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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.
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Last Updated: Jul 8, 2026
Education — BTech (IIT Guwahati), IIM Bangalore
With 7 years of hands-on experience structuring home loans across both public and private lending institutions, Suraj Mudaliar brings sharp, practical expertise to every borrower's journey. He specializes in loan eligibility assessment, balance transfers, and EMI optimization — helping customers not just get a loan, but get the right loan for their financial situation.
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
|
| 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 | |||
| 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 |
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.
You are eligible for the Canara Bank Home Loan if you meet the following conditions:
| Category | Annual Income Bracket |
| EWS | Up to ₹3 lakh |
| LIG | ₹3 lakh to ₹6 lakh |
| MIG | ₹6 lakh to ₹9 lakh |
Eligible beneficiaries can get a direct interest subsidy credited to their loan account, reducing overall EMI.
Loan quantum is the lower of:
Enjoy zero processing charges and no prepayment penalties under this scheme.
You can opt for loan repayment for up to 30 years or until the age of 75 years.
Calculate EMI Now: Canara Bank EMI Calculator
Documents Required for Canara Bank Pradhan Mantri Awas Yojana Loan
| Loan Amount | New Property Margin | Old (<10 yrs) | Old (>10 yrs) |
| Up to ₹25 Lakh | 10% | 10% | 25% |
Unlike traditional channels, NoBroker offers a smooth and efficient process with professional guidance at every step, saving you time and effort.
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.
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