About Canara Bank Home Loan
It does get tough for anyone to constantly shift from one home to another home after the landlord calls them to leave his/her house subsequent to the expiry of rent agreement or due to any other reason. Being in rental accommodation for long can be frustrating as you could experience difficulty in reaching the office or you have to change the school of your children. However, you can take solace with the home loan offering of Canara Bank, a Bangalore-headquartered public lender with an extensive network of over 5,000 branches and around 10,000 ATMs across India to go with offices in London, New York, Shanghai and other regions worldwide.
Be it for the purchase of a new home, construction & extension of home or purchase of a plot or land for the construction of a home, Canara Bank is ready with a customized home loan offer for you. So, don’t wait till the problem of staying in rented accommodation reaches the eternity. Instead, avail a home loan from Canara Bank and let you and your family be safe & secure in your own home. So, without any ado, let’s discuss in detail about Canara Bank home loan.
Canara Bank Home Loan Interest Rates November 2023
Below is the table showing the rate of interest, tenure, maximum loan amount and processing fee applicable on the home loan offered by Canara Bank.
| Particulars | Details |
|---|---|
| Interest Rate | 8.85% - 11.25% |
| Loan Amount | Depends upon the income and repayment capability |
| Tenure | 30 years |
| Processing Fee | 0.50% of the loan amount Minimum- ₹1,500 Maximum- ₹10,000 |
| Prepayment Charges | NIL on Floating Rate Home Loan |
| Security | Mortgage of Flat/House |
Margin
You need to be ready with a specific amount for the payment of margin money, which actually is a certain percentage of the loan amount. Below is the table to find the margin amount for different loan amounts.
| Category of Home Loan | New Flat/House | 10 Year Old Flat | Above 10 Year Old Flat |
|---|---|---|---|
| Upto ₹30 Lacs | 10% | 20% | 25% |
| More than ₹30 Lacs-75 Lacs | 20% | 20% | 25% |
| More than ₹75 Lacs | 25% | 25% | 25% |
Canara Bank Home Loan Eligibility Criteria
The eligibility criteria as per the profession is mentioned in the table below:
| Parameters | Salaried Professionals | Self-employed |
|---|---|---|
| Age | 21-55 Years | 21-55 Years |
| Job/Professional Status | Must be confirmed in a service. The duration of service should be a minimum of 3 years | Must have been in the business or profession for at least 3 years |
What are the documents required to apply for home loans at Canara Bank?
| Proofs | Salaried Professionals | Self-employed |
|---|---|---|
| Duly Filled Application Form with 2 Passport Size Photographs | Applicable | Applicable |
| Sale Deed & Agreement of Sale | Applicable | Applicable |
| Bank Property Valuation Report/Full Cost Estimate | Applicable | Applicable |
| Legal Scrutiny Report, Property Tax Payment Receipt, EC for the Last 13 Years, Khata and Permission for Mortgage | ||
| Age Proof | Passport/PAN Card or Any Other Certificate from Statutory Authority | Passport, PAN Card or Any Other Certificate from Statutory Authority |
| Identity Proof | PAN Card/Passport/Voter ID/Driving License | PAN Card/Passport/Voter ID/Driving License |
| Residence Proof | Passport/Driving License/Voter ID/Ration Card/Telephone Bill | Passport/Driving License/Voter ID/Ration Card/Telephone Bill |
| Income Proof | -Salary Slips for Past 3 Months -Form 16 for Past 2 Years -Last 6-month Bank Statement | -ITR for Last 3 Years -CA-certified Profit & Loss Account and Balance Sheet of Last 3 Years -Advance Tax Challans for Last 3 Years -1 year Bank Statement (Both Self & Business) |
| Business Establishment Proof | Not Applicable | Applicable |
Canara Bank Home Loan Eligibility Calculator
Interested to know the loan amount you can get at Canara Bank to buy your dream home? Well, the solution lies in the home loan eligibility calculator that will compute the amount for you. It will map your income and savings before arriving at the desired figure. Suppose you work in a reputed firm with a net monthly salary of ₹60,000. You maintain a savings of ₹25,000 each month. So, if you want to know how much loan can you get, you have to wait just a little. First, the bank will compute per lac EMI based on the existing interest rate and maximum loan tenure.
Amount- ₹ 1,00,000
Rate of Interest-8.50% p.a.
Loan Tenure-30 Years
Per Lac EMI– ₹ 769
Home Loan Eligibility Amount- ₹ 1,00,000 x Savings/Per Lac EMI
– ₹ 1,00,000 x 25,000/769= ₹ 32.51 Lacs
So, you can expect to get a loan of ₹32.51 Lacs to buy your dream home.
