Canara Bank Home Loan

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Canara Bank Home Loan

Canara Bank Home Loan Key Features

Feature Value
Interest Rate 6.90%
EMI / Lakh Rs. 662
Loan Tenure Up to 30 years
Loan Amount Percentage based on property value
Loan to Value Ratio Up to 90% of property value
Loan Available on the Following Types of Property
  • New flat
  • Ready to Move-in House
  •  Plot From MHADA, DDA, etc.
  • Home construction
  • Home extension
  • Home renovation
Special Offer for Women Interest rate concession of 0.05%
Processing Fee Up to 0.5% of loan amount excluding GST
Prepayment Charges No prepayment charges for floating rates
Part Payment Charges Nil
Guarantor Required Nil

Please Note: The above figures are only indicative and are subject to change without any prior notice.

Canara Bank Home Loan Interest Rates & Offers

Canara Bank Home Loan Schemes Interest Rate For Women Interest Rate for Others
Canara Bank Home Loan 6.90% – 7.95% 7.00% – 8.00%
Canara Bank Reach Loan 8.75% – 14.00% 8.75% – 14.00%
Plot Loan 7.05% – 8.05% 7.10% – 8.10%
Rural Housing Loan 6.90% – 8.70% 7.00% – 8.70%
Home Improvement Loan 6.90% – 7.95% 7.00% – 8.00%
Home Extension Loan 6.90% – 7.95% 7.00% – 8.00%
Home Loan Top Up As per home loan slabs As per home loan slabs
Home Loan Balance Transfer 6.90% onwards 6.90% onwards

Please Note: The above rates and values are floating in nature and are based on adjustable rates. These are subject to change at the time of loan disbursement.

Canara Bank Home Loan Eligibility Criteria 

Salaried Individual:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
  3. Must have working experience and a legitimate source of salary, i.e. working under the same employer for at least one year.

Self Employed Individual:

Applicants who are not professionally engaged in the working sector but have their own source of steady income are also eligible for the Canara Bank Home Loan. This includes everybody who is a:

  • Traders
  • Commission agent
  • Contractors

The following criteria must be met to apply for a home loan:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.

Self Employed Professionals:

Applicants who are professionally engaged in the working sector are also eligible for the Canara Bank Home Loan. This includes everybody who is a:

  • Doctors
  • Lawyers
  • Charted Accountant
  • Architect
  • Consultant
  • Engineer
  • Company Secretary

The following criteria must be met to apply for a home loan:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.

Additional Criteria for Co-applicants:

  • Co-applicant must be a family member of the primary applicant.
  • All co-applicants are not required to be the co-owners of the property.

Please find more information on Eligibility by visiting Dialabank.

Common Documents for Salaried and Self-Employed

Salaried Individual:

Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Latest Salary Slips from the last 3 months.
  • Latest Form-16 and IT returns.
  • Employment Contract/Appointment Letter if the current employment is less than a year old.

Property Related Documents:

  • A cheque for processing fee favouring ‘Canara Bank.’
  • Copy of the Buyer Agreement/Allotment Letter
  • Receipt/(s) of payment/(s) made to the developer

Self Employed Individual:

Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Business Profile and Previous 3 years Income Tax returns (Both self and business)
  • Previous 3 years Profit/Loss Account and Balance Sheet.

Proof Of Business: 

  • Educational Qualifications Certificates
  • Business achievements (Certificate or awards if any)

Property Related Documents:

  • A cheque for processing fee favouring ‘Canara Bank.’
  • Copy of the Buyer Agreement or Allotment Letter 
  • Receipt/(s) of payment/(s) made to the developer

Agriculturists:

KYC Proof – PAN Card (Mandatory) and any Driving License/Voter ID/Passport

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Copies of title documents of agricultural Land showing crops being cultivated

Property Related Documents:

  • A cheque for processing fee favouring ‘Canara Bank.’
  • Copy of the Allotment Letter / Buyer Agreement
  • Receipt/(s) of payment/(s) made to the developer

Additional requirements for Co-applicants:

Passport size photograph of all co-applicants to be affixed on the Application Form and signed across.

Canara Bank Home Loan Procedure

The Canara Bank’s domestic loan can be obtained reasonably easily with an online application form. In five simple stages, a Canara Bank home loan can be obtained:

  • Please fill in a loan application form, property details, personal details, occupational information and contact number of an approved online partner on the Canara Bank website, branch or website.
  • A representative of Canara Bank or an online partner can contact you to discuss eligibility for a loan, loan rates, conditions, cost processing and other expenses.
  • You must apply your returns and property returns by automated means if you wish to resume the loan application or a Canara Bank representative is going to your home or office to collect them.
  • The bank will ask for transaction fees that require a couple of days to do a credit and technical check of the building.
  • If you have a right and your property qualifies for a loan, you will receive a sanction letter from the Bank of Canara and will be asked to sign a loan agreement. You then pay the loan to your account.

