Canara Bank Home Loan

Canara Bank Home Loan Details

Here are some things you should know about Canara Bank’s housing loans before applying for one:

Updated as per Latest Rates on 21 Jan 2020
Loan AmountMinimum: NA, Maximum: 6x Gross Annual Salary
Processing FeesUp to 0.50% (Max. Rs.10,000)
Penal Interest RateNot available
Prepayment/Foreclosure ChargesNil
Max Tenure30 Years
Rate Packages AvailableFloating

Along with the interest rates and processing fees, home loans are subject to a variety of other charges. Before you apply for a Canara Bank home loan, check out the applicable fees and charges that you may have to pay.

Canara Bank Home Loan Interest Rates

Canara Bank housing finance schemes are linked to its Repo Linked Lending Rate (RLLR). The table below shows the interest rates you need to know:

Home Loan SchemeApplicable Interest Rate (p.a.)
Canara Housing Loan8.05% to 10.05%
Canara Home Loan Plus8.60% to 11.15%
Canara Housing Loan to Agriculturists8.05% to 10.05%
Canara Home Loan for NRIs Scheme8.05% to 10.05%
Yuva Awas Rin – Canyar8.05% to 10.05%
Canara Site Loan9.10% to 10.15%
Canara Home Improvement Loan10.55% to 12.60%
Canara Mortgage11.10% to 13.15%

Canara Bank Home Loan Schemes

Canara Bank has a range of home loans to meet your requirements. These are: Canara Housing Loan, Yuva Awas Rin (Canyar), Housing Loan to NRIs, Housing Loan to Agriculturists, Canara Site Loan, Canara Home Loan Plus, Housing-cum Solar Loan, and Home Improvement Loan.

Canara Housing Loan

  • For purchase/construction of house, purchase of plot, and renovation/expansion
  • Available for individuals with stable employment/business and income for at least 3 years
  • Also available for persons aged 60 or more who fulfil certain conditions
Interest rate8.05% to 10.05% p.a.
Processing fee0.50% of the amount (min. Rs.1,500 and max. Rs.10,000)
  1. Canara Site Loan
    • Specifically to buy sites sold by the State/Central governments, Town Planning departments, or any authorised govt. organisation
    • Additional housing finance can be taken for construction of house on the site
    • Repayment tenure of up to 10 years
    Interest rate9.10% to 10.15%
    Processing fee0.50% (min. Rs.1,500 and max. Rs.10,000)
  2. Canara Home Loan Plus
    • Additional amount on an existing housing loan from the bank
    • Only available to borrowers with good repayment history for at least 1 year
    • Available as term loan of up to 10 years as well as overdraft of up to 3 years
    Interest rate8.60% to 11.15%
    Processing feeNA
  3. Home Improvement Loan
    • Curated for purchase of household appliances and furnishing the house
    • Also available for NRIs
    • Maximum borrowing of Rs.2 lakh on top of existing home finance from the bank
    • Repayment tenure of up to 5 years
    Interest rate10.55% to 12.60%
    Processing fee0.50% (min. Rs.1,500 and max. Rs.10,000)
  4. Yuva Awas Rin (Canyar)
    • Especially for salaried youths between 21 and 45 years of age
    • Loan amount of up to 6 years of gross salary
    • Need to have Net Take-Home salary of 30% after EMI deduction (min. Rs.10.000)
    Interest rate8.05% p.a. onwards (min. Rs.1,500 and max. Rs.10,000)
    Processing fee0.50% of the amount (min. Rs.1,500 and max. Rs.10,000)
  5. Canara Housing Loan to NRIs
    • Specially for NRIs with Indian passport and POIs with foreign passport
    • Joint application option available with relatives or spouse who are resident Indians
    • Need minimum 2 years of employment in another country and valid work permit
    Interest rate8.05% p.a. onwards
    Processing fee0.10% (min. Rs.500 and max. Rs.10,000)
  6. Housing Loan to Agriculturists
    • Curated for persons undertaking agriculture and allied activities
    • Only for certified non-agricultural properties
    • Available for persons with minimum 2 years of successful operations and gross annual income of Rs.5 lakh
    Interest rate8.05% p.a. onwards
    Processing fee0.50% of the amount (min. Rs.1,500 and max. Rs.10,000)

