Canara Bank Pradhan Mantri Awas Yojana (PMAY) – Urban 2.0
Considering buying a home in the city at an affordable price? With Canara Bank Pradhan Mantri Awas Yojana (PMAY) – Urban 2.0, you can avail of a home loan with subsidized interest rates and no processing fees. Covered in EWS, LIG, and MIG categories, this scheme offers financial assistance for the purchase, construction, or upgradation of urban houses, with a maximum of ₹1.80 lakh subsidy on interest. Use hassle-free on NoBroker and receive expert help on your way.
Canara Bank Pradhan Mantri Awas Yojana (PMAY) – Urban 2.0
If you’re dreaming of owning a home in an urban area, the Canara Bank Pradhan Mantri Awas Yojana (PMAY) – Urban 2.0 is your chance to make it happen. Whether you’re from the EWS, LIG, or MIG category, you can avail of interest subsidies of up to ₹1.80 lakhs through this government-backed housing scheme. And the best part? With NoBroker, you don’t need to go through the hassle of long paperwork or bank queues for a home loan. We handle everything from document submission to loan approval, so you get your Canara Bank PMAY home loan easily and quickly.
| Overview:
Canara Bank PMAY – Urban 2.0 is a government-backed affordable housing scheme offering interest subsidies of up to ₹1.80 lakh for eligible applicants from EWS, LIG, and MIG categories. Ideal for purchasing, constructing, or enhancing homes in urban areas. Key Details
|
Canara Bank Home Loan Interest Rates
| Rate of Interest | Max funding | ||
| Credit Score | ROI | Loan Amount | Funding % |
| > 800 | 7.45% |
>=30 Lakh
|
90%
|
| 772-799 | 7.45% | ||
| 751-771 | 7.75% |
30<75 Lakh
|
80%
|
| 730-750 | 7.75% | ||
| 701-729 | 8.20% |
75 Lakh>
|
75%
|
| – | – | ||
| – | – | ||
| Apply Now | |||
Overview Table – Canara Bank PMAY Urban 2.0
| Feature | Details |
| Scheme Name | Canara Bank Pradhan Mantri Awas Yojana – Urban 2.0 |
| Eligibility Categories | EWS (≤ ₹3L), LIG (₹3L–₹6L), MIG (₹6L–₹9L) |
| Interest Subsidy | Up to ₹1.80 lakh |
| Loan Purpose | Purchase/Construction of homes in urban areas |
| Maximum Property Value | ₹35 lakh |
| Loan Quantum | 90% of the project cost or ₹25 lakh (whichever is lower) |
| Tenure | Up to 30 years or until the applicant turns 75 |
| Processing Charges | Nil |
| Prepayment Charges | Nil |
| Income Requirement | Minimum net monthly income of ₹10,000 |
| Margin Requirement | 10–25% based on the age of the property |
| Property Insurance | Mandatory |
| Age Limit | 21 to 75 years |
Canara Bank Pradhan Mantri Awas Yojana (PMAY) – Urban 2.0
Under Pradhan Mantri Awas Yojana, families with no pucca house in their name can now get financial assistance for purchasing, constructing, or renovating a home in cities and towns.
Canara Bank, being one of the official lending institutions under the scheme, offers this loan with attractive features such as reduced interest rates, no prepayment penalty, and zero processing fees. Through NoBroker, you can easily apply for the Canara Bank Pradhan Mantri Awas Yojana application form and get end-to-end support.
Eligibility Criteria for Canara Bank Pradhan Mantri Awas Yojana Home Loan
You are eligible for the Canara Bank Home Loan if you meet the following conditions:
- You or your family does not own a pucca house anywhere in India.
- Your household income falls within the EWS, LIG, or MIG limits.
- The property is located in an urban or metro area.
- The property value does not exceed ₹35 lakh.
- The loan tenure is more than 5 years.
- Your age is between 21 and 75 years.
Income Criteria:
| Category | Annual Income Bracket |
| EWS | Up to ₹3 lakh |
| LIG | ₹3 lakh to ₹6 lakh |
| MIG | ₹6 lakh to ₹9 lakh |
Key Features of Canara Bank Pradhan Mantri Awas Yojana Scheme
1. Interest Subsidy of up to ₹1.80 Lakh
Eligible beneficiaries can get a direct interest subsidy credited to their loan account, reducing overall EMI.
2. Flexible Loan Amounts
Loan quantum is the lower of:
- ₹25 lakh
- 90% of the project cost
- 4x your gross annual income, with a net take-home pay of at least ₹10,000/month after EMI
3. No Hidden Charges
Enjoy zero processing charges and no prepayment penalties under this scheme.
4. Extended Tenure
You can opt for loan repayment for up to 30 years or until the age of 75 years.
5. Property Types Covered
- Ready-to-move-in flats/houses
- Construction on owned land
- Purchase of plot + construction
- Purchase of new/old homes (with conditions)
Calculate EMI Now: Canara Bank EMI Calculator
Documents Required for Canara Bank Pradhan Mantri Awas Yojana Loan
General Documents:
- Passport-size photographs (applicant/co-applicant)
- KYC documents: Aadhaar, PAN, Voter ID, etc.
- Proof of Residence and Age
- Income Proofs based on employment type
- Property documents (sale deed, title deed, tax receipts, etc.)
Salaried Individuals:
- Salary slips (last 6 months)
- Bank statements
- Form 16 & ITRs
Self-Employed Professionals:
- Balance sheets & profit/loss statements (3 years)
- Business registration proof
- ITRs, including agricultural income, if any
Property Criteria
| Loan Amount | New Property Margin | Old (<10 yrs) | Old (>10 yrs) |
| Up to ₹25 Lakh | 10% | 10% | 25% |
How to Apply for Canara Bank Pradhan Mantri Awas Yojana Loan Through NoBroker
- Visit NoBroker’s Home Loan Section
- Fill Out the PMAY Eligibility Form
- Upload Necessary Documents
- Let Our Experts Process the Application
- Receive Loan Sanction from Canara Bank
- Get PMAY Subsidy Credited Post Sanction
Unlike traditional channels, NoBroker offers a smooth and efficient process with professional guidance at every step, saving you time and effort.
Why Choose NoBroker for Canara Bank Home Loan Pradhan Mantri Awas Yojana
- Direct tie-up with Canara Bank
- Expert documentation support
- Faster loan approval
- Track application status online
- Get the maximum eligible subsidy.
- No extra brokerage or hidden fees
Conclusion
The Canara Bank Pradhan Mantri Awas Yojana (PMAY) – Urban 2.0 is a golden chance for future homeowners in cities to avail of affordable finance. Through its enticing interest subsidies and hassle-free application facility through NoBroker, owning your dream home is easier than ever before. Begin your journey to your dream home—apply for the Canara Bank PMAY Urban 2.0 today and enjoy reduced EMIs and quick approvals.
