Canara Bank

Canara Bank Home Loan

Apply Canara Bank Home Loan

About Canara Bank Home Loan

Canara Bank was founded in July 1906, by Shri Ammembal Subba Rao Pai, at Mangalore, Karnataka. Widely known for customer centricity, Canara Bank is among the leading nationalised banks in the country. This bank offers a variety of loans, of which the Home Loan is a popular one. One of the most significant advantages of the Canara Bank Home Loan is that the bank has a tremendous reach throughout the country. Although headquartered in Bengaluru, Canara Bank has a presence in almost every state and Union territory in India. It explains why the Canara Bank Home Loan is accessible to a significant proportion of the population.

Canara Bank Home Loan

Interest rate

8.70%

Loan tenure

30 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

 783 Per Lakh

Why Canara Bank Home Loan?

Canara Bank has an extensive Home Loan portfolio with various products to suit the different requirements of people all over India. These Home Loan products are available for residents as well as non-resident Indians. Salaried and self-employed people can avail these Home Loans to purchase or build their dream homes. Some of the attractions of Canara Bank Home Loan are the competitive interest rates, transparency in dealings, low processing fees, and products to suit every requirement of the diverse Indian population.

Canara Bank Home Loans provide value to customers by offering:

  • Various Home Loans and mortgage loan products across the board
  • No hidden charges
  • Transparent interest calculation on daily reducing balances
  • Competitive rates of interest
  • Low processing fees
  • Overdraft facility in Home Loans to help reduce the interest burden
  • No pre-payment penalty
  • Extensive presence all over the country
  • Income tax concessions

Features and Benefits of Canara Bank Home Loan

  • Canara Bank offers various Home Loan products to suit the needs of every customer
  • Canara Bank Home Loan products include loans for purchase of readymade houses and apartments
  • You can also buy homes and flats under construction
  • Canara Bank has customised loan products to help you buy residential plots and construct houses on them.
  • This bank offers Home Loans for repairs, renovations, improvement, and extension of existing homes.
  • Home Loan balance transfer facility is also available
  • Customers get the benefit of one of the lowest interest rates in the industry
  • With Canara Bank, you can expect transparency in your dealings as there are no hidden charges
  • Canara Bank charges low processing fees
  • Canara Bank does not charge a penalty for pre-payment and foreclosure
  • Canara Bank calculates Home Loan interest on daily reducing balances
  • Customers can opt for long repayment periods extending up to 30 years
  • The special Home Loan Overdraft facility helps customers to save interest
  • Women borrowers get concession in interest rates
  • Canara Bank has a product where you can buy a roof-top solar PV system along with the Home Loan
  • In addition to Home Loans, Canara Bank has other mortgage loans like a Loan Against Property, Loan Against Rent Receivables, and so on.
  • One of the top nationalised banks, Canara Bank takes the lead in providing housing loan facilities under the Pradhan Mantri Awaas Yojana.
  • Canara Bank has set up a subsidiary named Canfin Homes, exclusively to cater to Home Loans and other types of non-housing mortgage loans
  • The bank offers a loan of up to four times of gross annual salary (as per the latest ITR/ITAO) to the salaried individuals.
  • For self-employed persons and business owners, the bank offers a loan of up to four times of their average gross annual income of 4 years.
  • For renovations and repairs, you can get a maximum loan amount of up to 15 Lakhs
  • The maximum loan-to-value (LTV) offered is 90% of the cost of the property

Canara Bank Home Loan Interest

The rates of interest of all Retail Lending Products are linked to the 1-Year MCLR of Canara Bank. As on date, the 1-Year MCLR is 8.70% (w.e.f. 07.03.2019)

Housing Loan Interest Rate

Name of Product

Loan Quantum

Women Borrowers

Other Borrowers

Housing Loan

Housing Loan to Agriculturists

Housing Loan to NRIs

Yuva Awas Rin

Housing Loan to Senior Citizens

PMAY

Housing cum Solar Loan

Rate of Interest

Present Rate of Interest

Rate of Interest

Present Rate of Interest

Up to 30 Lakhs

1-Year MCLR + 0.05%

8.70%

1-Year MCLR + 0.10%

8.75

Above 30 Lakhs and Up to 75 Lakhs

1-Year MCLR + 0.15%

8.80%

1-Year MCLR + 0.20%

8.85

Above 75 Lakhs

1-Year MCLR + 0.20%

8.85%

1-Year MCLR + 0.25%

8.90

Housing Loan CRE (for 3rd & subsequent dwelling unit)

