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  • Canara Bank Home Loan Interest Rates

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  • Canara Bank offers affordable home loans at competitive interest rates with minimal documentation and quick processing. Read more for the present home loan interest rates, eligibility criteria and other hidden charges applicable on the home loan.
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    Canara Bank is one of the largest Public sector, government owned banks in the country. The bank is reputed for its customer centric approach, the bank has now grown to have more than 6000 branches all across the world. Canara Bank also offers a wide range of products to its customers.

    Rates and Charges Specification
    Interest rate 8.35% - 8.55%
    Processing fee 0.5% (minimum of Rs.1500 up to a maximum of Rs.10,000)
    Loan Tenure Up to 30 years
    Guarantor Requirement No Guarantor Required
    Pre-closure charges Nil

    The home loan from Canara bank levies an interest rate between 8.35% and 8.55%. The processing fee is 0.5% of the loan amount capped at Rs.10,000. The minimum processing fee is Rs.1500. The loan tenure can go up to 30 years and the bank doesn’t require you to have a guarantor nor does it charge for pre-closure.

    Types of home loans offered by Canara bank

    • Housing Loan
    • Housing Loan CRE
    • Home Improvement Loan
    • Canara Home Loan Plus

    Canara bank’s home loan can be availed for:

    • Purchasing a ready built house / flat
    • Constructing of house / flat
    • Purchasing a site and constructing of a house thereon. (Loan for purchasing only a site will not be considered)
    • Undertaking repairs and renovation with the maximum loan amount of Rs.15 lakh
    • Acquiring a second house/flat
    • Takeover of loan

    Canara bank housing loan interest rates:

    Scheme Name Loan Amount Women Borrowers Other Borrowers
    Housing loan, Housing loan to NRIs, Yuva awas rin, Housing loan to senior citizens, Pradhan Mantri Awas Yojana (PMAY) Up to Rs. 30 Lakhs One year MCLR + 0.05% = 8.65% One year MCLR + 0.10% = 8.70%
    Above 30 Lakhs & Upto 75 Lakhs One year MCLR + 0.15% = 8.75% One year MCLR + 0.20% = 8.80%
    Above Rs.75 Lakhs One year MCLR + 0.20% = 8.80% One year MCLR + 0.25% = 8.85%
    Housing loan cre (3rd and subsequent dwelling unit) Up to Rs. 30 Lakhs One year MCLR + 0.55% = 9.15% One year MCLR + 0.60% = 9.20%
    Above 30 Lakhs & Upto 75 Lakhs One year MCLR + 0.65% = 9.25% One year MCLR + 0.70% = 9.30%
    Above Rs.75 Lakhs One year MCLR + 0.70% = 9.30% One year MCLR + 0.75% = 9.35%
    Home improvement loan   One Year MCLR +2.45% 11.05%
    Canara home loan plus Term Loan One Year MCLR + 2.80% 11.40%
    Overdraft One Year MCLR + 3.30% 11.90%

    *All interest rates are based on Canara bank’s current MCLR. Rates may change in future.

    • The interest rates for housing loans for up to Rs.30 lakh is currently at 8.65% for women borrowers and 8.70% for others. For loans above Rs.30 lakh and up to Rs.75 lakh, the interest rates for women are 8.75% and for others it is 8.80%. For loans above Rs.75 lakh, the rate of interest for women borrowers are 8.80% and for others it is 8.85%.
    • For Housing loan CRE, the interest rates for loans upto Rs.30 lakh for women is 9.15%, and for others, it is 9.20%. Any loans above Rs.30 lakh and up to Rs.75 lakh will bear an interest of 9.25% for women and 9.30% for others. And, all loans above Rs.75 lakh under this scheme will charge an interest of 9.30% for women and 9.35% for other applicants.
    • For the home improvement loan, one can avail a loan for an amount of upto Rs.15 lakh. This will bear an interest of 11.05%.
    • The Canara Home loan plus has two categories under it; Term loan and overdraft. A term loan comes with a rate of interest of 11.40% and the overdraft levies an interest of 11.90%.

    Canara bank home loan eligibility criteria

    • Salaried individuals with minimum if 3 years in service
    • Self-employed individuals or professionals who’ve been in the profession/business for at least 3 years
    • A guardian on behalf of a minor
    • Applicants mustn’t be more than 55 years at the time of availing the loan
    • Applicants over 55 years of age will be qualified under some stipulations

    Documents required for Canara bank home loan

    • Loan Application along with two passport size photos of guarantor / applicant
    • Sale Deed
    • Agreement for Sale
    • Copy of the plan for the addition / construction / extension
    • Detailed estimate of the cost / valuation report from Bank's Panel Chartered Engineer / Architect
    • Allotment letter of Apartment Owners' Association / Co-operative Housing Society / NOC from the Society / Builders / Housing Board / Association / Housing Board
    • Legal Scrutiny Report, Property Tax paid receipt, EC for the past 13 years, Khata and permission for mortgage, wherever necessary
    • Pay Slip and Form No.16 (in case of salaried persons)
    • 2 years IT Returns filed (in case of non-salaried persons)
    • A brief description on the nature of business, year of establishment, type of organization, etc., (in case of self-employed)
    • Balance Sheet and P&L Account for the past three years (in case of self-employed)

    Factors on which the Canara bank home loan interest rate depends:

    • Applicant’s Salary: The income of an applicant is one of the factors that determine the interest rate the customer has to incur. These are inversely proportional to each other. Higher the Income, lower the interest rate the applicant has to pay.
    • Amount of the Loan: The interest rate also depends on the loan amount. The higher the loan amount, the interest rate becomes higher as well.

    Tips to reduce Canara bank housing loan interest rate

    • Shorter Tenure: The interest rate is affected by the tenure of the loan. The shorter the tenure, the lower the total interest paid. However, the EMIs paid will be higher.
    • Increase EMIs: Increasing the amount of EMI paid will not only reduce the overall interest paid, but will also enable you to pay off the loan faster.
      

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    Canara Bank Home Loan Interest Rates Reviews

    • Canara Bank Home Loan
      "BEST LOAN"
      0.5 5.0/5 "Blown Away!"
      I am using the services since from last 5 years. The documentation process was delay also they have given the loan amount within 45 days. The loan amount given was good also the rate of interest was 90 paise interest, it is lesser it is in offers with womens loan. The duration for repaying the loan was 15 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 08, 2019
    • Canara Bank
      Canara Bank Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in HDFC bank before 3 years ago. The loan was processed through an online. The process was smooth and loan got sanctioned on time. The loan amount was sufficient for the tenure of 25 years. The rate of interest and the processing fee are nominal.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 28, 2019
    • 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 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? 2
      , 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
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