Canara Bank, headquartered in Bangalore, is a state-owned commercial bank that was established in July 1906. The bank offers several services including Personal Banking, Corporate Banking, NRI Banking, and so on. Customers can choose from a variety of goods and services offered by the bank. Among all the products, the Canara Bank Home Loan is highly recommended because of its competitive interest rates and other features. Canara Bank Home Loans are available to both salaried and self-employed persons for a variety of purposes, including the purchase of a home as well as for house construction and restoration. The Canara Bank Home Loan interest rate starts from 6.90% per annum for women customers and 6.95% per annum for other borrowers, and customers can obtain it for the tenure of up to 30 years. The bank implies 0.50% of the loan amount as a processing fee, but you are not required to pay any prepayment charges.
The Canara Bank Home Loan interest rate is flexible on CIBIL scores. Hence, interest rates vary by risk category. Here are the details of the Canara Bank Home Loan interest rate:
Canara Housing Loan |
6.90% to 8.90% per annum |
Corporate Housing Loan |
6.90% to 8.15% per annum |
Home Improvement Loan |
6.90% to 11.5% per annum |
Canara Home Loan Plus |
6.90% to 9.50% per annum |
Canara Home Loan Secure |
6.90% to 7.00% per annum |
Canara Mortgage Loan |
6.90% to 12.00% per annum |
Canara Site Loan |
6.90% to 9.00% per annum |
*Interest rates are subject to market conditions and financial institutions’ discretion.
Here is the table explaining the Canara Bank Housing Loan charges:
Processing Fee |
0.50% of the loan amount |
Prepayment Charges |
Nil |
Pre-Part Payment Charges |
Nil |
*Fees and charges are subject to market conditions and financial institutions’ discretion.
Besides this, you are entitled to pay a particular amount for margin money, which is a percentage of the Canara Bank Housing Loan amount. Below is the table explaining the same:
Loan Amount |
New House |
10 Years Old House |
Above 10 Years Old |
Up to Rs. 30 Lakhs |
10% |
20% |
25% |
Between Rs. 30 Lakhs to Rs. 75 Lakhs |
20% |
20% |
25% |
Above Rs. 75 Lakhs |
25% |
25% |
25% |
*Fees and charges are subject to market conditions and financial institutions’ discretion.
Below is the table containing the Canara Bank Home Loan eligibility details.
Salaried Individual |
Self-Employed Individual |
Minimum Age - 21 Years |
Minimum Age - 21 Years |
Maximum Age - 60 Years |
Maximum Age - 60 Years |
Should possess the work experience of a minimum of two years |
Business should have been established at least three years ago |
The EMI of a Canara Bank Home Loan is determined by the loan amount, loan term, and interest rate. You may use the Canara Bank EMI calculator to get the precise amount of your loan EMI. The Canara Bank Home Loan calculator is a digital tool provided on the bank's website that allows consumers to quickly determine their EMI amount.
You may also calculate the Canara Bank Home Loan EMI manually by using the formula shown below:
P x R x (1+R)^N / [(1+R)^N-1]
Where,
P is the loan's principal amount
R is the interest rate
N is the number of monthly payments
The following are the elements that influence the Canara Bank Home Loan interest rate:
Here is the table containing the details of the document required for the Canara Bank Housing Loan.
Salaried Person |
Self-employed Person |
Identity proof (Aadhaar card, Voter Id card, Driving license) |
Identity proof (Aadhaar card, Voter Id card, Driving license) |
Residential proof (Rent agreement, Passport, Aadhaar card, Utility bills) |
Residential proof (Rent agreement, Passport, Aadhaar card, Utility bills) |
Passport size photographs |
Passport size photographs |
PAN card |
PAN card |
Age proof |
Age proof |
Salary slip of last three months |
A brief description of the nature of the business, its year of foundation, the kind of organization, and so on. |
Form 16 |
ITR of last three years |
ITR of previous two years |
Profit and loss statements as well as balance sheets from the previous three years, officially attested by a chartered accountant |
Latest bank statements |
Latest bank statements |
Sale agreement
Agreement to purchase
A copy of the authorized building/extension addition plan
Allotment letter from Co-operative Housing Society/Housing Board/Apartment Owners Association
NOC from the Association/Society/Builders/Housing Board
Legal Scrutiny Report
Encumbrance Certificate of the last 13 years
Property Tax Paid Receipt
Khata Certificate
Proforma Invoices
Detailed report on cost estimation
Below is the list of different Canara Bank Home Loans offered by the bank:
Canara Housing Loan: Canara Bank offers home loans for the purchase of a property as well as house construction and repair.
Corporate Housing Loan: Corporate housing loan is for public and private limited companies for the construction/acquisition of residential units in the name of the company.
Home Improvement Loan: Individuals can utilize the home improvement loan to get a bundle of financial help to renovate their homes or apartments.
Canara Site Loan: This loan is for the acquisition of housing properties from state development, town planning development authorities or from any other government-created agency.
Canara Kuteer: This loan is offered for the purchase of a housing property, procurement of new or used housing units, etc.
You can use any of the options to contact customer care:
Canara Bank, Head Office, Bangalore |
080- 22221581/582/0490/0491/1788/ 1789/ 1790/1984/1985/1986 |
Toll-Free Numbers (24/7) |
1800 425 0018 / 1800 103 0018 / 1800 208 3333 / 1800 3011 3333 |
Overseas Customers |
8022064232 |
Email Id |
|
Postal Address (Head office) |
#112, J C Road, Head Office, Bangalore- 560002 State; Karnataka, Pin code -560002 |
https://twitter.com/canarabank?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor |
Yes, you can visit the bank’s official website https://canarabank.com/ and apply for a housing loan.
The bank offers a balance transfer service that you can use to transfer the existing home loan to Canara Bank.
You can call on toll-free numbers provided by the bank to help yourself. You will get assistance 24/7.
1800 425 0018
1800 103 0018
1800 208 3333
1800 3011 3333
The bank offers a repayment tenure of up to 30 years.
Yes, Canara Bank provides a life insurance cover for its home loan customers.