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The excitement of owning your first home is unparalleled. Canara Bank, a trusted name in Indian finance, bridges the gap between your dream and reality with their ₹15 lakh home loan scheme. This option is ideal for first-time homebuyers or those seeking financing for a cosy apartment. We'll explore the specifics of Canara Bank's 15 Lakh Home Loan – interest rates, eligibility criteria, and estimated monthly payments – to empower you to decide on this stepping stone to homeownership.
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15 Lakh Canara Bank Home Loan EMI Calculator
- 5 Lac
- 20 Cr
- 5
- 30
- 6
- 20
Monthly Loan EMI
Payment Breakdown:
Principal Amount
₹15,00,000
Interest Payable
Total Amount Payable
Table of Content
1. Canara Bank 15 Lakh Home Loan: Key Features |
2. 15 Lakh Home Loan EMI for 10 & 20 years Canara Bank |
3. Fees and Charges |
4. Eligibility Criteria |
5. Documentations |


Canara Bank 15 Lakh Home Loan: Key Features
Canara Bank’s home loan scheme is tailored to meet diverse housing finance requirements, including:
Purpose | Loan Type | Loan Amount |
Purchasing a ready-built house or flat | Home Purchase Loan | Flexible, based on eligibility |
Constructing a house or flat | Home Construction Loan | Flexible, based on eligibility |
Buying a site and constructing a house on it | Plot Purchase and Construction Loan | Flexible, based on eligibility |
Loans for repairs and renovations up to Rs.15 Lakh | Home Improvement Loan | Up to Rs.15 Lakh |
Salaried Individuals | Up to 72 times the last drawn monthly gross salary | Selective option for up to 96 times the last drawn monthly gross salary |
Other than Salaried Individuals | Up to 6 times the annual gross income | Selective option for up to 8 times the annual gross income |
Repairs and Renovations | Home Improvement Loan | Up to Rs.15 Lakh |
Furnishing and Fixed Enhancement | Home Furnishing Loan | Up to 25% of the loan amount or Rs.50 Lakh, whichever is lower |
15 Lakh Home Loan EMI for 10 & 20 years Canara Bank
To better understand the EMI, here is a table of the EMI calculations with an estimate of the range of interest rates offered by Canara Bank.
Loan Tenure | EMI (Monthly) | Total Interest Paid | Total Payable Amount |
10 years | ₹10,370.32 | ₹3,703.21 | ₹1,03,703.21 |
20 years | ₹7,314.91 | ₹13,55,177.60 | ₹28,55,177.60 |
*Please note that these figures are approximate and subject to change based on the actual terms of the loan.
Fees and Charges
- Processing Fee: A nominal fee of 0.50% of the loan amount (minimum Rs.1500/—+ GST, maximum Rs.10,000/—+ GST) is applicable.
- Special Offers: Promotional waivers such as 50% off on processing fees during the Retail Loan Festival.
- Repayment Tenure: Up to 30 years or until the borrower reaches 75 years of age, whichever is earlier.
- Margin: Varies with the loan amount and age of the property, ranging from 10% to 25%.
- Canara Home Loan Secure: Offers financing for a one-time insurance premium for life and total permanent disability coverage through Canara HSBC Life Insurance Company Limited.
Eligibility Criteria
- Resident Type: Open to Resident Indians, NRIs, PIOs, and OCIs.
- Salaried Individuals: Requires at least 2 years of continuous service, with a minimum of 6 months in the current organisation.
- Non-salaried Individuals: Business owners and self-employed professionals must provide evidence of income through 3 years of ITR/ITAO.
Documentations
Completed Application Form:
Include 2 passport-sized photos (applicant, co-applicant(s), guarantor if applicable).
KYC Documents:
- Proof of Identity: (PAN Card, Driver’s License, Voter ID, Passport, Aadhar Card)
- Proof of Residence: (Driver’s License, Voter ID, Passport, Aadhar Card, Utility Bill, Business Proof with GST)
- Age Proof: (PAN Card photocopy)
Employment-Specific Documents:
Salaried Individuals: Bank statements (past 6 months), Proof of employment (3 years – Form 16, ITR, ID/Appointment Letter, Confirmation Letter)
Business/Self-Employed:
Balance Sheet & Profit & Loss (past 3 years), ITR/ITAO (past 3 years), Land records (if agricultural income included), Bank statements, Business Description, Business proof
NRI Applicants (Additional):
Passport (first 4 pages & visa stamp), Work Permit, Salary certificate (attested), Overseas bank statements, Power of Attorney (for third-party authorisation)
Frequently Asked Question (FAQs)
What is the EMI for a 15 Lakh Home Loan?
Who is eligible for a Canara Bank 15 Lakh Home Loan?
What is the interest rate of the Canara Bank Home Loan?
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