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Canara Bank Home Loan Interest Rates - Updated in October 2024
Updated : September 30, 2024
Author :
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Canara Bank offers enticing home loan interest rates beginning at 8.85% p.a. for customers looking to purchase their dream homes. These rates are reasonable and present alluring financing options with periods up to 30 years.
If certain conditions are met, the loan amount can cover up to 90% of the property's value. Women candidates are eligible for substantially more enticing interest rates starting at 8.55% p.a. It's crucial to remember that Canara Bank assesses loan applicants' creditworthiness and requires a credit score of 650 or above in order to grant loans.
Canara Bank Home Loan Interest Rates of Different Schemes in 2024
Here are the interest rate ranges for different home loan schemes offered by Canara Bank:
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| Scheme | Interest Rate Range |
| Canara Site Loan | 8.85% - 10.95% |
| Canara Home Loan Plus | 9.80% - 11.85% |
| Home Improvement Loan | 9.25% to 13.80% |
| Home Loan for Women | 8.55% to 10.90% |
| Canara Mortgage | 10.30% to 12.60% |
Canara Bank Offers Various Types of Home Loans - A Detailed Overview
Canara Bank provides a wide variety of home loan types to fit different needs:
Canara Site Loan
The Canara Site Loan is a home loan that is available to both salaried and self-employed individuals who are looking to purchase their very own housing property.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 18 - 65 years
- Cibil Score: Minimum credit score must be 700.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 10 years.
- Loan Amount: 50,000 - 1 Crore
- Interest Rate: 8.85% - 10.95%
- Processing Fees: 0.5% of the loan amount
Canara Home Loan Plus
Canara Home Loan Plus is a home loan product provided by Canara Bank that caters to both salaried and self-employed individuals who are looking forward to purchasing their own residential property. For those interested in home loan interest in Canara Bank, exploring the Canara Home Loan Plus offering can provide valuable insights into their financing options.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 21 - 70 years
- CIBIL Score: Minimum credit score must be 650.
- Employment Type: Both salaried and self-employed.
- Loan Tenure: Up to 15 years.
- Loan Amount: 1 Lakh - 50 Lakhs
- Interest Rate: 9.80% - 11.85%
- Processing Fees: 0.5% of the loan amount
Home Improvement Loan
Home Improvement Loan is a home loan that is available to both salaried and self-employed individuals who are looking to do renovation work on their housing property. This home loan plan with flexible repayment options is ideal for any of your remodelling projects.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 18 - 65 years
- Cibil Score: Minimum credit score must be 700.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 10 years.
- Loan Amount: 25,000 - 10 Lakhs
- Interest Rate: 9.25% to 13.80%
- Processing Fees: 0.5% of the loan amount
Home Loan for Women
As a part of their commitment to support women homebuyers, there are housing loan interest rates in Canara Bank which are specifically designed for female applicants. These loans provide appealing interest rates, less processing fees, and other incentives to encourage and support women in their pursuit of homeownership.
- Applicant Type: Women, including salaried and self-employed.
- Eligibility:
- Age: 21 - 70 years
- CIBIL Score: Minimum credit score must be 650.
- Employment Type: Both salaried and self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: 25,000 - 35 Lakhs
- Interest Rate: 8.55% to 10.90%
- Processing Fees: 0.5% of the loan amount
Canara Mortgage
Canara Bank offers Canara Mortgage as a great way for customers to achieve their dream of owning a home. This scheme is specifically tailored for people who aspire to buy a home and prioritises affordability and ease of repayment.
- Applicant Type: Senior citizens, including salaried and self-employed.
- Eligibility:
- Age: 60+ years
- Cibil Score: Minimum credit score must be 700.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 20 years.
- Loan Amount: 25,000 - 35 Lakhs
- Interest Rate: 10.30% to 12.60%
- Processing Fees: 0.5% of the loan amount
Canara Bank Home Loan Interest Rates for Women
In order to make home loans more affordable for women who apply, Canara Bank offers reduced interest rates and reductions on processing expenses.
| CIBIL Score | Interest Rate |
| 700 and above | 8.85% p.a. |
| 650 - 699 | 9.25% p.a. |
| 600 - 649 | 9.75% p.a. |
| 550 - 599 | 10.25% p.a. |
| 500 - 549 | 11.00% p.a. |
Please take note that the interest rates stated are merely examples and could vary. However, female candidates are still able to make use of these advantages to get a mortgage with a favourable interest rate.
