has been a really good experience. I got the loan amount sufficient and even the tenure period was fair enough .
      Was this review helpful? 12
      , mumbai
      Reviewed on Apr 22, 2019
    • Canara Bank
      "GOOD"
      0.5 4.5/5 "Excellent!"
      I have applied for the housing loan with the CANARA BANK the documentation process was simple and i got the loan on time with hassle free process. They have given the satisfactory loan amount added on that the rate of interest was 8.8% and using from last 2014.
      Was this review helpful? 11
      , hyderabad
      Reviewed on Apr 22, 2019
    • Canara Bank
      "GOOD BANKING"
      0.5 5.0/5 "Blown Away!"
      I have applied for the housing loan with the CANARA BANK the documentation process was quick and fast added on that they have given the loan amount soon and the sufficient loan amount. The rate of interest was nominal and it was floating, the duration for repaying the loan is for 15 years with this loan.
      Was this review helpful? 8
      , hyderabad
      Reviewed on Apr 12, 2019
    • Canara Bank
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      I have applied for the housing loan with the CANARA BANK the documentation process was simple and i got the loan within few days also they have offered with the satisfactory loan amount added on that the rate of interest was higher with this loan.
      Was this review helpful? 8
      , chennai
      Reviewed on Apr 09, 2019
    • Canara Bank
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken this loan a while back and the experience i had with them had been good. The loan amount with them had been good & the interest rate has also been pretty much nominal. There has not been any sort of additional charges which they had made but i had to visit the branch mostly where their online services could be improved.
      Was this review helpful? 14
      , hyderabad
      Reviewed on Apr 01, 2019
    • Canara Bank
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this Home loan from them almost three months back, where the process in getting this loan has been pretty good. The loan amount which they had provided has been sufficient & the interest rate with them had also been pretty nominal.
      Was this review helpful? 13
      , bangalore
      Reviewed on Mar 29, 2019
    • Canara Bank
      "Average service"
      0.5 3.0/5 "Satisfactory"
      My housing loan was taken with Canara bank,Their service i felt was kind of Average,the loan amount they have given me was sufficient,like based on my requirement i got loan,and the processing fee was nominal,and the rate of interest was nominal,now i have successfully closed this loan.
      Was this review helpful? 11
      , hyderabad
      Reviewed on Mar 23, 2019
    • Canara Bank
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for a Home loan in CANARA bank and this is the first time with CANARA bank. The interest rates given on my home loan amount is reasonable, I remember at the time of applying for loan my application was processed on time. Loan amount is satisfactory .
      Was this review helpful? 20
      , hyderabad
      Reviewed on Feb 26, 2019
    • Canara Bank
      "Very Useful and helpful"
      0.5 5.0/5 "Blown Away!"
      I have got a pre-approved loan from my builder from Canara bank hence i have chosen them. Now they are charging me a interest rate of Rs. 9.5% which is a floating one. When i took the loan they have deducted some processing fee. I have chosen the tenure period for 20 years since the interest got reduced hence 8 years I'm yet to pay the EMI. They have sanctioned the home loan on time.
      Was this review helpful? 23
      , hyderabad
      Reviewed on Feb 19, 2019
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