Up to 30 Lakhs

1-Year MCLR + 0.55%

9.20

1-Year MCLR + 0.60%

9.25

Above 30 Lakhs and Up to 75 Lakhs

1-Year MCLR + 0.65%

9.30

1-Year MCLR + 0.70%

9.35

Above 75 Lakhs

1-Year MCLR + 0.70%

9.35

1-Year MCLR + 0.75%

9.40

Home Loan Product Rate of Interest Present Rate of Interest

Home Improvement Loan

1-Year MCLR + 2.45%

11.10%

Canara Home Loan Plus

Term Loan

1-Year MCLR + 2.80%

11.45%

Overdraft

1-Year MCLR + 3.30%

11.95%

Types of Home Loans Offered by Canara Bank

Canara Bank offers various kinds of Home Loans depending on the category of borrower, the location of the property, and so on.

Housing Loan

  • Resident Indians can apply for this Home Loan to purchase or construct a house or a flat, purchase of residential plot and construction of the house on it, repairs/renovation/expansion/upgradation/creation of additional amenities, purchase of second-hand house or apartment, or transferring your existing loan from other bank/NBFCHFC to the Canara Bank.
  • In case of a composite loan for the purchase of plot and construction of the house, the loan for the plot portion should not exceed 60% of the loan amount.
  • Loan amount for repairs and renovation subject to a ceiling of 15 Lakhs
  • Salaried individuals with minimum confirmed service of 3 years or self-employed individuals with a minimum of 3 years of exposure to business or profession can apply for this loan.
  • Entitlement for salaried individuals is 4 times your gross annual salary as per ITR in case of the salaried class subject to a margin requirement
  • Self-employed individuals - 4 times average gross income of all the four years subject to providing documentary evidence of gross income
  • Maximum repayment period of 30 years or borrower reaching age of 70 years whichever is earlier
  • The moratorium for a ready built house/flat is 2 months
  • The maximum loan-to-value offered is 90% of the cost of the project
  • In case of purchase of site and construction of the house, the repayment shall commence 2 months after completion of the house or 24 months from the date of the first disbursement whichever is earlier.
  • In case of flats under construction, the repayment commences within 2 months of completion of flat or 36 months from the date of the first disbursement whichever is earlier.

Home Improvement Loan

  • Loans available for the purchase of household furniture items, refrigerators, air conditioners, and so on.
  • Salaried individuals, self-employed persons, and NRIs are eligible for this loan
  • Salaried individuals - Monthly net take-home pay should be minimum 25% of gross salary or 2,000 after accounting for proposed loan instalment
  • Non-salaried persons having a minimum annual income of 50,000
  • When availed along with Home Loan, maximum eligibility is one-year gross salary over and above the normal eligible amount for a Home Loan subject to a ceiling of 2 Lakhs. Otherwise, maximum eligibility is one-year gross income or salary subject to a ceiling of 2 Lakhs.
  • If clubbed with a Home Loan, the margin requirement is as per Home Loan. Otherwise, it is 20%
  • Maximum repayment tenure is 60 months

Canara Site Loan

  • Individuals can purchase housing sites from State Development or Town Planning Development authorities.
  • The takeover of loans from other banks is permitted subject to fulfilment of terms of original sanction.
  • Avail loan for construction of houses on the sites purchased out of bank loan
  • All customers of the bank less than 60 years of age eligible
  • NRIs are also eligible under this scheme
  • Maximum eligibility is 4 years gross salary or income subject to 75% of the guideline value of the site
  • Maximum repayment period is 10 years or the borrower reaching the age of 65 years whichever is earlier.