Canara Bank Home Loan Interest Rates for Self-Employed
Canara Bank offers home loans to self-employed individuals. The interest rates for self-employed individuals are slightly higher than the interest rates for salaried individuals.
| CIBIL Score | Interest Rate Range |
| 700 and above | 9.00% |
| 650 - 699 | 9.50% |
| 600 - 649 | 10.00% |
| 550 - 599 | 10.50% |
| 500 - 549 | 11.25% |
Canara Bank Home Loan Interest Rates for Salaried
Salaried individuals are welcome to take advantage of Canara Bank's alluring interest rates, which are depending on their credit scores.
| CIBIL Score | Interest Rate Range |
| 700 and above | 8.85% |
| 650 - 699 | 9.25% |
| 600 - 649 | 9.75% |
| 550 - 599 | 10.25% |
| 500 - 549 | 11.00% |
Canara Bank Home Loan Interest Rates for NRI
Canara Bank provides competitive interest rates for home loans catering to NRIs.
| Eligibility | Non-Resident Indians (NRIs) and Persons of Indian origin (PIO) |
| Loan Tenure | up to 30 years |
| Loan Amount | 75 Lakhs |
| Interest Rate Range | 8.65% - 8.85% p.a |
| Processing Fees | 0.5% of the loan amount. |
Unique Benefits and Features of Canara Bank Home Loan
- Attractive interest rates: Canara Bank Home Loan offers attractive interest rates based on the MCLR, which are reevaluated and subject to change regularly. You can reduce your monthly EMI costs by doing this.
- Long repayment term: The Canara Bank Home Loan's prolonged repayment term lowers monthly EMIs because EMI amounts decrease with longer repayment terms. It's crucial to keep in mind, though, that larger overall interest payments result from a longer tenure.
- Relaxed documentation: Documentation requirements are more simplified for Canara Bank Home Loans, which further simplifies the application procedure. While collateral or third-party guarantees are not required, basic documents like a PAN card, passport, and pay stubs are.
- Benefits for Female Applicants: Canara Bank provides female applicants with unique advantages including reduced interest rates and processing cost exemptions. These benefits are designed to make homeownership more affordable and accessible for women, enabling them to fulfil their aspirations of owning a home.
- Curated Loan Options for Self-Employed Applicants: For those in search of flexible financial solutions, Canara Bank's property loan interest rate proves to be attractive option. Canara Bank understands the specific financial requirements of self-employed individuals and offers specialized home loan choices tailored to their needs. These personalized loan alternatives consider the unique preferences and circumstances of self-employed people, ensuring they have access to the right kind of finance to fulfill their home ownership dreams.
How to Apply for a Home Loan at Canara Bank?
Canara Bank has an easy application procedure that you can use to apply online through their website or in person at a nearby location. By adhering to a few important steps, you can submit your application, provide the necessary papers, and wait for Canara Bank's approval. If your application is approved, you can proceed with the loan agreement process and receive the sanctioned loan amount, bringing your goal of owning a home one step closer to reality.
- Visit Canara Bank Home Loans Website or Branch:
Log on to the Canara Bank home loans website or visit a nearby Canara Bank branch.
- Fill Out Application Form:
Complete the online application form by providing your personal information, financial details, and relevant information about the property you intend to purchase or use as collateral.
- Submit Required Documents:
To move forward with your loan application, gather and submit the required documents, including identity proof, address proof, income proof, and relevant property documents. Make sure that all necessary documentation is provided accurately and promptly to facilitate the loan processing and verification procedures.
- Await Approval and Verification:
Your application will be carefully reviewed by Canara Bank after you submit it. They will verify your eligibility and complete the necessary verification processes based on the information you have provided. This assessment process is crucial to ensuring accuracy and compliance with their loan requirements.
- Complete Loan Agreement Process:
Once your application is accepted, you must complete the loan arrangement by signing the necessary paperwork and paying any due costs. This step is necessary to finish the loan application process and move on with the money disbursement.
- Receive Sanctioned Loan Amount:
Upon the successful completion of the loan agreement process, you will be receiving the approved loan amount as per the terms and conditions.
