Canara Bank home loans are designed for the self-employed and salaried segments as a financial solution to purchase, extend, construct, repair and renovate homes. The interest rates charged by the bank are attractive, and the minimal fees make the loan affordable. There are no hidden costs, and a loan balance transfer facility is also available. The bank has not disclosed its home loan interest rates.
Check Latest Home Loan Offer From Canara Bank
Compare Canara Bank Home Loan Interest Rates with Other Lenders
The table below showcases a comparison of Canara Bank Home Loan Interest Rates with other banks and lending institutions.
- Starting Interest Rate (p.a)
- Processing Fee
- Rating
- Min. Loan Amount
IDFC FIRST Bank HL Interest Rate
8.85%
Up to 3%
4.5
₹1L - ₹5Cr
Tenure(1 - 30 Years)
HDFC Bank HL Interest Rate
8.95% - 9.85%
Up to 0.5%
4.5
₹5L - ₹10Cr
Tenure(1 - 30 Years)
Axis Bank HL Interest Rate
8.75% - 14%
0.05%
4.5
₹5L - ₹1Cr
Tenure(1 - 25 Years)
Kotak Bank HL Interest Rate
8.9% - 9.6%
0.5% - 1%
4.5
₹1L - ₹1Cr
Tenure(1 - 20 Years)
With loan terms of up to 30 years, Canara Bank offers house loan interest rates starting at 9.25% per annum. Women borrowers can also avail of loans at an annual rate of 9.25%. The acceptable house loan amount is four times your yearly gross income, with some exceptions allowing up to 5 years' gross income. For floating-rate home loans, the bank assesses a small processing fee of 0.5% of the loan amount and does not assess any prepayment penalties. You can get up to 90% of the property value if it's a new home or apartment. The bank also provides loans for renovations or repairs up to Rs. 15 lakhs.
Canara Bank Home Loan Highlights
The Repo Linked Lending Rate is the basis for Canara Bank's home loan interest rates (RLLR).
The information on Canara Bank Home Loan Interest Rates is tabulated below:
Canara home loan | 9.25% to 13.35% p.a. |
Canara home loan plus | 7.95% p.a. To 9.50% p.a. |
Canara home improvement loan | 9.25% p.a. To 11.45% p.a. |
Canara mortgage loan | 10.30% p.a. To 12.35% p.a. |
Canara site loan | 9.25% p.a to 11.35% p.a. |
Canara Bank Home Interest Rates on Loan schemes
Your needs might be met by various home loans from Canara Bank. These include:
The Canara Site Loan
Interest Rate: 9.25% p.a. To 11.35% p.a.
Processing Charges: 0.50% (min. Rs.1,500 and max. Rs.10,000)
Loan Objective:
- Specifically to purchase properties offered for sale by the State or Federal governments, town planning offices, or any other authorised government agency.
- Additional housing financing may be obtained to complete the site's development of a home.
Tenure of Loan: Ten-year maximum repayment period
Canara Home Loan Plus
Interest Rate: 9.25% p.a. To 11.85% p.a.
Processing Charges: NA
Loan Objective:
- Amount added to an existing bank loan for a house
- Only accessible to debtors having a solid track record of on-time payments for at least a year
Tenure of Loan: Maximum period of 10 years or overdraft of up to 3 years
Canara Bank Home Improvement Loan
Interest Rate: 9.25% p.a. To 13.80% p.a.
Processing Charges: 0.50% (min. Rs.1,500 and max. Rs.10,000)
Loan Objective:
- Curated for the purchase of home furnishings and appliances
- Applicable to NRIs as well
- A maximum of Rs. 2 lakhs may be borrowed in addition to the bank's existing home loan.
Tenure of Loan: Upto 5 years
Canara Mortgage Loan
Interest Rate: 10.30% p.a. To 12.35% p.a.
Processing Charges: 0.50% (min. Rs.5000)
Loan Objective:
- Individuals may use them only for non-business requirements to cover immediate expenses.
- Borrowing cap of Rs. 10 crore
Tenure of Loan: Upto 10 years
Canara Bank Home Interest for Salaried and Self-Employed
Canara Bank offers home loans with starting interest rates as low as 9.35% for self-employed professionals as well as paid employees. Depending on the applicant's track record and other crucial variables, such as income, age, history of repayment, etc.
Type of Employment | Offered Home Loan Interest Rate | Processing Charges | Prepayment Charges |
Salaried Employee | From 9.25%-13.35% per annum onwards | Upto 0.05% of the approved loan amount + GST (Max. Rs. 2,000) | NA |
Self-Employed Professional | From 9.25%-13.35% per annum onwards | Upto 0.05% of the approved loan amount + GST (Max. Rs. 2,000) | NA |
Canara Bank Home Interest Rates for Govt. Employees
Housing Canara Bank for government employees are on par with those for any other customer in the private sector. The amount and interest rates are still the same for everyone. They occasionally offer incredible offers on their home loan programmes and provide the top financing services.
