Canara Bank Home Loan Interest Rates

4.5

Canara Bank home loan interest rates 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.

  • Home Loan offer for You

  • 8.5% - 11.25%

    Interest Rate (p.a.)
  • ₹10L - ₹50L

    Tenure(1 - 30 Years)
  • ₹2,052 - ₹2,187

    EMI Per Lakh
  • 8.5% - 11.25%

    Interest Rate (p.a.)
  • ₹10L - ₹50L

    Tenure(1 - 30 Years)
  • Up to 1% of loan amount

    Processing Fee

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
  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Canara Bank Home Loan Interest Rate Overview

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 Interest Rate 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 Loan 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 Loan 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 Loan 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 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.

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%.

Urban Money