A "low interest" loan shouldn't mean you have very little interest in paying it back!
Canara Bank is one of the top banks in India that offers innovative and flexible financial products and services.
Just like the other leading banks in this country, Canara Bank too has revised the Marginal Cost of Funds Based Lending Rate (MCLR) making housing loans more affordable for their customers.
These are the MCLR rates effective from 7 December 2021:
| Tenor | Canara Bank MCLR Rate |
|---|---|
| Overnight | 7.90% |
| 1 month | 8.00% |
| 3 months | 8.15% |
| 6 months | 8.45% |
| 1 year | 8.65% |
Canara Bank's MCLRs (Marginal Cost of Funds Based Lending Rates) were recently updated. The revised tariffs will take effect on 7 April 2022. The MCLR has been adjusted for different tenures and now ranges from 6.65 percent to 7.35 percent, depending on the loan maturity.
There are 2 steps involved in process if switching from Canara Bank Home Loan base rate to Canara Bank home loan MCLR rate:
The benefit offered by marginal cost of funds based lending rate will not be reflected right away on the present regime. Most of the housing loan agreements associated with MCLR renew after a period of 12 months. The existing borrowers of Canara Bank home loan will have to wait till the rates have been reset. The new rate on the reset date will be determined by the MCLR rate cuts over the past 6 to 12 months.
| Revision Date | 1 Year MCLR | 6 Months MCLR | 3 Months MCLR | 1 Month MCLR | Overnight MCLR |
|---|---|---|---|---|---|
| 12 June 2023 | 7.90% | 8.00% | 8.15% | 8.45% | 8.65% |
| 7 September 2022 | 7.75% | 7.65% | 7.25% | 6.90% | 6.90% |
| 7 December 2021 | 7.25% | 7.20% | 6.85% | 6.85% | 6.85% |
| 7 October 2021 | 7.25% | 7.20% | 6.85% | 6.55% | 6.55% |
| 7 February 2021 | 7.35% | 7.30% | 6.95% | 6.70% | 6.70% |
| 7 November 2020 | 7.35% | 7.30% | 6.95% | 6.80% | 6.80% |
| 7 October 2020 | 7.40% | 7.35% | 7.10% | 6.95% | 6.95% |
| 7 September 2020 | 7.40% | 7.35% | 7.10% | 6.95% | 6.95% |
| 7 August 2020 | 7.45% | 7.40% | 7.15% | 7.00% | 7.00% |
| 7 June 2020 | 7.65% | 7.60% | 7.55% | 7.30% | 7.30% |
| 7 May 2020 | 7.85% | 7.80% | 7.75% | 7.50% | 7.50% |
| 7 August 2019 | 8.50% | 8.50% | 8.35% | 8.30% | 8.25% |
| 7 March, 2019 | 8.70% | 8.55% | 8.45% | 8.35% | 8.30% |
| 7 February, 2019 | 8.70% | 8.55% | 8.45% | 8.35% | 8.30% |
| 7 January, 2019 | 8.70% | 8.55% | 8.45% | 8.35% | 8.30% |
Any Indian citizen (salaried or non-salaried) between the age of 18 to 55 is eligible to apply for Canara Bank housing loan.
The Canara Bank housing loan limit for renovations and repair of houses is Rs.15 lakh.
Stamp duty, registration fees, and other documentation costs may be included in the project cost for housing loans with project costs up to Rs.10.00 lakh for the purposes of determining the margin and LTV ratio.
The repayment tenure for Canara Bank housing loan a maximum of 30 years from the date of disbursement, or until the borrower turns 70 years old, whichever comes first.
Yes, you can apply for Canara Bank housing loan online. You must visit www.canarabank.com and select Retail Loans in order to submit an online loan application.
Yes, the spouse's income is taken into account when determining the ability to repay the loan and compliance with the NTH condition if family income comprises both the applicant and the spouse, provided that the spouse also signs the loan documents.
No, Canara Bank housing loan is not sanctioned for the purchase of land.
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