Canara Home Loan

How to Get a Canara Home Loan

Canara bank home loan interest rates start from 6.90% going up to 10.05%. The bank offers home loan tenures of up to 30 years. With a processing fee of as low as 0.50% on the loan amount, it is one of the most preferred home loan options in the country. Canara bank home loans can be availed by both salaried and self-employed individuals. The loan can be used towards a home purchase, home construction and also renovation.

Canara bank home loan interest rates

Canara bank home loan interest rates are based on Repo Linked Lending Rate (RLLR).

Here are the interest rate details applicable on Canara bank home loans:

The table below provides additional details on Canara home loans:

What are the home loan schemes offered by Canara Bank?

Canara Bank is known to offer a wide range of home loan schemes to cater to different consumer requirements. These include:

• Canara Housing Loan
• Canara Home Loan Plus
• Canara Site Loan
• Home Improvement Loan

These loans can be used for:

• purchase or construction of a house, 
• purchase of plot, 
• renovation or expansion of property

Canara home loans are:

• Available for individuals who have stable employment or business income for at least 3 years
• Also offered to individuals who are 60 years of age or more as long as they fulfil certain loan conditions

Here are the details of the home loan schemes offered by Canara Bank:

Canara Site Loan

• Interest rate: 7.95% to 9% p.a.
• Processing fees: 0.50% 
  • Minimum Rs. 1,500 
  • Maximum Rs. 10,000
• Helps borrowers to buy sites that are being sold by governments or any authorized government organizations
• Additional finance can be sought for the construction of a house on the purchased site
• The loan repayment tenure is a maximum of 10 years

Canara Home Loan Plus

• Interest rate: 7.45% to 9.50% p.a.
• No processing fees
• Acts as an additional loan on an existing housing loan from Canara bank
• Available to borrowers who have a good repayment track record of at least 1 year
• Provided in the form of term loans of up to 10 years and also overdraft facility of up to 3 years

Canara Bank Home Improvement Loan

• Interest rate: 9.40% to 11.45% p.a.
• Processing fees: 0.50% 
  • Minimum Rs. 1,500 
  • Maximum Rs. 10,000
• Designed to provide finances for purchasing big-ticket items like household appliances and furnishing
• NRIs can avail of this loan
• The maximum amount that can be borrowed is Rs. 2 lakhs as a top-up on an existing home loan from the bank
• The repayment tenure is a maximum of 5 years

What are the features & benefits of Canara Bank home loans?

Here are some of the key features of Canara home loans:

• Wide range of home loan financing options to cater to different borrower requirements
• Competitive home loan interest rates start at 6.90% p.a.
• Longer loan repayment tenure of up to 30 years
• Home loans are also offered under PMAY “Housing for All” scheme
• Fast and easy home loan application process

Canara Bank home loan eligibility criteria

Canara Bank offers a number of home loan schemes, each offering some unique benefits. Each of the home loans has its eligibility criteria. Here are a few common requirements to be met:

How to apply for Canara Bank home loans online?

Home loan borrowers can apply for Canara home loans online through the below-mentioned steps:

• Go to the bank’s website and navigate to the home loan application link
• Fill in the required fields in the application section
• Accept the terms and conditions before proceeding
• Enter personal and bank-related details
• Once the list of eligible loan options appears, one can compare and apply for the right home loan that suits personal requirements

End Note

Canara Bank, one of the leading public sector banks in India has recently revised its home loan rates as per repo rate linked lending rate (RLLR) and the base rate. This makes it one of the most preferred banks for home loans in the country.

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