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  • Canara Bank Plot Loan

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  • Canara bank offers home loans at attractive rates and is known to have impeccable customer service. One of the first banks in the nation, it is also a symbol of trust for many. Known also for its competitive rates, it is a good choice for home loans.
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    We found 1 Canara Bank Plot Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.35% - 8.55% Floating
    1,500 to ₹10,000
    -
    30 Years
    What you'll love
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    Putting your hard earned money into buying a property is one of the wisest investments we can make. For most of us, it all begins with buying a piece of land either with a view to build a house at a later time or holding it as an investment apparatus. For some, buying a site can also be a second property investment after owning a house. Whatever the reason may be, real estate is evergreen and reaps long term monetary benefits.

    As a trusted public sector bank in India, Canara bank offers a loans for a variety of housing needs which includes financial assistance for purchasing plots. The Canara site loan is the exclusive scheme which provides loan with pleasing features coupled with competitive interest rates. It offers loans to individuals looking forward to purchasing sites developed and promoted by state/town planning authorities, plots promoted by central and state government in association with private companies or offered exclusively. Layouts approved and developed by government agencies are also included.

    In addition to the above, Canara Bank also encourages site loan borrowers to apply for a construction loan when they decide to build a structure on the vacant plot.

    Features of Canara Bank Site Loan:

    Available to all:

    The bank offers finance for both existing and new customers with a sound financial background. NRIs looking at buying a plot can also make an application under this scheme.

    High loan quantum:

    It offers a loan of up to Rs.15 lacs for plots located in six metros of Delhi, Mumbai, Chennai, Kolkata, Hyderabad, Secunderabad and Bangalore. For all other locations which includes non-metro centres, one can avail a loan of up to Rs.10 lacs under this scheme.

    Low margin for borrowers :

    If you’ve limited monetary resources, this can be the ideal loan for you since the burden is minimal. Your share in the overall costs of the plot is limited to 20% of the project, making it an affordable loan instrument with least burden on your budget.

    Pleasing repayment term option:

    The bank offers you the flexibility to choose a term of your choice to repay the borrowed amount. The repayment can be done in EMIs (Equated monthly installment) of up to 5 years, depending on your financial convenience.

    Minimal security :

    The housing site in question is mortgaged until full repayment of the loan and hence, there is no requirement of co-obligation or security in any other form. This feature ensure little hassle for you as you don’t have to run around looking for a financially sound person who can sign up as a guarantor.

    Affordable rates and charges:

    This loan is offered at a rate derived on the basis of base rate+6.25 percent. The present base rate is 9.65%, subject to change at regular intervals on the basis of periodic monetary review. The processing fee is capped at just 0.5% of the proposed loan amount. The minimum processing fee applicable is Rs.1,500 with a cap of Rs.10,000, making it one of the most competitive offers in this category.

    Eligibility Criteria for Canara Bank Plot Loans:

    • The age of applicant should be less than 55 years at the time of application.
    • Salaried applicants should be on permanent rolls of the company and the lower limit of net salary should be 40% after taking into account, the EMI of the proposed loan.
    • Self employed applicants should be running a successful business in operations for at least 3 years. They should have an annual income of at least 1 lac, supported by the latest ITR.

    Documents Required for Canara Bank Land Loan:

    • Application form accompanied by 2 passport size photographs.
    • Site/layout plan issued by the relevant authority/developer.
    • Last 6 month's payslips along with latest Form 16.
    • Self employed applicants should produce the latest ITR.
    • Legal scrutiny report issued by the bank’s legal division.
    • Allotment letter or any other supporting document confirming the allotment of the site.

    Canara Bank Land Loan Frequently Asked Questions:

    1. Can I convert this loan into a housing loan at a later time?

      Yes, this Canara site loan can be converted into a housing loan if you decide to get the construction financed. Once the housing loan is approved, the outstanding amount from the site loan will be transferred to the new loan account.

    2. Does Canara bank provide repayment holiday under the site loan scheme?

      The repayment of the borrowed amount will commence a month after the loan amount is disbursed. No repayment holiday is offered. In cases where payment is made in parts, the repayment will commence after 3 months from the date of disbursement of the loan.

    3. Please provide the details of documentation charge applicable for the Canara site loan.

      Documentation charges payable are charged at the rate of Rs.100 per lac of the disbursed loan amount. It is subject to a minimum of Rs.1,000 with an upper cap of Rs.25,000.

    4. As an applicant, am I required to provide a guarantee to secure the loan amount?

      There is requirement for personal guarantee. The site remains mortgaged until full repayment of the loan and acts as collateral.

    5. What is the maximum term provided for repayment?

      Canara bank provides a maximum repayment period of up to 5 years. You’re free to choose a term of your choice.

      

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    Canara Bank Plot Loan Reviews

    • Canara Bank Home Loan
      "Good bank "
      0.5 3.0/5 "Satisfactory"
      Home seller had a home loan from Canara bank when i purchase the same house, they have transferred the home loan to my name. I have closed the loan already 1 year back. I had paid the EMI of Rs. 8700 every month. The amount is deducted through ECS.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 22, 2019
    • Canara Bank
      Canara Bank Home Loan
      "BETTER"
      0.5 3.0/5 "Satisfactory"
      I have taken the loan on 2015, the documentation process was simple and i got the loan within 1 month. The loan amount given was 7.30L, the rate of interest was 8.85%. The duration for repaying the loan was 15 years, there are pre closer charges are there which is 3%.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Jul 27, 2019
    • Canara Bank Home Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      It was through the builder has a tie up with cananra bank hence i have chosen them. They have sanctioned the loan on time. I'm not that much satisfied with the interest rates. I have chosen the tenure period of 20 years. The documentation process was quite smooth.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 23, 2019
    • 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 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? 1
      , 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? 1
      , 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? 9
      , 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
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