Different Home Loan Schemes By Canara Bank

Canara Bank Home Loan – For Resident Indians

This type of loan is specifically for those individuals who are Indian residents and require funds to purchase a house or a plot for further construction.

Specific Information for Home Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 30 years

Canara Bank Home Loan for NRI/PIO – For NRIs and PIOs

This type of loan is available to those who are NRIs, PIO, and OCI. The loan helps the individual who is willing to:

  • Purchase a flat, row house, bungalow in India from private developers in approved projects.
  • Properties can be purchased from Development Authorities such as DDA, MHADA, etc.
  • Construct on a plot allotted by a Development Authority in India or a freehold/leasehold plot.
  • Properties can be purchased in an existing Co-operative Housing Society, Apartment Owners Association, Development Authorities settlements, or privately built-up homes.

Canara Bank Plot Loans – For Buying a New Plot

This type of loan is specifically established for those individuals who are looking to purchase a new plot. This loan supports buying a new direct allotment plot or a plot from the resale.

Specific Information for Plot Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 80% of the value of Property
Interest Rate 6.90% onwards (0.05% concession to women)
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Canara Bank Top Up Loans – For Canara Bank Home Loan Borrowers

This scheme helps the borrowers to get additional funding over their already opted home loan. The funds from this scheme can be used for various personal and business purposes.

Specific Information for Top-Up Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate New Customer – 6.90% onwards

Existing Customer – As per Home Loan Slabs

Processing Fee  Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Canara Bank Home Extension Loans – For Adding Space in Your Home

This type of loan is specifically for those individuals who want to extend or add space to their home property.

Specific Information for Home Extension Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 20 years

Canara Bank Home Loan Balance Transfer – For All Home Loan Borrowers

Canara Bank Home Loan Balance Transfer is available to those customers who are willing to lower their repayments.

Specific Information for Home Loan Balance Transfer Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to Rs. 50 Lakhs
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 30 years

Canara Bank Home Loans under Pradhan Mantri Awas Yojana

This type of loan is specially established for EWS/LIG families under MIG-I and MIG -II categories. The validity of this scheme is up to 31 march 2022 (EWS/LIG), 31 march 2021 (Families under MIG-I and MIG -II categories).

Specific Information for Home Loan Pradhan Mantri Awas Yojana Scheme
Eligible Profiles Available to EWS/LIG, MIG-I, and MIG -II
Loan Amount No Cap
Interest Subsidy 3.00% onwards
Maximum Subsidy Up to Rs. 2.67 Lakhs
Loan Tenure 20 years

Canara Bank Reach Loans – For Indians With Income Of At least Rs. 10,000 Per Month

This type of loan is specifically for those individuals who are Indian residents with an income of Rs. 2 Lakhs per annum. This loan can cover the costs of purchasing a new or already built house, a new plot for further construction, renovations, and extension or construction on both residential and non-residential properties.

Specific Information for Reach Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 80% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 2% of the loan amount + GST
Loan Tenure 30 years

Canara Bank Rural Housing Loans – For Indians Living in Rural Areas

This type of loan is specifically for those individuals who are agriculturists, planters, horticulturists, dairy farmers, and others who are living in remote areas and are willing to buy an under-construction property or a new residential property or an existing residential property in rural and urban areas. This loan is also eligible for individuals who are salaried or self-employed!

Specific Information for Rural Housing Loan Scheme
Eligible Profiles Available to Salaried, Sef-employed Individuals and Agriculturists
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards (0.05% concession to women)
Processing Fee Salaried/Self-employed – Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST

Agriculturists/ Self-Employed Non-Professionals – Up to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + GST

Loan Tenure 30 years

Canara Bank Home Improvement Loans – For Covering Home Renovation Costs

This type of loan is specifically for those individuals who want to renovate their homes but are not able to do so due to a lack of funds.

Specific Information for Home Improvement Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount New Customer – Up to 90% of the estimates from improvements.

Existing Customer – Up to 100% of the estimates from improvements.

Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Canara Bank Pradhan Mantri Awas Yojana Subsidy 2021

The Government of India’s Pradhan Mantri Awas Yojana is a home loan subsidy programme designed to encourage everybody to own a home. The scheme provides financial assistance to lower-income classes in society who receive less than 18 lakh rupees per annum by providing them with home loans with subsidised interest rates. 

