Canara Bank offers home loan options to its customers at affordable rates of interest. The home loans can be availed for a loan repayment tenure of up to 30 years. The rates of interest start at 6.90%* p.a.
*Note: The interest rate is applicable to women borrowers. For all other borrowers, the rate starts at 6.95% p.a.
|Age||Less than 60 years*|
|Employment Type||Salaried and self-employed individuals|
|Work Experience – Salaried Individuals||Minimum service tenure of 3 years|
|Work Experience – Self-employed Individuals and professionals||Minimum service tenure of 3 years|
*Note: Individuals who are over the age of 60 years can also apply for the loan provided they meet the recommended stipulations of the bank
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|
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 maximum repayment tenure for Canara Bank Home Loans is primarily dependent on the age of the applicant. Getting a home loan earlier will make you eligible for the longest loan repayment term. The following list shows the maximum loan repayment tenure that an applicant will be eligible for on the basis of his or her age.
|Applicant Age||Maximum Eligible Tenure|
|21 years to 40 years||30 years|
|41 years||29 years|
|42 years||28 years|
|43 years||27 years|
|44 years||26 years|
|45 years||25 years|
|46 years||24 years|
|47 years||23 years|
|48 years||22 years|
|49 years||21 years|
|50 years||20 years|
|51 years||19 years|
|52 years||18 years|
|53 years||17 years|
|54 years||16 years|
|55 years||15 years|
|Good||750 and above|
|Average||600 - 750|
A higher CIBIL score strengthens the possibility of your home loan application being approved. In general, a CIBIL score of 650 or more increases the chances of your home loan application approval.
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.
Some of the factors which affect the home loan eligibility of Canara Bank are listed below:
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.
Under the Canara Bank Home Loan scheme, the following applicant contributions are applicable:
These rates are applicable only in the case of new house or flats or old house or flats which are under 10 years old. For housing properties which are more than 10 years old, the contribution is flat 25% across all loan amounts.
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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