Urban Money

Canara Bank Home Loan

Canara Bank
4.5

The interest rate on a Canara Bank home loan starts at 6.90% p.a. Canara Bank offers mortgage loans with flexible repayment tenures of up to 30 years. Get housing finance for purchase, construction, or home renovation. Affordable home loan interest rates are available to both salaried and self employed individuals. Apply online for Canara Bank's lowest EMI deal, starting at Rs 691 per lakh, and unlock plenty of features, including minimal documentation, balance transfer, top up loans and low processing fees

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Home Loan Banks

Interest Rate

Processing Fee

Rating

Loan Amount/Tenure

Canara Bank Home Loan Interest Rate

Canara Bank

8.1%

Up to 0.5%

4.5

₹10L - ₹50L

Tenure(1 - 30 Years)

Details

Features and Benefits of Canara Bank Home Loan

Give below are some of the features and benefits of obtaining a home loan from Canara Bank:

  • Get up to 60% of the property value as a sanctioned loan amount.
  • Low-interest rates, starting at 8.1% per annum.
  • Minimal documentation requirement.
  • Canara Bank home loans are linked to floating interest rates. This means that you will not have to pay any charges for the prepayment of the loan.
  • Simple online digital application process.
  • Get extended tenure of up to 30 years.
Canara Bank provides attractive home loan offers with interest rates starting from 7.10% per annum, going up to 9.30% per annum. Interested applicants can opt for mortgage loans with flexible payment options with tenures ranging up to 30 years. You can get a Canara Bank Home Loan for new home purchases, renovation or construction. These attractive home loan products are available to both self-employed and salaried individuals. You can now apply for a Canara Bank Home Loan online, with EMIs starting as low as Rs. 691 per lakh. Given below are some of the features that make this a truly unique loan offering: 
  • Minimum and hassle-free documentation process
  • Balance transfer facility available for eligible customers
  • Low processing fees

Canara Bank Home Loan Eligibility Criteria

Given below are the eligibility criteria to obtain a home loan from Canara Bank: 

Eligibility Criteria Requirements
Minimum age of the applicant 21 years
Maximum age of the applicant 70 years
Residency status Residents of India/Non-residents of India
Type of employment Salaried/Self-employed/Businessmen/Professionals

Canara Bank Home Loan Fees and Charges

In addition to the interest rates, there are a number of other fees and charges that Canara Bank levies on its home loan products, some of which are given below: 

  • Processing Fee: Canara Bank charges 0.5% of the sanctioned loan amount with respect to processing fees. This is for the amount spent to complete the lending process.
  • Legal and Technical Charges: Canara Bank also charges legal and technical fees as decided during the loan processing period. You are required to pay this amount after the loan has been processed.
  • Prepayment Fees: When the borrower wants to transfer the home loan to another provider, they are required to submit an application to Canara Bank informing the same. In accordance with the rules set by the Reserve bank of India, loans issued with floating interest rates will not have any prepayment charges.

Documents Required for Canara Bank Home Loan

Given below are some of the documents required to be submitted while making a home loan application with Canara Bank:

Common Documents

  • Completed and signed home loan application form
  • Two passport size photographs
  • Identity proof documents
  • DOB proof documents
  • Address proof documents
  • Copy of PAN Card
  • Property documents
  • Processing fee cheque 

Income Documents for Salaried Applicants

  • Recent 6 month salary slips
  • Bank account statement from the previous 6 months
  • Confirmed employment proof of 3 years

Income Documents for Self-Employed Applicants

  • P&L account statements from the previous 3 years and balance sheet
  • ITR from the previous 3 years
  • A broad summary regarding the nature of business, present banker, year of establishment, net worth of the applicant, etc.
  • Bank statements from all bank accounts
  • Business license

How Does Canara Bank Compare With Other Lenders?

The table given below depicts how Canara Bank compares with other lenders and loan providers in the market:

Lender Interest Rate upto Rs. 30 lakhs (%) Interest Rate above Rs. 30 lakhs to Rs. 75 lakhs (%) Over 75 lakhs (%)
Canara Bank   7.05 – 11.85 7.05 – 11.85 7.05 – 11.85
State Bank of India 6.65-7.65     6.65-7.65     6.65-7.65    
HDFC 7.00-8.45     7.00-8.60     7.00-8.70
Axis Bank   7.00-11.90   7.00-11.90   7.00-11.90  
ICICI Bank 7.10-7.95     7.10-7.95     7.10-7.95    
Kotak Mahindra Bank 7.00 onwards  7.00 onwards  7.00 onwards 
PNB Housing Finance        6.75-12.00   6.75-12.00   6.90-9.75
Punjab National Bank        6.95-8.35     6.90-8.05     6.90-8.00
Bank of Baroda 6.90-8.40     6.90-8.40     6.90-8.65
Union Bank of India 6.50-8.25     6.50-8.45     6.50-8.45    

Canara Bank Home Loan Customer Care Number

If you have any doubts or queries regarding Canara Bank Home Loan, you can contact their customer care in the below mentioned ways:

Toll-Free Number
  • 1800 425 0018
  • 1800 103 0018
  • 1800 208 3333
  • 1800 3011 3333
E-mail Address cansecuresupport@canarabank.com
Address Canara Bank Head Office, 112, J C Road, Bangalore – 560 002

FAQs

From refinancing to reducing your interest, we have the answers right here.

Can the applicant choose between floating or fixed interest rates?

No, the Canara Bank offers home loans at floating interest rates only.

What is the home loan eligibility determined by?

The Canara Bank home loan eligibility depends on various factors like credit score, age, income, job profile, employer’s profile, etc.

Is there any concession on home loans for women?

Yes, Canara Bank offers a concession of 0.25% on the interest rate for women.

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