EWS (economically weaker section), LIG (lower-income group), MIG-1 (middle-income group-1) and MIG-2 (middle-income group-2) are the four income groups. On Canara Bank home loans, a gross subsidy of approximately 2.67 lakh can be obtained via PMAY. The Canara Bank PMAY Home loan has a 15-year maturity period. Applicants for a home loan from the Canara Bank that is qualifying for the PMAY subsidy will do so. PMAY, or the Home Loan Subsidy Scheme, was founded in 2015 to help the homeless find housing. If you meet the eligibility requirements, you can apply for PMAY at the Canara Bank. The following are the PMAY plans supported by the Canara Bank: 

  • The Pradhan Mantri Gramin Awas Yojana helps homeless families by providing pucca houses with basic facilities.
  • The DDA Housing Scheme seeks to provide housing to low-income, middle-income, and high-income families.
  • The Tamil Nadu Housing Board Scheme began in 1961 with the aim of providing housing to people of all income levels.
  • Mhada Lottery Scheme: Every year, the Mhada Lottery Scheme is launched for buyers of various income categories.
  • The Rajiv Awas Yojana was founded in 2009 with the goal of getting the illicit building into the formal framework and encouraging India to become slum-free.

Both of these programmes have their own set of eligibility requirements, as well as limits to the amount of money that can be lent and the interest rate that can be charged.

Advantages of Canara Bank Home Loan

Canara Bank Home Loan

Canara Bank Home Loan is a saviour to those who are in need of financial support relating to homes and plots. It offers the following:

  • A huge variety of home loan schemes.
  • The most helpful Pradhan Mantri Awas Yojana is also available.
  • Provide a 0.05% concession to women to encourage them for their own homeownership.
  • Provide several repayment methods to choose from and opt for the one best suited to you.
  • Full transparency as the Canara Bank promises no hidden costs and fees.
  • Easy application with minimum documentation and paperwork.
  • Provides loan approval prior to the selection of the property.

Apply for Home Loan

Compare Canara Bank Home Loan with Other Banks

Particulars Canara Bank SBI HDFC
Interest Rate 6.90% – 8.90% 6.70% – 7.05% 6.75% – 8.20%
Processing Fees Up to 0.50%

Min ₹ 1,500 Max ₹ 10,000

Min ₹ 10,000 Min ₹ 3,000
Loan Tenure 30 Years 30 Years 30 Years
Maximum Loan Amount ₹ 10 Cr ₹ 7 Cr ₹ 5 Cr
Age 21 – 55 Years 18 – 70 Years 24 – 65 Years
Benchmark Rate RLLR RLLR PLR
Lowest EMI Per Lakh ₹ 659 per lakh ₹ 645 per lakh ₹ 649 per lakh

Canara Bank Home Loan Charges and Fees

Particulars Charges
Processing Fees Salaried Individuals: 0.50% of the loan amount or Rs. 3,000, whichever is higher
Self Employed Professionals: 0.50% of the loan amount or Rs. 3,000, whichever is higher
Self Employed Non-Professionals: Up to 1.50% of the loan amount or Rs. 4,500, whichever is higher
Prepayment charges No prepayment charges for floating rates
Check dishonour charges Up to Rs. 200
List of documents Up to Rs. 500
Photocopy Of documents Up to Rs. 500
PDC Swap Up to Rs. 200
Disbursement cheque cancellation charges post disbursement. Up to Rs. 200
Increase/Decrease in the loan term Up to Rs. 500
Re-appraisal of loan post 6 months from sanction Up to Rs. 2,000

Please Note: The above figures are only indicative and are subject to change without any prior notice.

How to apply for the Canara Bank Home Loan

  • Visit Dialabank for a Home Loan.
  • Go to the Canara Bank Home Loan page.
  • Check out all the eligibility and documents criteria for a Home Loan.
  • Fill out all the details required in the Canara Bank Home Loan application form.
  • Once done, our representative will soon contact you for a further stress-free process.

Canara Bank Home Loan Customer Care

Canara Bank is famous for its customer relations management; as a result, they provide special home loan customer care service and a special contact number to ensure convenience for the customer:

1800 425 0018

Customers do not need to look up all these customer care numbers every time, and they can just get one contact number for all their financial needs with India’s First Financial Helpline and just contact us for assistance in any matter.

