Canara Bank Home Loan Balance Transfer

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

• Get a home loan transfer for up to 100 of % outstanding amount.
• Total loan sanctions up to 75-90% of LTV.
• You can apply for a top-up along with a transfer.
• A 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 a ready-to-move-in flat, purchase of a plot, and subsequent construction, renovation, or extension of property.
• The existing NBFC/ HFC must be rated A or above.

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

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

• You should be an existing home loan customer from another lender.
• You must obtain an NOC from the lender before requesting a transfer of the home loan.
• Your profile should be backed by a 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 a salaried individual and in the same profession for a self-employed.
• Total loan amount will vary as under:
  90% of the 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 old.

• 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.

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

• NOC from the existing lender regarding pre-closure.
• Account statement from the date of sanction.
• Outstanding amount on letterhead.
• List of original documents which are held by the previous lender with attested copies.
• Sanction letter's copy.
• OPL from the transferring bank.
• Bank statement reflecting the 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 the past 3 AYs (non-salaried persons)
• Business profile
• Balance Sheet and P&L Account for 3 years

It is completely hassle-free to transfer the balance of your home loan to Canara Bank. Follow the 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 your account status.
• Now the bank will issue a No Objection Certificate (NOC).
• With the NOC in hand, submit the 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 a new loan agreement with you.
• The previous bank will share the confirmation letter and close the account, and cancel pre-signed cheques & standing instructions attached to the account. 
• Now your home loan is transferred to Canara Bank, and the next EMI needs to be serviced according to the new terms.

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