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  • Canara Bank Yuva Awas Rin – CANYAR

    The Yuva Awas Rin home loan offered by Canara Bank is especially designed for salaried youth between the ages of 21 and 45 years. Women borrowers are offered a concession of 0.05% on the interest rate. The interest rate on this home loan starts from 8.65% p.a. with a maximum tenure of 30 years. The bank charges a low processing fee of 0.50% of the loan amount.

    Canara Bank Yuva Awas Rin – CANYAR Interest Rates

    Canara Bank offers floating interest rates on the CANYAR home loan with rates pegged to their MCLR (Marginal Cost of Funds based Lending Rate). The current MCLR stands at 8.65%. The final rate you are offered will depend on your risk grade and other factors.

    Here are the interest rates offered on the Yuva Awas Rin Home Loan:

    Loan Amount Interest Rate for Women Applicants Interest Rate for Other Applicants Categories
    Salaried employees (all loan amounts) 8.65% p.a. 8.70% p.a. CIC Risk Grade (Low Risk Category)
    Up to Rs.30 lakh 8.65% p.a. 8.70% p.a. Other Categories
    Rs.30 lakh to Rs.75 lakh 8.65% p.a. 8.70% p.a.
    Above Rs.75 lakh 8.70% p.a. 8.75% p.a.

    CANYAR Home Loan Features and Benefits

    The CANYAR home loan can be used for the following purposes:

    • To purchase a ready built flat/house.
    • Construction of a house/flat.
    • To purchase a site and construct a house. If the purchase is only for the site, then it will not be considered under a housing loan. Utilisation of the loan amount for the purchase of site purchase is limited to 60% of the sanctioned loan amount only.
    • In case of renovation, expansion, repairs, upgradations, creating more amenities, etc. the maximum loan amount will be Rs.15 lakh.
    • For the acquisition of a second flat/house without having a loan on the first flat/house.
    • Refinancing of existing home loan from another public sector or private sector bank, NBFC (non-banking financial company), or HFC (housing finance company). To be done after conducting proper due diligence and ensuring that the assessment is acceptable and confirms to Canara Bank’s policy guidelines.

    CANYAR Home Loan Eligibility Criteria

    If you wish to apply for the Yuva Awas Rin - CANYAR home loan, here are the criteria you need to meet:

    1. Employment type – Salaried employees only.
    2. Work experience – 2 years of service at state governments, central government, reputed PSUs, reputed corporates, reputed joint sector companies, public limited companies, IT companies, private institutions, BT companies, working as a professor/assistant professor/lecturer at research institutes/universities/colleges.
    3. Income criterion – Minimum Rs.10,000 or minimum Net Take Home salary after meeting your proposed equated monthly instalment should not be below 30%.
    4. Maximum loan amount:
      • 6 years’ gross salary according to your most recent income tax assessment order/Form 16/ ITR acknowledgement, etc. (subject to the Net Take Home/Margin norms).
      • For repairs/renovations – Rs.15 lakh.
    5. Security – Registered mortgage/equitable mortgage.
    6. Guarantee – A third-party guarantee is required.

    Margin on CANYAR

    The margin on this home loan is dependent on two factors – the loan amount and if the house/flat is new/old.

    Here are the margins applicable on this home loan:

    Home Loan Amount New House Old House (Up to 10 years) Old House (Below 10 years)
    Up to Rs.30 lakh 10% 20% 25%
    Rs.35 lakh to Rs.75 lakh 20% 20% 25%
    Above Rs.75 lakh 25% 25% 25%

    *For repairs, renovations, etc. the margin is fixed at 25% of the project cost.


    1. What are the minimum and maximum processing fees applicable on this home loan?

      The processing fee applicable on this home loan is 0.50% of the loan, with a minimum fee of Rs.1,500 and a maximum fee of Rs.10,000.

    2. What is the maximum loan tenure offered under the CANYAR home loan scheme?

      The maximum loan tenure offered is 30 years or 70 years of age, whichever occurs earlier.

    3. Is there a moratorium period available under this home loan scheme?

      Yes. Here are the moratorium periods offered under this scheme:

      • 36 months for a loan for the purpose of construction.
      • 2 months for ready built house/completed flats, refinancing loan from another lender.

      Note: You will have to pay the pre-EMI interest and other applicable charges during the moratorium period.

    4. Can the criterion of 2 years of confirmed work experience/service be relaxed?

      The bank can as per its discretion relax this criterion on a case-to-case basis. However, in such instances, a personal guarantee or co-obligation from your parent will have to be provided mandatorily.

    5. Will additional fees and charges be included to stipulate the margin on the home loan?

      This will be determined by the total cost of your job. If the project cost is below Rs.10 lakh, then registration charges, stamp duty charges, and other documentation charges will be included in the project cost and your LTV (loan to value) ratio to stipulate your margin. If the cost of your project exceeds Rs.10 lakh, only the cost of your project will be used to determine your margin, ignoring any other charges such as stamp duty and registration fees.

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