- Disbursement of Funds:
The loan funds will be disbursed per the mutually agreed-upon terms and conditions.
Canara Bank Home Loan Eligibility
To be eligible for a Canara Bank Home Loan, applicants must meet certain criteria:
- Income Criteria: Applicants must establish their ability to repay the loan with a steady and predictable income to be approved for one. For various loan amounts and localities, Canara Bank establishes certain income criteria, often beginning at a minimum of Rs. 20,000.
- Credit Score: The borrower's credit score is important since it indicates how creditworthy they are. When determining a candidate's eligibility for a house loan, Canara Bank considers their credit score.
- Age Criteria: For those requesting house loans, Canara Bank sets both a minimum and a maximum age restriction. In general, the minimum age requirement is 18, while the maximum age limit varies depending on the loan tenure selected.
- Employment Type: By taking into account the applicant's employment status—salaried or self-employed—Canara Bank assesses their stability and repayment capabilities. This evaluation aids Canara Bank in determining the applicant's financial stability and capacity to make loan repayments.
- Loan Amount Eligibility: A borrower's eligibility for a specific loan amount depends on a variety of factors, including the applicant's ability to repay the loan and the value of the item being financed. These factors are taken into consideration while determining the maximum loan amount that the applicant is qualified for.
Documents Required for Canara Bank Home Loan
Applicants need to submit the following documents when applying for a Canara Bank Home Loan:
- Proof-of-Identity: Valid documents like an Aadhaar card, PAN card, passport, or voter ID are necessary to establish the applicant's identity.
- Proof-of-Address: Documents like an Aadhaar card, utility bills, or rental agreement are needed to verify the applicant's residential address.
- Proof-of-Age: Documents like a birth certificate, school leaving certificate, or any other valid document that confirms the applicant's age are required.
- Income-Proof: Canara Bank mandates income proof to evaluate the applicant's repayment capacity. This may include salary slips, income tax returns, bank statements, or other relevant documents.
- Property-related Documents: Documents about the property being financed, such as the agreement, title deed, NOC from the builder, and property valuation reports, are necessary for verification purposes.
Canara Bank Home Loan EMI Calculator - How to Calculate Canara Bank Home Loan EMI?
To calculate your Canara Bank home loan EMI, use the following formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
- P = Loan amount
- R = Interest rate per month
- N = Loan tenure in months
Canara Bank Home Loan Interest Rates for the Last 10 Years
| Year | Interest Rate Range |
| 2013 | 9.15% - 11.65% |
| 2014 | 9.05% - 11.55% |
| 2015 | 8.95% - 11.45% |
| 2016 | 8.75% - 11.25% |
| 2017 | 8.45% - 11.05% |
| 2018 | 8.05% - 10.65% |
| 2019 | 7.75% - 10.45% |
| 2020 | 7.55% - 10.25% |
| 2021 | 7.35% - 10.05% |
| 2022 | 7.05% - 9.75% |
Canara Bank Home Loan Interest Rate Compared to Other Banks | 2024
| Bank/ NBFC Name | Interest Rate |
| Axis Bank | 8.85% - 14.00% |
| Aditya Birla Capital Home Loan | 9% - 12.50% |
| Bandhan Bank | 8.65% - 13.65% |
| Bank of Baroda | 8.50% - 10.60% |
| Bank of India | 7.80% - 9.65% |
| Bank of Maharashtra | 8.40% - 10.80% |
| Canara Bank | 8.85%- 11.25% |
| Central Bank of India | 8.45% - 9.20% |
| Citibank | 8.45% |
| Corporation Bank | 8.60% - 11.20% |
| Dena Bank | 8.40% |
| Federal Bank | 10.15% - 10.30% |
| Fullerton Bank | 9.50% |
| HDFC Bank | 8.95% - 9.85% |
| HSBC | 8.60% |
| ICICI Bank | 9.00% - 10.05% |
| IDBI Bank | 8.75% - 11.45% |
| IDFC First Bank | 8.85% |
| Indian Overseas Bank Home Loan | 9.55% |
| Indiabulls Housing Finance | 8.75% |
| Jammu and Kashmir Bank | 8% |
| Karnataka Bank | 9.08% - 10.38% |
| Karur Vysya Bank | 9.23% - 12.13% |
| Kotak Mahindra Bank | 8.85% - 9.40% |
| LIC HFL | 8.70% |
| PNB HFL | 8.50% - 10.85% |
| Reliance Home Finance | 9.35% - 13% |
| State Bank of India | 8.25% - 9.65% |
| Sundaram Home Finance Ltd Home Loan | 6.95% - 8.30% |
| Tata Capital | 8.95% |
| Union Bank of India | 8.75% |
| YES Bank | 9.15% - 11.25% |
Factors that Affect Canara Bank Home-Loan Interest Rate
- CIBIL score: Your CIBIL score is a measure of your creditworthiness. A higher CIBIL score indicates that you are a good borrower and are less likely to default on your loan. As a result, you will be offered a lower interest rate.
