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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
    Documents
    Perks
    Think about
    Eligibility Criteria
    Canara Bank Plot Loan is Rated as "Excellent!" by 91 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.

    Canara Bank Plot Loan Reviews

    • 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? 0
      , 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? 0
      , 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? 0
      , 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? 0
      , 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? 0
      , 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? 1
      , hubli
      Reviewed on Nov 01, 2017
    • Canara Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I directly approached CANARA bank for my home loan service and my builder suggested me regarding the service of CANARA the response was very good the interest rate was 8.65very low compare to others in the market the staffs of CANARA was also very good ,totally it was a excellent experience from CANAR for my home loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 29, 2017
    • Canara Bank Home Loan
      "Excellent"
      0.5 4.5/5 "Excellent!"
      The banking services are good at Canara Bank and the online banking is also helpful I have opened this account only for home loan purpose, they said it is mandatory to open the savings account, i don't have much transactions, rest everything is fine with them.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 19, 2017
    • Canara Bank Home Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      ICICI Bank did not offer me a loan because of the salary criteria but Canara bank has offered me a home loan for the amount of 15 to 20 lakhs. The process is easy and simple and the bank has given the loan without much of hassles. It was a excellent experience.
      Was this review helpful? 0
      , tirupati
      Reviewed on Oct 11, 2017
    • Canara Bank Home Loan
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my home loan through CANARA bank ,process was very fast their documentation part was very easy . Response from their representatives was excellent ,so I am happy with their overall service, I happy with CANARA for my home loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 30, 2017
    • 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
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