Dialabank: 9878981166

Canara Bank Home Loan EMI Calculator

Other Loan Products from Canara Bank

Canara Bank Personal Loan Canara Bank Gold loan Canara Bank Car Loan
Canara Bank Education Loan Canara Bank Two Wheeler Loan

Canara Bank Home Loan FAQ

How to repay my Canara Bank home loan?

There are different payment methods through which you can repay your Canara Bank home loan. This can be done:

  • By issuing Standing Instructions to pay the loan instalments through Electronic Clearing System.
  • By opting for direct deduction of monthly instalments by your employer.
  • By issuing post-dated cheques from your salary account.

When can you apply for Canara Bank’s top-up loan?

A year after the disbursement of the existing loan amount and the possession or completion of the financed property.

In the case of prepayment is made, is there any change in home loan EMI?

Canara Bank accepts a prepayment at nil charges in case of floating rate home loans. When a prepayment is made, the outstanding balance of the principal amount on your home loan gets reduced.

What is the maximum loan amount from the home loan can I get on my salary?

A customer can get the loan amount on his/her salary, depends on their repayment capacity. To determine the repayment capacity, the following variables are considered: age, the number of dependants, credit history, education qualification, current liabilities, etc.

What is a Floating Interest Rate?

Floating interest rates are different from the fixed rates. The rates are not the same throughout the loan tenure. It may vary with the change in the lender’s benchmark rate.

How can Dialabank help you get a Home Loan?

Dialabank is a bridge to find the best option between several Banks and NBFCs by providing you with a detailed and structured market comparison of different banks. This eliminates the unnecessary worries about the complex information and process you have to go through if you choose to search and applying by own.

✅ How will the rate of interest change if the interest rate is linked to PLR?

Home Loan Interest Rate is linked to PLR, and any change in PLR will lead to a change in rates of interest on the home loan. Interest rates on home loan account will rise or fall with the increase or decrease of PLR proportionately.

Who is a Co-obligate or Guarantor?

Co-obligate or guarantor is an individual who undertakes to re-pay the bank loan in case the principal borrower fails. The amount of his liability will be the same as that of the principal borrower, and the Bank can take strict actions against him for recovery along with the principal borrower. Guarantor can’t say that his liability will start only after the remedies against the principal borrower are exhausted.

Is there an option for pre-closure of a loan account?

A pre-closure option is also available, and charges will be levied at rates as decided by the lender.

Does missing an instalment effects CIBIL?

Non-payment of EMIs as per terms and conditions will adversely affect the credit rating of the borrower.

Are there any penalty Charges?

Penalty charges of 2% will be levied on the instalment amount unpaid.

How is the calculation of interest rates done?

Interest rates are charged on a daily balance method and are debited once a month in your loan account. A 2% penalty on the unpaid Installment amount will be charged.

News for Canara Bank Home Loan

2021-02-26:

Canara Bank hosted a Mega Retail Expo in Mumbai on February 26th, 2021. At Gala Auditorium, Patuck Campus in Santacruz, Canara Bank hosted a mega retail expo camp (East). Home, personal, LAP, two-wheeler car, and gold loans, as well as company and mudra loans, were among the items displayed by the retailers at the expo. Via the expo, a cumulative loan sum of Rs. 224.30 crores were sanctioned.

2020-01-24:

Canara Bank’s third-quarter profit rose by 3.8 per cent on January 24, 2020. The earnings of the state-owned Canara Bank increased by 3.8 per cent in the third quarter due to a rise in Home Loans and Personal Loans. The profit was Rs 329.62 crores, and the overall revenue was Rs 14001.63 crores. Furthermore, net non-performing assets accounted for 5.05 per cent of overall assets, down from 6.37 per cent a year earlier.

2020-01-08:

Canara Bank updated its home loan interest rates on January 8, 2020. Canara Bank changed its home loan interest rate as of January 7, 2020. The current rate is somewhere between 8.05 per cent and 10.05 per cent.

2019-11-07:

Canara Bank posts gains in the second quarter thanks to a reduction in bad loans. Canara Bank, a state-owned bank, reported a profit of Rs 405.49 crores for the quarter ended September 30, representing a 14 per cent increase. Interest income from retail loans such as personal and home loans increased to Rs 12 500.37 crores, according to the bank. Bad loans were also reduced, falling to Rs 2,297.43 crores from Rs 2,406.84 crores.

2019-10-01:

Canara Bank offered repo rate related loans on October 1st, 2019. Canara Bank will provide loans at lending rates indexed to the RBI’s repo rate beginning October 1, 2019. The bank would offer retail and small business loans at an interest rate of 8.30 per cent. More flexibility and faster transmission of rate cuts on lending rates can be achieved with RBI-linked repo rates.