Canara Bank Home Loan Details

Interest Rate6.90% onwards
Loan TenureUp to 30 Years
Loan Amount6-8 times annual income
Processing FeeUp to 0.5% of the loan amount 
(Rs 1500 - Rs 10000) +GST
Prepayment FeeNIL 
for floating home loans

Canara Bank Home Loan Features

  • Canara Bank Home Loan interest rates start from 6.90% p.a.
  • Option of extended tenure up to 30 years.
  • Nominal processing fee ranging from Rs 1500 to Rs 10000 + GST.
  • Lowest Canara Bank EMI starts at Rs 659 per lakh.
  • Canara Bank Home loans are linked to RLLR i.e. ROI changes according to repo rate.

Canara Bank Home Loan Benefits

  • Canara Bank offers tailored home loans.
  • Choose from a range of home loans for purchase, construction, repair or renovation.
  • Expect transparent & quick home loan processing & documentation process.
  • There is no part prepayment or foreclosure charge.
  • Check instant eligibility for Canara Bank Home Loan by applying online.
  • The loan quantum will vary according to your profile & annual income.

Canara Bank Home Loan Eligibility Criteria

Canara Bank serves a diverse customer base. The broad eligibility criteria to apply for Canara Bank Home Loans are:

Age: 21 years to 70 years

Status:  Resident Indian (RI) /Non Resident India (NRI)

Employment: Salaried/ Self-employed/ Business owners/ Professionals

Others: 

  • Good credit score 
  • Income stability
  • Proof of income continuity

Documents Required for Canara Bank Home Loan

Here is the list of Canara Bank Home Loan documents: 

  • Duly filled Canara Bank Home Loan Application 
  • 2 passport size photos of all applicants/ guarantors
  • Sale Deed
  • Agreement for Sale
  • Copy of the approved plan for proposed construction or extension
  • Detailed cost estimate or valuation report from Bank’s empaneled Chartered Engineer or Architect
  • Allotment letter of Co-operative Housing Society/ Apartment Owners Association/ Housing Board/ NOC from the Society/ Association /Builders /Housing Board
  • Legal Scrutiny Report, EC for the past 13 years, Property Tax paid receipt, Khata & permission for mortgage, as required
  • Salaried: Salary Certificate/ Form No.16 
  • Self-employed: 
    • IT Returns for past 3 assessment years
    • Balance Sheet and P&L Account for past 3 years
    • Brief business plan expressing nature of business, year of establishment, type of organization etc.

Canara Bank Home Loan Interest Rates

Current Canara Bank Home Loan Interest Rates are linked to Repo Rates. The effective rate of interest varies as per applicant’s risk profile, repayment capacity and credit score. Women applicants get 5 bps lower interest rate from other applicants.

Here is the Rate Card for Canara Bank Home Loan:

 Women Borrowers (% p.a.)Other Borrowers (% p.a.)
Credit Risk Grade 16.906.95
Credit Risk Grade 26.957.00
Credit Risk Grade 37.357.40
Credit Risk Grade 48.858.90

* RLLR = 6.90%

*In case ofCommercial Real Estate (3rd & subsequent home) the applicable interest rate shall be +0.50%

Canara Bank Home Loan Interest Rates -2021 for different types of housing loans are as below:

Type of Home Loan Rate of Interest (% p.a.)
Canara Housing Loan to Corporates8.15 % onwards
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%

Canara Bank Home Loan Processing Fee and Other Charges

Canara Bank Home Loan processing fee is nominal at 0.50% of the loan amount. The minimum processing charge will be Rs.1500 and the maximum fee will be Rs.10000.

Here is the list of fees & charges for Canara Bank Housing Finance Loan.

Schedule of ChargeFee/ Charge
Processing Fees0.50% of the loan amount 
(Rs 1500- Rs 10000)
Prepayment Charge

Floating home loans: NIL

Fixed home loans: 2%  of outstanding in case of takeover by another lender

Copy of loan documentsRs. 10 per page (minimum of Rs. 100) + OPE charges, if any
Solvency CertificateRs. 300 per lakh 
(Rs. 1,500 to Rs. 25,000)
Capacity/ Capability CertificateRs. 300 per lakh 
(Rs. 1,500 to Rs. 25,000)

Canara Bank Home Loan Comparison with Other Top Banks

LenderMaximum Loan AmountMaximum TenureInterest RateProcessing Fee
Canara Bank Home LoaUp to 85% of property cost30 years6.90%- 8.90% onwards0.5% of the loan amount (Rs1500- Rs 10000)
Citibank Home LoanRs. 10 Crores25 years6.50% - 7.25%Up to Rs. 5,000
Kotak Mahindra Home LoanRs. 5 Crores30 years6.50% - 7.20%Up to 2% of the loan amount + GST
ICICI Bank Home Loan90% of property cost30 years6.70% - 7.55%0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST
SBI Home LoanRs. 10 Crores25 years6.75% - 8.00%

0.40% of the loan amount

 

HDFC Ltd Home LoanUp to 90% of property cost30 years6.70% - 7.65%Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes
Bank of Baroda Home LoanRs. 10 Crores30 years6.75% - 8.10%Up to 0.50% (minimum Rs. 8,500 & maximum Rs. 25,000)

Canara Bank Home Loan Schemes & Offers

Canara Bank Housing Loan

  • Canara home loan for purchase, construction or renovation of a housing unit/ plot. 
  • Both salaried & self-employed can apply for Canara Bank Housing Loan.
  • Loan amount & terms are customised according to applicant’s needs & eligibility.
  • Canara Bank Housing Loan Interest Rates start at 6.90% p.a.
  • Maximum tenure offered will be up to 30 years.
  • Apply online for fastest processing.

