A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • loading

    Canara Bank Home Loan

    Canara Bank home loan interest rate starts from 8.70% p.a., 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. 

    More
    We found 1 Canara Bank Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.35% - 8.55% Floating
    1,500 to ₹10,000
    -
    30 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about

    Canara Bank has a range of home loans to meet your requirements. These are: Canara Housing Loan, Yuva Awas Rin (Canyar), Housing Loan to NRIs, Housing Loan to Agriculturists, Canara Site Loan, Canara Home Loan Plus, Housing-cum Solar Loan, and Home Improvement Loan.

    The current 1-year MCLR of the bank for housing loans is 8.70% p.a. The maximum repayment tenure is 30 years.

    Canara Housing Loan

    Key Highlights
    • For purchase/construction of house, purchase of plot, and renovation/expansion
    • Available for individuals with stable employment/business and income for at least 3 years
    • Also available for persons aged 60 or more who fulfil certain conditions
    Interest rate 8.70% p.a. onwards
    Processing fee 0.50% of the amount (min. Rs.1,500 and max. Rs.10,000)

    Yuva Awas Rin (Canyar)

    Key Highlights
    • Especially for salaried youths between 21 and 45 years of age
    • Loan amount of up to 6 years of gross salary
    • Need to have Net Take-Home salary of 30% after EMI deduction (min. Rs.10.000)
    Interest rate 8.70% p.a. onwards
    Processing fee 0.50% of the amount (min. Rs.1,500 and max. Rs.10,000)

    Canara Housing Loan to NRIs

    Key Highlights
    • Specially for NRIs with Indian passport and POIs with foreign passport
    • Joint application option available with relatives or spouse who are resident Indians
    • Need minimum 2 years of employment in another country and valid work permit
    Interest rate 8.70% p.a. onwards
    Processing fee 0.10% (min. Rs.500 and max. Rs.10,000)

    Housing Loan to Agriculturists

    Key Highlights
    • Curated for persons undertaking agriculture and allied activities
    • Only for certified non-agricultural properties
    • Available for persons with minimum 2 years of successful operations and gross annual income of Rs.5 lakh
    Interest rate 8.70% p.a. onwards
    Processing fee 0.50% of the amount (min. Rs.1,500 and max. Rs.10,000)

    Canara Site Loan

    Key Highlights
    • 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
    Interest rate 9.70% p.a. onwards
    Processing fee 0.50% (min. Rs.1,500 and max. Rs.10,000)

    Canara Home Loan Plus

    Key Highlights
    • 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
    Interest rate Term Loan: 9.20 p.a. Overdraft: 9.70% p.a.
    Processing fee NA

    Home Improvement Loan

    Key Highlights
    • 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 5 years
    Interest rate 11.15% p.a. onwards
    Processing fee 0.50% (min. Rs.1,500 and max. Rs.10,000)

    Housing-cum-Solar Loan

    Key Highlights
    • Combo of financing for solar equipment and house for purchase/construction of house with a free rooftop/terrace (not flat)
    • Up to Rs.10 lakh for installation of Grid-connected Roof Top Solar Photovoltaic (PV) system
    • Subsidy available for installation of solar equipment
    • 20-year repayment tenure
    Interest rate 8.70% p.a. onwards
    Processing fee 0.50% (min. Rs.1,500 and max. Rs.10,000)

    Use BankBazaar Home Loan EMI Calculator to Know Your EMI

    You can check the monthly repayment amount of your home loan before applying by using the BankBazaar Home Loan EMI Calculator. The calculator will ask for a few details such as the borrowing amount, tenure, interest rate, and the processing fee to compute the EMI.

    The EMI will be calculated and displayed on the screen instantly after entering the data. Doing this will help you have a better idea of the amount you will be required to repay every month to the bank.

    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

    Documents Required for All Home Loan Applicants Under Canara Bank

    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.

    Canara Bank Home Loans

    The common features of the various housing finance schemes of Canara Bank are:

    • Available for salaried, self-employed, and professional individuals
    • Loan of up to 4x or 6x gross annual income
    • Repayment tenure of up to 30 years or until you turn 70 years old
    • Repayment holiday of up to 3 years for under-construction flats
    • Up to Rs.15 lakh for renovation and repairs
    • Most schemes also available for balance transfer at no pre-payment penalty for floating rate schemes
    • Loan-to-Value Ratio starting from 90% for small-ticket borrowings
    • Pradhan Mantri Awas Yojna (PMAY) available for eligible borrowers

    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 here.

