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

    Canara Bank Home Loan

    We found 1 Canara Bank Home Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.65% - 8.75% Fixed
    1,500 to ₹10,000
    30 Years
    Response Time Within 30 minutes
    What you'll love
    Think about
    Fees & Charges
    Eligibility Criteria

    Canara Bank Home Loan is Rated as "Great!" by 68 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service



    Canara Bank is an Indian state-owned bank headquartered in Bangalore, Karnataka. It was established in 1906, making it one of the oldest banks in the country.The eventful journey of the Bank has been characterized by several memorable milestones. Today, Canara Bank occupies a premier position in the comity of Indian banks. With an unbroken record of profits since its inception, Canara Bank has several firsts to its credit. Congratulations on finding your dream home! Canara Bank Home Loan with its extensive features and competitive interest rates will help you in making your dream true


    You’re probably eligible for an Canara Bank Home Loan if you are

    Canara Bank Home Loan Minimum Age

    At least 18 years old

     Canara Bank Home Loan Maximum Age

    Less than 55 years old

    Canara Bank Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    Canara Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your Canara Bank Home Loan amount eligibility is based on these factors

    Canara Bank Home Loan Minimum Salary

    EMI limited to about 50%
    of monthly income

    Canara Bank Home Loan Maximum Loan to property value

    Loan capped @80% of property value

    Canara Bank Home Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Canara Bank Home Loan amount by these steps

    Canara Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    Canara Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    Canara Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an Canara Bank Home Loan

    • 1. Signed application form with photograph
    • 2. ID and residence proof
    • 3. Approved Building Plan
    • 4. Last 3 months bank statements
    • 5. Documentation for salaried applicants:

      - Last 3 months salary-slips

      - Form 16 or Income Tax Returns

    • 6. Documentation for self-employed applicants:

      - Last 2 years Income Tax Returns

      - Last 2 years CA Certified Profit & Loss Account


    Canara Bank Home Loan Interest RatesUpdated on 25 Mar 2017

    Canara Bank Home Loan Details
    Interest Rate 8.65% to 8.75%
    Processing Fees Nominal processing fee of 0.50% (Min Rs.1500/- and Max. Rs.10,000/-)
    Loan Tenure 30 Years
    Pre-closure Charges Nil
    Guarantor Requirement No Guarantor Required



    Why pay rent every month when you can easily own your own little space by paying affordable EMIs? Purchasing a home is one of the major financial decisions one has to make in their life. But with the right home loan scheme you cannot just enjoy the pride of having a long-term asset of great value, but also reap significant tax benefits.

    Canara Bank offers home loan schemes at competitive interest rates and extends various special features to its customers, such as- home loan balance transfer, no prepayment charges, minimal documentation, quick processing, and much more.

    Features of Canara Bank Home Loan:

    • Individuals can avail home loan from Canara Bank for :
      • Buying a fully constructed house / apartment.
      • Constructing a house / apartment.
      • Purchase of a plot of land for the purpose of constructing a house on it.
      • For making repairs, undertaking renovation/upgradation, creation of additional amenities, etc. The maximum loan amount provided for repairs and renovations is Rs. 15.00 Lacs.
      • For acquiring a second house/apartment where the borrower is already having a house/apartment with or without loan.
    • Canara Bank facilitates balance transfers from:
      • Private Sector Banks/ Public Sector Banks
      • NBFCs (Non-Banking Financial Companies) which are externally rated as A & above
    • Canara Bank Home Loan
    • Finance provided for housing needs is:
      • The sum of 4 years’ gross salary for Salaried Individuals.
      • The sum of 4 years' gross annual income for self-employed individuals or businessmen.
      • Loan up to 5 years' gross salary/ income also permitted, as per Bank’s discretion.
      • The maximum loan amount offered for repairs / renovations is Rs.15.00 lacs.
    • Individuals have to place their House/Apartment as security for availing a home loan.

    Canara Bank Housing Loan Eligibility:

    • Salaried individuals who have been employed for a minimum period of at least 3 years can apply.
    • Businessmen, Self-employed as well as professionals who have been in the business/profession for a minimum period of 3 years, can apply.
    • The applicant should not be more than 55 years old at the time of availing the loan.
    • Persons above the age of 55 years are also eligible subject to certain stipulations.

