Canara Bank provides home loans starting at 9.75% interest per year for up to 30 years. They also have a special home loan option called Canara Kuteer for farmers and those in related fields like poultry, dairy, plantation, and horticulture. This scheme is available to individuals and self-help group members with a yearly household income of up to Rs 3 lakh.
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Canara Bank Home Loan Highlights |
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|---|---|
| Interest Rate | 9.75% - 12.00% |
| Processing Charges | NIL |
| Loan Amount | Depending on the applicant’s profile |
| Loan Tenure | Up to 30 years |
Pre Approved Home loan | Check Eligibility & Apply Online
| Table of Contents | ||
|---|---|---|
| Compare Interest Rates offered by other Lenders | ||
| Interest Rates | ||
| Types of Home Loan offered by Canara Bank | ||
| Eligibility Criteria | ||
| Documents Required | ||
| EMI Calculator | ||
| FAQs | ||
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
|---|---|---|---|---|
| SBI Bank | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. | Apply Now |
| HDFC Bank Limited | 8.40% p.a. onwards | 8.40% p.a. onwards | 8.40% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards | Apply Now |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.35% - 10.35% p.a. | 8.35% - 10.55% p.a. | 8.35% - 10.75% p.a. | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50% - 11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| Axis Bank | 8.70% - 13.30% p.a | 8.70% - 13.30% p.a | 8.70% - 9.10% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Also read: Best Home Loan in India
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
| Credit Risk Grade | Interest Rate(p.a.) | |
|---|---|---|
| Women Borrowers | Other Borrowers | |
| CRG-Prime | 9.75% | 9.80% |
| CRG:1 | 10.00% | 10.05% |
| CRG:2 | 10.05% | 10.10% |
| CRG:3 | 10.45% | 10.50% |
| CRG:4 | 11.95% | 12.00% |
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:
Loan Amount:
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:
Loan Amount:
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:
Loan Amount:
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:
Loan Amount:
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:
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
Also Read : Best Home Loan Eligibility
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.