Constantly moving from one rental home to another can be frustrating, especially when you're faced with the end of a lease or other disruptions. Commute issues and the hassle of changing schools for children only add to the stress. However, Canara Bank Home Loan offers a solution, providing flexible options for purchasing a new home, constructing or extending a house, or buying land for future construction. With a strong network across India and global offices, Canara Bank is here to help you secure a safe and stable home for you and your family. 

Don’t wait—explore Canara Bank Home Loan today.

Canara Bank Home Loan Interest Rate Details 2025

Below is the table showing the Canara Bank Home Loan Interest Rates and other details regarding the home loan - 

Types of Canara Bank Home Loan

Here are the types given under the Canara Bank Home Loan - 

1. Canara Kuteer 
2. Canara Bank Housing Loan to Agriculturist 
3. Canara Bank Home Loan to NRIs 
4. Canara Housing Loan For Customers with Minimal or Nil Income 
5. Pradhan Mantri Awas Yojna - Urban 2.0
6. Canara Housing cum Solar Loan

Canara Kuteer 

Canara Kuteer is a home loan scheme for individuals looking to acquire a residential site, purchase new or old dwelling units, or construct a house on an already owned plot. It offers financial assistance for both buying and building homes.

Loan Amount:

• Up to Rs 5,00,000 for household income up to Rs 1,00,000 p.a.
• Up to Rs 10,00,000 for household income between Rs 1,00,000 and Rs 3,00,000 p.a.

Canara Bank Housing Loan to Agriculturist 

The housing loan options for agriculturists include loans for the purchase of ready-built houses or flats, construction of houses or flats, and the purchase of a site followed by house construction with eligibility-based furnishing. The bank also provides loans for repairs and renovations (up to Rs. 15 lakh after 3 years from loan commencement), as well as loans for expansion, upgradation, and creation of additional amenities. Additionally, loans can be availed for acquiring a second house or flat, even for borrowers who already own a property, with or without an existing loan.

Component 1: Financing up to 75% of the project cost for expansion, upgradation, and creation of additional amenities.

Component 2: Funding for fixed furnishing (up to 15% of the loan amount or Rs. 50 lakh, whichever is lower).

Loan Amount:

• Up to 60% of the sanctioned loan amount is for purchasing the plot in composite housing loans.
• Eligible accounts from public/private banks, co-operative banks, and other financial institutions.

Canara Bank Home Loan to NRIs 

Canara Bank Housing Loan offers funding for various purposes, including the purchase of a ready-built house/flat, the construction of a house/flat, or the purchase of a site with construction. The loan for site purchase is restricted to 60% of the eligible loan amount in composite housing loans. Loans are also available for acquiring a second house/flat for borrowers who already own a property, with or without an existing loan.

• Loan Amount: Varies based on the purpose and eligibility (up to Rs. 15 lakh for repairs/renovations)
• Tenure: Flexible repayment tenure options, subject to eligibility.

Canara Housing Loan For Customers with Minimal or Nil Income 

Canara Housing Loan for customers with minimal or nil income offers financial assistance for the purchase of a ready-built house/flat, construction of a new house/flat, or the purchase of a site with construction as per eligibility. It also provides funding for extending or repairing/renovating an existing house/flat, specifically in metro/urban areas, ensuring affordable housing options for low-income individuals.

Loan Amount: 

Home Loan:

• Metro Cities: Max loan of Rs. 35 lakh, Max project cost Rs. 45 lakh
• Other Cities: Max loan of Rs. 25 lakh, Max project cost Rs. 30 lakh

Repair and Renovation:

• Metro Centres: Max loan of Rs. 10 lakh
• Other Centres: Max loan of Rs. 6 lakh

Canara Pradhan Mantri Awas Yojana- Urban 2.0

The scheme is available for families in the EWS/LIG/MIG categories living in urban areas without a pucca house/flat. It covers the purchase of a ready-built house/flat, construction of a house/flat, or the purchase of a site with construction, all in urban/metro areas.

Loan Amount:

• Four times the annual gross income, with a Net Take-Home (NTH) of 25% after considering the EMI.
• Minimum NTH quantum is Rs. 10,000/-.
• Alternatively, 90% of the project cost or Rs. 25 lakh, whichever is lower, with the house/flat value not exceeding Rs. 35 lakh.

