20,00,000 people visited this section in last 30 daysApply Online

Get Cashback of Upto ₹ 1,000* on Home Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Canara Bank Home Loan

Canara Bank Housing Loan 2021

Last Updated 29th Nov 2021

Canara Bank is a large Public Sector Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 6.90% with quick approval and online process. Home Loan in Canara Bank is quite popular with its special features and attractive rates under various Canara Bank home loan schemes for different income and occupation groups. Some of the key features of Canara Bank housing loan are:

  • Canara Bank offers a special discount on home loan rates for women borrowers.
  • Canara Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Canara Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Canara Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

Canara Bank Home Loan Details

Canara Bank offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Canara Bank

Age Min 21 and Max 55 years for Salaried
Min 21 and Max 55 years for Self Employed
Repayment Tenure 30 years
Interest Rate 6.90%
Interest Rate Linked To RLLR
Processing Fee Upto 0.50%, Minimum ₹ 1,500 and Maximum ₹ 10,000
Lowest EMI Per Lakh ₹ 659
  • Purpose of Loan: Canara Bank house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Canara Bank Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 55 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 6.90% to 8.90%.
    • Canara Bank home loan EMI per lakh starts from ₹ 659. However, you can calculate your home loan EMI using Canara Bank home loan calculator 2021.
  • Special schemes: Canara Bank offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Canara Bank Home Loans

Some of the features and benefits of Canara Bank Home Loans are listed as follows:-

  • Canara Bank Home Loan Interest Rate starts from 6.70%.
  • Canara Bank charges a processing fees of Upto 0.50%, Minimum ₹ 1,500 and Maximum ₹ 10,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Canara Bank is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • Canara Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • Canara Bank has an average customer rating of 5/5.0 from customers who have taken a home loan from the bank.

How to Get Easy Home Loan from Canara Bank?

Getting a home loan from Canara Bank is fairly easy with an online application process. 5 Steps for Canara Bank Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Canara Bank and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of Canara Bank or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Canara Bank’s representative will visit your home or office to collect your documents.
  • Step 4: Canara Bank will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Canara Bank and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Canara Bank Home Loan Documents Required

To apply for a home loan in Canara Bank, the bank asks you to submit the following Canara Bank Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Canara Bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Canara Bank Home Loan EMI Calculator

Canara Bank home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Canara Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Canara Bank Home Loan Eligibility Calculator

Canara Bank Home loan eligibility calculator is an online tool that helps the Canara Bank home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Canara Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan Canara Bank?

To apply for Canara Bank Home Loan, you will be required to submit Canara Bank home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Canara Bank ?

Below-mentioned is the reason why you must avail a home loan from Canara Bank

Can I apply for an Canara Bank home loan online?

Yes, you can apply for a Canara Bank home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Canara Bank home loan scheme?

Choosing the best Canara Bank home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Canara Bank home loan scheme is based on one’s needs.

Is Canara Bank good for a home loan?

Canara Bank is one of the best home loan lenders in the country. Currently, Canara Bank home loan interest rate 2021 starts at 6.50%.

How can I check my Canara Bank home loan status?

One can check their Canara Bank home loan status on Canara Bank’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Canara Bank mobile app

What is the eligibility for a Home Loan of Canara Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Canara Bank Home Loan procedure?

There are two methods to complete the application for Canara Bank Home Loan Process online:

  • Apply online at Canara Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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 the benefit of paying less EMI per month.

Does Canara Bank check CIBIL for home loan?

Yes, to avail home loan from Canara Bank, you must fulfill Canara Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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. Availing loan transfer to Canara Bank can allow you to save interest, 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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Canara Bank is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 7.05%.

    Invest Now
Canara Bank Home Loan News - Dec 2021
  • 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.
  • 2020-01-08 : Canara Bank revised its home loan interest rates
    With effect from 7 January 2020, Canara Bank revised its home loan interest rate. The new rate lies between the range of 8.05% to 10.05%.
  • 2019-11-07 : Canara Bank reports profits in Q2 due to reduced bad loans
    State-owned bank, Canara Bank, posted a profit of about Rs 405.49 crores, leading to a 14% rise for the quarter ending on September 30. The bank reports an increase in interest income from retail loans like personal and home loans, that stood at Rs 12, 500.37 crores. Further bad loans reduced to Rs 2,297.43 crores from Rs 2,406.84 crores.
*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
Loader
Please wait while your information is being processed...