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Canara Bank Home Loan Balance Transfer Details

Interest Rate6.90% onwards
Loan TenureUp to 30 Years
Loan Amount
 
As per LTV
Top Up: Up to Rs 50 Lakh
Processing FeeUp to 0.5% of the loan amount 
(Rs 1500 - Rs 10000) + GST
Prepayment FeeNIL for floating home loans

Features of Canara Bank Home Loan Balance Transfer

  • Get home loan transfer for up to 100% outstanding amount.
  • Total loan sanctions up to 75-90% of LTV.
  • You can apply for top up along with transfer. 
  • Concessional rate of interest is available for women applicants.
  • Competitive rate of interest.
  • Low processing fee.
  • Extended repayment tenure up to 30 years.
  • Transfer your home loans for ready-to-move in flat, purchase of plot and subsequent construction, renovation or extension of property.
  • The existing NBFC/ HFC must be rated A, or above.

Additional Info: Also check Canara Bank Balance Check Number

Benefits of Canara Bank Home Loan Balance Transfer

  • No hidden charges.
  • Prepayment allowed from own funds, without any charges.
  • No prepayment charge for home loans on floating rate of interest.
  • Easy access to home loan account online.
  • Customised home loans for salaried, self-employed professionals & self-employed non-professionals.

Also Read - Home Loan Balance Transfer Can Reduce Your EMI by 13%

Eligibility Criteria for Canara Bank Home Loan Balance Transfer

To qualify for Canara Bank Home Loan Balance Transfer, you must meet following eligibility criteria:

  • You should be an existing home loan customer from other lender.
  • You must obtain an NOC from the lender before requesting a transfer of home loan.
  • Your profile should be backed by clean repayment record for the account. 
  • All profiles including salaried, self-employed professionals and self-employed non-professionals can apply.
  • At least 3 years of employment for salaried individual and in the same profession for self-employed.
  • Total loan amount will vary as under:
    90% of property value for loans below Rs 30 lakh
    80% for loans ranging between Rs 30-75 lakh 
    up to 75% for loans above 75 lakh
  • Applicant must be between 21 - 60 years of age.
  • All loans must be paid off before the applicant turns 75 years.

Also Check - Loan Eligibility for Home Loan

Interest Rates for Canara Bank Home Loan Balance Transfer

Applicable rate of interest for Home Loan balance transfer customers are as under:

Type of Home Loan Rate of Interest (% p.a.)
Canara Housing Loan for Purchase/ Construction/ Extension/Repair or renovation of home6.90% to 8.90%
Canara Home Improvement Loan9.40 - 11.5 %
Canara Home Loan Plus7.45 - 9.50 %
Canara Home Loan Secure7.00 % onwards
Canara Mortgage Loan9.95 - 12.00%
Canara Site Loan7.95% - 9.00%

Also Check - Canara Bank Home Loan Interest Rates

Fees & Charges Applicable on Canara Bank Home Loan Balance Transfer

There are no hidden charges involved. 

Canara Bank Home Loan processing fee is nominal at 0.50% (Min Rs.1500/- and Max. Rs.10,000/-). 

There are NIL Prepayment charges for floating loans.

Additional Info: Also get Canfin Home Loan

Canara Bank Home Loan Documents

To avail a balance transfer, you will require following additional documents.

  • NOC from the existing lender regarding pre-closure.
  • Account statement from the date of sanction.
  • Outstanding amount on letter head.
  • List of original documents which are held by the previous lender with attested copies.
  • Sanction letter's copy.
  • OPL from transferring Bank.
  • Bank statement reflecting last 12 EMI payments. 


Home Loan documentation

  • Duly filled loan application + 2 passport size photos of all applicants
  • Sale Deed, Agreement for Sale
  • Copy of the approved plan for the proposed construction/ extension/ addition
  • Detailed cost estimate / valuation report 
  • Allotment letter for property
  • Legal scrutiny report, encumbrance certificate for 13 years, property tax receipts, Khata and permission for mortgage, as applicable
  • Salary certificate and form 16 (salaried profiles)
  • IT returns for past 3 AYs (non-salaried persons)
  • Business profile
  • Balance Sheet and P&L Account for 3 years

Also Check - Documents Required for Home Loan

Process to Transfer Home Loan to Canara Bank

It is completely hassle free to transfer balance of your home loan to Canara Bank. Follow steps as discussed under-

  • Submit a stipulated request form to the existing lender. Request transfer and share reasons for the same.
  • On receipt of your request, the bank/ HFC will review your application and assess account status.
  • Now bank will issue No Objection Certificate (NOC).
  • With NOC in hand, submit home loan transfer application to Canara Bank.
  • The bank will contact the previous lender & verify the details.
  • On success, Canara Bank will take over your loan and share new loan agreement with you.
  • The previous bank will share confirmation letter and close the account and cancel pre-signed cheques & standing instructions attached with the account. 
  • Now your home loan is transferred to Canara Bank and next EMI needs to be serviced according to new terms.

Canara Bank Home Loan Balance Transfer: Customer Care

For your queries about home loan balance transfer, call Canara Bank on any of the following numbers:

  • Toll free numbers: 
  • 1800 425 0018
  • 1800 103 0018
  • 1800 208 3333
  • 1800 3011 3333

Non Toll Free Numbers: (for overseas calls)

  • +91-80-22064232

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Home Loan Balance Transfer starts at 6.45% p.a for all profiles

Apply for Home Loan Balance Transfer online instantly and get lower interest rate starting at 6.45% p.a. Get better terms and services. You can also avail instant top up loan facility during balance transfer.

FAQs

✅What is home loan balance transfer?

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Home Loan Balance Transfer allows borrowers to switch their lender and refinance home loan at lower interest rate. By opting for a home loan transfer, you can reset loan terms and avail one or many of the benefits such as lowered EMIs, extended tenure and top up on loan amount. 

✅Who should go for home loan balance transfer?

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Opt for home loan balance transfer:

  • If the rate of interest of existing Home Loan is higher than the current rate available in the market.
  • If you want to extend the loan tenure.
  • If you need to top up loan amount.
  • If you want to pay lower EMIs.
  • When you are not happy with services of existing lender.

Besides these reasons, make sure the residual tenure of your loan is more than 5 years.

✅What collateral is required for Canara Bank home loan balance transfer?

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The property involved will be used as collateral for Canara Bank home loan balance transfer.

✅What is the lowest rate of interest for Canara Bank home loan balance transfer?

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The lowest rate of interest for Canara Bank home loan balance transfer is 6.90% p.a. Women applicants are eligible for 5 bps concession. 

✅What is the processing fee for Canara Bank home loan balance transfer?

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The processing fee for Canara Bank home loan balance transfer is 0.50% of loan amount, subject to minimum of Rs 1,500 and maximum of Rs 10,000.

✅What is the prepayment charge charged for prepayment or foreclosure of Canara Bank Home Loan?

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The bank charges NIL prepayment fees for floating interest rate loans. However, 2% of the outstanding amount is levied for fixed interest rate loans transfer or foreclosure.

✅What is the maximum approval for Canara Bank home loan balance transfer?

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Canara bank finances up to:

For salaried individual - 4 times gross annual salary as per the last ITR

For self-employed - 4 times of average gross annual income of all the four years, in case of individuals engaged in business

Selectively, loan up to 5 years' gross salary/ income is also sanctioned for select cases.

Max home loans up to 15.00 lakh are approved for repairs and renovations.