Canara Bank Home Improvement Loan

  • Canara home loan scheme for funding home furnishing & repair tasks.
  • Canara Bank Housing Loan Interest Rates for home improvement will range from 9.40- 11.5% p.a.
  • Maximum tenure for home improvement will be up to 5 years.
  • Resident as well as Non Resident Indians can apply.
  • In all, Canara Bank Housing Loan eligibility criteria are easy to meet for all customer profiles. 

Canara Site Loan

  • Canara Home Loan Scheme for buying / constructing a residential plot/ site.
  • Both residents & NRIs can apply.
  • Maximum amount up to 4 years of gross annual salary or 75% of the cost of the site, whichever is less
  • Interest will range from 7.95 % - 9.00 % p.a.
  • Up to 10 years or max construction time permitted by the allotment agency, whichever is earlier.
  • Maximum age for loan application is 60 years; Loan should be repaid at maximum age of 65 years.

Canara Bank Housing Loan to Agriculturists

  • Home Loan for people engaged in agriculture and allied activities.
  • Loan amount up to 4 times of average annual income.
  • As for repairs & renovations, maximum of Rs.15 lakh will be approved.
  • Maximum tenure allowed is up to 30 years.
  • To be eligible for this scheme, the applicant should own at least 5 acres of irrigated or 10 acres of dry land.
  • There should be satisfactory dealing in the past 2 years.
  • Minimum gross annual income should be Rs.5 lakh.
  • The maximum age at the time of loan closure should be 70 years.

Canara Bank NRI Home Loan

  • Canara Bank Home Loan for Non-Resident Indians (NRIs). 
  • Applicant should be NRI for a minimum of 3 years and have a valid job contract/ work permit in residence country.  
  • The applicant should be employed abroad for at least last 2 years.
  • The loan can also availed for purchase, repair or renovation of existing residential unit in India.
  • NRI should hold valid Indian Passport & PIOs should hold a valid foreign passport.
  • Maximum home loan amount could be up to 4-5 times of annual salary, subject to meeting income eligibility.
  • Maximum amount disbursed for repairs & renovation will be up to Rs.15 lakh.
  • Maximum loan tenure will be up to 30 years.
  • The age of the applicant should be between 21 to 60 years.

Canara- Yuva Awas Rin

  • Canara Bank Yuva Awas Rin is a home loan scheme for young salaried applicants. 
  • The loan can be availed for purchase, construction or renovation of a residential unit/ site.
  • The salaried employees can avail maximum home loan up to 6 years of net salary.
  • As for repairs/ renovations, up to Rs 15 lakh can be availed. 
  • Maximum tenure can be extended up to 30 years.
  • The applicant in the age group of 21 to 45 years can apply.
  • The applicant should also have minimum experience of 2 years in a confirmed job.

PMAY

  • PMAY is Pradhan Mantri Awas Yojna.
  • The scheme offers credit linked subsidy up to 2.67 lakhs to first time home buyers.
  • Eligible Canara Bank Home Loan customers can apply for PMAY subsidy.
  • The benefit will be directly credited to the loan account as you are nominated on the official PMAY website. 

How to Calculate Canara Bank Home Loan EMI?

It is completely hassle free to use the online Home Loan EMI Calculator. All you need to share is your loan amount, tenure and rate of interest. Instantly you will get EMI and overall interest component for the loan. 

Before signing up for Canara Bank Home Loan, you must check tentative EMI using Canara Bank Home Loan Calculator. It will help you make an informed decision. 

Let’s check Canara Home Loan EMI Calculation for various tenure & loan amount @ 6.90% interest rate.

Canara Bank Home Loan EMI Calculation:

Amount EMI for 10 Years of Tenure (in Rs)EMI for 20 Years of Tenure (in Rs)EMI for 30 Years of Tenure (in Rs)
30 Lakh346782307919758
40 Lakh462373077226344
50 Lakh577973846532930
60 Lakh693564615839516
70 Lakh809165385246102

Canara Bank Home Loan Customer Care

You can contact Canara Bank Home Loan Customer Care by calling following Numbers.

Canara Bank Home Loan Toll free Contact Numbers:

1800 425 0018

1800 103 0018

1800 208 3333

1800 3011 3333

Canara Bank Home Loan Non Toll Free Number: (for customers calling from outside India) 

+91-80-22064232

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Best Value Home Loans

MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.

Canara Bank Home Loan FAQs

Is it good to transfer home loan to Canara Bank?

Canara Bank is a well trusted lender with 115 years of experience. You can transfer your home loan and reduce EMI as well as loan burden. You can opt for top up and reset tenure and EMI as per your requirement.

How does Canara Bank calculate “interest” on Home Loan?

Canara Bank follows 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 reducing balance method is the best method of calculating interest on Home Loan and saves interest cost.

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

There is NIL prepayment fee for floating interest rate loans. Up to 2% of the outstanding amount is charged for fixed interest rate loans, when takeover by other bank/ FI happens.

Does Canara Bank cover prepayment penalty for 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.

How do I apply for Canara Bank Home Loan?

Canara Bank has an extensive branch network. When you apply for Canara Bank Home Loan through MyMoneyMantra, you can instantly start your application. A loan officer will guide and handhold you till the disbursement of the loan.

What will be the minimum EMI for Rs 30 lakh Canara Bank home loan?

The minimum EMI for Rs 30 lakh Canara Bank Home Loan for a woman applicant will be Rs 19758 for 30 years @6.90% p.a. As for other applicants, minimum rate of interest is 6.95% and thus EMI will be Rs 19858.