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Canara Bank Home Loan Interest Rates 2022

Canara Bank Housing Loan Interest Rate -Today

Last Updated 17th Jan 2022

Loan AmountCanara Bank Repo Rate Home Loan RateRate for Female Borrower
Upto ₹ 25 Lakh6.90%6.90%
₹ 25 Lakh - ₹ 75 Lakh6.90%6.90%
₹ 75 Lakh - ₹ 1 Cr6.90%6.90%
Above ₹ 1 Cr6.90%6.90%
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

Canara Bank Home Loan Rate

Canara Bank offers home loans to both salaried individuals and self-employed at a minimum rate starting at 6.90% up to 8.90%. Apart from the interest rate, the bank also has various other charges such as Canara Bank processing fee - that is charged over and above the loan amount, is non-refundable and has to be paid at the time of loan application and foreclosure and prepayment fee for closing or prepaying the loan before the loan tenure ends.

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
Part Prepayment Charges Allowed
Foreclosure Charges Nil for floating rate home loans

Interest rates on Canara Bank Home Loans Schemes

Canara Bank offers a housing loan interest rate at 6.90%. If you want to avail of the home loan at the lowest rates, you should have a good CIBIL score, debt-income ratio and repayment capacity. In addition, Canara Bank home loan interest rates are lower for existing customers of the bank and individuals who are working with reputed corporations with a stable employment history.

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 Rate for Salaried and Self-Employed

The home loan interest rates in Canara Bank for salaried and self-employed is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 25 Lakh 6.90%
₹ 25 Lakh - ₹ 75 Lakh 6.90%
₹ 75 Lakh - 1 Cr 6.90%
Above ₹ 1 Cr 6.90%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 25 Lakh 6.90%
₹ 25 Lakh - ₹ 75 Lakh 6.90%
₹ 75 Lakh - 1 Cr 6.90%
Above ₹ 1 Cr 6.90%

Canara Bank Bank Home Loan Interest Rate For Women & Govt Employee

Loan Amount Canara Bank Home Loan Rate For Women Canara Bank Home Loan Rate For Govt Employee
Upto ₹ 25 Lakh 6.90% 6.90%
₹ 25 Lakh - ₹ 75 Lakh 6.90% 6.90%
₹ 75 Lakh - 1 Cr 6.90% 6.90%
Above ₹ 1 Cr 6.90% 6.90%

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 loan balance transfer rate of 6.50%.

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

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. If 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. Current Canara Bank balance transfer rate is 6.50%.

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. Apart from the home loan rates, you can also negotiate over the processing fee.

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

Yes, Canara Bank offers concessional rates to the existing customers, and you can negotiate with the bank to offer you the revised 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?

Currently, Canara Bank offers the same home loan rate for men and women at 6.90%. The home loan rates for Canara Bank however vary across different home loan schemes.

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

For home loan upto ₹ 25 Lakh, Canara Bank provides home loan interest rate starting at 6.90%. However, you can get the lowest rates if you have a good relationship with the bank, work with top corporations, have a good CIBIL score and have stable income sources.

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 rates. In the case of the fixed-rate, the interest remains the same throughout the tenure. On the other hand, the home loan rates vary as per the market fluctuations for floating home loan rates.

What is the Canara Bank home loan rate today ?

Canara Bank home loan rate today is in the range of 6.90% to 8.90%.The bank also charges a processing fee of upto Upto 0.50%, Minimum ₹ 1,500 Maximum ₹ 10,000 of the home loan amount.

How much interest does Canara Bank take on home loans?

The rate of interest on Canara Bank home loans varies based on your eligibility, such as CIBIL score, age, repayment capacity, income etc. However, Canara Bank home loan current interest rate 2021 are in the range of 6.90% to 8.90%.


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Canara Bank Home Loan News - Jan 2022
  • 2022-01-06 : Canara Bank Q3 Net Profit Rises by 139.5%
    Canara Bank has reported a net profit of 139.5% to register a year-on-year profit of Rs. 1,667.3 cr in Q3.
  • 2021-12-09 : Canara Bank Launches Limited Period Offer on Home Loans
    Canara Bank has launched a limited offer on home loans with rates starting at 6.65%. Earlier, the bank was offering home loans at 6.90%.
  • 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.
*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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