Canara Bank Home Loan Interest Rate: Canara bank is one of the leading housing loan providers among the nationalized banks. Being a nationalized/public sector bank with attractive & affordable lowest interest rate along with flexible repayment tenures it remains the most preferred choice among home loan borrowers.
The housing loan interest rates of Canara bank start from 6.95% p.a. with a special discounted interest rate of 6.90% for women borrowers. Canara Bank Home Loan Interest Rate
The home loan with Canara bank is available for ready to buy the property or under-construction builder property, for construction of the house, for purchase of site and construction of loan thereon, for undertaking repairs, renovation, expansion, up-gradation, and creation of additional amenities, for home improvement and for loan takeovers. Canara Bank Home Loan Interest Rate
Benefits of Applying Home Loan With Canara Bank
- Lowest interest rate of 6.90% p.a.
- No login-fees required.
- Flat processing fees of 0.50% for home loans of any amount i.e. minimum Rs.1500/- and maximum Rs.10, 000/-.
- Flat interest rates (as applicable) for any loan amount.
- Lenient on the CIBIL scores.
- Home loan available for all profiles.
- Co-operative staff and personalized services.
- Home loan and home loan transfers available for borrowers who have applied for moratorium during the covid-19 provided the basic requirement of minimum account balance is maintained.
- Home loan available for all borrowers irrespective of their working sectors including the most affected sectors during covid19 which includes transport, aviation, tourism, hotels and restaurants, reality, construction, etc. provided the basic requirement of minimum account balance is maintained.
- Flexible repayment options upto 30 years.
- Pre-sanction of loan possible without having selected a property.
- PMAY credit linked subsidy schemes available with subsidy upto Rs.2.67 lakhs.
- Nil prepayment charges for floating interest rate home loans.
Canara Bank Home Loan Details
Being a government bank, the applicant feels secure for applying for a housing loan with
Canara bank. Below given are the details of the Canara bank home loan.
Interest Rates:
- Floating interest rates.
- Interest rates start from 6.90% p.a.
- Interest rates are linked to RLLR-Repo Linked Lending Rate.
- Interest rates remain flat as applicable for any loan amount.
- Since Canara bank is lenient on the CIBIL scores, interest rates differ with the risk grade which range from 6.90% – 8.90%.
Loan Amount: Minimum: NA, Maximum: 6x gross annual salary / gross annual income & Rs.15.00 lakhs for repairs / renovations.
Loan Tenure: Maximum up to 30 years.
Eligibility Criteria:
- Regular flow of income.
- Within the age group of 21 years to 70 years.
- Applicants above the age of 60 years are also eligible subject to certain stipulations.
- Minimum 3 years work experience for salaried borrowers.
- Minimum 3 years into business for self-employed.
Processing Fees: 0.50% on the loan amount or Rs.10,000/- whichever is low. The minimum processing fee is Rs.1,500/-.
Prepayment/Foreclosure Charges: Nil.
Loan To Value (LTV) Funding: Varies from 75%-90% depending upon the loan amount, the market value of the property, and the age of the property.
| Home Loan Amount | LTV % (On The Market Value Of Property) | |
| Property Age ≤ 10 Years | Property Age > 10 Years | |
| Upto 30lakhs | 90% | 75% |
| 30lakhs – 75lakhs | 80% | 75% |
| 75lakhs and above | 75% | 75% |
Documents Required: KYC, income documents, and property papers. Additional LOD (list of documents), Outstanding Letter, and 12 months repayment track record is required in case of home loan balance transfers. Canara Bank Home Loan Interest Rate
| KYC | Pan Card, Adhar Card & Photograph |
| Income Documents | |
| For Salaried | 4 months Salary Slips, 6 months Bank Account Statement, 2 years From 16. |
| For Self-Employed | 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership no. and UDIN No. |
| Property Papers | Prior Chain of Agreement, OC/CC + approved plans, Index 2, Share Certificate, Society Registration Copy, Property Tax. |
Canara Bank Eligibility Calculation
Canara bank keeps the eligibility calculation simple. 4 times of gross annual salary/gross annual income is the income eligibility of the borrower. At times 6 times of the gross annual income/salary may be considered for enhancement of the eligibility. The formula for calculation of the borrower’s income eligibility is as follows: Canara Bank Home Loan Interest Rate
- For Salaried Borrower
Gross Annual Salary as per ITR X 4
(4 times gross annual Salary as per ITR/ITAO of the concluded financial year). - For Self-Employed Borrower
Average Gross annual Income of 4 years X 4
(4 times of average gross annual income of all the four years in the case of individuals engaged in business or self-employed persons subject to production of documentary evidence regarding the gross annual income.)