    1. What are the applicable MCLR rates of Canara Bank?
      • 1 year - 8.70%
      • 6 months - 8.55%
      • 3 months - 8.45%
      • 1 month - 8.35%
      • Overnight - 8.30%
    2. Can I apply for a housing loan from Canara Bank online?

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

    3. 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.

    4. 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.

    5. 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.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Canara Bank Home Loan Reviews

    • Canara Bank Home Loan
      "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? 2
      , ghaziabad
      Reviewed on May 22, 2019
    • Canara Bank
      Canara Bank Home Loan
      "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? 1
      , coimbatore
      Reviewed on May 18, 2019
    • Canara Bank Home Loan
      "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? 2
      , chennai
      Reviewed on May 05, 2019
    • Canara Bank Home Loan
      "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? 0
      , new delhi
      Reviewed on May 03, 2019
    • Canara Bank Home Loan
      "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? 1
      , mumbai
      Reviewed on Apr 22, 2019
    • Canara Bank Home Loan
      "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? 1
      , hyderabad
      Reviewed on Apr 22, 2019
    • Canara Bank Home Loan
      "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? 1
      , hyderabad
      Reviewed on Apr 12, 2019
    • Canara Bank Home Loan
      "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? 0
      , chennai
      Reviewed on Apr 09, 2019
    • Canara Bank Home Loan
      "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? 1
      , hyderabad
      Reviewed on Apr 01, 2019
    • Canara Bank Home Loan
      "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? 2
      , bangalore
      Reviewed on Mar 29, 2019
    • Canara Bank Home Loan
      "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? 0
      , hyderabad
      Reviewed on Mar 23, 2019
    • Canara Bank Home Loan
      "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? 8
      , hyderabad
      Reviewed on Feb 26, 2019
    • Canara Bank Home Loan
      "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? 4
      , hyderabad
      Reviewed on Feb 19, 2019
    • Canara Bank Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My home loan experience was good with Canara bank, the process was smooth and i received my loan amount on time. Customer service was good and their response was on time. Rate of interest was nominal and the tenure period is for 7-8 years.
      Was this review helpful? 5
      , bangalore
      Reviewed on Feb 18, 2019
    • Canara Bank Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my home loan with Canara bank.The loan they have given me was sufficient. and the rate of interest they have charged me up to 8.85% it is nominal compare market rate, as they know me they did not charged me processing fee , the loan was on time.there was fluctuate in rate of interest like when i took loan the rate of interest they have charged me up to 9.5% and after one half year , they have charged me up to 8.85%, still this loan is running.
      Was this review helpful? 5
      , bangalore
      Reviewed on Feb 09, 2019
    • Canara Bank Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience was quite good and the loan amount was sufficient. The interest rate with them has been less sine they had given me a special discount since because my salary account was with them and it was my home branch. The charges where nominal and their customer support has been helpful.
      Was this review helpful? 3
      , chennai
      Reviewed on Jan 19, 2019
    • Canara Bank Home Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It was quite a good experience with this home loan, the interest rate with them was a little high initially but it has been reduced afterwards. There has not been any hidden charges which they had made and the processing fee has been very nominal. Their customer support has been excellent in guiding in everything.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 18, 2019
    • Canara Bank Home Loan
      "Awesome Service"
      0.5 5.0/5 "Blown Away!"
      Canara Bank taken two weeks of time to approve the housing loan. I have taken loan amount of Rs. 13 lakhs, I done the balance transfer from Indian overseas bank to Cananra bank. There is no processing fee and I got the best interest with Canara bank.
      Was this review helpful? 2
      , thiruvananthapuram
      Reviewed on Jan 05, 2019
    • Canara Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my home loan with Canara bank from past one year, there service is good, they have given me sufficient loan amount , and the rate of interest they have charged me up to 10.5% which is nominal for me, and the processing fee they have charged me was nominal, the tenure period they given me up to 12 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 16, 2018
    • Canara Bank Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with Canara Bank and my experience was good, the loan amount was for Rs 17 lacs with nominal interest rate when compared to others. Customer service was good and they responded on time. Tenure period for this loan was for 15 years.
      Was this review helpful? 3
      , chennai
      Reviewed on Nov 29, 2018
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.