Check Canara Bank Home Loan

Canara Bank Home Loan

✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 7.70%

**Disclaimer: Canara Bank is not a Finserv MARKETS’ partner. Offers would be from partner Banks/NBFCs only.

Canara Bank Housing Loan

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.

Canara Bank Home Loan Interest Rate 2022

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.

Canara Bank Home Loan Fees and Charges

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.

Canara Bank Home Loan Features & Benefits

Here are several features & benefits of the Canara Bank Home Loan.

  • No Guarantor Required: The bank will not ask you to provide any guarantor while applying for the Canara Bank Housing Loan.

  • Prepayment Facility: If you wish to settle your Canara Bank Home Loan, you can do so using the bank’s prepayment facility.

  • Flexible Repayment Option: You can repay the Canara Bank Home Loan amount as per your financial plan, as the bank gives the duration of up to 30 years.

  • Quick Approval: The bank sanctions loans in just a few days. You do not have to wait for weeks to get your Canara Bank Home Loan.

Canara Bank Home Loan Eligibility

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

Canara Bank Home Loan EMI Calculator

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

Factors Affecting Canara Bank Home Loan Rates

The following are the elements that influence the Canara Bank Home Loan interest rate:

Credit Score: Your credit score has a significant impact on the interest rate on your Canara Bank Home Loan. Your credit score indicates your payment history, financial discipline or habits, and dependability. Hence, it is recommended that you keep a decent credit score.

Loan-to-Value Ratio: The Canara Bank Housing Loan-to-value ratio is the percentage of the property's worth that can be financed with the loan. As a larger loan amount entails a higher credit risk, the interest rate is higher. Making a larger down payment can help reduce the loan amount as well as the interest rate.

How to Apply for Canara Bank Home Loan

You can apply for a Canara Bank Housing Loan through an online or offline method.

Online Method

Here are the steps to follow:

  • Step 1: To begin, you must access the bank’s official website https://canarabank.com/.

  • Step 2: After browsing the page, you will see a box of ‘APPLY ONLINE’ along with several options. Select ‘Housing Loan’ from the list.

  • Step 3: Next, a page will appear with several options. Choose ‘Housing Loan’ among them and click on the ‘Apply Now’ button.

  • Step 4: Afterwards, a page will open where you will be asked to fill in the details.

  • Step 5: Following your submission, you will be prompted to a page where you are required to choose the purpose of your loan.

  • Step 6: Thereafter, you must provide your income details as well as other details and submit them with the necessary documents.

  • Step 7: Next, the bank executive will visit you for verification.

  • Step 8: If the inquiry reveals that your application is genuine, the bank will sanction your Canara Bank Home Loan.

Offline Method

You may apply for a Canara Bank Housing Loan at your local branch. The dedicated bank personnel will walk you through the entire procedure.

Documents Required for Canara Bank Home Loan

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

Other Documents

  • 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

Types of Canara Bank Home Loan

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.

Canara Bank Home Loan Customer Care

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

cansecuresupport@canarabank.com

Postal Address (Head office)

#112,

J C Road,

Head Office,

Bangalore- 560002

State; Karnataka,

Pin code -560002

Facebook

https://www.facebook.com/canarabank/

Instagram

https://www.instagram.com/canarabankinsta/?hl=en

Twitter

https://twitter.com/canarabank?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

Canara Bank Home Loan FAQs

  • ✔️Can I apply for a housing loan from Canara Bank online?

    Yes, you can visit the bank’s official website https://canarabank.com/ and apply for a housing loan.

  • ✔️How do I transfer my existing home loan to Canara Bank?

    The bank offers a balance transfer service that you can use to transfer the existing home loan to Canara Bank. 

  • ✔️How do I contact the customer care section of Canara Bank to resolve my home loan queries?

    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 

  • ✔️What are the repayment terms of the Canara Bank Housing Loan?

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

  • ✔️Is there a provision of life insurance for Canara Bank Home Loan borrowers?

    Yes, Canara Bank provides a life insurance cover for its home loan customers.