Canara Home Loan Interest Rate Calculator - Mar 2017

Canara Bank Home Loan Interest Rates

Last Updated 01st Mar 2017
8th Feb 2017 – RBI keeps repo rate and other policy interest rates unchanged
Interest Rate 8.65% - 8.75%
Check Special Offer
Lowest EMI Rs. 780 per lakh
Max Tenure 30 years
Processing Fee Upto 0.50%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans
Age Min 21 and Max 55 years for Salaried
Min 21 and Max 55 years for Self Employed
Apply Home Loan Online @8.50%*
 Salaried   Self Employed - Professional   Self Employed - Business 

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Canara Bank Home Loan

Canara Bank offers home loan to the people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.

Home Loan Canara

Home loan interest rates offered by Canara Bank depends upon MCLR.
  • Floating rates changes with a single change in MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates.
Canara Bank offers home loan based on 1 Year MCLR rates which is currently 8.45%.
Canara Bank home loan interest rate depends upon
  • Loan amount: Home loan rate in Canara Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: Canara Bank has a list of companies to which they lend Home loan. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. Canara Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

Home Loan Charges

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Canara Bank allows prepayment of home loan with Nil prepayment charges
  • Processing Fee - Canara Bank asks for a processing fee of 0.50% of loan amount with applicable service tax

Canara Home Loan EMI Calculator

    Home Loan EMI of Canara Bank is a fixed amount that you pay each month towards the repayment of your home loan till the end of tenure
  • Home Loan EMI calculator of Canara Bank helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on home loan.
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating Canara Bank Home Loan EMI?
  • EMI calculator of Canara Bank helps you to calculate your monthly EMI at different rate of interest
  • Canara Bank Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Canara Home Loan Eligibility Calculator

Home Loan eligibility criteria Canara Bank
Eligibility of House loan in Canara Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: Age plays an important role to know your eligibility and repayment capacity. Canara Bank offers Home loan to salaried at the age of 21 to 55 years and self employed individuals at 21 to 55 years
  • Income: In case of salaried person, Canara Bank Loan eligibility significantly depends upon the income. Usually bank set minimum levels of income to apply for house loan. Salaried employee should be in government job or working with a reputed private company and getting regular salary in bank account with salary slip, form 16
  • Job stability and Profession: Job stability is important to improve your status and eligibility for Home loan from Canara Bank. In case you are salaried, you must be in a full time job for at least 3 months. In case you are self-employed, you must be in current profession or business for at least 3 years and should preferably own either your office or your place of residence. Minimum turnover and minimum net income criteria may apply. Business must be registered with at least one government agency such as service tax, VAT, excise, shops and establishment registrar. Other than job stability, profession is also an important factor which can affect your Canara Bank eligibility. If you are working with a reputed company, probability of getting home loan from Canara Bank increases as the income is considered to be more stable
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your Home loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your Home loan eligibility
  • Loan Amount: Canara Bank gives you Home loan depending upon your income. Canara Bank gives you an amount ranging from Rs. 1,500,000 to Rs. 100,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service
  • Estimated eligibility online by using Eligibility Calculator.

    Canara Bank Floating Rate Home Loans

    Canara Bank Home Loan Floating
    Upto Rs. 2,500,000 - 8.70%
    Rs. 2,500,001 - 7,500,000 - 8.70%
    Rs. 7,500,001 - 10,000,000 - 8.75%
    Above Rs. 10,000,000 - 8.75% linked to 1 Year MCLR
    special offer for female borrower
    Upto Rs. 2,500,000 - 8.65%
    Above Rs. 2,500,001 - 7,500,000 - 8.65%
    Above Rs. 7,500,001 - 10,000,000 - 8.70%
    Above Rs. 10,000,000 - 8.70% linked to 1 Year MCLR

    Canara Bank Home Loan Top up, Transfer

    Transfer of Home Loan from another bank to Canara Bank?
    Canara Bank offers home loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Canara Bank
    You can avail additional top-up home loan from Canara Bank, subject to your eligibility

    Housing Loan Canara documents required

    Home Loan for Salaried employee Canara Bank documents required

    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

    Home Loan for Self-Employed Canara Bank documents required

    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • ITR of last 2 years
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

    Frequently Asked Questions

    Why to take home loan from Canara Bank?
    Canara Bank offers home loan at lower rate of interest i.e. at 8.65% with the lowest EMI of Rs. 780 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your home loan to Canara Bank.
    What is the maximum loan tenure I can opt under Canara Bank house loan?
    Canara Bank offers you a longer tenure of 30 years to repay your home loan with a benefit of paying less EMI per month.
    Do I get tax benefit on home loan from Canara Bank?
    As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.
    Can I foreclosure my home loan? What are the charges applicable?
    Yes, you can foreclose your home loan with Nil charges.
    Can I transfer my home loan from another bank to Canara Bank?
    Yes, Canara Bank gives you the facility to transfer your existing home loan with a hassle free process. Home loan balance transfer to Canara Bank offers you to pay lower EMIs and save money.
    Can I club the income of my spouse with mine and apply for joint home loan?
    You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.
    What is the benchmark applicable for home loan in Canara Bank?
    The benchmark applicable for home loan in Canara Bank is 1 Year MCLR.
    What is the effect of part payments on Canara Bank housing loan EMI ?
    Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.
    How to increase my eligibility on Canara Bank housing loan?
    If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.
    How will interest rate on Canara Bank housing loan change in future?
    • Floating interest rate on Canara Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.45%. So, when Canara Bank offers a home loan at 8.65%, it applies a premium of 0.2% to its MCLR Rate to arrive at this home loan interest rate.
    • When RBI increases interest rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