Loan eligibility can be enhanced by adding income from other sources and by adding the eligible income of the co-applicant. Canara Bank Home Loan Interest Rate
Canara Bank Home Loan Schemes
Canara bank has a range of home loans to meet the requirements of borrowers. These are Canara Housing Loan, Home Improvement Loan, Canara Site Loan, Canara Home Loan Plus, and Canara Home Loan For NRIs. Home loan interest rates of the bank are linked to RLLR – Repo Linked Lending Rate. RLLR of the bank is 6.90% w.e.f. 07.07.2020. The interest rates differ with the risk grade and range from 6.90% – 8.90%, Canara Bank Home Loan Interest Rate.
1) Canara Housing Loan
Canara housing loan is available for multiple purposes for purchasing a house, constructing a house, purchasing a plot, and renovating a house. It is available for borrowers with stable employment/business and income for at least 3 years. Special discounted interest rates are available for women borrowers. Below given is the interesting grid for women borrowers and other borrowers according to their risk grade as of July 16, 2020. Canara Bank Home Loan Interest Rate
| CIC- Risk Grade | RLLR | Women Borrowers | Other Borrowers | ||
| Credit Risk Premium Over RLLR | Effective ROI Under RLLR | Credit Risk Premium Over RLLR | Effective ROI Under RLLR | ||
| CS: 1 | 6.90% | 0.00% | 6.90% | 0.05% | 6.95% |
| CS: 2 | 6.90% | 0.05% | 6.95% | 0.10% | 7% |
| CS: 3 | 6.90% | 0.45% | 7.35% | 0.50% | 7.40% |
| CS: 4 | 6.90% | 1.95% | 8.85% | 2.00% | 8.90% |
2) Canara Site Loan
Canara site loan is a loan scheme available for borrowers for purchasing of housing sites from State Development/Town Planning Development authorities, Central and State Governments local authorities either exclusively or in partnership with private sector entities, or from any other body constituted by the Government for distribution of sites provided such layouts are duly approved by the concerned statutory authority. Additional housing loans can be taken for the construction of houses on the site. The takeover of a loan is also allowed under this scheme provided the original loan is sanctioned for the mentioned purposes. Canara Bank Home Loan Interest Rate
- Eligibility: – Maximum age upto 60 years.
- Eligible Applicant: – Salaried, Self-employed, Professionals & NRI.
- Eligible Loan Amount: – Four years gross Annual salary/income OR 75% of the cost of the site/guideline value (whichever is less).
- Repayment Tenure: – Whichever is earlier of
– 10 Years OR
– Maximum period permitted by the allotment agency for construction of house OR
– upto 65 years of the borrower at the time of closure of loan. - Processing Fee: – 0.50% of the loan amount subject to a minimum of Rs.1,500/- and maximum of Rs.10,000/-.
- Interest Rate: – Range from 7.95% – 9% p.a.
| CIC- Risk Grade | RLLR | Credit Risk Premium Over RLLR | Effective ROI Under RLLR |
| CS: 1 | 6.90% | 1.05% | 7.95% |
| CS: 2 | 6.90% | 1.10% | 8% |
| CS: 3 | 6.90% | 1.60% | 8.50% |
| CS: 4 | 6.90% | 2.10% | 9.00% |
3) Home Improvement Loan
A home improvement loan is a loan scheme available for the purchase of household appliances and for furnishing the house, such as refrigerator, fans, air conditioner/s, to put up wardrobes, etc.
- Eligible Applicant: –
– Salaried, Self-employed, Professionals & NRI.
– Salaried minimum net take home salary should be 25% of the gross salary or Rs.2000/- after the deduction of EMI.
– Self-employed & Professional should have a minimum annual income of Rs.50,000/-. - Eligible Loan Amount: – 1 year’s gross salary / income subject to maximum loan amount of Rs.2 lakhs.
- Repayment Tenure: – Maximum upto 5 years.
- Processing Fee: – 0.5% of the loan amount subject to a minimum of Rs. 1500/- and maximum of Rs. 10000/-.
- Loan Disbursement: –
– Loan amount is disbursed only after acquiring a ready built house or after completion of house construction or after completion of repairs & renovations, etc. – when the loan is availed along with a housing loan.