- Loan amount: The loan amount is the total amount of money that you are borrowing. The larger the loan amount, the higher the interest rate will be.
- Loan tenure: The loan tenure is the period over which you will repay the loan. The longer the loan tenure, the higher the interest rate will be.
- Property type: The type of property that you are buying can also affect the interest rate. For example, a loan for a residential property will have a lower interest rate than a loan for a commercial property.
- Lender's risk appetite: If the lender perceives the loan as being riskier, they will charge a higher interest rate.
- Market conditions: The current market conditions can also affect the interest rate on a Canara Bank home loan.
Tips for Lower-Interest Canara Bank Home Loans
- A good credit score: Ensure timely payment of bills and keep your credit utilisation ratio low to maintain a favourable credit score.
- Opt for shorter tenures: Selecting a shorter loan tenure can potentially lead to lower interest rates.
- Compare schemes and interest rates: Conduct thorough research and compare the various home loan schemes and interest rates offered by Canara Bank to identify the most suitable option for you.
- Making a higher down payment: Making a higher down payment reduces the loan amount, resulting in a lower interest burden.
- Accurate documentation: Ensure that all required documents are precise and complete to avoid delays and increase the likelihood of securing a lower interest rate.
- Build a relationship with the bank: Establishing a positive relationship with the bank, such as maintaining accounts or investments, may aid in negotiating better interest rates.
Home loans from Canara Bank have competitive interest rates that start at 8.60% p.a. They provide engaging programming for women, self-employed individuals, salaried employees, and NRIs in order to cater to a variety of consumer needs.
Whether you're seeking to transfer your current loan or buy a new house, Canara Bank offers flexible solutions. In order to benefit from the present low-interest rates on Canara Bank home loans, submit your application as soon as possible. For additional information, go to NoBroker Home Loan Services.
Disclaimer
This article is solely for educational purposes. NoBroker doesn't take any responsibility for the information or claims made in the blog.
Frequently Asked Quetions
The current Canara Bank home loan interest rate for 2024 starts from 8.60% p.a. and may vary based on the scheme and the applicant's profile.
Canara Bank offers both fixed and floating interest rate options for home loans, allowing borrowers to choose the option that suits their needs.
Yes, Canara Bank offers home loans to government employees at attractive interest rates. They have specialised programmes designed to satisfy the particular requirements of government employees, making homeownership more accessible and affordable.
Yes, Canara Bank provides a top-up loan facility to existing home loan borrowers who have a good repayment track record. This enables borrowers to access additional funds for various purposes, such as renovation or meeting other financial needs.
Canara Bank's home loan balance transfer option allows borrowers to transfer their existing home loan from another bank to Canara Bank at attractive interest rates. Benefits include potential savings on interest costs, improved customer service, and additional features and benefits offered by Canara Bank.
Yes, Canara Bank allows borrowers to prepay their home loans partially or in full before the completion of the loan tenure. However, prepayment charges may be applicable based on the loan agreement terms.
The processing fee for Canara Bank home loans varies depending on the loan amount and scheme. It is generally 0.5% of the loan amount and covers the administrative costs associated with loan processing.
The amount of time needed to process a Canara Bank home loan application will depend on several variables, including the complexity of the case, the accuracy of the provided documentation, and property verification. Subject to all requirements being completed, Canara Bank processes and approves home loan applications in an average of 10-15 working days.
Yes, Canara Bank provides home loan options specifically designed for NRIs, allowing them to fulfil their dream of owning a home in India.
Yes, Canara Bank provides an interest rate certificate to its home loan borrowers. This certificate can be useful for income tax purposes, as it helps in calculating the interest component eligible for tax benefits.
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