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Home Loan
Canara Bank Home Loan Interest Rate
Interest Rate 8.45% onwards
Processing Charges Nominal processing fee of 0.50% (Min Rs.1500 and Max. Rs.10,000)
Loan Tenure Upto 30 years
Loan Amount Rs. 3 crores
Cheque Bounce Charges Rs.500 per instance
Cheque / Instrument Swap Charges Rs.500 per instance
Prepayment or Foreclosure Charges Nil  

The key features of Canara house loan are;
 

  • Anyone who wants to either Purchase a completed flat or built house or Construction of house / flat.
  • Purchase plot and thereafter construction of a house. However no standalone purchase of site is covered under this loan scheme.
  • Those who are having an existing property and now wants to undertake repairs or renovation, up gradation, creation of additional amenities.
  • Those who are already having a House/flat with or without loan and now wants to buy a second house/flat.
  • Any existing borrower who wants to transfer their home loan from other lenders.

 

Loan Amount
 

  • High quantum of loan amount as 4 times the gross salary to salaried individuals and 4 times the gross annual income for self employed persons.
  • In exceptional cases the quantum on loan could be further increased subject to bank’s discretion and repayment capacity of the borrower.
  • The maximum loan amount for repair and renovations is Rs 15 lakhs.
  • Acceptable security will be the Mortgage of House / Flat
  • Repayment could be done in Equated monthly installment for a term up to 30 years or the borrower age of 70 years, whichever is earlier.
  • No processing fee is being currently charged on Canara Home loans.
  • Nil prepayment charges for loans either closed from own funds or transferred to any other lender.

Eligibility
 

  • Resident Salaried individuals with confirmed service and continued service period of 3 years.
  • Resident Individuals who are engaged in their own business or are professionals and self-employed persons being in the business or their respective profession for last 3 years. 
  • Any of the above should not be more than 55 years on the date of loan application. Bank may also sanction loans to person above 55 years, however at its sole discretion and on merit basis only.

Canara House Loan

The key features of Canara house loan are;
 

  • Anyone who wants to either Purchase a completed flat or built house or Construction of house / flat.
  • Purchase plot and thereafter construction of a house. However no standalone purchase of site is covered under this loan scheme.
  • Those who are having an existing property and now wants to undertake repairs or renovation, up gradation, creation of additional amenities.
  • Those who are already having a House/flat with or without loan and now wants to buy a second house/flat.
  • Any existing borrower who wants to transfer their home loan from other lenders.

Loan Amount
 

  • High quantum of loan amount as 4 times the gross salary to salaried individuals and 4 times the gross annual income for self employed persons.
  • In exceptional cases the quantum on loan could be further increased subject to bank’s discretion and repayment capacity of the borrower.
  • The maximum loan amount for repair and renovations is Rs 15 lakhs.
  • Acceptable security will be the Mortgage of House / Flat

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  • Repayment could be done in Equated monthly installment for a term up to 30 years or the borrower age of 70 years, whichever is earlier.
  • No processing fee is being currently charged on Canara Home loans.
  • Nil prepayment charges for loans either closed from own funds or transferred to any other lender.

Eligibility
 

  • Resident Salaried individuals with confirmed service and continued service period of 3 years.
  • Resident Individuals who are engaged in their own business or are professionals and self-employed persons being in the business or their respective profession for last 3 years. 
  • Any of the above should not be more than 55 years on the date of loan application. Bank may also sanction loans to person above 55 years, however at its sole discretion and on merit basis only.

Housing Loan Scheme to Senior Citizens

The key features of Canara house loan scheme for senior citizens are:
 

  • Anyone who wants to either Purchase a completed flat or built house or Construction of house / flat
  • Purchase plot and thereafter construction of a house. However no standalone purchase of site is covered under this loan scheme.
  • Those who are having an existing property and now wants to undertake repairs or renovation, up gradation, creation of additional amenities.
  • Those who are already having a House/flat with or without loan and now wants to buy a second house/flat.
  • Any existing borrower who wants to transfer their home loan from other lenders.