Housing Loan: As per the applicable Housing Finance Scheme.

• Solar Loan: For the purchase and installation of a Roof Top Solar Photovoltaic (PV) System, sanctioned along with the Housing Loan or to applicants with existing Housing Loans.
• Eligibility: Solar loan sanctioned with the same eligibility as the Housing Loan.
• EMT/MODTD: If the Solar Loan is sanctioned with the Housing Loan, the EMT/MODTD will be applicable to the housing loan property. For loans sanctioned post-Housing Loan, the existing EMT/MODTD continues.

Loan Amount:

• Housing Loan Component:

• Up to six times the borrower's gross annual income for general housing loans.

• 4 times of Gross Annual Income for Housing Loan to NRIs.

• Up to six times the gross annual income for housing loans granted to agriculturists.

• Minimum of Rs 20 lakh with no upper limit for Canara Home Loan Super Gain.

• The maximum loan quantum is subject to the norms of each Housing Loan variant.

Solar Loan Component:

Maximum of Rs 10 lakh (including subsidy, with the subsidy component included in the loan quantum). 

Canara Bank Home Loan Eligibility Criteria

The eligibility criteria of the Canara Bank Home Loan are mentioned in the table below:

Resident Type:

• Resident Indians, Non-Resident Indians (NRIs) with an Indian passport, Persons of Indian Origin (PIOs) holding foreign passports, and Overseas Citizens of India (OCI).

Salaried Individual:

• Individuals with at least 2 years of continuous service, including a minimum of 6 months in the current organization/company.

Non-salaried Individual:

• Self-employed individuals and businesspersons (e.g., doctors, chartered accountants, architects). Proof of 3 years of ITR/ITAO required.

Entry & Exit Age of Borrowers:

• Entry age must be below 60 years. Loan must be cleared before the borrower reaches 75 years of age.
   
• If the main borrower is 60 years or older, the loan must be joint with an earning spouse or legal heirs.

Takeover of Home Loan Liability:

• Eligible to transfer home loan liabilities from Public Sector Banks, Private Sector Banks, Co-operative Banks, Regional Rural Banks, NBFCs, and HFCs (subject to terms and conditions).

Documents Required for Canara Bank Home Loan Application

Loan Application: Completed loan application form with 2 passport-sized photos of the applicant, co-applicants, or guarantor.

KYC Documents (Applicant/Co-applicant/Guarantor):

• Proof of Identity: PAN Card, Driver’s License, Voter ID, Passport, Aadhar Card, etc.
• Proof of Residence: Driver’s License, Voter ID, Passport, Aadhar Card, Electricity Bill, Telephone Bill, or Business-related GST proof.
• Age Proof: PAN card copy.

Salaried Individuals:

• Bank statement of the salary account for the past 6 months.
• Proof of confirmed service for 3 years (Form 16, ITR if applicable, Employee ID, Appointment Letter, or Service Confirmation).

Self-employed/Business Individuals:

• Balance Sheet and Profit & Loss account for the past three assessment years.
• ITR/ITAO for the past three assessment years.
• If agricultural income is included in ITR, a copy of the land records.
• Bank statements for the past 12 months.
• Brief note on the nature of business and proof of business.

NRI Applicants:

• Proof of Identity: First 4 pages of passport and the page with visa stamp, or IC/PIO card.
• Valid work permit.
• Salary certificate attested by the Indian Embassy/Consulate/Employer.
• Account statement/passbook of an overseas bank showing salary and savings.
• Notarized Power of Attorney if authorizing a third party to complete documentation or mortgage formalities.

How can you calculate EMI for Canara Bank Home Loan?

Interested to know the loan amount you can get at Canara Bank to buy your dream home? Well, the solution lies in the Wishfin Canara Bank Home Loan EMI Calculator that will map your income and savings before arriving at the desired figure. You can easily calculate home loan EMI by using the calculator, which will take into consideration the loan amount, rate of interest, and loan tenure to compute the same. 

