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Canara Bank Home Loan Interest Rates 2021

Canara Bank Housing Loan Interest Rate -Today

Last Updated 12th Aug 2021

Current Canara Bank Home Loan interest rates Jul 2021 starts at 6.90% p.a. for a maximum tenure of 30 years. The processing fee on its housing loans is Upto 0.50%, Minimum ₹ 1,500 Maximum ₹ 10,000. Canara Bank offers a special discount of 0.05% on interest rates for women borrowers.

Loan AmountCanara Bank Repo Rate Home Loan RateRate for Female Borrower
Upto ₹ 25 Lakh6.95%6.90%
₹ 25 Lakh - ₹ 75 Lakh6.95%6.90%
₹ 75 Lakh - ₹ 1 Cr6.95%6.90%
Above ₹ 1 Cr6.95%6.90%
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

Current Canara Bank Home Loan Rate

Today Canara Bank home loan interest rates are in the range of 6.90% to 8.90%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 6.90%.

Below-mentioned are Canara Bank home loan rates for multiple housing schemes.

Canara Bank Home Loan Scheme Interest Rates
Canara Bank Repo Rate Home Loan 6.90% - 8.90%

Canara Bank Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in Canara Bank for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate Rate for women Borrowers
Upto ₹ 25 Lakh 6.95% 6.90%
₹ 25 Lakh - ₹ 75 Lakh 6.95% 6.90%
₹ 75 Lakh - 1 Cr 6.95% 6.90%
Above ₹ 1 Cr 6.95% 6.95%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate Rate for women Borrowers
Upto ₹ 25 Lakh 6.95% 6.90%
₹ 25 Lakh - ₹ 75 Lakh 6.95% 6.90%
₹ 75 Lakh - 1 Cr 6.95% 6.90%
Above ₹ 1 Cr 6.95% 6.95%

Canara Bank Home Loan Processing Fee and Other Charges

Canara Bank home loan processing charges are upto 0.50% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. Canara Bank charges a minimum processing of ₹ 1,500 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Processing Fees Upto 0.50% of the loan amount; minimum processing fee of ₹ 1,500 to maximum fee of ₹ 10,000
Foreclosure Charges Nil for floating rate home loans

Canara Bank Home Loan Balance Transfer Interest Rates

Canara Bank home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Canara Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, Canara Bank offers the lowest home loan balance transfer rate of 6.90%.

Illustration on Home Loan Interest Rate Canara Bank
Maximum Annual Percentage Rate (APR) 6.92% to 8.92%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 30 Years
  • Canara Bank Home Loan Interest Rate: 6.90% to 8.90%
  • Processing Fee payable to: Upto ₹ 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 659 for 30 Years ₹ 1,00,000 loan at 6.90% (lowest rate, longest time period) to ₹ 2,071 for 5 Years ₹ 1,00,000 loan at 8.90% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 6.92% to 8.92%
  • Total cost payable over loan tenure: ₹ 1,19,025 for 5 Years loan to ₹ 2,37,596 for 30 Years loan

FAQs

What is Canara Bank Home Loan Interest Rate?

Canara Bank Home Loan interest rate ranges between 6.90% to 8.90%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has Canara Bank reduced home loan rates?

Presently, Canara Bank offers personal loans at an interest rate starting at 6.90%. There has been no change in personal loan rates of Canara Bank for a long time and continue to stand at 6.90%.

Why should I opt for balance transfer to Canara Bank?

Canara Bank offers lowest Home Loan EMI of ₹ 659 per lakh availed at the lowest interest rate 6.90% for a maximum tenure of 30 years. you are paying an EMI more than ₹ 659 per lakh, you should consider the option for a loan transfer to Canara Bank from your existing bank.

  • Canara Bank offers RBI Repo Rate linked Home Loan which starts at 6.90%. Current Repo Rate of RBI is 4.00%. The Bank adds a mark up on RBI’s repo rate which is called Canara Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 2.9% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the Canara Bank Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from the 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then Canara Bank Repo Rate linked Home Loan rate will cut from 6.90% to 6.75%.

What is the current Canara Bank Home Loan rate?

The current Canara Bank Home Loan rate starts from 6.90% with a processing fee of Upto 0.50%, Minimum ₹ 1,500 and Maximum ₹ 10,000.Canara Bank housing loan rate varies across the applicant’s eligibility and the scheme they opt for. Canara Bank offers different home loan rates for different home loan products.

Can Canara Bank housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with Canara Bank to lower the home loan rates.

What are the interest rates of home improvement loans in Canara Bank?

You can avail of Canara Bank home loans for home improvement at regular home loan rates starting at 6.65%.

Can Canara Bank revise the home loan interest rates for their existing customers?

Canara Bank home loan rates change for the existing customers if they have availed home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does Canara Bank offer a concessional home loan interest rate for women?

Yes, Canara Bank offers special home loan interest rates for women. As against Canara Bank home loan rates for male which is 6.95%, the home loan interest rate for women starts at 6.90%.

What is the Canara Bank home loan rate of ₹ 25 Lakh for 15 years?

Canara Bank home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, Canara Bank provides home loan interest rate starting at 6.65%.

At what interest rate does an Canara Bank employee get a home loan?

Canara Bank offers concessional home loan rates of about 1% than the current home loan rates to Canara Bank employees.

Is Canara Bank home loan a floating rate loan or fixed-rate loan?

Canara Bank home loan is offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


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Canara Bank Home Loan News - Jul 2021
  • 2021-07-15 : Syndicate Bank merged with Canara Bank - IFSC and SWIFT code changed
    After the merger of Syndicate and Canara Bank, the IFSC codes for erstwhile Syndicate Bank customers will be changed from July 1 this year. Existing Syndicate Bank customers will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes.
  • 2021-02-26 : Canara Bank organized Mega Retail Expo in Mumbai
    Canara bank organized a mega retail expo camp at Gala Auditorium, Patuck Campus in Santacruz (East). The retailers present at the expo displayed salient features of their products which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan. A total loan amount of Rs. 224.30 Crores were sanctioned through the expo.
  • 2020-01-24 : Canara Bank Q3 profit increased by 3.8%
    State-owned Canara Bank Q3 profit rose by 3.8% due to an increase in Home Loans and Personal Loans. The earning stood at Rs 329.62 crores and total income was Rs 14001.63 crores. Further, the net non-performing asset was 5.05% of the total asset which was 6.37% a year ago.
  • 2020-01-08 : Canara Bank revised its home loan interest rates
    With effect from 7 January 2020, Canara Bank revised its home loan interest rate. The new rate lies between the range of 8.05% to 10.05%.
  • 2019-11-07 : Canara Bank reports profits in Q2 due to reduced bad loans
    State-owned bank, Canara Bank, posted a profit of about Rs 405.49 crores, leading to a 14% rise for the quarter ending on September 30. The bank reports an increase in interest income from retail loans like personal and home loans, that stood at Rs 12, 500.37 crores. Further bad loans reduced to Rs 2,297.43 crores from Rs 2,406.84 crores.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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