Canara Bank Home Loan Interest Rate

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.

Canara Bank Home Loan Interest Rate 2022

Here is a table of the Canara Bank home loan interest rate:

Canara Home Loan Plus

7.45% - 9.50% p.a.

Canara Home Loan

6.90% - 8.90% p.a.

Canara Home Improvement Loan

9.40% - 11.45% p.a.

Canara Plot Loan

7.95% - 9.00% p.a.

Canara Bank Mortgage Loan

9.95% - 12.00% p.a

Canara Bank Home Loan Secure

7.00% p.a.

 

Different Home Loans that are Offered by Canara Banks

Here are the details about the home loans offered by Canara Bank:

1) Canara Bank Housing Loan

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.

2) Canara Kuteer Scheme

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.

3) Agriculturist's Housing Loans

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.

4) NRI Home Loans from Canara Bank

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.

5) Canara Bank Home Loan Plus

It is Existing Canara Bank house loan debtors to satisfy their domestic requirements, medical costs, education fees, and other crises.

6) Canara Bank Plot Loan

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.

7) Home Improvement Loan

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.

8) Super Gain Home Loan Scheme - Canara Bank

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.

9) Pradhan Mantri Awas Yojna

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.

Who is Eligible for the Home Loan from Canara Bank?

  • Age criteria: 21 years - 70 years
  • Max Age: 70 Years
  • Residential Criteria: Residents of India or Non-residents of India.
  • Employment Type: Salaried, Businessmen, Professionals or Self-employed.

Required Documents

When applying for housing finance, you will typically be needed to submit the following documents:

  • Identity Proof - Passport, PAN, Driver's license, Voter ID, or an Aadhaar.
  • Address Proof - Aadhaar card, PAN, utility bill, Voter's ID, Driver's license, or valid passport.
  • Income Proof - Salary, recent salary slip, form 16.

Processing Fee for the Home Loan

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.

Looking to Invest?
Open an account with Groww and start investing for free
INVEST NOW
Loading...
ⓒ 2016-2022 Groww. All rights reserved, Built with in India
MOST POPULAR ON GROWWVERSION - 3.4.0
STOCK MARKET INDICES:  S&P BSE SENSEX |  S&P BSE 100 |  NIFTY 100 |  NIFTY 50 |  NIFTY MIDCAP 100 |  NIFTY BANK |  NIFTY NEXT 50
MUTUAL FUNDS COMPANIES:  ICICI PRUDENTIAL |  HDFC |  NIPPON INDIA |  ADITYA BIRLA SUN LIFE |  SBI |  UTI |  FRANKLIN TEMPLETON |  KOTAK MAHINDRA |  IDFC |  DSP |  AXIS |  TATA |  L&T |  SUNDARAM |  PGIM |  INVESCO |  LIC |  JM FINANCIAL |  BARODA PIONEER |  CANARA ROBECO |  HSBC |  IDBI |  INDIABULLS |  MOTILAL OSWAL |  BNP PARIBAS |  MIRAE ASSET |  PRINCIPAL |  BOI AXA |  UNION KBC |  TAURUS |  EDELWEISS |  NAVI |  MAHINDRA |  QUANTUM |  PPFAS |  IIFL |  Quant |  SHRIRAM |  SAHARA |  ITI