– Loan amount is disbursed against proforma invoice, etc. – when the loan is not availed along with a housing loan. - Interest Rate: – Range from 9.40% – 11.45% p.a.
| CIC- Risk Grade | RLLR | Credit Risk Premium Over RLLR | Effective ROI Under RLLR |
| CS: 1 | 6.90% | 2.50% | 9.40% |
| CS: 2 | 6.90% | 2.55% | 9.45% |
| CS: 3 | 6.90% | 3.05% | 9.95% |
| CS: 4 | 6.90% | 4.55% | 11.45% |
4) Canara Home Loan Plus
Canara home loan plus is a top-up facility available only for the existing housing loan borrowers of Canara bank who are having a satisfactory repayment track record for at least 1 year. The loan is available in the form of a term loan of up to 10 years as well as an overdraft of up to 3 years.
- Eligibility: – Minimum age is 18 years and Maximum upto 60 years.
- Eligible Applicant: – Only existing housing loan borrower having satisfactory repayment track record for at least 1 year.
- Eligible Loan Amount: – Loan amount is subject to 75% LTV on the valuation of the property.
For Salaried – Loan amount is limited to 10 months gross salary subject to maximum Rs.25 lakhs.
(Pre-condition- net take home salary shall not be less than 40%)
For Self-employed – Loan amount is limited to 75% of 3 years gross income subject to maximum of Rs.25 lakhs. - Repayment Tenure: –
For Term Loan – Remaining repayment period of existing housing loan or 120 EMIs, whichever is less. (Subject the loan is closed before 70 years of the age of the borrower).
For Overdraft – 3 years. - Processing Fee: – 0.50% of loan amount subject to a minimum of Rs.100/- and maximum of Rs.500/-.
- Interest Rate: – Range from 7.45% – 9.50% p.a.
| CIC- Risk Grade | RLLR | Credit Risk Premium Over RLLR | Effective ROI Under RLLR |
| CS: 1 | 6.90% | 0.55% | 7.45% |
| CS: 2 | 6.90% | 0.60% | 7.50% |
| CS: 3 | 6.90% | 1.10% | 8% |
| CS: 4 | 6.90% | 2.60% | 9.50% |
5) Canara Home Loan For NRIs
Canara bank home loan is available for NRIs with a valid Indian passport. NRI home loan is available for the purchase of a ready-built house, for construction of the house, purchase of site and construction of the house (subject to the purchase of plot is restricted to 60% of the sanctioned loan amount), for undertaking repairs, renovation, expansion, up-gradation, and creation of additional amenities and balance transfer of the home loan. Canara Bank Home Loan Interest Rate
- Eligibility: –
– Minimum age is 18 years and Maximum upto 60 years.
– Must have NRI status for 3 years.
– Must have a valid Indian passport or foreign passports for PIO i.e. person of Indian origin.
– Must have a steady source of income.
– Must have 2 years minimum job experience with valid job contract and work permit. - Eligible Loan Amount: – Minimum: NA, Maximum: 6x gross annual salary / gross annual income & Rs.15.00 lakhs for repairs / renovations.
- Repayment Tenure: – Upto 30 years.
- Processing Fees: – 0.10% of loan amount subject to a minimum of Rs.500/- and maximum of Rs.10,000/-.
- Prepayment/Foreclosure Charges: – Nil.
- LTV Funding: – Varies from 75%-90% depending upon the loan amount, market value of the property and the age of the property.
| Home Loan Amount | New Property | LTV % (On The Market Value Of Property) | |
| Property Age ≤ 10 Years | Property Age > 10 Years | ||
| Upto 30lakhs | 90% | 80% | 75% |
| 30lakhs – 75lakhs | 80% | 80% | 75% |
| 75lakhs and above | 75% | 75% | 75% |
- Documents Required: – Click to know
- Interest Rates: – Range from 6.90% – 8.90%. Interest rates vary according to the risk grade.
| CIC- Risk Grade | RLLR | Women Borrowers | Other Borrowers | ||
| Credit Risk Premium Over RLLR | Effective ROI Under RLLR | Credit Risk Premium Over RLLR | Effective ROI Under RLLR | ||
| CS: 1 | 6.90% | 0.00% | 6.90% | 0.05% | 6.95% |
| CS: 2 | 6.90% | 0.05% | 6.95% | 0.10% | 7% |
| CS: 3 | 6.90% | 0.45% | 7.35% | 0.50% | 7.40% |
| CS: 4 | 6.90% | 1.95% | 8.85% | 2.00% | 8.90% |
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