As the market enters a new cycle, Loan products are becoming more competitive. The Canara Bank Home Loan is a good example of this. The product has several attractive features, but it is important to know what these features are and whether you are eligible for them. This article will give you all the information you need to make an informed decision.
Canara Bank Home Loan Highlights
| Interest Rate | starting at 8.05% p.a. |
| Loan Amount | Depending on the applicant’s profile |
| Loan Tenure | Up to 30 years |
| Processing Charges | 0.5% of the loan amount |
Canara Bank Home Loan
Canara Bank is one of the leading banks in India. It offers a wide range of products and services to its customers. One of the products the bank offers is home loans. The home loan offered by Canara Bank is one of the most popular products the bank offers.
Canara Bank offers home loans for a maximum tenure of 30 years at interest rates starting from 8.05% p.a. The home loan amount is decided on the basis of the applicant’s profile. But you can avail of loan amounts of up to 80% of your property value from the bank.
The home loan can be used to finance either the purchase or the construction of a property. This makes the home loan an attractive option for customers who are looking for a low-cost way to finance their purchase of a property.
Canara Bank Home Loan Interest Rates
Canara Bank offers a wide variety of home loan products to suit your needs and budget. You can choose from a range of interest rates and loan tenure options, so you can find the right home loan for you. With Canara Bank, you can be sure that you’re getting a great deal on your home loan.
| Home Loan Schemes | Interest Rate |
|---|---|
| Housing Loan | 8.05%-10.30% p.a. |
| Canara Site | 9.35%-10.40% p.a. |
| Home Improvement Loan | 10.80%-12.85% p.a. |
| Canara Home Loan Plus- Term Loan | 8.85%-10.90% p.a. |
Read Also – Kotak Mahindra Bank Personal Loan
Canara Bank Home Loan EMI Calculator
Looking to get a home loan but unsure of the interest rates and EMI? Check out our handy Canara Bank Home Loan EMI Calculator! This tool will help you determine your monthly repayments and overall costs associated with taking out a home loan.
Simply input your desired loan amount, interest rate, and term into the calculator, and you’ll get a breakdown of what you’d be paying over the course of the loan, as well as an estimate of your monthly payments. So whether you’re looking to purchase your first home or refinance an existing one, our calculator can help make the process easier.
Types of Canara Bank Home Loan
Canara Bank offers a range of home loans catering to different needs and budgets. The following are the types of home loans offered by Canara Bank:
1. Housing Loan
If you are looking to buy or construct a house, Canara Bank is one of the best options available. The bank offers a wide range of home loans for the purchase and construction of houses, as well as repair, renovation, expansion, upgrading and addition to existing houses.
Additionally, the bank offers home loan transfer services from other banks and HFCs. So if you are looking for a reliable and affordable home loan option, Canara Bank should definitely be your first choice.
- Tenure: Up to 30 years
2. Canara Kuteer- Housing Loan Scheme
Canara Bank offers a home loan for the purchase of a plot, new or old house/flat and home construction on an already owned plot/site by individuals having an annual household income of up to Rs 3 lakh.
- Loan Amount: Up to10 lakh
- Tenure: Up to 30 years
3. Housing Loan to Agriculturists
If you are an agriculturist, planter, horticulturist or someone engaged in similar activities, you may want to consider availing of a home loan from Canara Bank. The bank offers competitive interest rates and ample loan options that are tailor-made for those in the agricultural sector. For example, you can avail of a home loan for purchase or construction purposes.
4. Canara Site Loan
The Canara Site Loan is a unique product available from Canara Bank that is specifically meant for buyers who want to purchase sites sold by the State/Central governments, Town Planning departments, or any authorised govt. organisation.
This product is ideal for buyers who do not have enough liquidity to buy the site outright, as it allows them to borrow against the land and construction rights, thus providing them with quick access to the property.
- Loan Amount: 75% of cost of site value
- Tenure: Up to 10 years
5. Canara Home Loan Plus
Canara Bank is all set to give a helping hand to its existing home loan borrowers of the bank by offering a top-up scheme for their domestic needs such as medical expenses, education expenses and other emergencies.
- Loan Amount: up to Rs 25 lakh
- Tenure: Up to 10 years
6. Home Loan for NRIs
If you are an NRI and looking for a home loan to buy or build a property in India, then you may want to consider the Canara NRI Home Loan. This is a specialised loan product that is specifically designed for NRIs.
- Loan Amount: 4 times of annual gross income
- Tenure: Up to 30 years
7. Home Improvement Loan
Canara bank Home renovation loan offers a great facility to those who are looking to purchase furnishing items and appliances. The loan can be used for the purchase of any type of furnishing item, including refrigerators, air conditioners, fans, and wardrobes. The loan can be used for both personal and commercial purposes.
- Loan Amount: Up to 75% of project cost
- Tenure: Up to 7 years
8. Pradhan Mantri Awas Yojna
The Pradhan Mantri Awas Yojna (PMAY) is a scheme of the Government of India for providing affordable housing to the economically weaker sections and low income groups. It provides financial assistance for the purchase or construction of pucca houses, repair/renovation/extension to existing kucha houses to make pucca houses, and other related requirements like land, site development, and infrastructure.
- Tenure: Up to 30 years
Canara Bank Home Loan Eligibility Criteria
To be eligible for a home loan from Canara Bank, you must meet certain eligibility criteria
| Age | 21-60 years |
| Type of employment | Salaried/Self-employed/Businessmen/Professionals |
| Residency status | Residents of India/NRIs |
| Work Experience For Salaried | Minimum 2 years |
| Work Experience For Self- employed | Minimum 3 years |
Documents Required for Canara Bank Home Loan
Documents required for a home loan with Canara Bank can vary depending on the loan product you choose, but typically you will need to provide the following:
- Your passport size photograph.
- Identity proof: Aadhaar Card/ Driving licence/ PAN Card/ Voter’s ID/ Valid passport.
- Address proof: utility bills/ Valid passport/ Driving licence/ Rent agreement.
- Income proof For Salaried: Employment Certificate/ Recent salary slips/ Latest Form16.
- Income proof For Self-employed: 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.
- Copy of the approved plan for the proposed construction / extension / addition
- Detailed cost estimate / valuation report from Banks Panel Chartered Engineer / Architect
- Agreement for Sale
- Sale Deed
- Allotment letter of Co-operative Housing Society / Apartment Owners Association / Housing Board / NOC from the Society / Association / Builders / Housing Board
Read Also –
FAQs
Q. What is the interest rate on a Canara Bank home loan?
Ans. The interest rate on a Canara Bank home loan is typically around 8.05% p.a. However, this can vary depending on your credit score and other factors.
Q. How much can I borrow with a Canara bank home loan?
Ans. The maximum amount you can borrow with a Canara bank home loan is Rs 75 lakhs. However, this limit may vary depending on your credit score and other factors.
Q. How long does it usually take for my loan application to be processed?
Ans. Typically, the processing time for a Canara home loan application is around 7-10 days. However, this can vary depending on the specific bank you are dealing with.
Q. What is the minimum loan amount?
Ans. There is no minimum loan amount for Canara Bank Home Loan. You can borrow as much as you need. Interest rates for home loans are also very low, so you can get a good home loan for a good rate.
Q. Can I choose between fixed and floating rates of interest?
Ans. No, Canara Bank offers home loans at floating rates only.
Conclusion
I hope that this Canara Bank home loan article has given you a better understanding of what it is and how it can benefit you. Home loans are an important part of any financial plan, and choosing the right one can make all the difference. If you’re looking for a home loan that offers great features and low interest rates, look no further than Canara Bank. Thanks for reading!