Eligibility
 

  1. Available for all individuals aged above 60 years and up to 70 years and are drawing Pension regularly in the pensioners account with the bank for more than 1 year.
  2. With the above mentioned criteria, any salaried individuals, professionals and self-employed individuals aged between 60 years to 70 years jointly with a spouse or an earning inheritor who is below the age of 55 can also apply for this type of loan.
  3. Acceptable security will be the Mortgage of House / Flat
  4. Repayment could be done in Equated monthly installment for a term up to 15 years or the borrower age of 75 years, whichever is earlier.
  5. No processing fee is being currently charged on Canara Home loans.
  6. Nil prepayment charges for loans either closed from own funds or transferred to any other lender.
  7. Free credit card is offered to pensioner with adequate income level.

Loan Amount
 

  1. High quantum of loan amount as 50 times the monthly pension amount being credited in the pension account with a maximum cap as 75 lakhs and 50% as remaining net take home pension amount after deducted the proposed EMI.
  2. The maximum loan amount for repair and renovations is Rs 15 lakhs.

Canara Home Loan Plus

  • A top up loan scheme, available for existing borrowers of Canara home loans with one year of good repayment track record.
  • Either overdraft or Loan facility

Eligibility


Existing housing loan borrowers in the age group of 18 to 65 years, who have a satisfactory repayment track record for at least one year can avail this type of loan.
 

Loan Amount
 

  1. Maximum loan amount could be the amount not exceeding 75% of the property value for both loans combines(i.e. existing loan + the Top up loan)
  2. For salaried individuals the loan amount could be 10 time the gross monthly salary or Rs 25 lakhs whichever is lower.
  3. For non salaried individuals the loan amount could be 75% of the last 3 years average gross annual income or Rs 25 lakhs whichever is lower.
  4. The existing security of the mortgaged property shall be continued.
  5. The repayment period shall be either 120 EMIs or left over period of the current home loan, whichever is lesser.
  6. In either of above condition, the maximum repayment could be prior to attainment of 70 years of the borrower.

NRI Home Loan Scheme

  • Anyone who wants to either Purchase a completed flat or built house or Construction of house / flat.
  • Purchase plot and thereafter construction of a house. However no standalone purchase of site is covered under this loan scheme.
  •  Those who are having an existing property and now wants to undertake repairs or renovation, up gradation, creation of additional amenities.
  • Those who are already having a House/flat with or without loan and now wants to buy a second house/flat.
  • Any existing borrower who wants to transfer their home loan from other lenders.

Margin
 

Loan Amount

New House / Flat

Old House / Flat

Upto 10 years old

> 10 years old

Up to Rs. 30.00 Lakhs

10%

20%

25%

Above Rs. 30.00 Lakhs & up to Rs.75.00 Lakhs

20%

20%

25%

Above Rs. 75.00 Lakhs

25%

25%

25%

       


Eligibility
 

  1. NRI home loan is offered to Non resident Indians with valid Indian passport & PIO holding foreign passport.
  2. The Minimum age of borrower should be 21 years and maximum of 60 years.
  3. Residents Spouses or blood relatives of NRIs can be Joint applicants in the loan
  4. The borrower should have regular source of and minimum of 2 years of employment abroad on valid work permit or job contract.
  5. The Applicant should be holding NRI status for last 3 consecutive years.
  6. Nonresident customers can assign Power of Attorney to any resident individual in the bank’s specified format and stamped as per prevailing law.
  7. Equitable mortgage is required by deposit of the title deeds or registered mortgage as applicable.
  8. Maximum repayment tenure could be 30 years or attainment of 60 years of the borrower whichever is earlier.
  9. NR customer can repay the loan in form of EMI through permissible Remittances from abroad done using normal banking channels, or transfer of funds from NRE/ FCNR account or local remittance from close relatives on behalf of the borrower.

Loan Amount
 

  1. Maximum loan amount available is 4 times the gross annual income with Net Take Home of 40% post deducting the proposed EMI.
  2. For the cases where the applicant is applying for loans for repair and renovation a margin of 25% will apply.
  3. Rate of Interest offered for NR home loans is @Base Rate for loan amount Up to Rs.1 crore Lakhs and Base Rate + 0.10% for loan amount more than Rs.1 crore
  4. No processing fee is applicable for NR home loans.

