Home  »  Banking  »  Loans  »  Home Loan  »  Canara Bank Home Loan

Canara Bank Home Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
Canara Bank Housing Loan 8.75% - 9.45%, Floating 1,500 to 10,000 4 times the gross annual salary 30 Years
Details
Documents Required

  • Duly filled in application form along with 2 recent passport size photographs of applicant/guarantor.
  • Agreement for sale
  • Sale Deed
  • A detailed cost estimate or valuation report from Bank’s panel Chartered Engineer/Architect
  • Copy of the approved plan obtained from respective authorities for the proposed extension or addition or construction
  • Allotment letter of Apartment Owner’s Association or No Objection Certificate from the Society or Association or Housing Board or Builders or Housing Board or Co-Operative Housing Society
  • EC for the last 13 years, Khata and permission for a mortgage, Legal Scrutiny Report, Property Tax paid receipt
  • In case of a Salaried Individual: Form 16 and salary certificate
  • In the case of Self-Employed: type of organization, year of establishment, nature of the business, Profit and Loss Account and Balance sheet for the last three years.
Benefits

  • Nominal Processing Fee
  • No Prepayment Penalties for home loans which carry floating interest rates
  • Attractive interest rates for women borrowers
  • Loan Tenure is spread over a long period of 30 years
Eligibility

  • The Salaried individuals should be in service for a minimum of 3 years.
  • Individuals who are into business/professionals and self-employed: they should be in their current profession or business for a minimum tenure of 3 years.
  • The applicant's age at the time of securing the home loan should be less than 60 years.
  • The applicants should repay the loan amount before they attain 70 years.
  • Individuals who are aged above 60 years are also eligible for securing a home loan in Canara Bank subject to certain conditions.
Other Details

  • Applicants should mortgage the house or flat to secure a home loan as collateral (security).
  • The commencement of repayment of the home loan begins within two months from the date of the first disbursement of the loan if the applicant purchases a built house or flat.
  • A nominal processing fee of 0.5% on the loan amount is charged (minimum of Rs 1500 and a maximum of Rs 10,000).
Canara Bank Home Improvement Loan 11.15% 0.50% on loan amount up to Rs 2,00,000 up to 60 months
Details
Documents Required

  • Duly filled in the application form
  • Two passport size photographs
  • Latest salary certificates
  • Form 16
  • IT Returns in case of professionals and non-salaried individuals
  • Proforma invoices
  • Cost estimates for home renovation
  • Proof of Residence
  • Proof of Income
  • PAN Card
  • Aadhaar Card
Benefits

  • Attractive interest rates
  • Lower Processing Fee
  • No hidden charges
  • Quick disbursement of the loan amount
  • The maximum time period for loan repayment
Eligibility

  • Owners of the house both salaried individuals or individuals engaged in business or professionals or self-employed
  • NRIs can also apply for the loan
  • In case of salaried individuals, one should have a minimum monthly salary of 25% of gross salary or Rs 2000 after repaying EMI amount of the proposed loan.
  • Professionals and other non-salaried individuals should have a minimum annual income of Rs 50,000
  • The professionals and other non – salaried individuals should produce income tax assessment order or return at the time of submitting the filled in application form
Other Details

  • The processing fee is 0.5% of the loan amount
  • The minimum processing fee is Rs 1500
  • The maximum processing fee is Rs 10000
  • The loan amount will be disbursed only after acquiring a ready built house or flat or on completion of construction of a house or flat or after completion of repairs or renovation works.
Canara Site Loan 9.70% 0.50% of loan amount 4 years of gross annual salary or 75% of the cost of the site or guideline value (whichever is less) up to 10 years
Details
Documents Required

  • Duly filled in application form along with 2 recent passport size photographs
  • Layout plan or site plan issued by the development authorities
  • Income Tax Returns for businessmen or professionals
  • Recent salary certificate for the past 6 months
  • Latest Form 16 for salaried individuals
  • Legal scrutiny report from Bank’s panel advocate
  • Allotment letter
Benefits

  • Lower processing fee
  • Quick loan disbursal
  • No hidden charges
  • Quick documentation process
Eligibility

  • The minimum age of the applicant should by 21 years
  • The maximum age of the applicant should be less than 60 years
  • NRIs are also eligible for this loan.
  • Existing customers of the bank who have satisfactory dealings can also apply for the loan.
Other Details

  • The repayment period of the loan is spread over 10 years of time.
  • The maximum loan amount, in this case, is four years of gross Annual salary or income or 75% of the cost of the site or guideline value (whichever is less)
  • The proposed residential site has to be mortgaged for security purpose.
  • Margin will be 25% on the project value.
  • The Processing fee will be 0.5% of the loan amount (minimum of Rs 1500 and a maximum of Rs 10000).

FAQs

Q: What is the Home Loan interest rate in Canara Bank?

A: Canara Bank offers an attractive interest for home loan borrowers.

The interest rate range is from 8.35% to 8.5.% it depends on the borrower's profile.

Q: Who can apply for a housing loan from Canara bank?

A: The following list of people can apply for a housing loan in Canara Bank

  1.  Salaried individuals who have been employed for a minimum period of at least 3 years can apply.
  2. Self-employed and Businessmen as well as professionals who have been in their professions for a minimum period of 3 years, can apply.
  3.  The applicant should not be more than 55 years old at the time of availing the loan. If the applicant age is more than 55 years old they can avail loan with certain specific conditions as followed by the Canara Bank.

Q: What is the applicable margin on a home loan in Canara Bank?

A: Canara bank offers a margin of 25% on home loans which is used for expansion of existing house, repairs & renovations for construction/purchasing a second house and for any other purposes.

Q: What is the maximum repayment period for Canara bank housing loan?

A: The maximum repayment period for Canara bank housing loan is 30 years.

Q: What are the documents required to avail NRI housing loan from Canara bank?

A: Canara Bank offers home loans for borrowers with competitive interest rates and extends various special features to its customers, such as home loan balance transfer, no prepayment charges, minimal documentation, quick processing, and much more. The documentations are listed below:

  • Filled loan application form.
  • Copy of the approved plan for the construction, extension or addition to the house.
  • Sale Deed copy.
  • Sale Agreement.
  • Cost estimate/valuation report provided by the Bank's Architect/ Chartered Engineer.
  • Legal Scrutiny Report, EC from the past 13 years, and permission for a mortgage, and Property.
  • Salaried Individuals: Salary Certificate and Form No.16
  • Non-salaried persons: Last three years’ IT Returns.

Find IFSC


More Headlines

Get Latest News alerts from Goodreturns

Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more