Canara Bank Home Loan

Canara Bank offers home loan interest rates starting from 9.75% per annum. The specific interest rate you receive depends on factors such as the loan amount, your credit score, the type of applicant you are, and the particular home loan scheme you choose.

Here are the interest rates for different types of home loans offered by Canara Bank:

For Loan Amount up to Rs 50 lakh

Also read: Best Home Loan Fees and Charges

Purpose:

Canara Bank Housing Loan is designed for various purposes such as purchasing or constructing a house or flat, buying a site and building a house on it, and carrying out repairs, renovations, expansions, upgrades, or additions to existing houses. Existing Canara Bank home loan borrowers can also use this scheme to purchase a second house, whether they have an existing home loan or not.

Additionally, Canara Bank provides a balance transfer facility for existing home loan borrowers from other lenders, allowing them to transfer their loans to Canara Bank at lower interest rates.

Loan Tenure:

• Up to 30 years or until the borrower reaches 75 years of age, whichever comes earlier.

Loan Amount:

• For salaried applicants: Up to 6 times of gross annual income (based on the last drawn monthly gross salary).
• For self-employed or business applicants: Up to 6 times of the average gross annual income of the past 3 years preceding the current financial year.
• Special cases: Up to 8 times of gross salary/income in select cases.
• For repair/renovation: Up to Rs 15 lakh.

Purpose:

Canara Home Loan Plus is a top-up scheme provided by Canara Bank specifically for existing home loan borrowers. It allows borrowers to obtain additional funds for various purposes such as domestic needs, medical expenses, education expenses, and emergencies.

Loan Tenure:

• Up to 15 years or the remaining repayment period of the existing home loan, whichever is lesser.

Loan Amount:

• For Salaried Individuals: Up to 24 months' gross salary, with a maximum limit of Rs 50 lakh.
• For Non-Salaried Individuals: Twice the average gross income of the applicant over the past 3 years, with a maximum limit of Rs 50 lakh.

Canara Bank provides Housing Loans specifically for agriculturists and individuals involved in allied activities such as plantation, horticulture, dairy, or poultry. These loans are intended for purchasing or constructing houses or flats and buying sites for construction.

These loans are granted for properties located in non-agricultural areas, preferably in urban or semi-urban regions and developing townships with valid documentation.

Loan Eligibility:

• The net take-home pay should be at least 25% of the applicant’s income (minimum Rs 10,000 per month) after deducting the EMI of the proposed home loan.

Loan Amount:

• For Salaried Applicants: Up to 6 times of the gross annual income, based on the last drawn monthly gross salary.
• For Self-Employed Applicants: Up to 6 times the average gross annual income of the last 3 years preceding the current financial year.
• For Repair/Renovation: Up to Rs 15 lakh.

Canara Site Loan is a scheme designed for purchasing residential plots from various government authorities or statutory bodies. This loan is available for plots approved by state government authorities or statutory bodies, including those offered by Central Government, State Government, or local authorities in collaboration with private sector entities.

Consumers can use Canara Site Loan to purchase plots from government development authorities such as HUDA, DDA, or in colonies approved by the government, including those with approved maps and RERA-approved projects.

Loan Tenure:

• Up to 10 years or the maximum period for house construction.
• Alternatively, until the borrower reaches 65 years of age.

Loan Amount:

• Up to 75% of the cost of the plot value or guideline value.
• Alternatively, up to 3 times the gross annual salary/income.

Purpose: Canara Home Loan Super Gain Scheme is available for both new and existing customers of Canara Bank. It can be used for various purposes such as purchasing or constructing a house or flat, renovating or repairing a new or second-hand residential property, and buying a plot.

Loan Amount: Rs 20 lakh onwards

Tenure: Up to 30 years or 75 years of age

Purpose: NRI applicants are eligible to apply for the NRI Home Loan offered by Canara Bank. This loan can be used for various purposes, including purchasing and constructing a house or flat, buying a plot and constructing a house on it, and carrying out repairs, renovations, and upgrades on existing properties. Additionally, NRI applicants who already own a house or flat, whether with or without an existing home loan, can also apply for a Canara Bank Home Loan. Furthermore, existing NRI home loan borrowers from other lenders have the option to transfer their existing loans to Canara Bank at lower interest rates.

Loan Amount:

• 4 times of annual gross income
• 5 years of gross income on case in select cases

Tenure: Up to 30 years or 60 years of age of the borrower (70 years under certain conditions)

Also Read : Best Home Loan EMI Calculator

• Minimum age of the applicant - 21 years
• Maximum age of the applicant - 70 years
• Residency status - Residents of India/Non-residents of India (Depending on the scheme chosen)
• Type of employment - Businessmen/Professionals/Salaried/Self-employed

Also Read : Best Home Loan Eligibility

• Agreement for Sale
• Sale Deed
• Copy of approved construction/extension/addition plan
• Allotment letter or NOC from housing society/builders
• Brief description of business for self-employed individuals
• Detailed cost estimate from a bank-approved engineer/architect
• Completed application form with 2 passport-sized photos of applicant/guarantor
• Financial documents for self-employed: Balance Sheet and P&L Account for the past three years
• Property documents: Legal Scrutiny Report, EC for the past 13 years, Property Tax receipts, Khata, and mortgage permission
• Proof of income: Salary Certificate and Form No.16 for salaried individuals, or IT Returns for the past three years for non-salaried individuals

Also Read : Best Home Loan Documents Required

Yes, You can make prepayments on your home loans from Canara Bank, and there are no prepayment charges for loans with floating interest rates.

To apply for a Canara Bank Home Loan, you can do so online by visiting the Canara Bank website. Simply click on the "Home Loan" option on the homepage and fill out the application form. Alternatively, you can apply offline by visiting any Canara Bank branch in person.

Also read: Best Home Loan Balance Transfer

You can find out the interest rates for Canara Bank Home Loans by visiting their official website. You can also check out financial marketplaces to compare the home loan interest rates offered by Canara Bank.

Canara Bank provides home loans with floating interest rates exclusively.

Yes, Canara Bank provides a discount of 5 basis points (bps) on home loan interest rates for women applicants.

Calculating home loan interest manually for Canara Bank can be difficult and prone to errors since the bank uses the reducing balance method. Instead, you can use the Canara Bank Home Loan EMI Calculator. This tool helps you calculate the total interest cost of your loan and provides an amortization schedule, which breaks down your monthly EMIs into interest and principal components. This makes it much easier to understand how your payments are structured over time.

Whether you're eligible for a home loan depends on factors like your age, credit score, monthly income, job type, and where you work.