Combo Home Loan Scheme

  • A unique rewarding loan scheme for those applicants who are existing borrowers for canara bank retail loans i.e. Housing Loan or 4 wheeler vehicle loan.
  • The combo home loan scheme is also available for  existing customers under canara Trader Scheme /OCC/ Canara Trade or MSME segments
  • A rewarding scheme for those existing borrower who have successfully paid their home loan for 5 years with proven track record.
  • A higher quantum of loan is paid in combo loan scheme as compared to the regular home loan.
  • The applicant shall be eligible for loan to a quantum of 5 times the annual gross salary or income as compared to 4 times in the regular loan scheme.
  • Also the net take home income is higher than 30% post deduction of EMI, which is general case should not be less than 40% of NTH.
  • Additional rebate on any administrative and misc charges.

Eligibility
 

  • An Existing borrower with canara bank Trader Scheme /OCC/ Canara Trade or MSME segments having a fund based limits of more than Rs. 25 Lakhs & sound financial transactions with Canara Bank for last 10 years. It should be noted that it’s mandatory for the firm to be constantly profit making as per the audited balance sheet for last 5 years.
  • Any borrower who has already availed either the canara Housing Loan scheme or the 4 Wheelers vehicle loan from Canara bank. The already availed loans should have a good repayment history for previous 5 years.

House Improvement Loan

  • A home loan scheme intended to finance any purchase of household items including consumer durables, furniture etc.
  • Available for salaried individuals or self employed person who owns a House / flat
  • Scheme is also available for NRIs.

Eligibility & Loan Amount
 

  1. Salaried individuals having at least net take home salary of 25% per month of their annual gross salary or Rs. 2000/- post deduction of loan installments for the planned loan can avail this loan.
  2. A minimum annual income of Rs. 50000 for Professionals and self employed businessman. The same should be backed by Income Tax assessment order / return.
  3. In case the loan is availed along with Home Loan, the quantum of finance will be up to 1 year gross salary / income over and above the regular eligible amount for home loan.
  4. In case of standalone loan, 1 year gross income / salary will be computed to decide the loan amount under this Scheme.
  5. Subject to above, in general, the maximum loan amount shall be Rs.2 lakhs. Higher amount can also be considered on case to case basis.
  6. The margin predetermined is at par with the margin set for home loans, If the same is availed as a part of the home loan from Canara Bank. Otherwise the margin is stipulated @ 20%.
  7. The assets created out of the loan shall be duly hypothecated by the bank.
  8. Apart from this Mortgage of house / flat and appropriate co-obligation and personal guarantee may also be required depending on bank’s discretion.
  9. The maximum repayment period is 60 EMIs.
  10. The processing fee is charged @0.5% of the sanctioned loan amount wherein min Rs. 1500/- plus taxes and max. Rs. 10000/- shall be taken.
  11. If the loan is combined with home loan, the sanctioned amount is disbursed post completion of project/house only. However if the loan is independently taken the amount shall be disbursed on furnishing the proforma invoice of the goods purchased.

Canara Site Loan

  • A housing  Loan Scheme for individuals to  purchase Housing plots from State Development Board /Town Planning Development authorities, or any local authorities.
  • The loan scheme is available whenever the plot is purchased are with duly approved layouts by the concerned statutory authority. This is even applicable for plots purchased on their own or in partnership with Pvt. sector entities, or from any other Government constituted body empanelled for the distribution of plots.

Eligibility & Loan Amount
 

  1. Any existing Customer with the Bank having satisfactory dealings or  New to bank customers who are properly introduced and are creditworthy as per banks regulation can apply for the loan
  2. The maximum Age of applicant allowed is 55 years.
  3. The scheme is also available for NRIs.
  4. The maximum quantum of loan that could be sanction for metro locations is maximum 15 lakhs or 3 years gross annual income. For Non metro location, the maximum loan amount is Rs 10 lakhs or 3 years gross annual income.
  5. The margin is stipulated @ 20%.
  6. The maximum repayment tem is 5 years.
  7. The proposed housing site shall be mortgaged as the eligible security. Apart from this no other Co-obligation/personal guarantee will be required.

