Canara Bank home loan interest rate starts from 6.90% p.a. for women and 6.95% p.a. for others, with loan tenures of up to 30 years. 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.
|RLLR||6.90%||MCLR Rate (1 year)||7.55%|
|Loan Amount||Minimum: NA, Maximum: 6x Gross Annual Salary|
|Processing Fees||Up to 0.50% (Max. Rs.10,000)|
|Penal Interest Rate||Not available|
|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||6.90% to 8.90% p.a.|
|Canara Home Loan Plus||7.45% to 9.50% p.a.|
|Canara Site Loan||7.95% to 9.00% p.a.|
|Canara Home Improvement Loan||9.40% to 11.45% p.a.|
|Canara Mortgage Loan||9.95% to 12.00% p.a.|
|Loan Amount||10 Year EMI||20 year EMI||30 Year EMI|
|₹ 10 Lakh||₹ 11,559||₹ 7,693||₹ 6,586|
|₹ 20 Lakh||₹ 23,119||₹ 15,386||₹ 13,172|
|₹ 30 Lakh||₹ 34,678||₹ 23,079||₹ 19,758|
|₹ 40 Lakh||₹ 46,237||₹ 30,772||₹ 26,344|
|₹ 50 Lakh||₹ 57,795||₹ 38,468||₹ 32,930|
Canara bank home loan EMI per Rs lakh is Rs. 659, which is the lowest EMI offered by the bank. The housing loan EMI amount is calculated based on loan amount, loan tenure and lowest interest rate as 6.90%.
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.
|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 here.
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.
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