Canara Bank Home Loan Interest Rate, Eligibility Calculator for salaried & business individuals.  Canara Bank home loan rate of interest is 7.55% to women for the period of 30 years or 75 years of age. Canara Bank is among the best public sector bank providing Home Loan for all type of customers at attractive rate of interest. The Home Loan repayment period in Canara Bank is up to maximum of 30 years. There are various schemes available with the bank for agriculturists , below poverty line under Canara Kuteer and home innovation and repairs. Home loan scheme, is also offered to individuals and members of self-help groups having annual household income up to Rs 3 lakh p.a.

Canara Bank Home Loan Details

NOTE: Click here for complete interest rate

What is the current home loan interest rate in Canara Bank?

The rate of interest on Home Loan in Canara Bank is based on the risk profile of customer. The minimum bench mark rate of interest will be RLLR of the bank. Based on the Credit score, the interest rate are charged. The current home loan interest rate in Canara Bank for different credit score are :

Canara Bank Home Loan Margin:

What is the maximum loan amount sanction by the bank keeping your margin against the project cost and estimation. In case of Housing Loans where Project Cost is upto Rs.10.00 Lakh, stamp duty, Registration Charges and other Documentation charges can be included in the Project Cost for the purpose of stipulating Margin as well as for LTV Ratio.

Repayment Periods

In convenient equated monthly instalments upto 30 years or borrower attaining age of 75 years whichever is earlier (subject to conditions).

Repayment Holiday:

• In the case of purchase of ready built house/flat :  The repayment shall commence within TWO MONTHS from the date of first disbursement.
• In the case of purchase of Site & Construction of House thereof and OR only construction of House in the existing Site : ‘The repayment shall commence within 2 months after completion of House OR 24 months from the date of first disbursement whichever is earlier’.
• In the case of purchase of flat under construction : ‘The repayment shall start within 2 MONTHS of completion of construction OR 36 Months from the date of first disbursement, whichever is earlier.

Category of Home Loans in Canara Bank

Housing Loan

Purpose:

• For purchase/construction of house/flat etc.
• Site purchase and construction of house
• Repair/renovation/expansion/upgradation/addition to existing house
• Purchasing second house when the borrower is already having a flat/house
• CASA Super Gain facility for maximizing the saving benefits
• Takeover of loan from other banks

Loan Amount:

• 6 times of gross annual income or 72 times of monthly gross income(as per last drawn monthly gross salary) for salaried applicants
• 6 times of average gross annual income of all 3 years immediately preceding current financial year for self-employed applicants or those engaged in business
• Up to 8 years gross salary/income for select loan cases
• For repair/renovation- maximum Rs 15 lakh
• Net Take Home income or NTH must be 25% or Rs 10,000 including the proposed loan EMI

Eligibility Criteria :

• Salaried individuals with continuous service of at least 2 years
• For self- employed: Should have been in the profession for at least 3 years
• Age: Less than 60 years

Tenure: Up to 30 years or 75 years of age whichever earlier. Relaxation is as per bank’s policy.

Housing Loan to Agriculturists

Eligibility of Loan:

• Agriculturists, farmers and other individuals engaged in similar activities for house/plot purchase and house construction
• Takeover of loan from other banks

Loan Amount:

• 6 times of gross annual income (as per last drawn monthly gross salary) for salaried applicants
• 6 times average gross annual income of last 3 years immediately preceding current financial year for self-employed applicants
• Up to Rs 15 lakh for repair/renovation
• Net Take Home pay of the should be 25% of the applicant’s income (at least Rs 10,000 per month) after deducting EMI of the proposed home loan

Eligibility Criteria :

• All agriculturists owning agricultural land of more than 5 acres and cultivating the same
• Dealing of 2 years satisfactorily
• Agriculturists engaged in allied activities with minimum gross annual income of Rs 5 lakh

Canara Kuteer

Eligibility of Loan:

For purchase of plot, new or old house/flat and home construction on already owned plot/site by individuals having annual household income of up to Rs 3 lakh

Eligible Loan Amount:

Household Income – Up to Rs 1.00 Lakhs

Loan Amount – Maximum Rs 5.00 Lakhs

Household Income – Up to Rs 3.00 Lakhs

Loan Amount – Maximum Rs 10.00 Lakhs

Tenure: Up to 30 years or 75 years of age

Home Loan for NRIs

Purpose: For plot purchase, purchase/construction of house/flat, repair/renovation/upgradation of existing property by the NRIs

Loan Amount:

• 4 times of annual gross income
• Minimum One Year of Service Overseas 
• Minimum Two years of NRI status

