A "low interest" loan shouldn't mean you have very little interest in paying it back!
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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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    Fees & Charges
    Eligibility Criteria
    Canara Bank Plot Loan is Rated as "Excellent!" by 77 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Home Loan BYTES FROM OUR KITCHEN

    Canara Bank Plot Loan

    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
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I am having the home loan with the Canara bank and their interest rate is around 8%. Services aspects are really good one for me with them and the loan amount got disbursed to my account within twenty days of time. Response and other things are an excellent one with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 01, 2017
    • Canara Bank Home Loan
      "Ease of Service"
      0.5 5.0/5 "Blown Away!"
      I availed home loan from Canara bank last year. Actually I approached the bank through builders. For the loan work, overall I went to the bank for two times because the rest of the work was done by the builders so it was very easy to get the loan. The interest rate is 9.95% and I spoke with the bank in order to reduce the interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 09, 2017
    • Canara Bank Home Loan
      "Very poor in service"
      0.5 2.5/5 "Just OK"
      According, to my knowledge CANARA bank is charging different charges in different ways in other words they are collecting more money in various ways. I am not happy with this bank and therefore I had closed the loan. I had taken a loan of 5 lakhs and I was left with 2.95 after 10 years,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 07, 2017
    • Canara Bank Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I availed housing loan from Canara bank. I am satisfied with the loan I got from the bank and I do have savings account with the same bank for long time. I am more comfortable with canara bank services. There was no issues with them all these years.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jun 06, 2017
    • Canara Bank Home Loan
      "Customer service need some scope of improvement"
      0.5 4.0/5 "Great!"
      Canara Bank needs some improvement on customer service part. At the time of loan process, they have offered best rate but right now they didn't reverse the new interest rate. I have applied the amount of Rs.30 lakhs but they sanctioned it for 28 lakhs its good.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 01, 2017
    • Canara Bank Home Loan
      "Easy process"
      0.5 5.0/5 "Blown Away!"
      I had taken my home loan from Canara bank and the process to get this loan was smooth. The documentation was also a easy process and the loan was disbursed at the right time. The bank had a reasonable rate of interest and processing charges too.
      Was this review helpful? 1
      , guntur
      Reviewed on Jun 01, 2017
    • Canara Bank Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Actually I did not prefer Canara bank in the beginning for my home loan, I went with HDFC bank but due to certain reason I approached Canara Bank where I got a good response and they disbursed my loan within 20 days. The interest rate is 8.7% with zero percentage of processing fees. They sent an executive to collect the documents and everything. They done with the process without any delay.
      Was this review helpful? 1
      , chennai
      Reviewed on Apr 17, 2017
    • Canara Bank Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Recently I had taken a home loan from Canara Bank. Three months over with them. Interest rate quoted by them is 10.50% which is higher than other banks in the market. But documentation part is simple and their customer service is good.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Apr 15, 2017
    • Canara Bank Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My home loan amount was 7.35 lakhs this home loan was taken some time back. Rate of itnerest charged by them was around 8% to 9%. Processing fee was applicable at that time. My EMI amount was around 8k and this was taken for a period of 15 years. Furthermore, I had also foreclosed my loan and even for the foreclosure there were some charges which is applicable.
      Was this review helpful? 1
      , mysore
      Reviewed on Apr 10, 2017
    • Canara Bank Home Loan
      "Good Bank And Good Services"
      0.5 4.5/5 "Excellent!"
      It is good to take home loan from Canara Bank. The process was very quick and simple. It was very easy for me to submit all the documents as they follow simple process on it. I was given with the lowest rate in the market, hence I am very much satisfied with them.
      Was this review helpful? 2
      , bhopal
      Reviewed on Mar 09, 2017
    • Canara Bank Home Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      Extended support was provided by Canara bank on my home loan application, I had request a loan amount of Rs. 20 Lakhs so they recently log with my loan account. They committed an interest rate of 8.7% with a zero processing fee, to conclude I am really happy with their service.
      Was this review helpful? 1
      , bhubaneshwar
      Reviewed on Mar 01, 2017
    • Canara Bank Home Loan
      "Home loan provider"
      0.5 3.0/5 "Satisfactory"
      Initially, CANARA Bank did not disclose list of documents at a later stage they had collected around 10k as the documentation charge for example valuation charge previously they did not inform mortgage cost around 8000 and 3500 as the valuation cost. They are Not clear on their part and they were not sure about the product information too.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 06, 2017
    • Canara Bank Home Loan
      "Not interested in helping the customers"
      0.5 1.5/5 "Bad"
      I have taken a home loan 2 years ago@10.2%. Only once they have reduced the interest rate. They are changing interest@9.6% for past 1 year. All major banks have reduced the interest to 8.6%. But I don't think Canara Bank is not bothered to reduce the interest rate. If they want to survive in the market they should read the writing on the wall and reduce the rate. Other wise majority of the customers like me will shift to the other bank.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jan 03, 2017
    • Canara Bank Home Loan
      "Excellent services & swift process"
      0.5 5.0/5 "Blown Away!"
      Canara bank was very fast in their services. I had applied for a home loan and they responded very quickly to me. The documentation was also pretty normal and the process was very smooth and swift. The rate of interest was normal and so was the charges.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 02, 2016
    • Canara Bank Home Loan
      "Dream comes true"
      0.5 3.5/5 "Pretty good"
      I made up my mind to approach CANARA Bank for the housing loan,. Interest rate and processing fee charged by them was pretty normal. I had applied for the loan first and the loan was processed on time. I am holding this CANARA BANK housing loan for a period of 7 to 8 years. Infact, I had got a copy of title deeds too.
      Was this review helpful? 3
      , pune
      Reviewed on Oct 18, 2016
    • Canara Bank Home Loan
      "Below expectation"
      0.5 1.0/5 "Really Bad"
      Of course, I had approached CANARA BANK for my housing loan too. As usual they took a lot of time to respond and the approval process is also complicated where I had to wait for 6 to 7 months for the housing loan to get it approved. I had been asked to visit the head office personally carrying all my documents, also the staff there was not sure about the rates as they tend to provide different rates every time when I contact them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 26, 2016
    • Canara Bank Home Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      The following are the good points about Canara bank, as the bank decided to offer around 10% for the home loan the rate of interest offered by them was very reasonable. The services offered by them was really good. I am much satisfied with the process and with the document collection. The processing charges were reasonable too. Best of all, the process was completed on time.
      Was this review helpful? 1
      , hosur
      Reviewed on Jul 23, 2016
    • Canara Bank Home Loan
      "Happy process"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan from the Canara bank. Overall it was a happy process. I got the loan amount that I required. My loan got credited to my account within 5 days of time. The interest rate was according to the market and the representatives of the bank helped me.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 06, 2016
    • Canara Bank Home Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I have got the home loan with the Canara bank and the interest rate was around 9.5%. The loan amount got disbursed to my account within a week of time, also the customer service is an excellent one. Response is good and the documentation is a nominal process.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Apr 02, 2016
    • Canara Bank Home Loan
      "Nice experience"
      0.5 4.0/5 "Great!"
      The service provided by canara bank was good related to the home loan process.The rate offered was around 11.5% for the loan.I have not faced any drawbacks in the process.They are requiring more documents to process.I will recommend the service to others for getting a loan,
      Was this review helpful? 2
      , ghaziabad
      Reviewed on Mar 29, 2016
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