25 Lakh Home Loan Canara Bank

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Imagine your dream home—a haven personalised to your taste and filled with memories. Canara Bank, a pillar of Indian banking, understands this aspiration. Their ₹25 lakh home loan scheme is designed to empower you on this journey. The Canara Bank 25 Lakh Home Loan offers competitive interest rates and flexible repayment options, and this loan scheme is tailored to ensure financial ease for borrowers. Focusing on customer-centric features, it substantially covers various housing-related expenses, ensuring a seamless journey towards homeownership. This guide will explore the details—interest rates, eligibility, and estimated EMIs—to equip you with the knowledge to realise your dream.

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25 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

₹25,00,000

Interest Payable

Total Amount Payable

Table of Content

1. Highlights of Canara Bank 25 Lakh Home Loan

2. EMI Calculation for 25 Lakh Home Loan

3. Fees and Charges

4. Documents Required

5. Eligibility Criteria

Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Last Updated: 26th September 2024

Highlights of Canara Bank 25 Lakh Home Loan

Here are some of the key salient features of Canara Bank 25 Lakh Home Loan:

Feature	Details
Purpose	Purchase of ready-built houses/flats, construction of house (with/without plot purchase), furnishing, repairs/renovations, and home loan takeover
Loan Quantum	No upper limit (subject to eligibility)
Repayment Tenure	Up to 30 years
Interest Rates	Competitive, reducing balance method
Processing Charges	0.50% of the loan amount
Special Offers	Processing fee waivers and other offers may be available during promotions

EMI Calculation for 25 Lakh Home Loan

To understand the financial commitment, it’s essential to calculate the EMI (Equated Monthly Installment) for the loan amount. Look at the EMI for a 25 lakh home loan for 10 years and 20 years, with 8.40% being the said interest rate.

Loan Tenure	Interest Rate (p.a.)	Monthly EMI
10 years	8.40%	₹30,863
20 years	8.40%	₹21,537

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

Fees and Charges

Processing Fee: 0.50% of the loan amount (minimum ₹1,500 and maximum ₹10,000 + GST). Processing charges are waived 50% during the Retail Loan Festival.
Prepayment Charges: No prepayment penalty.
Other Charges: As applicable, including charges for legal and technical evaluations, documentation, etc.

Documents Required

KYC documents (ID proof, address proof, etc.).
Income proof (salary slips for salaried, ITR for self-employed).
Property-related documents (title deeds, approved plan, etc.).
Additional documents may be required based on the purpose of the loan.

Eligibility Criteria

For Salaried Individuals: Minimum 2 years of service, with at least 6 months in the current organisation.
For Self-Employed: 3 years ITR/ITAO, with evidence of business income.
Age Limit: The entry age should be less than 60, and the loan should be cleared before the borrower reaches 75.

Frequently Asked Question (FAQs)

What is the EMI for a 25 Lakh Home Loan for 20 years in Canara Bank?

The EMI depends on the interest rate during loan processing. Please use Urban Money’s EMI calculator for precise figures or contact the bank directly.

Who is eligible for a 25 Lakh Home Loan in Canara Bank?

Both salaried and self-employed individuals with stable incomes and meeting the bank’s age criteria are eligible.

What is the monthly interest rate of a 25 Lakh home loan in Canara Bank?

The interest rate varies. Please check the latest rates on Canara Bank’s official website or contact a bank representative.

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