    Canara Bank Home Loan in India

    Canara Bank Home Loan Customer Care Number, Email, Application Status, Branches

    City Customer Care Number
    Agra 0562-2855003/0562-2525610
    Ahmedabad 079-26579600/ 079-26574852
    Ambala 0184-2251033
    Anand 079-26579600/ 079-26574852
    Aurangabad 0712-2567296/ 0712-2567199
    Bangalore 080-25589520/ 080-25588641
    Bhilai 07936-2443115
    Bhilwara 0141-2222744
    Bhiwadi 0712-2567296/ 0712-2567199
    Bhopal 0755-2575631/ 898-998-9210
    Bhubaneswar Cuttack 0674-2392612/ 0674-2390807
    Bikaner 0141-2222744
    Chandigarh 0172-2605243/ 0172-2602245
    Chennai 044-24327025/ 044-24346038
    Cochin 1800-425-0018
    Coimbatore 0422-2558410
    Dehradun 0135-2657795
    Delhi 011-26418058/ 011-26293209
    Durg 07936-2443115
    Faridabad 0124-2657502/ 0124-2657528
    Gandhinagar 079-26579600/ 079-26574852
    Ghaziabad 0562-2855003/0562-2525610
    Goa 0832-2232013
    Greater Noida 011-26418058/ 011-26293209
    Gurgaon 0124-2657502/ 0124-2657528
    Guwahati 0361-2466817/ 0361-2340364
    Gwalior 0731-2573815/ 0731-2573821
    Hyderabad 040-23436915
    Indore 0731-2573815/ 0731-2573821
    Jabalpur 0731-2573815/ 0731-2573821
    Jaipur 0141-2222744
    Jalandhar 0181-2243322/ 0181-2243322
    Jodhpur 0141-2222744
    Kanpur 0542-2510032
    Karnal 0184-2251033
    Kolhapur 0712-2567296/ 0712-2567199
    Kolkata 033-22831511/ 033-22806061
    Kota 0141-2222744
    Kozhikode 1800-425-0018
    Lucknow 0522-2302604/ 0522-2303802
    Ludhiana 0181-2243322/ 0181-2243322
    Madurai 0452- 2330335/ 0452-2335988
    Meerut 0121-2531113
    Mehsana 079-26579600/ 079-26574852
    Mohali Sas Nagar 0172-2605243/ 0172-2602245
    Mumbai 022-26728366/ 022-26728309
    Mussoorie 0135-2657795
    Nagpur 0712-2567296/ 0712-2567199
    Nashik 0712-2567296/ 0712-2567199
    Noida 011-26418058/ 011-26293209
    Noida Extn. 011-26418058/ 011-26293209
    Panipat 0184-2251033
    Patna 0612-2321047/ 0612-2320559
    Pondicherry 1800-425-0018
    Pune 020-24478405/ 020-24452828
    Raipur 07936-2443115
    Rajkot 079-26579600/ 079-26574852
    Ranchi 0651-2331752
    Rohtak 0184-2251033
    Roorkee 0135-2657795
    Salem 0427-2330811
    Shimla 0177-2629639
    Sonepat 0184-2251033
    Surat 079-26579600/ 079-26574852
    Trichy 0431-2415475
    Udaipur 0141-2222744
    Vadodara 079-26579600/ 079-26574852
    Varanasi 0542-2510032
    Vijaywada 0866-2970201
    Vizag 0891-2547920
Canara Home Loan Interest Rate News - Mar 2017
28th Feb 17 Amansa sells its 2.56 percent stake in Cholamandalam for Rs. 388 crore
Foreign fund Amansa Holdings has offloaded its 2.56 percent stake in financial arm of Murugappa Group, Cholamandalam Investment and Finance Company for Rs. 388 crore via open market transaction. Cholamandalam is an investment firm that primarily deals in home loans, home equity loans and SME loans.
27th Feb 17 Private Equity Firm True North plans to buy major stake in Home First Finance Company for Rs. 600 crore
Private equity firm, True North is likely to buy a major stake in a mortgage firm Home First Finance Company (HFFC) for Rs. 600 crore. True North is expected to invest half of the amount in the company and remaining funds will be paid to the existing shareholders of the company. HFFC primarily deals in providing affordable home loans to low and middle income customers who are first time home buyers.
25th Feb 17 SEBI eases norms for Debt Mutual Funds to invest in Indian Housing Finance Companies
Securities Exchange Board of India has eased the norms for Debt Mutual Funds for investing in Indian HFCs. Debt Mutual Funds can now invest up to 15 percent of their total net assets in housing finance companies as compared to 10 percent earlier. The norms have been relaxed with a view to attract more funds for affordable housing activities. As a result, shares of housing finance companies rose by 4 percent on 23rd February, 2017.
21st Feb 17 Kissandhan loan facilities extended to Asia’s largest grain mandi in Narela
Kissandhan Agri Financial Services Pvt. Ltd, NBFC regulated by RBI has announced the launch of its loan products to the farmers of largest grain mandi of India in Narela, Delhi. The NBFC is currently offering loans in Haryana, Maharashtra, Madhya Pradesh, Rajasthan, Delhi, Uttar Pradesh and Uttrakhand and plans to expand to the states of West Bengal and Bihar. The company has disbursed cumulative loans of Rs. 772 crore to farmers across India, since its inception in April, 2014.
18th Feb 17 ESAF Microfinance to launch small finance bank operations
ESAF Microfinance and Investment Pvt. Ltd plans to launch its small finance bank on 11th March, 2017 in Kerala by running a pilot at five branches. The bank intends to initiate its banking operations from 18th March, 2017 and expects to open 70 branches over the next three months. The bank has a target to garner 20 percent of its loan portfolio from MSME borrowers with the rest 10 and 70 percent from home loan and microfinance respectively.
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