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Canara Bank provides home loans at attractive and affordable interest rates starting at 8.40% per annum for up to 30 years. In certain situations, a home loan of up to five years' gross income may be approved, although the maximum amount is four times your gross annual income. The bank also offers zero prepayment charges and a nominal processing fee on the loan amount, making it one of the preferred options for home loans.
This article will cover the crucial facts related to the Canara Bank Home Loan Interest Rate from which you’ll get closer to building your dream home.
Canara Bank offers home loans for multiple individuals such as salaried, self-employed, businessmen, and professionals. The rate of interest for a Canara Bank home loan starts from 8.40% p.a. and yes, of course, it depends on your credit score, employment profile, monthly income, repayment capacity, and many other things.
If you are meeting certain conditions, you are eligible to avail up to 90% of the property value. Additionally, the bank provides loans for renovations or repairs up to Rs. 15 lakh. People over 60 can apply for a house loan from Canara Bank, subject to certain requirements.
Women can benefit from Canara Bank Home Loans as it offers a 5% discount on interest rates. It has various schemes for individuals like agriculturists, and those working in related fields such as horticulture, plantations, poultry/dairy, etc.
Canara Bank home loans are loaded with multiple features (lower processing fee and zero prepayment charges) which makes it a preferable option for most aspiring homeowners.
The following points further glorify its existence in the market and depict clearly why to choose Canara Bank Home Loans:
With Canara Bank Home Loans, you are allowed to buy or construct a house or flat, takeover of house loans, renovate and repair existing property, etc.
For new properties (up to ten years old), the bank gives a margin of up to 90%; for properties older than ten years, the margin is up to 75%.
You are eligible for life insurance coverage with Canara Bank Home Loans.
For executing prepayments of your home loan, you do not levy any charges from the Bank.
With Canara Bank Home Loans, you can secure funding by providing collateral, making it a reliable option for your needs.
Along with the aforementioned features or benefits, Canara Bank Home Loans provide you with attractive interest rates, long repayment terms, and relaxed documentation, forcing you to choose this bank as your reliable and reputed lender.
Home loans from Canara Bank have interest rates as low as 8.40% per annum and can be taken out for up to 30 years. Factors like credit score, loan amount, applicant type, and type of home loan scheme chosen play crucial roles in determining the interest rates by the lender.
Below are the tables for floating and fixed home loan interest rates offered by Canara Bank:
|
Interest Rates (p.a.) for Women / Other Borrowers |
Credit Risk Grade |
|
8.50% / 8.55% |
CRG-Prime |
|
8.50% / 8.55% |
CRG:1 |
|
8.80% / 8.85% |
CRG:2 |
|
9.70% / 9.75% |
CRG:3 |
|
11.20% / 11.25% |
CRG:4 |
|
Interest Rates (p.a.) for Women / Other Borrowers |
Credit Risk Grade |
|
8.45% / 8.50% |
CRG-Prime |
|
8.45% / 8.50% |
CRG:1 |
|
8.75% / 8.80% |
CRG:2 |
|
9.60% / 9.65% |
CRG:3 |
|
11.10% / 11.15% |
CRG:4 |
|
Interest Rates (p.a.) for Women / Other Borrowers |
Credit Risk Grade |
|
8.40% / 8.45% |
CRG-Prime |
|
8.40% / 8.45% |
CRG:1 |
|
8.70% / 8.75% |
CRG:2 |
|
9.50% / 9.55% |
CRG:3 |
|
11.00% / 11.05% |
CRG:4 |
|
Interest Rates (p.a.) for Women / Other Borrowers |
Credit Risk Grade |
|
8.40% / 8.45% |
CRG-Prime |
|
8.40% / 8.45% |
CRG:1 |
|
8.70% / 8.75% |
CRG:2 |
|
9.40% / 9.45% |
CRG:3 |
|
10.90% / 10.95% |
CRG:4 |
|
Interest Rates (p.a.) for Women / Other Borrowers |
Credit Risk Grade |
|
9.75% / 9.80% |
CRG-Prime |
|
10.00% / 10.05% |
CRG:1 |
|
10.05% / 10.10% |
CRG:2 |
|
10.45% / 10.50% |
CRG:3 |
|
11.95% / 12.00% |
CRG:4 |
Note: Additional 5bps concession for Takeover/Ready to Move in Home Loan proposals and 5bps concession for salaried employees working in Central/State Government/PSUs/MNCs/Bluechip Companies and corporations who maintain or switch salary accounts with us, including premium payroll package payroll accounts, are applicable for Canara Housing Loan (all variants) under CRG Prime, CRG-1, and CRG-2. These concessions apply to all loan slabs up to the floor/ceiling rate.
The processing charge for the Canara Bank Home loan is 0.50% of the loan amount; it might be as low as Rs. 1,500 or as high as Rs. 10,000. Below is the table for different home loan schemes offered by Canara Bank with their processing fees:
|
Home Loan Schemes |
Processing Fees |
|
Canara Site Loan |
0.50% (min. Rs.1,500 and max. Rs.10,000) |
|
Canara Home Loan Plus |
NA |
|
Canara Bank Home Improvement Loan |
0.50% (min. Rs.1,500 and max. Rs.10,000) |
|
Canara Mortgage |
0.50% (min. Rs.5,000) |
To be eligible for a Canara Bank Home Loan, you must meet certain criteria like age, employment type, residency status, etc. Let’s clear things up with the following table:
|
Eligibility Criteria |
Requirements |
|
Age |
Minimum: 21 years; Maximum: 70 years |
|
Employment Type |
Self-employed, Salaried, Professionals, and Businessmen |
|
Residency Status |
Non-residents of India (NRI) / Residents of India (as per your chosen scheme) |
|
Income |
Steady and Predictable, often starts with a minimum of Rs 20,000 |
|
Credit Score |
A higher credit score (650 or above) |
Canara Bank is a great option to start your journey to homeownership. With its reduced interest rates and zero prepayment charges, you can plan your budget in the most affordable way. A gentle consideration of its processing fee on the loan amount and eligibility criteria can simplify the home loan procedure for you. So, choose the home loan scheme you want and take one step forward to your most satisfying achievement.
|
Particulars |
Details |
|
Interest Rate |
Floating Rates: 8.40%-11.25% p.a. Fixed Rates: 9.75%-12% p.a. |
|
Loan Amount |
Minimum: NA, Maximum: 6x Gross Annual Salary (depending on your profile) |
|
Max Loan Tenure |
30 Years |
|
Processing Charges |
Maximum of Rs. 10,000 (up to 0.50%) |
|
Prepayment/Foreclosure Charges |
NIL |
|
Penal Interest Rate |
Not Available |