For Example

Suppose a man submits his application wanting a home loan for 15,00,000 at the interest rate starting from 8.15% p.a. to 11.00% p.a. For a tenure of 25 years. So here will be the monthly EMIs for him for the tenure from 5 years to 25 years. 

Fees/Charges of Canara Bank Home Loan

Here are the additional fees/charges apart from the home loan interest rate. Make sure to go through them before applying - 

Benefits of Canara Bank Housing Loan

• No Upper Limit on Loan Amount - Canara Bank offers home loans with no maximum limit, subject to the borrower's income and repayment capacity. This allows flexibility in financing higher-value properties.

• Lower Rate of Interest - The bank provides competitive interest rates, making home loans affordable and reducing the overall cost of borrowing.

• Reducing Balance Interest Rate - Interest is calculated on a reducing balance basis, meaning borrowers pay interest only on the outstanding principal amount, leading to lower interest payments over time.

• No Prepayment Penalty- Borrowers can repay the loan before the tenure ends without incurring any prepayment charges, helping them save on interest costs.

• Loan for Repairs and Renovations - Canara Bank also provides financing for home repairs and renovations, ensuring homeowners can upgrade or maintain their properties without financial strain.

• Financing for a Second Home- The bank offers loans for purchasing a second house or flat, enabling borrowers to invest in additional residential properties.

• Minimal Processing Charges - The loan comes with low processing fees, making it more cost-effective for borrowers to avail of financing.

• Complimentary Credit Card - Eligible home loan borrowers can avail a complimentary Canara Bank credit card, providing additional financial flexibility and rewards.

These benefits make Canara Bank Home Loan an attractive financing option for individuals looking to buy, build, or renovate their homes.

Canara Bank Home Loan Application Form

Applying for a home loan at Canara Bank has become easier with the online facility, which was earlier not available. 

All you need to do -

1. Visit the housing loan section of the website and click the ‘Facility of online Application’ link. 
2. The moment you do so, the form will open and ask you to fill in the spaces prescribed for personal, residential, and income details. 
3. Carefully fill in the particulars and submit them along with the relevant documents stated above. 
4. You can also visit the branch to submit your application. 

• • The choice is yours, whether to visit the branch or go online to apply for a home loan.
  • Subsequently, the bank will start the proceedings by letting its executive visit your office and residence to verify the details. 
  • If the details are found to be true, the bank will approve your loan application.

Canara Bank Home Loan Customer Care Number

You can resolve all your queries and complaints regarding home loans by dialing the toll-free number-

• 1800 1030 

The customer care executives are ready with hassle-free solutions to let you enjoy a seamless home loan experience with Canara Bank.

Summary!

In conclusion, Canara Bank Home Loan offers a reliable and affordable solution for individuals looking to purchase, construct, or renovate their homes. With interest rates starting from 8.15% p.a. to 11.00% p.a., flexible loan amounts, and minimal processing charges, Canara Bank makes it easier for you to own a home without the stress of renting. Whether you're looking to buy a new property, extend your existing one, or even acquire land for construction, Canara Bank provides various options to suit your needs.

FREQUENTLY ASKED QUESTIONS

1. What is the latest Canara Bank Home Loan interest rate?

The Canara Bank home loan interest rates start from 8.15% p.a. to 11.00% p.a. 

2. What purposes can a Canara Bank Home Loan be used for?

• Purchase of a ready-built house or flat.​
• Construction of a new house or flat.​
• Purchase of a site and construction of a house thereon. Note that loans for the purchase of only a site are not considered under housing loans.

3. Who is eligible to apply for a Canara Bank Home Loan?

• Salaried Individuals: Those with at least 3 years of confirmed service.​
• Self-Employed Professionals: Individuals engaged in business or self-employment, such as doctors, chartered accountants, and architects, with at least 3 years of experience.

4. Are there any processing charges for availing a home loan?

Yes, a Processing Fee of 0.50%, a minimum of ₹1,500 + GST, and a maximum- ₹10,000 + GST on the loan amount is applicable.

5. What is the repayment tenure for Canara Bank home loans?

The maximum repayment period is 30 years or up to the age of 60 years of the borrower, whichever is earlier. In certain cases, repayment up to the age of 70 years may be considered, subject to specific conditions.