Canara Bank offers housing loans to salaried and self-employed people Canara Bank's housing loan interest rate starts at 7.90%. Apart from this interest rate, Canara Bank also has varied charges like a processing fee and more. These loans also have a maximum tenure of up to 30 years. The eligible home loan is four times the gross annual income, and it is up to 5 years of gross income permitted in selective cases.
The bank has a nominal processing fee of 0.50% of the loan value and a zero repayment charge for the floating rate for housing loans.
Also, you can get up to 90% of the property value, be it a house or a flat. The bank can also give you loans of up to Rs. 15 lakhs for the repair or renovations of the property. Either with a few preconditions, people who are more than the age of 60 can get the Canara Bank home loan.
Here is a table of the Canara Bank home loan interest rate:
|
Canara Home Loan Plus |
8.55% to 13.35% p.a. |
|
Canara Home Loan |
6.90% - 8.90% p.a. |
|
Canara Home Improvement Loan |
11.30% to 13.35% p.a. |
|
Canara Plot Loan |
9.85% to 10.90% p.a. |
|
Canara Bank Mortgage Loan |
10.30% to 12.35% p.a |
|
Canara Bank Home Loan Secure |
7.00% p.a. |
Here are the details about the home loans offered by Canara Bank:
This loan scheme aims at buying or constructing a house. The site purchase and construction of houses can also be made through this scheme. It also serves the purpose of repairs, renovations, expansions, and more. The applicants for this loan can also buy a second house, even when there is already a house or a flat present. You can also use this scheme for balance transfers.
This scheme has a loan amount of 6 times gross annual income, according to the last drawn monthly gross salary for salaried applicants. It has six times the average gross annual income of all the three years instantly preceding the current financial year for self-employed applicants or those that are engaged in the business. In the case of repairs and renovations that go up to Rs. 15 lakhs. However, this scheme has a repayment tenure of 30 years.
The motive of this scheme is to buy a plot, a new house, and an old house that is already under construction. The applicants to this scheme, however, need to have an annual household income of up to Rs. 3 lakhs. The individuals should not have crossed the age of 75 and need to repay the loan in a tenure of 30 years.
This home loan scheme is for planters, agriculturists, and various other individuals engaged in similar activities for the purchase of houses, plots, or house construction. It can also be used for a balance transfer.
This is the scheme for the purchase of houses, flats, and more; renovation, upgrade, and everything needs to be through an NRI. The amount of this loan is four times of gross annual income, five years of gross income in some selective cases.
It is Existing Canara Bank house loan debtors to satisfy their domestic requirements, medical costs, education fees, and other crises.
These loans specifically serve the purpose of purchase of residential sites from development, town planning development authorities, or any government constituted body for the distribution of sites. The purchase of sites from statutory authorities of the govt or in partnership with private sector bodies and approved by the statutory authority of the State govt. You can get up to 75% of the cost of the site value guideline value of 4 years' gross annual salary.
The repayment tenure of this loan is a maximum of 10 years for the house construction.
In order to buy furnishing items, refrigerators, fans, air conditioners, and more. The loan amount on this scheme is one year's gross salary or up to 20% of the total housing loan sanctioned, whichever is lower. The tenure to repay this loan is a period of 7 years or residual tenure of the underlying housing loan till 70 years of age of the borrower, whichever is lower.
The motive of this loan is to buy houses, plots, and flats, construct, repair, and renovate second-hand residential flats or the house too. The loan amount that could be availed through this scheme is Rs. 20 lakhs and more. It has a tenure of 30 years or until the applicant reaches the age of 75.
This scheme aims at the economically weaker sections and lower income groups for the purchase or construction of pucca houses. It is also for the repair and renovation of an existing Kucha house to make the pucca house.
When applying for housing finance, you will typically be needed to submit the following documents:
The processing fee for this home loan will amount to 0.50% of the loan amount, and the minimum processing fee for it would be Rs. 1,500 and a maximum of Rs. 10,000.