Canara Bank Home Loan

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.

• 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: 

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:

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: