I recently got to know that one can take the Canara Bank home loan for several purposes like the construction of a house, the extension of the house, under-construction property or pre-owned homes, purchase of ready-built property, and renovation and repair of the house. Let me tell you about the interest rate this bank offers:
| Canara Home Loan Schemes | Interest Rates |
Canara Housing Loan |
6.65% to 8.90% p.a. |
Canara Home Loan Plus |
7.45% to 9.50% p.a. |
Canara Home Loan Secure |
7.00% p.a. |
Canara Mortgage Loan |
9.95% to 12.00% p.a. |
Canara Home Improvement Loan |
9.40% to 11.45% p.a. |
Canara Site Loan |
7.95% to 9.00% p.a. |
I hope you like this Canara Bank home loan review.
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My friend applied for the Canara Bank home loan last month and his application was rejected due to insufficient income. Let me tell you about other reasons for the same in the Canara Bank home loan review:
Unstable employment
Low credit score
Not falling into the age limit
Working in a delisted private firm
Residing in an address that is present in the defaulter list
Let me also share the eligibility criteria:You should be a salaried individual working for at least 2 years. Or if you‘re a businessman/professional or self-employed person, then you should have stayed in the profession/business for at least 3 years.
You should be younger than 60 years at the time of getting the loan
People older than 60 years are also eligible subject to some stipulations
Read more:
What is home loan process?
What is the process of closing home loan?
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In this Canara Bank home loan review, I will tell you about their home loan approval process & verification process. I was their existing customer, so all I had to was apply for the loan online. I even got pre-approved offers on home loans with attractive interest rates. The loan amount directly got credited to my account instantly.
If you are not their existing customer, you can apply for the loan online or go to the nearest Canara Bank branch. You can even call their home loan customer care to proceed with the application process.
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I can give you my Canara Bank home loan review as I am also planning to get a loan. When I called the customer support of Canara Bank, they told me that they charge a nominal processing fee of 0.50% (Rs.1500 to Rs. 10000). Also, you can prepay the home loan amount as you like. In the case of taking over the liability by other banks/HFIs, there are no prepayment penalties in respect of home loans carrying floating rates of interest. Isn’t that great?
What is processing fee for home loan?
How to apply home loan in Canara Bank?
What are Canara Bank Home Loan Reviews?
Leena
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2022-03-09T18:14:10+00:00 2022-03-14T17:27:09+00:00Comment
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