Canara Bank Home Loan EMI Calculator 2023
Just as you keep a keen eye on the rent amount payable from your pocket in a rented accommodation, similarly the focus shifts to EMI when you apply for a home loan. EMI, the abbreviated form of Equated Monthly Installment, constitutes a portion of both principal and interest payable on the loan each month. 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, you may refer the table below
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 20,00,000 8.50% 1 ₹ 1,74,440 ₹ 93,275 ₹ 20,93,275 ₹ 20,00,000 8.50% 2 ₹ 90,911 ₹ 1,81,872 ₹ 21,81,872 ₹ 20,00,000 8.50% 3 ₹ 63,135 ₹ 2,72,863 ₹ 22,72,863 ₹ 20,00,000 8.50% 4 ₹ 49,297 ₹ 3,66,237 ₹ 23,66,237 ₹ 20,00,000 8.50% 5 ₹ 41,033 ₹ 4,61,984 ₹ 24,61,984 ₹ 20,00,000 8.50% 6 ₹ 35,557 ₹ 5,60,087 ₹ 25,60,087 ₹ 20,00,000 8.50% 7 ₹ 31,673 ₹ 6,60,530 ₹ 26,60,530 ₹ 20,00,000 8.50% 8 ₹ 28,784 ₹ 7,63,289 ₹ 27,63,289 ₹ 20,00,000 8.50% 9 ₹ 26,559 ₹ 8,68,340 ₹ 28,68,340 ₹ 20,00,000 8.50% 10 ₹ 24,797 ₹ 9,75,657 ₹ 29,75,657 ₹ 20,00,000 8.50% 11 ₹ 23,373 ₹ 10,85,207 ₹ 30,85,207 ₹ 20,00,000 8.50% 12 ₹ 22,201 ₹ 11,96,960 ₹ 31,96,960 ₹ 20,00,000 8.50% 13 ₹ 21,224 ₹ 13,10,879 ₹ 33,10,879 ₹ 20,00,000 8.50% 14 ₹ 20,398 ₹ 14,26,926 ₹ 34,26,926 ₹ 20,00,000 8.50% 15 ₹ 19,695 ₹ 15,45,062 ₹ 35,45,062
Year Principal Interest Balance Amount 1 ₹ 68,983 ₹ 1,67,354 ₹ 19,31,016 2 ₹ 75,081 ₹ 1,61,256 ₹ 18,55,934 3 ₹ 81,717 ₹ 1,54,620 ₹ 17,74,216 4 ₹ 88,941 ₹ 1,47,396 ₹ 16,85,275 5 ₹ 96,802 ₹ 1,39,535 ₹ 15,88,472 6 ₹ 1,05,359 ₹ 1,30,978 ₹ 14,83,113 7 ₹ 1,14,671 ₹ 1,21,666 ₹ 13,68,441 8 ₹ 1,24,807 ₹ 1,11,530 ₹ 12,43,634 9 ₹ 1,35,839 ₹ 1,00,498 ₹ 11,07,794 10 ₹ 1,47,846 ₹ 88,491 ₹ 9,59,947 11 ₹ 1,60,915 ₹ 75,422 ₹ 7,99,032 12 ₹ 1,75,138 ₹ 61,199 ₹ 6,23,893 13 ₹ 1,90,619 ₹ 45,718 ₹ 4,33,274 14 ₹ 2,07,468 ₹ 28,869 ₹ 2,25,806 15 ₹ 2,25,945 ₹ 10,531 ₹ 0
Canara Bank Home Loan Application Form
Applying for a home loan at Canara Bank has got easier with the online facility, which was earlier not available. All you need to do is to visit the housing loan section of the website and click ‘Facility of on-line Application’ link. The moment you do so, the form will open and ask you to fill the spaces prescribed for personal, residential and income details. Carefully fill the particulars and submit it along with relevant documents stated above. 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. Now, a bank-appointed chartered engineer or architect will visit the property you look to buy. The concerned person will prepare a legal and technical report based on the condition and existing market value of the property. The bank will check the report and set a valuation amount accordingly. You can then expect to receive a loan amount equivalent to 80% of the valuation amount, subject to your repayment capability.
Canara Bank Home Loan Customer Care Number
You can resolve all your queries and complaints regarding home loan by dialing the toll-free number-1800 425 0018 of Canara Bank. The customer care executives are ready with hassle-free solutions to let you enjoy a seamless home loan experience with Canara Bank.
