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Canara Home Loan Interest Rate Calculator - Jun 2017

Last Updated 21st Jun 2017

Canara Bank Home Loan Interest Rates

Interest Rate 8.65% - 8.75%
Check Best Offers
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 @ 8.35%*
Rs.
Rs.
+91

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.

  • Fixed rates allow you to borrow loan at a fixed price which won’t change in the whole tenure in case of change in MCLR rate and should be chosen only if you believe that the rates will not hike in future.
  • 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 8.40%.

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

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 8.40%. So, when Canara Bank offers a home loan at 8.65%, it applies a premium of 0.25% 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 Home Loan in India

Canara Bank Home Loan Interest Rate 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
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*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.