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Canara Bank Housing Loan

Canara Bank offers home loan interest rates ranging from 7.40% p.a. to 10.25% p.a., with flexible loan tenures of up to 30 years, making homeownership more accessible and affordable.

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Fund your next property purchase with the help of a Canara Bank Housing Loan, which comes with affordable interest rates. Furthermore, you can repay the loan over tenures ranging up to 30 years. Save money on overall loan costs by paying minimal processing fees.

Canara Bank Home Loan Interest Rate and Charges

The bank applies an interest rate range on the loans and advances it provides under retail lending. The rate you get is based on your eligibility. It is also important to be aware of other key charges associated with the loan, as these can substantially impact your total borrowing cost. 

Canara Bank Housing Loan interest rates and other primary charges are listed below:
Particulars Details

Interest Rate

7.40% to 10.25% p.a.

Processing Fee

0.50% of the loan amount (Minimum of ₹1,500 and maximum of ₹10,000)

Prepayment Charges

Nil

Disclaimer: The details mentioned above are subject to change at the lender’s discretion.


Other Fees and Charges of Canara Bank Housing Loan

To avoid unexpected costs and a enjoy transparent borrowing process, it is crucial to be aware of the additional applicable charges. Here are the charges of a Canara Bank Housing Loan you must be aware of:
Particulars Details

Inspection Charges

  • ₹200 per inspection (up to ₹10 Lakhs)

  • ₹300 per inspection (above ₹10 Lakhs)

Individual CIR Charges

₹50 per report

Overdue Charges

2% penalty on the outstanding liability

Disclaimer: The details mentioned above are subject to change at the lender’s discretion.



Canara Bank Home Loan EMI Calculator

Home loans need a proper repayment strategy, as they are a long-term commitment. Being aware of your loan’s monthly repayment amount will help you create an effective repayment plan. You can use the Canara Bank Home Loan EMI Calculator to determine your loan EMI.

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The calculator will provide instant results of your total interest rate and total payable amount based on your tenure, rate, and loan amount. You can adjust these terms to arrive at a monthly instalment that works for you. You can also utlise this free tool to compare the loan terms of a Canara Bank Housing Loan with loans from other lenders.

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Your Home Loan EMI
₹ 8,025
Total Interest Amount

₹ 926,093

Principal Amount

₹ 10,00,000

Total Payable Amount

₹ 19,26,093

Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months arrow-down-img
  • Years
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Min value reached
Max value reached
Calculate Now

You can also make instant comparisons between loan offers from multiple Home Loan providers on Bajaj Markets.

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Furthermore, you can gain deeper insights into your loan instalments with the free amortisation schedule, which is provided with each calculation. 

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Key Features and Benefits of Canara Bank Housing Loan

High Loan Amount

Benefit from the flexibility of no upper limit on your housing loan amount, subject to your income, helping you finance your dream home without constraints.

Low Interest Rates

Enjoy interest rates starting from just 7.40% p.a., making it easier to repay the loan via affordable EMIs.

Complimentary Credit Card

Canara Bank offers a free credit card to individuals who opt for this loan.

No Prepayment Charges

You can close your loan before the end of the tenure by making prepayments that come with zero penalties. 

Reducing Balance Interest Rate

Save extensively on your repayment costs with the reducing balance interest rate offered by the bank.

Low Processing Fee

Pay a minimal processing fee, which amounts to just 0.50% of the approved loan amount. 
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Canara Bank Home Loan Eligibility Criteria

Be sure to fulfil the following eligibility criteria before submitting your application to put yourself in the best position for approval:

  • You can be an Indian resident, NRI, or Person of Indian Origin (PIO) who carries a foreign passport or an Overseas Citizen of India (OCI) 

  • Your age should be under 60 years of age when applying for the loan

  • Your age must not exceed 75 years at the time of loan maturity

  • Salaried individuals must have a minimum work experience of 2 years and must have completed a tenure of 6 months in the current organisation

  • Self-employed individuals and professionals must furnish their ITR filings for the last 3 years

Documents Required for Canara Bank Home Loan

To complete the application, the lender will ask you to submit some documents to prove your eligibility. You generally need to submit the following documents:

Stipulated Loan Application

2 passport-size photos of the applicant / co-applicants or guarantor

Identity Proof

Any one of the following

  • PAN card

  • Driving licence

  • Voter ID

  • Passport

  • Aadhaar card, etc.

