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
| Interest Rate | 7.55% Onwards |
| Max. Loan Amount | No Limit |
| Loan Tenure | Up to 30 years or 75 years of age |
| Processing Charges | 0.5% of loan amt. (Min. Rs. 1,500 & Max. of Rs. 10,000) + GST, NIL during offer period. |
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 :
| Risk Grade | Rate of Interest per annum | |
| Women Borrowers | Other Borrowers | |
| CRG: 1 | 7.55% | 7.60% |
| CRG: 2 | 7.85% | 7.60% |
| CRG: 3 | 8.25% | 8.30% |
| CRG: 4 | 9.75% | 9.80% |
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.
| Loan Amount | New house/flat or old house/flat (up to 10 years old) | Old house/flat (more than 10 years old) |
| Up to Rs 30 lakh | Up to 90% of the Project cost | Max 75% of the project cost |
| Rs 30 lakh-Rs 75 lakh | up to 80% of the project cost | Max 75% of the estimation |
| Above Rs 75 lakh | Up to 75% of the project cost |
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
- 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.