Yuva Awas Rin

  • Anyone who wants to either Purchase a completed flat or built house or Construction of house / flat
  • Purchase plot and thereafter construction of a house. However no standalone purchase of site is covered under this loan scheme.
  •  Those who are having an existing property and now wants to undertake repairs or renovation, up gradation, creation of additional amenities.
  • Those who are already having a House/flat with or without loan and now wants to buy a second house/flat.
  • Any existing borrower who wants to transfer their home loan from other lenders.

Eligibility & Loan Amount
 

  1. A home loan scheme exclusively for the earning youths aged between 21 years to 45 years.
  2. Higher loan amount which is 5 years the gross annual salary for the purchase or construction of house/flat.
  3. For repair and renovation, the loan amount is either 75% of the assessed cost or Rs 15 lakhs whichever higher.
  4. Applicant’s Minimum take home salary should not be less than 30% or Rs. 10000/- of after deducting the proposed EMI.
  5. Loan repayment could be done in 30 years to till the borrower attains the age of 70 years whichever is earlier.
  6. Repayment holiday period is included in repayment period.
  7. 2 months moratorium period is allowed for purchase of completed house or flat.
  8. For construction of house, a moratorium period of maximum 36 months is allowed.
  9. Equitable mortgage or registered mortgage is required as security for the loan.
  10. A suitable third party is required for the loan.
  11. Nil processing charge
  12. Free credit card is offered to applicant with appropriate limit against the level of income.

Premium Housing Loan to High Net worth Individuals

  • Anyone who wants to either Purchase a completed flat or built house or Construction of house / flat
  • Purchase plot and thereafter construction of a house. However no standalone purchase of site is covered under this loan scheme.
  •  Those who are having an existing property and now wants to undertake repairs or renovation, up gradation, creation of additional amenities.
  • Those who are already having a House/flat with or without loan and now wants to buy a second house/flat.
  • Any existing borrower who wants to transfer their home loan from other lenders.

Eligibility & Loan Amount
 

  1. An exclusive home loan scheme for High Net worth Individuals with gross yearly income of Rs. 25 lakhs.
  2. Minimum age for the applicant should be 21 years
  3. The maximum age limit for salaried class is the retirement age plus 5 years and maximum 70 years for non salaried individuals.
  4. The maximum loan amount available is 5 times the gross annual income or Rs 1 crore whichever is lower.
  5. The annual Income of spouse / joint holder and any other income such as expected rental income is also considered for computing the eligible amount.
  6. Loan repayment could be done in 30 years to till the borrower attains the age of 70 years whichever is earlier.
  7. Repayment holiday period is included in repayment period.
  8. 2 months moratorium period is allowed for purchase of completed house or flat.
  9. For construction of house, a moratorium period of maximum 36 months is allowed.
  10. Equitable mortgage or registered mortgage is required as security for the loan.
  11. A suitable third party is required for the loan.
  12. Nil processing charge
  13. Free credit card is offered to applicant with appropriate limit against the level of income.

Canara Bank Home loans – Rates of Interest

Canara Bank has revised their rate of interest w.e.f. 06.06.2016. Rate of Interest for all Retail Lending Schemes is linked to one year MCLR of Bank.


Currently Canara bank offers its various home loans schemes on interest rates as given below;
 

Housing Loan variants

Up to Rs. 100 lakhs

Above Rs. 100 lakhs

General Housing Finance Scheme, Housing Loan to Agriculturists, Housing Loan to NRIs, Housing Loan to Senior Citizens.(Maximum permissible under Housing Loan to Senior Citizens is Rs.75 lakhs.).Pradhan Mantri Awas Yojana(Maximum Eligible Loan under PMAY Scheme is RS. 24.00Lakhs)

One Year MCLR +0.20%

One Year MCLR +0.30%

YUVA AWAS RIN

   

Housing Loan to HNI

(Rs. 100 lakhs & above)

   

