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  • Canara Bank Home Loan Eligibility

    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.

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    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    6.90% - 8.90% Floating
    0.50%(Max ₹10,000) One time fee
    -
    1 - 30 Years
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    Canara Bank Home Loan Eligibility Criteria

    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

    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

    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.

    Canara Bank Home Loan Eligibility Based on Age

    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

    Canara Bank Home Loan Eligibility Based on Credit Score

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

    Minimum CIBIL Score for Canara Bank Home Loan

    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.

    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.

    Factors Affecting Canara Bank Home Loan Eligibility

    Some of the factors which affect the home loan eligibility of Canara Bank are listed below:

    • The age of the applicant
    • The credit score of the applicant
    • The repayment capability of the applicant
    • The credit history of the applicant
    • The loan repayment history of the applicant
    • Any other active loans for which the applicant is a co-borrower

    Canara Bank Home Loan Eligibility FAQ

    1. 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.

    2. What is the applicant’s contribution for Canara Bank Home Loan?

      Under the Canara Bank Home Loan scheme, the following applicant contributions are applicable:

      • 10% for a loan amount of up to Rs.30 lakh
      • 20% for a loan amount of more than Rs.30 lakh and up to Rs.75 lakh
      • 25% for a loan amount of more than Rs.75 lakh

      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.

    3. 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.

    4. 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.

    5. 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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