Housing-Cum-Solar Loan

  • Loan available to install Grid connected Rooftop Solar Photovoltaic (PV) system as part of the Home Loan or independently as well.
  • This product is not available in case Home Loan is for purchase or construction of flats or apartments.
  • Existing Home Loan borrowers can avail this product independently
  • Available to persons who do not have a housing loan with Canara Bank provided the facility of mortgage of a residential facility is available.
  • Salaried individuals and self-employed persons with minimum 3 years work experience are eligible
  • Age of borrower should be less than 60 years at the time of application
  • Rooftop should be free for the installation of solar equipment
  • Net take-home pay should be minimum 25%
  • When clubbed with Home Loan - the Home Loan component is 4 times gross annual income
  • In case of borrowers of Yuva Awaas Rin Scheme - the Home Loan component is 6 years gross salary
  • Solar Loan component is 20% of the eligible component of Home Loan OR 80% of the cost of solar system OR 10 Lakhs whichever is less
  • Maximum loan tenure is 20 years
  • Subsidy is available at 30% of the benchmark cost in general states. In special category states like NE States, Sikkim, Uttarakhand, Himachal Pradesh, Jammu & Kashmir, Lakshadweep, and Andaman and Nicobar Islands, the subsidy is 70% of the benchmark cost.

Canara Home Loan Plus

  • Existing Home Loan borrowers in the age group of 18 to 65 years having satisfactory repayment record of a minimum of 1 year are eligible.
  • You can take the loan for any purpose except for speculative uses
  • Term Loan if the residual period of existing Home Loan is less than 5 years
  • Overdraft facility if the residual period of the Home Loan is over 5 years
  • Maximum amount under the Home Loan and proposed overdraft/term loan should not exceed 75% of the value of the property accepted at the time of sanction of the Home Loan.
  • Salaried Class - 10 months gross salary subject to maximum 25 Lakhs
  • Non-salaried class - 75% of 3 years average income subject to a maximum of 25 Lakhs
  • Term Loan - Residual period of the Home Loan or 120 EMI whichever is earlier subject to clearance of loan before borrower attains 70 years of age.
  • Overdraft - Valid for 3 years subject to half-yearly review
  • If the residual period of the Home Loan is less than 5 years, the Overdraft account will be converted into a Term Loan with applicable EMIs.

Canara Bank Housing Loan to Agriculturists

  • Agriculturists and persons engaged in activities like dairy activities, horticulture, and so on are eligible.
  • Purchase of house or construction of a house on non-agricultural land
  • Purchase of residential site is also available under this Home Loan variant
  • Take-over of Home Loan is available
  • Agriculturists cultivating agricultural land of more than 5 acres of irrigated or 10 acres of dry land and maintaining two years satisfactory dealings with the bank.
  • Agriculturalists indulging in allied activities having a minimum gross annual income of 5 Lakhs
  • Maximum eligibility is four times average annual income
  • Maximum 15 Lakhs for repairs and renovations
  • Maximum repayment is 30 years or borrower attaining 70 years whichever is earlier
  • The moratorium is the same as applicable to the Regular Home Loan

Home Loan for NRIs Scheme

  • Loan facility available for purchase or construction of a new house or flat
  • Loans available to purchase the site for constructing a house
  • Loans for second-hand homes or apartments
  • Loans for repairs and renovations with a ceiling of 15 Lakhs
  • Take-over of existing loans allowed
  • Non-resident Indians with Indian passport and PIOs with foreign passport eligible
  • Minimum age is 21 years
  • Maximum age is 60 years
  • Steady income with a minimum of 2 years job with a valid work permit
  • Minimum NRI status of 3 years
  • Spouse and close relatives (even resident Indians) of NRI can join as co-applicants
  • The maximum loan amount is 4 times the annual salary or income with net take-home pay of 40%
  • Maximum repayment of 30 years or borrower attaining 60 years with repayment of EMI from abroad.
  • Repayment is by remittances from abroad through normal banking channels, transfer from NRE/FCNR accounts, and remittance from local funds by close relatives.
  • Repayment holiday is the same as applicable to the Regular Home Loan

Yuva Awaas Rin - CANYAR

  • The purpose of the loan is the same as it is for the Canara Bank Home Loan
  • Youth in the age group of 21 to 45 years with 2 years of confirmed service in Central/State Government, PSUs, reputed companies.
  • Eligible amount - 6 years gross salary as per latest ITR
  • The maximum amount for repairs and renovation - 15 Lakhs
  • Maximum repayment is 30 years or borrower reaching the age of 70 years whichever is earlier
  • Free credit card to the applicant with an appropriate limit
  • Guarantee of 3rd party is necessary