Documentation

  1. Canara House Loan
  1. Duly filled Loan Application and  two passport size photos (for both Applicants and Guarantor)
  2. A copy of Aadhar Card
  3. Copy of Sale Deed
  4. Copy of Agreement for Sale
  5. Approved plan in case of construction of new house or extension / addition of existing house.
  6. Cost estimate and valuation report  by empanelled  Chartered Engineer / Architect
  7. Letter of Allotment of Co-operative Housing Societies / Housing Board / Apartment Owners' Association
  8. NOC from the Society or  Builders Association
  9. Property Tax paid receipt, Khata Legal Scrutiny Report, and mortgage permission if required.
  10. Salary slip and Form No.16 for salaried persons
  11. In case of non-salaried persons Income Tax Returns for the last 2years.
  12. A brief description  on the nature of business, establishment year, organization type ,
  13. For self-employed borrowers, Balance Sheet and Profit &Loss Account for the past three years.
  1. Housing Loan Scheme To Senior Citizens
  1. Duly filled Loan Application and  two passport size photos (for both Applicants and Guarantor)
  2. Copy of Sale Deed
  3. Copy of Agreement for Sale
  4. Approved plan in case of construction of new house or extension / addition of existing house.
  5. Cost estimate and valuation report  by empanelled  Chartered Engineer / Architect
  6. Letter of Allotment of Co-operative Housing Societies / Housing Board / Apartment Owners' Association
  7. NOC from the Society or  Builders Association
  8. Property Tax paid receipt, Khata Legal Scrutiny Report, and mortgage permission if required.
  9. Salary slip and Form No.16 for salaried persons
  10. In case of non-salaried persons Income Tax Returns for the last 2years.
  11. A brief description  on the nature of business, establishment year, organization type ,
  12. For self-employed borrowers, Balance Sheet and Profit &Loss Account for the past three years.
  13. Sheet and Profit &Loss Account for the past three years.
  1. Canara Home Loan Plus
  1. Duly filled Loan Application and  two passport size photos (for both Applicants and Guarantor)
  2. Copy of Sale Deed
  3. Copy of Agreement for Sale
  4. Approved plan in case of construction of new house  or extension / addition of existing house.
  5. Cost estimate and valuation report  by empanelled  Chartered Engineer / Architect
  6. Letter of Allotment of Co-operative Housing Societies / Housing Board / Apartment Owners' Association
  7. NOC from the Society or  Builders Association
  8. Property Tax paid receipt, Khata Legal Scrutiny Report, and mortgage permission if required.
  9. Salary slip and Form No.16 for salaried persons
  10. in case of non-salaried persons Income Tax  Returns for the last 2years.
  11. A brief description  on the nature of business, establishment year, organization type ,
  12. For self-employed borrowers,  Balance Sheet and Profit &Loss  Account for the past three years
  1. NRI Home Loan Scheme
  1. Duly filled Loan Application and  two passport size photos (for both Applicants and Guarantor)
  2. Copy of Sale Deed
  3. Copy of Agreement for Sale
  4. Approved plan in case of construction of new house  or extension / addition of existing house.
  5. Cost estimate and valuation report  by empanelled  Chartered Engineer / Architect
  6. Letter of Allotment of Co-operative Housing Societies / Housing Board / Apartment Owners' Association
  7. NOC from the Society or  Builders Association
  8. Property Tax paid receipt, Khata Legal Scrutiny Report, and mortgage permission if required.
  9. Salary slip and Form No.16 for salaried persons
  10. In case of non-salaried persons Income Tax Returns for the last 2years.
  11. A brief description  on the nature of business, establishment year, organization type ,
  12. For self-employed borrowers, Balance Sheet and Profit &Loss  Account for the past three years
  1. Combo Home Loan Scheme


Same as for Canara bank home loan.

