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Canara Bank Home Loan Balance Transfer

Home Loan Transfer to Canara Bank

Last Updated 09th Jun 2021

Interest Rate6.90%
Processing Fee₹ 1,500
Lowest EMI per lakh₹ 659
Loan Tenure30 years
  • Canara Bank offers home loan balance transfer facility at low interest rates starting at 6.90% for a tenure of upto 30 years.
  • Transfer home loan to Canara Bank to reduce EMIs and save more on interest.
  • Avail top up from Canara Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Canara Bank Home Loan Transfer

Canara Bank, the largest Public Sector Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Canara Bank at lowest interest rates. To transfer your housing loan to Canara Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of Canara Bank.

Canara Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to Canara Bank, compare and calculate all the costs of loan transfer. The table below mentions Canara Bank home loan transfer interest rate and other home loan transfer charges of Canara Bank.

Home Loan Rates 6.75%
Processing Fees Upto 0.50% Minimum ₹ 1,500 and Maximum ₹ 10,000
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of Canara Bank Home Loan Transfer

To transfer your existing home loan to Canara Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Canara Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to Canara Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Canara Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to Canara Bank will be completed.

Eligibility for Canara Bank Home Loan Transfer

To transfer your home loan to Canara Bank, you must fulfil the following eligibility criteria:

  • You must have an existing home loan with any bank except for Canara Bank.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Canara Bank.
  • You must be an Indian resident and fulfil the age criteria of Canara Bank. The minimum & maximum age to avail a Canara Bank home loan is 21 and 55 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of Canara Bank Home Loan Transfer

Here are key features of Canara Bank Home Loan Transfer:

  • Lower Interest Rates: Canara Bank offers lower home loan rates starting at 6.75% along with ₹ 1,500 processing on home loans. Thus, you can save on your home loan by transferring your loan to Canara Bank.
  • Top-up Loans: If you have a good CIBIL score & fulfil the eligibility criteria of Canara Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With Canara Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the Canara Bank.

Document Required for Canara Bank Home Loan Transfer

To avail of home loan balance transfer from Canara Bank, you need to submit the following documents to Canara Bank.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Aadhar Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to Canara Bank?

Yes, transferring your home loan to Canara Bank is a good idea for home loan borrowers as Canara Bank provides lower home loan rates starting at 6.90%.

How can I transfer my Canara Bank home loan from one branch to another?

To transfer your Canara Bank home loan from one branch to another, you can place your request through net banking/mobile banking. Canara Bank also allows the home loan transfer facility through phone banking by calling home loan customer care.

Are there any charges while applying for Canara Bank home loan balance transfer?

Yes, Canara Bank charges home loan transfer fees such as ₹ 1,500 for Canara Bank home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

What are the benefits of taking a Canara Bank home loan balance transfer?

If you apply for a home loan transfer to Canara Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, Canara Bank home loan balance transfer can also help you avail top-up on your existing home loan.

How can I check the status of my Canara Bank home loan balance transfer?

To know your Canara Bank home loan status, you can call Canara Bank home loan customer care number or visit Canara Bank official website to check the status.


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Canara Bank Home Loan News - Jun 2021
  • 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.
  • 2019-10-01 : Repo rate linked loans by Canara Bank
    With effect from October 1, 2019, Canara Bank will provide loans at lending rates linked to RBI’s repo rate. The bank will provide retail and MSME loans charged at an interest of 8.30%. RBI linked repo rates will bring in more transparency and easier transmission of rate cuts on lending rates.
*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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