Pradhan Mantri Awas Yojana

  • PMAY is a Government of India designed loan product with every bank and HFC following the same formalities and eligibility norms.
  • It is a credit linked subsidy scheme with the maximum subsidy being 2.67 Lakhs
  • The scheme in operation for the Economically weaker section and Lower Income Group up to 31.03.2022 and for the MIG-I and MIG-II up to 31.03.2019.
  • The purpose of the loan is for constructing or purchase of house or flat
  • The maximum amount of loan is 4 times gross income with a ceiling of 12 Lakhs for EWS, 24 Lakhs for LIG, 48 Lakhs for MIG-I and 72 Lakhs for MIG-II. It is subject to the satisfaction of net take home pay.
  • Repayment can extend to 30 years, but interest subsidy is available for a maximum of 20 years

Canara Bank Home Loan Eligibility

  • Salaried persons and self-employed individuals are eligible to apply for Canara Bank Home Loan
  • Resident and Non-Resident Indians/PIOs are eligible
  • Salaried persons should be in confirmed service for a minimum period of 3 years
  • Self-employed individuals should be in business or profession for at least 3 years
  • NRI applicants must have a minimum employment abroad and steady income source of 2 years with valid work permit/ job contract. NRI applicants should have minimum NRI status of 3 years and must hold a valid Indian passport (PIO must have a foreign passport).
  • Minimum age at the time of applying for the loan is 21 years
  • Maximum age at the entry is 60 years
  • The maximum age at maturity should be 70 years (45 years for Yuva Awas Rin Scheme)
  • For Home Improvement Loan: The monthly net take home salary should be minimum 25% of gross salary or 2,000 post EMI payment of the proposed loan (for salaried individuals) and 50,000 (for professionals/ non-salaried individuals) as per ITR.
  • For Housing Loan to Agriculturists: Applicants must own and cultivate agricultural land measuring 5 acres or more. There should be a satisfactory dealing of atleast 2 years. Agriculturists involved in allied activities must have gross annual income of minimum 5 Lakhs.

Increase your eligibility amount

Your Canara Bank Home Loan eligibility depends on the following factors:

  • Your income and repayment capacity
  • Your age
  • The value of your property

Ways to improve your eligibility:

  • Increase your income by bringing in an eligible co-applicant
  • Improve your repayment capacity by closing some of your existing loans
  • Apply for the Home Loan early so that you get the benefit of extended repayment tenure

Canara Bank Home Loan Co-applicant

Who can be a co-applicant for the Canara Bank Home Loan?

You can apply for your Canara Bank Home Loan in joint names. People do so to improve the eligibility levels. It is because Canara Bank considers the income of both the applicants while processing joint loan applications. However, there are specific restrictions on who can be a co-applicant.

  • Spouse: A legally-wedded spouse is the ideal co-applicant. If the spouse is an earning member, it can work in your
  • Parents: Parents can also be co-applicants under the following circumstances.
    • Parent-Son: It is a common combination. Banks allow this combination but you should be careful as far as the age of the parent is concerned. You might end up with a shorter tenure.
    • Parent-Daughter: Married daughters cannot bring in their parents as co-applicants unless they are co-owners of the property. Unmarried daughters can do so provided the property is not in the name of the parent.
  • Siblings: Banks are usually reluctant to accept siblings as co-applicants because there are chances of the individual sibling branching out to purchase a house in their names subsequently. However, if the siblings are co-owners of the property, they have to join as co-applicants. In any case the brother-sister combination is usually not acceptable to banks because of obvious reasons.

Canara Bank Home Loan - Effect of CIBIL Score

Every bank refers to the credit bureaus such as CIBIL to access the credit history of the applicant. Your credit rating or the CIBIL score has a vital role to play in your loan approvals. Banks are lenient when it comes to Home Loans and mortgage loans because of the availability of adequate collateral. A CIBIL score of 600 or above should be excellent for a Canara Bank Home Loan.