  1. House Improvement Loan
  1. Duly filled Loan Application and  two passport size photos (for both Applicants and Guarantor)
  2. Copy of Sale Deed
  3. Copy of Agreement for Sale
  4. Approved plan in case of construction of new house  or extension / addition of existing house.
  5. Cost estimate and valuation report  by empanelled  Chartered Engineer / Architect
  6. Letter of Allotment of Co-operative Housing Societies / Housing Board / Apartment Owners' Association
  7. NOC from the Society or  Builders Association
  8. Property Tax paid receipt, Khata Legal Scrutiny Report, and mortgage permission if required.
  9. Salary slip and Form No.16 for salaried persons
  10. in case of non-salaried persons Income Tax  Returns for the last 2years.
  11. A brief description  on the nature of business, establishment year, organization type ,
  12. For self-employed borrowers, Balance Sheet and Profit &Loss  Account for the past three years
  1. Canara Site Loan
  1. Duly filled Loan Application and  two passport size photos (for both Applicants and Guarantor)
  2. Copy of Sale Deed
  3. Copy of Agreement for Sale
  4. Approved plan in case of construction of new house or extension / addition of existing house.
  5. Cost estimate and valuation report  by empanelled  Chartered Engineer / Architect
  6. Letter of Allotment of Co-operative Housing Societies / Housing Board / Apartment Owners' Association
  7. NOC from the Society or  Builders Association
  8. Property Tax paid receipt, Khata Legal Scrutiny Report, and mortgage permission if required.
  9. Salary slip and Form No.16 for salaried persons
  10. in case of non-salaried persons Income Tax  Returns for the last 2years.
  11. A brief description  on the nature of business, establishment year, organization type ,
  12. For self-employed borrowers,  Balance Sheet and Profit &Loss  Account for the past three years
  13. A deceleration from the applicant to complete the proposed construction within allotted time period.
  1. Yuva Awas Rin
  1. Duly filled Loan Application and  two passport size photos (for both Applicants and Guarantor)
  2. Copy of Sale Deed
  3. Copy of Agreement for Sale
  4. Approved plan in case of construction of new house  or extension / addition of existing house.
  5. Cost estimate and valuation report  by empanelled  Chartered Engineer / Architect
  6. Letter of Allotment of Co-operative Housing Societies / Housing Board / Apartment Owners' Association
  7. NOC from the Society or  Builders Association
  8. Property Tax paid receipt, Khata Legal Scrutiny Report, and mortgage permission if required.
  9. Salary slip and Form No.16 for salaried persons
  10. in case of non-salaried persons Income Tax  Returns for the last 2years.
  11. A brief description  on the nature of business, establishment year, organization type ,
  12. For self-employed borrowers, Balance Sheet and Profit &Loss Account for the past three years
  1. Premium Housing Loan To High Net Worth Individuals
  1. Duly filled Loan Application and  two passport size photos (for both Applicants and Guarantor)
  2. Copy of Sale Deed
  3. Copy of Agreement for Sale
  4. Approved plan in case of construction of new house or extension / addition of existing house.
  5. Cost estimate and valuation report  by empanelled  Chartered Engineer / Architect
  6. Letter of Allotment of Co-operative Housing Societies / Housing Board / Apartment Owners' Association
  7. NOC from the Society or  Builders Association
  8. Property Tax paid receipt, Khata Legal Scrutiny Report, and mortgage permission if required.
  9. Salary slip and Form No.16 for salaried persons
  10. in case of non-salaried persons Income Tax  Returns for the last 2years.
  11. A brief description  on the nature of business, establishment year, organization type ,
  12. For self-employed borrowers, Balance Sheet and Profit &Loss  Account for the past three years

Canara Bank Home Loan EMI Calculator

PaisaBazaar offers EMI calculator for the convenience of its applicant. The EMI calculator is a simple and handy tool that makes the financial planning of the applicant really easy. One may know how much saddle the upcoming loan EMI is going to put on their monthly budget.


Any Interested applicant may login to www.paisabazaar.com. The applicant may select the EMI calculator and fill up the requisite details accordingly. Post-filling up the details such as Loan Amount, Rate of Interest and Tenure, the results would be prompt and the applicant may know the forthcoming EMI amount in case he/she applies for the personal Loan.

How to Apply For Canara Bank Home Loans

A person who wishes to apply for a Canara Bank Limited Home Loan may do so through the Paisabazaar.com website. An application form would have to be filled. When the home loan application form is filled and submitted online, the Canara Bank Limited home loan process commences.


After doing the necessary check like credit worthiness, etc. the bank will issue the Canara Bank Limited home loan. It will be decided also how much EMI (Equated Monthly Installments) the customer will have to pay and he or she will be informed about the rate of interest that he or she will be charged.

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