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  • Canara Bank Home Loan Plus

    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.Customers can apply for this loan as an overdraft or as a term loan and use the loan amount for any purpose except the speculative reasons.This loan’s interest rate starts from 7.45%p.a. and it has a processing fee of 0.50% of the loan amount.

    Interest Rates

    The Canara home loan Plus has an interest rate that is linked to the Repo Linked Lending Rate (RLLR). Currently, the RLLR is 6.90 percent. This loan's interest rate ranges from 7.45 percent to 9.50 percent per annum.

    Features and Benefits

    If you are interested in applying for this housing loan from Canara Bank, here are the features and benefits that you are offered:

    • You can apply for this loan as a term loan or overdraft. However, if your existing Canara Bank Home Loan only has a remaining tenure of 5 years, then you will only be eligible for a term loan.
    • Maximum loan amount – Rs.25 lakh for all applicants. Your combined liability towards your home loan and this proposed loan should not exceed 75% of your property value at the time your first loan was sanctioned.
    • There is no margin for this loan.
    • The same property that you mortgaged to the bank when you applied for your housing loan will continue to serve as security for this loan as well.

    Repayment Periods

    Term Loan – maximum repayment period:

    • The remaining tenure on your existing home loan or 120 EMIs, lower of the two.
    • The loan to be cleared before you turn 70 years old.

    Eligibility Criteria

    If you wish to apply for this housing loan from Canara Bank, here are the criteria you need to meet:

    1. Age:
      • Minimum - 21 years.
      • Maximum - 65 years.
    2. You must have a satisfactory repayment track record for the past 1 year.
    3. Salaried employees:
      • You are eligible for a loan amount of 10 months’ gross salary.
      • Your Net Take Home (NTH) salary should not be below 40% after deducting the EMI towards your existing housing loan and the proposed loan.
      • On a selection basis, the NTH stipulation may be reduced to 25% by the bank.
    4. Non-salaried employees:
      • You are eligible for a maximum loan amount of 75% of 3 years’ average gross income.


    1. What can I use the Canara Home Plus loan for?

      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.

    2. How is the processing fee calculated on this home loan?

      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.

    3. What is the interest rate on this Canara Bank housing loan?

      The interest rate of Canara Home Plus loan is linked to the Repo Linked Lending Rate (RLLR) which is 6.50% at present. The interest rate ranges from 7.45% to 9.50% p.a.

    4. Can I apply for this loan if I am not a Canara Bank existing home loan borrower?

      No. This housing loan is exclusively offered to existing housing loan borrowers of Canara Bank.

    5. If I foreclose my housing loan, can I continue paying my EMIs for the Canara Home Loan Plus?

      No. If you wish to pre-close your housing loan, the Canara Home Loan Plus Term Loan will first be foreclosed.

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