Canara Bank Home Loan Interest Rate

In our previous post, we discussed the SBI Home loan interest rates, PNB home loan interest rates, Bank of Baroda home loan interest rates, etc. Not only SBI but also Canara Bank and many other banks provide Home loans to fulfill your dream of making your own home. Basically, Canara Bank offers attractive home loan interest rates, starting from 8.45% p.a. with a maximum loan tenure of 30 years. The Canara Bank provides a home loan for renovation, repair of an existing house, purchase of a plot, etc.

Canara Bank Home Loan Interest Rate

Types of Home Loan	Interest Rate
Housing Loan	8.55% to 11.75%(Limit Upto Rs. 50 Lakh) 8.50% to 11.15%(Limit Above Rs. 50 Lakh to Rs 1 crore) 8.45% to 11.05%(Limit Above Rs 1 crore to Rs 25 crore) 8.45% to 10.95%(Limit Above Rs 25 crore)
Canara Mortgage	10.30% to 12.80%
Home Improvement Loan	11.75% to 13.80%
Canara Home Loan Plus – Term Loan	9.80% to 11.85%
Canara Home Loan Secure	9.35%p.a.

Canara Bank Home Loan Schemes

Housing Loan

• The main purpose of this home loan scheme is to purchase a ready-built house, or flat and Construction of a house, flat, etc.
• Lower Rate of Interest.
• No Prepayment penalty.
• Loan for repairs and renovations: This Housing Loan can be given by the bank up to Rs.15.00 Lakh for Repairs and renovations subject to completion of three years.
• Processing fee of 0.50% (Min Rs.1500/- and Max. Rs.10,000/-).
• Resident Type:- Indian & NRI
• Age: The entry age of the borrower shall be less than 60 years for availing the loan & shall be able to clear the liability before attaining 75 years of age.

Canara Kuteer Scheme

• For the purpose of Construction of the house on an already owned Site/plot.
• No Prepayment penalty.
• A processing fee of 0.50% on the loan amount with a Minimum of Rs. 1,500/- & maximum of Rs. 10,000/- is charged.

Home Loan for NRIs

• All Non-resident Indians have valid Indian passports and persons of Indian origin (PIO) have foreign passports.
• Age:- Minimum- 21 years and maximum- 60 years.
• Those who want to get a loan from Canara Bank should have an NRI status of 3 years.
• Loan Amount is 4 times of Annual Gross Income.

Home Loan Plus

• This scheme is used for domestic needs, medical expenses, educational expenses of children and dependents, etc.
• The amount of Loan for Salaried applicants is 24 months gross salary subject to a maximum of Rs 50.00 lakhs.
• Age:- 18 to 75 years.
• A processing fee of 0.50% on the loan amount with a Minimum of Rs. 100/- & maximum of Rs. 500/- is charged.

Canara Home Loan Super Gain Scheme

• For purchase of House, flat and Construction, extension, repair,  renovation of new, second hand residential flat, house, etc.
• A processing fee of 0.40% on the loan amount with a Minimum of Rs. 2000/- & Maximum of Rs. 50000/- is charged.
• Loan amount:- Minimum Amount of Rs 20.00 lakhs with no upper limit on the Maximum amount.

Documents required for Canara Bank Home Loan 

• 2 passport-size photos.
• ID Proof:-  PAN Card, Driver’s License, Voter ID, Passport, Aadhar Card etc.
• Residence Proof:-  Driver’s License, Voter ID, Passport, Aadhar Card,  Electricity Bill, Telephone Bill, etc.
• Age Proof
• Bank statement of salary account for the past 6 months.
• Proof of confirmed service of 3 years:- Form No.16 & ITR if any supported by Employee ID/Appointment Letter/ Confirmation in services evidencing duration of the employment/3 years IT Returns.
• Statement of Bank Account.

For more information visit the official site of Canara Bank Click Here.