Canara Bank Home Loan Interest Rates 2021

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%

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, which is one of the leading Public Sector Bank in the country offers the lowest home loan rate starting at 6.90%. There has been no change in the lowest interest rate of Canara Bank home loan interest rate for a long time and the interest rate continues to be in the range of 6.90% to 8.20%.

Canara Bank offers multiple home loan schemes at affordable interest rates. However, you must do comparison between Canara Bank and other bank’s home loan rates before applying:-

Particulars	Canara Bank	SBI	HDFC
Interest Rate	6.90% - 8.90%	6.70% - 7.05%	6.75% - 8.20%
Processing Fees	Upto 0.50% Min ₹ 1,500 Max ₹ 10,000	Upto 0.40% Min ₹ 10,000	Min ₹ 3,000
Loan Tenure	30 Years	30 Years	30 Years
Maximum Loan Amount	₹ 10 Cr	₹ 7 Cr	₹ 5 Cr
Age	21 - 55 Years	18 - 70 Years	24 - 65 Years
Benchmark Rate	RLLR	RLLR	PLR
Lowest EMI Per Lakh	₹ 659 per lakh	₹ 645 per lakh	₹ 649 per lakh

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 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%.

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

✅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.