Documents Required for Canara Bank Home Loan

Documents for Salaried Individuals

  1. 2 recent passport-sized photographs
  2. Residence proof
  3. Age proof
  4. Photo copy of PAN Card
  5. Last 6 months' salary slips
  6. Latest salary certificate (original) with details of deductions
  7. Last 6 months salary account bank statement
  8. Proof of service continuation of 3 years
  9. A mandate by the borrower stating to deduct loan EMI from salary
  10. ECS mandate
  11. Any other document(s) required by the bank

 Documents for Business Owners/ Self-employed Individuals

  1. 2 recent passport-sized photographs
  2. Residence proof
  3. Age proof
  4. Photo copy of PAN Card
  5. Last 3 years' Balance Sheet and P&L account
  6. Copy of land records if applicant's income from agriculture is also included in ITR
  7. A brief note about - Nature of business, establishment year, form of organisation, present banker, capacity of applicant's engagement in the business, and their net worth.
  8. Where applicant is not maintaining savings/ current account with the Canara Bank, then last 6 months' pass sheet of existing bank account.
  9. Copy of the license from local/ government authority (if required)
  10. Any other document(s) required by the bank

Documents for House Construction

  1. Last 13 years' Title Deed of the property & link documents
  2. Last 13 years' NIL Encumbrance Certificate
  3. Khata certificate/extract
  4. Approved plan
  5. Property tax receipts (up to date)
  6. Cost estimation in detail from Bank's panel Chartered Architect/Engineer
  7. An affidavit/undertaking stating that borrower shall not violate the sanctioned plan
  8. Allotment letter issued by Co-operative Society/ Housing Board
  9. NOC issued by Society/ Builder/ Association/ Housing Board
  10. Copy of Lease Deed
  11. If the plot is allotted by the society: Society's bye laws, extract of resolution, title certificate, original payment receipts, original share certificate, building completion & occupation certificate (for ready-built flat), NA Order's photocopy, Index II copy, 7x12 extract copy, property register card extract, building commencement certificate.
  12. Last 3 years' land record and income proof (for Housing Loan to Agriculturists)
  13. Any other document(s) required by the bank

Documents for Purchasing Ready-built House

  1. Last 13 years' Title Deed of the property & link documents
  2. Last 13 years' NIL Encumbrance Certificate
  3. Khata certificate/extract
  4. Approved plan
  5. Property tax receipts (up to date)
  6. Sale of property agreement
  7. An affidavit/undertaking by the borrower stating that the construction of the property is according to the sanctioned plan/ building bye laws.
  8. Certificate by Panel Architect declaring that the built-up property is according to the sanctioned plan/ building bye laws.
  9. Property seller's KYC documents (i.e. ID and address proof)
  10. Lease Deed's copy
  11. Valuation report issued by the Bank's panel valuer
  12. Any other document(s) required by the bank

Documents for Purchase of Flats

  1. Last 13 years' Title Deed of the property & link documents
  2. Last 13 years' NIL Encumbrance Certificate
  3. Flat's sketch
  4. Sanctioned plan and license issued by the competent authority
  5. Khata certificate/extract
  6. Property tax receipts (up to date)
  7. Occupancy certificate's copy issued by the local authority
  8. Sale of property agreement with the applicant
  9. Original Sale Deed in favour of purchaser executed by the builder
  10. Builder's profile
  11. Development agreement between land owner and builder
  12. NOC from builder's banker (if project's finance is availed by the builder)
  13. Original stamp duty receipts, original registration receipts, original receipts in favour of purchaser issued by the builder, building commencement certificate's copy, demand notice of builder, NA Order, ULC Order, Index II copy, 7x12 extract copy, property registration extract.
  14. If the flats are built on a plot of land not owned by the builder: Power of Attorney's true copy executed in favour of the builder by the land owner.

Documents for Takeover of Loans

  1. NOC from the existing banker regarding pre-closure
  2. Account statement from the date of sanction
  3. List of original documents which are held by the Transferor bank with attested copies
  4. Sanction letter's copy
  5. OPL from transferor Bank
  6. Any other document(s) required by the bank