Home Loan Calculator

You can check the monthly repayment amount of your home loan before applying by using the Creditupchar Home Loan EMI Calculator. The calculator will ask for a few details such as the borrowing amount, tenure, interest rate, and the processing fee to compute the EMI.

The EMI will be calculated and displayed on the screen instantly after entering the data. Doing this will help you have a better idea of the amount you will be required to repay every month to the bank.

Canara Bank Home Loan Eligibility Criteria

Eligibility criteriaRequirements
Minimum age of the applicant21 years
Maximum age of the applicant70 years
Residency statusResidents of India/Non-residents of India (Depending on the scheme chosen)
Type of employmentSalaried/Self-employed/Businessmen/Professionals

Documents Required for All Home Loan Applicants Under Canara Bank

Generally, when you apply for housing finance, you will be required to submit the below documents:

  • Identity proof (Any one)
    • Valid passport
    • PAN Card
    • Driving licence
    • Voter’s ID
    • Aadhaar Card
  • Address proof (Any one)
    • Aadhaar Card
    • PAN Card
    • Copy of utility bills
    • Voter’s ID
    • Driving licence
    • Valid passport
  • Income proof (Any one)
    • Salaried individuals
      • Salary/Employment Certificate
      • Recent salary slips
      • Latest Form No.16
    • Self-employed individuals
      • ITAO/IT Returns of the last 3 assessment years
      • Letter about nature of business, type of organisation, year of establishment, etc.
      • Last 3 years’ Balance Sheet and P&L Account
  • Other documents
    • 2 passport-sizes photos of the applicant/guarantor
    • Filled application form
    • Sale Deed
    • Agreement for Sale
    • Approved plan for the proposed construction/extension/addition (Duplicate copy)
    • Detailed cost estimate/valuation report designed by Bank's Architect/Panel Chartered Engineer
    • Allotment letter of Co-operative Housing Society/Apartment Owners' Association/Housing Board/NOC from the Society/Association/Builders/Housing Board
    • Legal Scrutiny Report
    • NIL Encumbrance Certificate (EC) for the past 13 years
    • Property Tax paid receipt
    • Khata Certificate, Khata Extract
    • Permission for mortgage, wherever necessary
    • Cost estimates and Proforma Invoices
    • Lease Deed copy, if applicable
    • Valuation Report of the property from Panel Valuer of the bank
  • Documents for NRIs
    • Identity proof: Copy of the first 4 pages of passport and the page with visa stamp, OR IC/PIO card
    • Work permit
    • Short profile of the applicant and employer
    • Employment contract copy
    • Salary Certificate copy attested by Indian Embassy/Consulate/Employer.
    • Copy of identity card from current employer
    • Proof of income for self-employed businessmen and professionals
    • Information about past employment
    • Last 6 month’s bank account passbook or statement
    • Passbook or account statement of overseas bank with savings and salary details
    • Residence proof: Driving licence/utility bills
    • Continuous Discharge Certificate (CDC) copy - for merchant navy employees
    • Original NOC under the Provisions of ULC Act

The bank may ask for some other documents based on the purpose for which the money is being borrowed.

Canara Bank Pradhan Mantri Awas Yojana

The Pradhan Mantri Awas Yojana (PMAY), introduced in 2015 by the government, is aimed at providing affordable housing schemes to the economically-challenged section of the country. Canara Bank offers housing finance under PMAY to eligible applicants. You can get an interest rate subsidy for loans up to Rs.18 lakh. Read more about the government scheme 

Visit Canara Bank Home Loan