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  • Home Loan BYTES FROM OUR KITCHEN

    Canara Bank Home Loan Interest Rates

    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.
    Home Loan - Sitemap

    Canara Bank Home Loan Interest Rates Reviews

    • 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? 4
      , 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? 2
      , 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? 2
      , chennai
      Reviewed on Nov 29, 2018
    • Canara Bank Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my housing loan from canara bank, as they have given nominal rate of interest and even processing fee they have charge is nominal and there was no hassle or delay in the process it was approved instantly and customer service and their response was good.
      Was this review helpful? 3
      , coimbatore
      Reviewed on Oct 22, 2018
    • Canara Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken housing loan from Canara bank , as they have given high rate of interest while comparing to other banking which available in market , easy approval process , pavements made through ecs process .customer service and customer response is best regarding queries provides solution. The tenure period is 20 years .
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 17, 2018
    • Canara Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken housing loan from Canara bank , as they have given high rate of interest while comparing to other banking which available in market , easy approval process , pavements made through ecs process .customer service and customer response is best regarding queries provides solution. The tenure period is 20 years .
      Was this review helpful? 4
      , bangalore
      Reviewed on Jul 17, 2018
    • Canara Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It had been a very good experience with them and the process in getting the loan had been easy and smooth. The loan amount had been satisfactory and the customer support and the staff response also had been very good and there has not been any hassles faced during the process.
      Was this review helpful? 3
      , new delhi
      Reviewed on Jul 09, 2018
    • Canara Bank Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken with CANARA BANK 2010. The loan amount was 17 lakhs and the given interest rate was 8.7% which is satisfactory . The tenure period was 10 years .The process was very easy and they did not provide door step service for collecting documents. There is no processing fee here .
      Was this review helpful? 2
      , bangalore
      Reviewed on Jun 12, 2018
    • Canara Bank Home Loan
      "Nice experience "
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with Canara Bank and the loan process was good. The rate of interest and processing charges is normal. The customer services and response is good and the documentation was a smooth process too. In all there are no hassles.
      Was this review helpful? 3
      , new delhi
      Reviewed on May 25, 2018
    • Canara Bank Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan from Canara bank and my loan experience was good, the loan amount was for Rs 10 lakhs with nominal interest when compared to other banks. Customer service was good and they responded on time. The tenure of this loan is for 20 years.
      Was this review helpful? 4
      , mumbai
      Reviewed on May 02, 2018
    • Canara Bank Home Loan
      "Average service"
      0.5 2.5/5 "Just OK"
      My experience with Canara bank for home loan was not good, the process was quite lengthy and i received the loan amount very late. The rate of interest for this loan was very high when compared to other banks. Customer service was not up to the mark and their response was delayed.
      Was this review helpful? 2
      , bangalore
      Reviewed on Apr 12, 2018
    • Canara Bank Home Loan
      "Good in service and process"
      0.5 5.0/5 "Blown Away!"
      Canara Bank is also good with the home loan process. The rate of interest and processing charges are normal. The process was also fine. It was not a big process with the documentation and they collected the documents on time. The after loan services is also good.
      Was this review helpful? 2
      , mumbai
      Reviewed on Feb 07, 2018
    • Canara Bank Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have got the home loan from the Canara bank around 4years ago. They have disbursed the loan amount within 8days of time. The required loan amount has been approved and I am satisfied with it. The rate of interest and the charges are average when compared with other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 06, 2018
    • Canara Bank Home Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      My home loan was taken with Canara Bank. I paid the EMI's for past 3 years. Initially I had some problems with the documentation but later on it was perfect. The rate of interest was very competitive now they are doing it for 8.7% but earlier its around 11.5%. They took 1% amount on the loan as a processing fee.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 30, 2018
    • Canara Bank Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Canara bank home loan department they offered me a interest rate of 9.45 in the beginner but now they changed my interest rate to 8.6 and the documents have submitted directly to the showroom it was a good experience with canara bank home loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 11, 2017
    • Canara Bank Home Loan
      "Good for home loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan from Canara bank.The total disbursed amount was 5 lakhs. The rate of interest with the bank was floating. The given rate of interest was 4.5%. The total tenure is for 7 years. The response and the customer support was really satisfying.
      Was this review helpful? 1
      , kochi
      Reviewed on Nov 07, 2017
    • Canara Bank Home Loan
      "Good customer service"
      0.5 5.0/5 "Blown Away!"
      I previously applied for the home loan from Canara Bank, my loan application was approved and the requested amount was disbursed. I had taken loan for 15 lakhs with rate of interest of 10% which is nominal when compared to all other banks. The customer service was good, they provided door step service for the document collection. The process was smooth and easy.
      Was this review helpful? 2
      , hubli
      Reviewed on Nov 01, 2017
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