Documents for NRIs

  1. Completely filled Home Loan application
  2. 2 recent passport-sized photographs
  3. Identity proof - Copies of first 4 pages of Passport & page with Visa Stamp or IC/PIO card
  4. Valid work permit
  5. Employment contract's copy
  6. Original latest salary slip/ certificate
  7. Salary certificate's copy attested by Consulate/ Employer/ Indian Embassy
  8. ID card's copy issued by the present employer/ income proof (if business owner/ self-employed professional).
  9. Applicant's brief profile and work establishment
  10. Previous employment details
  11. Last 6 months' bank account statement/ passbook
  12. Account statement or passbook of overseas bank showing applicant's salary and savings
  13. Residence proof - Driving licence or utility bills
  14. Copy of CDC (Continuous Discharge Certificate) if applicant is employed in the Merchant Navy
  15. Agreement of Sale/ Sale Deed
  16. Copy of approved plan of the building
  17. Approval for construction/extension/purchase
  18. Original NOC
  19. For construction or purchase of a house: 13 years' no encumbrance certificate, original title deed, land tax receipt, possession certificate.
  20. For flat purchase: Allotment letter, construction agreement, estimates payment schedule, a copy of the approved plan, undertaking from the builder in the format specified by the Bank.
  21. Copy of order giving permission for land conversion (in conversion of agricultural land case)
  22. Copy of builder tax receipt/ land tax receipt
  23. Copy of the allotment letter of builder/ housing board/ cooperative society
  24. A detailed cost estimate or valuation report by an approved valuer (for outright purchase of an existing flat/ house).
  25. Notarised Power of Attorney: If the applicant authorises a third party to complete mortgage formalities/ execute the documents/ avail the loan instalments.
  26. Any other document(s) required by the bank 

The Canara Bank Loan Appraising Procedure

Canara Bank has Retail Loan Processing Centres in the bigger cities. The Canara Bank loan official will visit your residence and place of work to verify the facts stated in the application form. You can get a list of the lawyers and engineers on the bank's panel from this official. Contact the advocate to complete the verification of your property documents. Similarly, the engineer will visit your property to evaluate it. You have to pay their professional fees separately. Canara Bank does not include this amount in their processing charges.

Canara Bank obtains your CIBIL report to check out your creditworthiness. Your CIBIL score determines the rate of interest on your Home Loan. Canara Bank proceeds with your loan appraisal based on the credit policies of the bank. On approval, they would provide you with a loan sanction letter containing the terms and conditions of the sanction. Accept the conditions and complete the execution of the loan documents before the disbursal. On disbursal, you have to create the equitable mortgage in the bank's favour and register it with the Sub-Registrar's Office (if applicable in your state).

How Much Home Loan Can I Get on My Property (LTV) from Canara Bank?

The Loan to Value (LTV) ratio depends on the loan amount and the age of the property. Based on the loan amount you require, here's the margin you need to bring to get a Home Loan from Canara Bank.

Housing Loan Amount

New house/flat

Old House/flat

Up to 10 years old

More than 10 years old

Up to 30 Lakhs

10%

20%

25%

Over 30 Lakhs and up to 75 Lakhs

20%

20%

25%

Above 75 Lakhs

25%

25%

25%

In the case of a loan for repairs and renovations, home improvements, extensions, and up-gradation, there is a uniform margin requirement of 25%.

The margin is always on the project cost. Canara Bank considers stamp duty and registration charges as part of project cost only when the overall project cost is below 10 Lakhs.

Therefore, when the project cost exceeds 10 Lakhs, the margin is only on the basic project cost and does not include expenses towards stamp duty and registration.

Other Products by Canara Bank

Canara Bank offers the following mortgage related loan products in addition to the ones described above:

Canara Rent

  • Loan to owners of property to meet the business needs against rent receivables, but not for speculative purposes
  • Existing customers with satisfactory dealings are eligible. New customers with satisfactory OPL/market report are also eligible.
  • The property should be rented out to PSUs, Central or State Government departments, insurance companies, and so on. In case of renting out to corporates, the corporate should have a minimum BBB rating.
  • The maximum eligibility is 75% of the rent receivables for the unexpired period of the lease
  • The repayment is 120 months or unexpired period of lease whichever is earlier. In the case of lending our to Navratna companies, PSUs, insurance companies, and Canara Bank, the repayment period can go up to 144 months.

Canara Mortgage

  • Loan against property to meet any unforeseen expenses, medical needs, and so on
  • Only individuals can avail this loan. Existing, as well as new customers with satisfactory credit reports, are eligible.
  • NRIs can also avail this loan. They can add the names of resident relatives as co-borrowers.
  • Maximum loan is 50% of the value of the property or10Crores whichever is less
  • Repayment period is 84 months
  • Net take home Pay should be a minimum of 20% or 20,000 whichever is higher.
  • Canara Bank requires a personal guarantee from person(s) of adequate net worth. 