Canara Bank Bank Home Loan Interest Rates For Women
The Canara Bank Home Loan Interest Rates adheres to all government regulations pertaining to women to increase their empowerment and offer them better programmes. They provide a subtle, 2% government-approved stamp duty rebate on loans.
Canara Bank Home Loan Interest Rate For NRIs
NRI applicants who have a home loan account with Canara Bank are eligible for various benefits. Interested candidates can go to the bank's official website and provide specific information to learn if they are eligible for a home loan that has already been pre-approved. Like other lenders, Canara Bank provides pre-approved home loans to applicants with excellent credit scores and reliable payback histories.
Canara Bank Home Loan Interest Rate and Other Charges
The Canara Bank Home Loan interest rate and other charges are as follows:
Interest Rate | 6.90% – 10.05% |
Loan Tenure | Up to 30 years |
Loan Amount | As per the applicant’s profile |
Processing fees | 0.5% of the loan amount |
How Can You Calculate Canara Bank Home Loan Interest?
Using the Canara Bank home loan EMI calculator, one can accurately calculate the interest/EMI on the home loan, and one just needs to enter some basic loan information to determine the precise EMI (Equated Monthly Instalment).
OR
One can use the following formula to calculate the EMI:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
- P is the principal amount,
- R is the interest rate charged on the home loan
- r is the number of instalments on the tenure of the loan
Why are Canara Bank Home Loan Interest Rates the Best for Customers?
Canara Bank is one of the best for home loan interest rates. The major factors for choosing Canara Bank Home Loan are as follows.
- Numerous home loan financing solutions to meet the needs of various borrowers
- Interest on house loans is competitive and starts at 6.90% p.a.
- Loan payback period extended by up to 30 years
- Home loans are also available through the PMAY "Housing for All" programme.
- Quick and simple application process for a mortgage
Canara Bank Home Loan Interest Rates for Existing Customers
Given below are the Canara Bank Home Loan Interest Rates for existing customers:
Loan Amount | Minimum: NA, Maximum: 6x Gross Annual Salary |
Processing Fees | Up to 0.50% (Max. Rs.10,000) |
Penal Interest Rate | Not available |
Prepayment/Foreclosure Charges | Nil |
Max Tenure | 30 Years |
Rate Packages Available | Floating |
Factors That Affect The Canara Bank Home Loan Interest Rate and EMIs
Many factors affect the Canara Bank Home Loan Interest Rate and EMI. Below are some significant factors.
-
MCLR Rate
A bank can only lend money at a minimal interest rate, known as MCLR, or marginal cost of funds-based lending rate. Operating expenses, CRR, and the marginal cost of financing have a role. The interest rate fluctuates as a result of this rate's periodic fluctuations.
-
Interest Rate
If you chose a floating interest rate, your rate may go up or down depending on how the repo rate fluctuates. If, however, you chose a fixed interest rate type, the rate stays the same.
-
Credit Score
The importance of the credit score in determining the interest rate cannot be overstated. Lower interest rates are associated with higher scores and vice versa.
-
Property Location
Due to their lower resale value, newer homes have lower loan rates, whereas older homes have higher interest rates. Newer properties have better resale value than older ones, which have lesser value.
-
Occupation
A salaried professional has a lower interest rate than a self-employed professional. Because of their stable income, those who work for the government or PSUs will be eligible for a house loan from LIC at a lower interest rate.
-
Tenure of Loan
Canara Bank offers house loans with lower interest rates for shorter loan terms and higher interest rates for longer terms.
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Home Loan by Other Banks
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- Union Bank of India Home Loan
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- Punjab National Bank Home Loan
- Hero FinCorp Home Loan
- IDFC FIRST Bank Home Loan
- IDBI Bank Home Loan
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- Deutsche Bank Home Loan
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- Indian bank Home Loan
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- Home First Finance Company Home Loan
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- Aditya Birla Finance Limited Home Loan
- Housing Development Finance Corporation Home Loan
- L&T Finance Home Loan
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- LIC Housing Finance Home Loan
- Reliance Capital Home Loan
- Fullerton India Home Loan
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- Piramal Housing Finance Home Loan
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- Punjab & Sind Bank Home Loan
- Bank of Maharashtra Home Loan
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- Ujjivan Small Finance Bank Home Loan
- RBL Bank Home Loan
- Tata Capital Housing Finance Limited Home Loan
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Frequently Asked Question (FAQs)
What is the interest rate for Canara Bank?
The interest rate for Canara Bank starts from as low as 7.25% p.a.
Does Canara Bank provide 90% of home loans?
Canara Bank provides a 90% home loan if the property is new.
What is the EMI for 30 lakhs home loan for 20 years?
The EMI for 30 lakhs home loan for a tenure of 20 years and an interest rate of 7.25% is Rs. 23,711.
How can I reduce my Canara Bank home loan interest rate?
One can reduce their Canara Bank home loan interest rate by maintaining a great credit score, a good lending history and a great repayment history.
What is the average interest rate for a home loan from Canara Bank?
The Canara Bank Home Loan Interest rate ranges between 8.55% to 13.55%.