For repair/renovation/upgradation/expansion: Up to 75% of project cost

Tenure: Up to 30 years or 60 years of age of the borrower (70 years under certain conditions)

Canara Site Loan

Purpose:

• Purchase of residential sites from Development/Town Planning Development Authorities or any Government constituted body for distribution of sites
• Purchase of sites from statutory authorities of Central/State Government, local authorities either exclusively or in partnership with private sector bodies and approved by statutory authority of State Government
• Plots of Government Development Authorities such as HUDA, DDA, directly or under second sale
• Plots in colonies approved by the Government along with approved maps and RERA approved projects
• Balance transfer

Loan Amount: 75% of cost of site value/guideline value or 4 years gross annual salary/income

Tenure: Up to 10 years or maximum period for house construction or up to 65 years of age of the borrowers

Canara Home Loan Plus

Purpose: For existing home loan borrowers of Canara bank to meet their domestic needs/ medical expenses/ education expenses and other emergencies

Loan Amount:

• For Salaried- 10 months gross salary up to Rs 25 lakh
• For Non-Salaried- 85% of 3 years average gross income up to Rs 25 lakh

Eligibility for NTH:

• Salaried- Up to 60%
• Non -Salaried- Up to 50% of annual income
• Existing home loan borrowers
• Age: 18-70 years
• Satisfactory repayment track record

Tenure: Up to 10 years

Canara Home Loan Super Gain Scheme

Purpose:

For purchase house/plot/flat, construction/repair/renovation/second hand residential flat or house

Loan Amount: For new/existing home loan of Rs 20 lakh and above

Tenure: Up to 30 years or 75 years of age

Home Improvement Loan

Purpose: For purchase of furnishing items, refrigerator, air conditioners, fans, put up wardrobes

Loan Amount: One year gross salary/income or up to 20% of total housing loan sanctioned, whichever is less

LTV Ratio: For repair/renovation/expansion/upgradation/addition: Up to 75% of project cost

Eligibility :

• Salaried individuals who are house/flat owners, self-employed professionals, self-employed non-professionals/NRIs
• Minimum Net Take Home Salary: For Salaried- 25% of gross salary or Rs 2,000 after EMI deductions

For Professionals/Non-Salaried: Minimum Annual Income of Rs 50,000

Tenure: Up to 7 years or residual tenure of underlying housing loan till 70 years of age of the borrower, whichever is less

Pradhan Mantri Awas Yojna

Purpose:

• For Economically Weaker Sections and Low Income Groups for purchase/construction of pucca houses
• For repair/renovation/extension to existing kucha houses to make pucca house

Loan Amount:

• For Salaried- 6 years of last drawn annual gross salary
• For Non/Salaried- 6 years of gross annual income
• Net Take Home Pay: 25% of gross salary (minimum Rs 10,000)

Tenure: Up to 30 years or 75 years of age

Canara Bank Home Loan Apply Online

Canara Bank home loan can be applied apply online at www.canarabank.in or through askbanking.com here.

Canara Bank Home Loan Documents

• Duly filled and signed home loan application form
• Two passport size photographs
• Proof of identity
• Proof of age
• Proof of address
• PAN card (photocopy)
• Income documents for salaried individuals:
  • Latest 6 months’ salary slips
  • Bank statement of salary account for past 6 months
  • Proof of confirmed service of 3 years
• Income documents for self-employed individuals:
  • Balance sheet and profit & Loss Account statements for last 3 years
  • Income tax returns for the last 3 years
  • A brief note on the nature of business, year of establishment, present banker, a form of organization, capacity in which applicant is engaged, and net worth of the applicant
  • Bank statement of all bank accounts
  • Business license, wherever applicable
• Property documents
• Processing fee cheque

Canara Bank Home Loan Customer Care

For   more   details,   please   visit  nearest branch or  call  to  toll free No. 1800 425 0018. For any complaint or questions related to Canara Bank Home Loan ask here.

Canara Bank Home Loan EMI Calculator

FAQs – Canara Bank Home Loan

1. Is property insurance mandatory for home loan in Canara Bank ?

Ans.  Yes, Insurance is mandatory in case of constructed house or flats. Under construction building, the insurance is optional up to 75% construction.

2. How long it will take to get home loan from Canara Bank?

Ans.  Once the application is submitted in full along with the property documents, it takes maximum of 15 Days to sanction the loan with disbursement.

3. How can I check my home loan status in Canara Bank?

Ans.  Yes, you can track the status of Home Loan in Canara bank after following the link here.

4. is there any prepayment charges in canara bank home loan ?

Ans : In case of take over of home loan by other banks there are 2% pre payment charges where as  Zero or No prepayment Charges and penalties in respect of Housing Loans carrying floating rate of interest.