Apart from Home Loans and Mortgage Loans, you can also avail the following products and services from Canara Bank:

Canara Cash (Shares)

Canara Vehicle

Canara Budget

Canara Pension-General Public

Teachers Loan

Swarna Loan (Gold Loan)

Canara Jeevan

Canara Consumer Loan

Canara Vehicle to Agriculturists

Canara Pension (Canara Bank Ex-Employees)

Savings & Deposits

Technology Products

Mutual Funds

Insurance Business

International Services

Card Services

Consultancy Services

Depository Services

Ancillary Services

Approved Housing Projects

Net Banking

Corporate Banking

NRI Banking

MSME Banking

How to Calculate RHFL Home Loan EMI?

Calculating the prospective EMI for your Canara Bank Home Loan is easy. All you have to do is to visit MyMoneyMantra, go to the EMI Calculator tab and enter the following details:

  • Loan amount
  • Rate of interest
  • Loan tenure

You get the EMI with a complete loan amortisation schedule

Canara Bank Processing Fees and Other Charges

Processing Fees

Loan Product Processing Fees

Housing Loan

0.50% of Loan Amount with a minimum of 1,500 and maximum 10,000

Home Improvement Loan

Canara Site Loan

CANYAR - Yuva Awas Rin

Housing cum Solar Loan

Premium Housing Loans - HNIs

0.10% of Loan Amount with Maximum 25,000

Combo Loan Scheme - HL

50% of 0.50% of Loan Amount Minimum 1,500 and Maximum 10,000

Housing Loan NRIs

0.10% of Loan Amount Minimum 500 and Maximum 10,000

Housing Loan -Agriculturists

0.50% of Loan Amount Minimum 1500 and Maximum 10,000

Home Loan Plus

0.50% of Loan Amount Minimum 100 and Maximum 500

Canara Rent

0.50% of Loan Amount Minimum 5,000 and Maximum 50,000

Canara Mortgage

1% of Loan Amount Minimum 5,000 and Maximum 50,000

Canara Jeevan

0.25% of the loan amount Maximum 5,000

Inspection Charges

Housing Loans and other Retail Loans secured by Mortgage
Slab Charges

Up to 10 Lakhs

200 per inspection per borrower with a maximum of 600 per year until the closure of the loan

Above 10 Lakhs

300 per inspection per borrower or actual expenses incurred whichever is higher until the closure of the loan

Documentation Charges - Applicable to mortgage loans other than Housing Loans

100 per Lakh or part thereof with minimum 1000 and maximum 25,000

Other Charges

  • Advocate Charges for verifying the genuineness of the title documents - As per actuals
  • Valuation charges for evaluating the property by Bank Panel Engineer - As per actuals
  • CIBIL Charges - For individuals 50, For non-individuals 700
  • CERSAI Fees - 50 for search before sanction and 500 per property after sanction
  • Overdue Charges - 2% penalty on the outstanding liability
  • Penalty for not completing mortgage formalities - If the mortgage is not completed within 6 months, you incur a penalty of 2% on the sanctioned amount.
  • Registration of Equitable Mortgage - As per actual
  • Prepayment charges - Nil for floating interest rate loans; 2% of the outstanding amount for fixed interest rate loans in case of takeover by other bank/ FI.
  • Commission on solvency certificate shall be at the rate of 0.10% with a minimum of 500 and maximum of 10,000 per certificate.

Canara Bank Home Loan Customer Care

You can contact Canara Bank Customer Care at their following Toll-Free numbers- 1800-425-0018

 You can also chat with the Canara Bank representative online using the Live Chat option on the official site of Canara Bank.

Address: You can also contact the head office of Canara Bank at Bengaluru or any of their Circle offices located in the major cities in India. The branch manager of the local Canara Bank branch is the right person to approach in case of a customer grievance.

Canara Bank Home Loan Latest News

Canara Bank Home Loan portfolio has shown a steady growth

Canara Bank's net advances have shown a healthy growth in the first quarter of the FY19. The Home Loans grew by an encouraging 18.90%. This growth is instrumental in the net profit of the bank growing to 281 Crores for Q1 FY19.

