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Canara Home Loan Interest Rate Calculator - Aug 2017

Last Updated 14th Aug 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%
Minimum Rs. 1,500 Maximum Rs. 10,000
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.
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Canara Bank Home Loan

Canara Bank offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from Canara Bank has the following benefits:

    Canara Bank Home Loan Interest Rates

    In addition to its regular loan products, bank also offers customized loans for special categories of borrowers. Bank offers lower rates to ladies borrowers. Click on the details to get slabwise interest rates.

    Canara Bank Floating Rate Home Loans

    Product Interest Rates
    Canara Bank Home Loan Floating 8.65% - 8.75%
    Details+

    Canara Bank home loan interest rate depends upon

    • Loan amount: Housing loan rate in Canara Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
    • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
    • Type of loan opted for: Canara Bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.

    Canara Bank Eligibility Criteria

    Canara Bank has detailed criteria to determine a potential borrower’s eligibility for housing loans. Some of the key criteria are:

    Canara Bank Home Loan Eligibility Criteria
    Age 21 - 55 years
    Job Stability in case of Salaried (in years) 3 years
    Minimum Credit Score 650 and above
    Loan Amount Rs. 1,500,000 to Rs. 100,000,000
    Loan to Value Ratio Upto 80%
    FOIR (Fixed Obligations to Income Ratio) Up to 0.65
    • Age: Age plays an important role to know your eligibility and repayment capacity. Canara Bank offers loan to salaried at the age of 21 to 55 years and self- employed individuals at 21 to 55 years. A borrower taking a home loan at the age of 50 cannot get a loan of more than 5 years, which may result in lower loan eligibility and monthly EMI given higher servicing burden on his existing income. A person taking a loan at the age of 25, can get loan of up to 30 years, thus reducing servicing burden on his existing income and hence, improving his loan amount eligibility
    • Income: In case of salaried person, 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. In case you are salaried, you must be in a full time job for at least 3 years. In case you are self-employed, minimum turnover and minimum net income criteria may apply. Canara Bank also looks for business vintage (number of years a business has been in existence of years. 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 loan eligibility. If you are working with a reputed company, probability of getting house 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 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 house loan eligibility. Canara Bank looks for a minimum credit score of 650 and above
    • Loan Amount Bank gives you loan depending upon your loan eligibility. 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
    • Property Value: The value of the property to be purchased is used to calculate your maximum loan eligibility based on the maximum permissible LTV ratio which can range upto 80%. Canara Bank will get a detailed property assessment done to establish that all legal titles are in place, the market is saleable or liquid and to get an estimate of the fair market value of the property. LTV is calculated based on the estimated fair market value or registered value, whichever is lower
    • Fixed Obligations to Income Ratio (FOIR): Canara Bank will also calculate the proportion of your fixed obligations (including EMIs paid on other existing loans) to your income to calculate the Fixed Obligations to Income Ratio, popularly known as FOIR. In summary, fixed obligations include estimated average monthly expenses and EMIs you are paying on other existing loans. Minimum FOIR to be eligible for a Canara Bank home loan is 0.65

    Canara Bank Loan Eligibility Calculator and EMI Calculator

    Canara Bank Home Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. It is important to calculate eligibility for housing loan from Canara Bank. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

    Further, you can also use the Canara Bank Home Loan EMI Calculator online to calculate your house loan EMI. EMI is a fixed amount that you pay each month towards the repayment of yourloan till the end of tenure

    • EMI calculator of Canara Bank helps you to calculate your monthly EMI at different rate of interest and also check and compare 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 rate, higher will be the EMI
    • Loan tenure matters equally as higher tenure reduces your EMI

    What are the benefits of calculating Canara Bank Housing Loan EMI?

    • EMI calculator 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

    Other Home Loan Charges

    In addition to interest rates, home loan also carry some other charges which include:

    • 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 house loan with prepayment charges
    • Processing Fee - Canara Bank charges a processing fee of 0.50% of loan amount Minimum Rs. 1,500 Maximum Rs. 10,000 with applicable tax
    • Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.

    Home Loan Products

    Canara Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

    Housing Loan Canara documents required

    For Salaried employee

    • 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

    For Self-Employed

    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • 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 housing loan at 8.65% rate 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 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 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 loan with Nil charges.

    Can I transfer my house loan from another bank to Canara Bank?

    Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. 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 housing loan?

    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 rate on Canara Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.40%. When 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 rate.
    • When RBI increases 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
    Canara Bank Home Loan Interest Rate
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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.