    Documents Required for Canara Bank House Loan:

    • Duly filled loan application form
    • 2 passport size photographs
    • Sale Deed
    • Sale Agreement
    • Copy of the approved plan for the construction, extension or addition to the house.
    • Cost estimate / valuation report provided by Bank's Architect/ Chartered Engineer
    • Allotment letter from the Apartment Owners' Association / Co-operative Housing Society/ Housing Board or NOC from the Society/ Association/ /Builders/ Housing Board
    • Legal Scrutiny Report, EC for the past 13 years, and permission for mortgage, and Property Tax paid receipt when required.
    • Salaried Individuals: Salary Certificate and Form No.16
    • Non-salaried persons: Last two years’ IT Returns
    • Self-Employed: A brief note in the requisite format, with details about the business, such as type of organization, year of establishment, etc.
    • Self-Employed: Past three years’ Balance Sheet and P&L Account.

    Canara Bank Home Loan Interest Rate:

    Currently, the rate of interest for Canara Bank fixed-rate housing loan is in the range of 9.55%-9.65%. The rate of interest varies as per the loan amount secured. The table given below specifies the interest rates applicable:

    Loan amount Interest rate
    Up to Rs.100 lakh 1-year MCLR + 0.20%
    More than Rs. 100 lakh 1-year MCLR + 0.30%

    Canara Bank Home Loan MCLR:

    The benchmark Marginal Cost of Funds-Based Lending Rate (MCLR) for home loans by Canara Bank is the 1-year rate. The MCLR rates as on May 1, 2016 are:

    Loan Tenor MCLR
    Overnight 8.8%
    1 Month 9.1%
    3 Months 9.2%
    6 Months 9.25%
    1 Year 9.35%

    Canara Bank Home Loan EMI Calculator:

    In order to evaluate the overall cost of the your Canara Bank home loan, you can use the online Home Loan EMI Calculator/ Home Loan Calculator tool. This will help you to better understand your Equated Monthly Installments (EMI) that will be applicable on the home loan amount availed from Canara Bank. BankBazaar.com offers an efficient and interactive Home Loan EMI Calculator that breaks down this complicated task and simplifies it. Also, this tool offers the following benefits-

    1. Quick and Hassle-free- You can access all details related to your home loan in an instant through the online home loan calculator. The process of EMI calculations is quick and you can get accurate results in just seconds!
    2. Database of Financial Information- You can collect important information about your Canara Bank Home Loan, such as the current interest rates, applicable EMI amount, amortization schedule, etc.
    3. Cost-free Service- BankBazaar.com offers its housing loan calculator tool absolutely free of cost.
    4. Plan your Expenses and Build your Budget- Try keying-in various variables until you find a tenure, EMI amount, etc. that suits your personal requirements and make a decision accordingly.

    Canara Bank Home Loan FAQ:

    1. What are the applicable processing charges?

      The applicable processing fee is 0.50%. The minimum amount chargeable is Rs.1500/- and the cap on the amount charged as processing fee is Rs.10, 000/-.

    2. What is the applicable margin on home loan?

      A margin of 25% is applicable for expansion of existing house, repairs & renovations, upgradation and creation of additional amenities, for constructing/purchasing a second house, etc.

    3. What will be my contribution?
      Amount of Housing Loans New House / Flat Old House / Flat
      Up to Rs. 20.00 Lacs 10%

      Up to 10 years old 20%

      More than 10 years old 25%

      Above Rs. 20.00 Lacs & up to Rs.75.00 Lacs 20%

      Up to 10 years old 20%

      More than 10 years old 25%

      Above Rs. 75.00 Lacs 25%

      Up to 10 years old 25%

      More than 10 years old 25%

    4. What is the maximum repayment period?

      The maximum repayment period is either 30 years or until the borrower reaches the age of 70 years, whichever comes first.

    5. What is the loan quantum offered to individuals?

      The maximum loan offered is four times the gross annual income of the individual, in a financial year, or, four times the average gross annual income earned in the preceding four financial years.

    News About Canara Bank Home Loan


    Compare Home Loan Offers from Top Lenders. Apply Online and Get e-Approved Instantly.

    Canara Bank Home Loan Reviews

    Common Loader Icon
    This Page is BLOCKED as it is using Iframes.