Now pay your monthly EMIs through the Canara Bank Mobile App

Canara Bank has introduced a user-friendly mobile app that helps you to carry out various banking transactions. One of them is the repayment of the Home Loan instalment. If you have a savings bank account with Canara Bank, you can use the mobile app to make your repayment. Set up monthly reminders so that you do not miss out on the repayment thereby improving your credit rating.

Frequently Asked Questions

What is the concept of EMI?

EMI stands for Equated Monthly Instalment. The EMI comprises of an interest component and principal component. In the initial stages of the loan tenure, the interest component is higher than the principal portion.

How do you verify whether the bank has prescribed the correct EMI?

You can cross check the EMI using the EMI Calculator available at MyMoneyMantra. You just need to enter the loan amount, interest rate and tenure to get an accurate result.

How does Canara Bank calculate the interest on Home Loan?

Canara Bank follows the daily reducing balance method for calculating interest on your Home Loan. The bank debits the interest on the last day of every month. The daily balance reducing method is the best method of calculating interest on Home Loan.

Does Canara Bank charge any penalty on prepayment or foreclosure of Home Loan?

The bank charges NIL prepayment fees for floating interest rate loans and 2% of the outstanding amount for fixed interest rate loans in case of takeover by other bank/ FI.

Is there any provision of taking insurance for a Canara Bank Home Loan?

Canara Bank has tie-ups with various insurance companies. You can insure your home as well as your loan through these insurance companies. Insurance of your house is compulsory. However, personal insurance is optional. It is advisable to have loan insurance to take care of any eventuality.

Does Canara Bank seek collateral security for Home Loans?

No. Canara Bank does not ask for collateral security for Home Loans. The house purchased or constructed with the help of bank finance is the prime security for the Home Loan.

Does Canara Bank accept 3rd party security on Loan Against Property?

Yes, Canara Bank accepts third party security in the names of close relatives of the borrower subject to the owner of the property joining the loan as a joint borrower.

Does Canara Bank Home Loan amount cover the prepayment penalty in case of Home Loan Balance Transfers?

Yes, it does. However, you should satisfy the other eligibility criteria for Home Loan such as EMI/NMI, LTV ratio, and so on.

Where can I avail Canara Bank Home Loans?

Canara Bank has an extensive network of branches in India, especially the southern states. Canara Bank has specialized retail loan processing centres and Home Loans sales teams across the country to cater to the Home Loan requirements of customers all over the country. You can also apply for your Canara Bank Home Loan through MyMoneyMantra. It provides you with an opportunity to compare different products on a single screen. You end up getting the best deal on Home Loans when you avail the services of MyMoneyMantra.

Why Apply for Canara Bank Home Loan on MyMoneyMantra?

Canara Bank allows you to apply for a Home Loan online. You can compare various products of the same bank on the website of the bank. However, it is not possible to compare various Home Loan products across the board. MyMoneyMantra, a reputed Home Loan service provider offers this facility to customers where they can check and compare different products of various banks and other financial institutions before opting for the right Home Loan deal.

There are many advantages of applying for a Canara Bank Home Loan on MyMoneyMantra:

  • We help you with the loan application process and compilation of documents
  • We provide you with an EMI calculator to help determine your EMI on the Canara Bank Home Loan
  • We assess your profile based on the documents submitted and suggest the appropriate product for you.

How to Apply for Canara Bank Home Loan on MyMoneyMantra?

Our aim is to make it as simple as possible. Visit our official website and provide information in a systematic manner. You can access the Home Loan product page within minutes.

Go to our Home Loans Section and select your gender. We need to know where you reside. Hence, check out your city of residence. Canara Bank has various loan products for different purposes. Indicating the purpose of your loan will help us to serve you better.

The next step is to select the city where you would like to purchase or construct your property. The value of your property will help us determine your maximum eligibility.

We help our clients find the right deal. Hence, you have to provide your name, email ID, your employment or occupation details, and your income. As we need to contact you to help you with the loan application process, we request you to share your mobile number.

We send a confirmation OTP for you to enter at the appropriate place on the next page. It enables us to confirm your identity. You can now proceed to choose your preferred lender, Canara Bank Home Loan.

We will contact you to help you prepare your loan application and compile the requisite documents. You have a list of the necessary documents on our website. We provide this service free of cost. Canara Bank has a marketing team to verify your KYC and income documents

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