10 Lakh Home Loan Canara Bank

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Sometimes, the perfect home comes in a smaller package. Canara Bank, a leader in customer-centric banking, recognises this with their ₹10 lakh home loan scheme. This option is perfect for financing a studio apartment, a compact yet stylish space, or renovations that breathe new life into your existing home. This guide provides a clear overview – interest rates, eligibility, and estimated EMIs – to help you decide if this loan unlocks the door to your dream space.

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10 Lakh Canara Bank Home Loan EMI Calculator

Loan Amount

₹

5 Lac
20 Cr

Loan Tenure

Years

Rate Of Interest

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Table of Content

1. 10 Lakh Home Loan Canara Bank Highlights

2. 10 Lakh Home Loan EMI for 10 & 20 years Canara Bank

3. Fees and Charges

4. Documents Required

5. Eligibility Criteria

Written By

Kirti Bansal

Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Last Updated: 26th September 2024

10 Lakh Home Loan Canara Bank – Highlights

Following are the key features of Canara Bank 10 Lakh Home Loan:

Feature	Details
Loan Amount	₹ 10 Lakh
Interest Rates (Floating)	Subject to change
Loan Tenure	Up to 30 years
Margin	Up to 90% of property value (for new properties)
Processing Fee	0.50% of the loan amount (maximum ₹10,000)

10 Lakh Home Loan EMI for 10 & 20 years Canara Bank

Since Canara Bank offers a range of interest rates, this table presents estimates of that range. For a more accurate estimate, refer to Canara Bank’s website or consult directly with the bank.

Loan Tenure (Years)	Estimated Interest Rate	Monthly EMI	Total Interest Paid (Over Loan Term)
10	6.90%	₹1,149	₹1,37,880
10	8.90%	₹1,192	₹1,58,720
20	6.90%	₹793	₹9,51,600
20	8.90%	₹836	₹11,11,200

*Note: The exact EMI can vary based on the prevailing interest rates.

Fees and Charges

Processing Fee: As mentioned earlier, it is 0.50% of the loan amount (a maximum ₹10,000). There is currently a 50% waiver on processing charges until March 31st, 2024.
Legal and Valuation Charges: These are external charges levied by lawyers and property valuers and may vary depending on the property and location.

Documents Required

Application & KYC:

Submit the completed application form with photos and KYC documents (proof of identity, residence, and age) for yourself, co-applicants, and guarantor (if applicable).

Employment Verification:

Salaried: Provide bank statements (past 6 months) and employment verification documents (Form 16, ITR, ID/Appointment Letter, Confirmation Letter) proving 3 years of service.
Business/Self-Employed: Submit balance sheets & profit & loss statements (past 3 years), ITR/ITAO (past 3 years), land records (if agricultural income), bank statements, a business description, and business proof.

NRI Specifics:

Include a copy of your passport (first 4 pages & visa stamp), work permit, attested salary certificate, overseas bank statements, and notarised power of attorney (if authorising a third party).

Eligibility Criteria

Salaried individuals, professionals, and self-employed individuals can apply.
The minimum age requirement is generally 18 years.
The maximum age limit for loan maturity can vary (around 60-70 years).
A minimum salary or income threshold may be required.
A healthy credit score is crucial for loan approval.

Frequently Asked Question (FAQs)

What is the EMI for a 10 Lakh Home Loan for 20 years in Canara Bank?

The exact EMI depends on the final interest rate offered. You can use an online EMI calculator to estimate it.

Who is eligible for a 10 Lakh Home Loan in Canara Bank?

Salaried individuals, professionals, and self-employed individuals meeting the bank’s income and credit score criteria can apply.

What is the monthly interest rate for a 10 Lakh Home Loan in Canara Bank?

Interest rates are floating and may vary depending on the market.

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