Address Proof

Any one of the following

  • Driving licence

  • Voter ID

  • Passport

  • Aadhaar card 

  • Electricity bill

  • Telephone bill, etc.

Income Proof

  • For salaried applicants: 

  • Bank statement of the salary account for the last 6 months

  • Form 16

  • ITR filings of the last 3 years

  • Appointment letter

  • For self-employed and professional applicants: 

  • P&L statement, ITR filings, and balance sheets of the last 3 years

  • Bank statement

  • Note on the nature of business

  • Business proof

  • For NRI applicants: 

  • Valid work permit

  • Salary certificate attested by the Indian embassy/ consulate/ employer

  • Account statement of an overseas bank showing savings and salary

Property-related Documents

The documents required vary based on the loan’s purpose. Check out the exect document list on the bank’s website and get a general idea of the requirements below:

  • Sale Deed

  • Agreement for Sale

  • Copy of the approved plan for the proposed construction / extension / addition  

  • Allotment letter of Co-operative Housing Society / Apartment Owners Association / Housing Board

  • NOC from the Society / Association / Builders / Housing Board  

Types of Home Loans Offered by Canara Bank

Canara Bank offers a variety of home loan products tailored to meet the diverse needs of salaried individuals, self-employed professionals, agriculturists, and NRIs. You can choose a loan based on your purpose and eligibility:

  • Housing Loan

This option is available for purchasing, constructing, or extending a residential property. It caters to salaried, self-employed, and other eligible individuals, offering flexible repayment options.

  • Housing cum Solar Loan

This loan finances both your home and the installation of solar power systems. It promotes sustainable living while meeting your housing requirements.

  • Canara Kuteer

Targeted at lower and middle-income individuals, this scheme supports the purchase or construction of homes. It provides attractive terms and easy repayment options, particularly for first-time homeowners.

  • Housing Loan for Agriculturists

Designed for farmers and agriculturists, this loan helps purchase, construct, or renovate a house in rural areas.

  • Home Loan for NRIs

Canara Bank offers loans to NRIs to buy, construct, or renovate residential properties in India. Applicants may need to meet specific eligibility criteria and submit additional documentation.

  • Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0)

Under this government initiative, Canara Bank provides subsidised home loans for eligible urban citizens. The scheme supports affordable housing and offers interest rate benefits.

How to Apply for a Canara Bank Housing Loan

The lender has an easy-to-follow online application process. Here is what you need to do:

  1. Visit the bank’s official website and click on the ‘LOANS’ option

  2. Navigate to ‘HOME LOAN’ and select ‘Housing Loan’

  3. Slide the carousel on the screen and click on the ‘APPLY ONLINE’ option

  4. Enter your personal and professional details

  5. Provide your loan requirements and property-related details

  6. Submit the application

Following this, a representative will reach out to you to process your application further.

How to Check the Canara Bank Home Loan Status

The bank has a dedicated page for easy status checks. To check it instantly, follow these steps:

1. Visit the Loan Application Tracker: Go to the official Canara Bank Loan Application Tracker page

2. Enter Required Details
On the page, you will see fields for:

  • Customer ID: Enter your Canara Bank customer ID

  • Mobile Number: Provide the mobile number registered with the bank

  • Captcha: Complete the CAPTCHA to verify you're not a robot

3. Generate OTP: Click on ‘Generate OTP’ to receive a one-time password on your registered mobile number and enter the OTP to proceed

4. View Application Status: After submitting the details, the system will display the current status of your home loan application

In case you encounter any issues or need assistance, you can contact Canara Bank's customer support team at 1800 1030.

