A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    Canara Bank Plot Loan

    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
    Response Time : Within 30 minutes
    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 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? 0
      , 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? 0
      , 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? 3
      , 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? 4
      , 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
    • 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? 3
      , 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? 5
      , new delhi
      Reviewed on May 25, 2018
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