The Canara Home Loan Plus is an additional home loan that you can apply for if you already have a housing loan from Canara Bank. You can apply for this loan as a term loan or an overdraft and use the amount for any purpose other than speculative reasons. The interest rates on loan starts from 8.90% p.a. with a processing of 0.50% of the loan amount.
The interest rate offered on this loan depends on the type of loan – term loan or overdraft. The bank offers a floating rate structure on this home loan with the interest rate pegged to the bank’s 1-year MCLR (Marginal Cost of Funds based Lending Rate). The current 1-year MCLR is 8.40%.
The interest rate on the Canara Home Loan Plus Term Loan is 8.90% p.a. and on the Canara Home Loan Plus Over Draft is 9.40% p.a.
If you are interested in applying for this housing loan from Canara Bank, here are the features and benefits that you are offered:
Your maximum repayment period will differ based on the type of loan you choose:
Term Loan – maximum repayment period:
Overdraft – maximum repayment period:
If you wish to apply for this housing loan from Canara Bank, here are the criteria you need to meet:
You can use the loan amount for any personal reasons such as medical expenses, paying for your children’s education, emergency situations, etc. except for speculative reasons.
You will be charged a processing fee of 0.50% of the loan amount, with a minimum fee of Rs.100 and a maximum fee of Rs.500.
The bank offers floating rates on this housing loan pegged to the bank’s 1-year MCLR which is currently 8.40%.
If you apply for the term loan, then you will be charged 1-year MCLR + 0.50%, i.e. 8.40% + 0.50% = 8.90% p.a.
If you apply for the overdraft, then you will be charged 1-year MCLR + 0.50%, i.e. 8.40% + 1% = 9.40% p.a.
No. This housing loan is exclusively offered to existing housing loan borrowers of Canara Bank.
No. If you wish to pre-close your housing loan, the Canara Home Loan Plus Term Loan/Overdraft will first be foreclosed.
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