How to Check a Canara Bank Home Loan Statement

Canara Bank has a dedicated WhatsApp banking service through which you can check your account statement details instantly. Here is how you can do it:

  1. Save the Canara WhatsApp Banking number 90760-30001 on your mobile device

  2. Start WhatsApp Banking by sending a message with ‘Hi’ or ‘Hello’ to this number

  3. Accept the terms and conditions to proceed

  4. Complete the registration process

  5. Type ‘Main Menu’ to view the WhatsApp banking services

  6. You will receive a welcome message and a list of all services available

  7. The bank will provide information and services based on OTP authentication for security

  8. You can check your home loan statement, with end-to-end encryption protecting your sensitive financial data

Canara Bank Home Loan Customer Support Details

You can get support through multiple official channels, including toll-free numbers and WhatsApp:

  • Toll-Free Helpline (available 24x7): 1800-1030

  • WhatsApp: 90760 30001 (send “Hi” from your registered mobile number)

  • For NRI customers: +91-80-22064232, +91-80-68212121

Canara Bank Home Loan Repayment Options

Canara Bank provides the following flexible repayment options to meet your diverse needs as a home loan borrower:

  • Equated Monthly Instalments (EMI)

The easiest and most common repayment method for Canara Bank Home Loans is through EMIs. The bank offers reasonable interest rates to ensure manageable monthly payments. 

EMIs can be paid online via the bank’s portal or offline by visiting a branch. You can set up a NACH mandate for EMI to be automatically deducted from your bank account. 

The repayment schedule is fixed based on your repayment capacity and cash flow. The bank provides clear guidance on how interest and principal are calculated and applied to your payments. You must adhere to the agreed schedule and contact the bank for support if you face genuine difficulties in repayment. 

  • Foreclosure Option

You can also repay the loan through foreclosure, which involves paying the outstanding amount in a single lump sum instead of monthly EMIs. Canara Bank allows foreclosure before the scheduled EMI period ends, depending on your financial capability.

Disclaimer

The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort. The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

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Bajaj Markets’ Home Loan Non-Partner Page

Frequently Asked Questions

Does Canara Bank offer pre-approved home loans?

Yes, Canara Bank provides pre-approved home loans primarily to its existing customers. Interest rates typically range from 7.40% to 10.25% per annum.

For salaried individuals, the loan can go up to 72 times the last drawn monthly salary, and up to 96 times in exceptional cases. For non-salaried applicants, the bank may offer up to 6 times the average annual income, and up to 8 times in select cases.

You can track your loan status via the dedicated loan application tracker on the official website. Enter your customer ID and registered mobile number to view the current status.

Yes the bank checks your credit score to assess your eligibility. A CIBIL score above 750 is generally recommended to secure a lower interest rate and better loan terms.

The bank offers a repayment tenure of up to 30 years.

Yes, you can transfer an existing home loan from other banks or financial institutions, including public sector banks, private banks, cooperative banks, regional rural banks, NBFCs, or HFCs. The transfer is subject to eligibility criteria set by Canara Bank.

Yes, the bank considers both your income and your spouse’s income when determining the loan amount and interest rate. This can significantly enhance your home loan eligibility.

Yes, Canara Bank provides subsidised home loans under the Pradhan Mantri Awas Yojana (PMAY) scheme, making home ownership more affordable.

Charges vary across loan products. It is advisable to review the bank’s official fee schedule to avoid unexpected costs.

Yes, interest rates may vary across products, and existing customers can negotiate with the bank for potentially lower rates.

Yes, loans are available for under-construction properties, including constructing a house, purchasing a plot, or buying a flat.

Canara Bank does not levy foreclosure charges for individual borrowers on a floating interest rate, allowing early repayment without additional fees.

Yes, NRIs can obtain home loans for purposes such as purchasing a new property, constructing a home, buying a plot, or renovating an existing property in India.

The bank offers various insurance options in partnership with Canara HSBC Life Insurance to secure your loan and protect your family.

To do that, you can typically contact the nearest branch or call Canara Bank Housing Loan customer care at 1800-1030 for assistance.

The portal provides access to various home loan products, enables you to apply online for loans, and helps you manage existing loan accounts with ease.

Canara Bank uses the reducing balance method, where each EMI includes principal and interest. As you repay the principal, the interest component decreases in subsequent EMIs, effectively reducing the overall interest paid. 

If you are wondering about how to secure a competitive interest rate when you apply, ensure you meet the eligibility criteria and maintain a good credit score.

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