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Disclaimer: Canara Bank is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Canara Bank for home loans. No offers/services from Canara Bank are being provided by Paisabazaar for home loans. For further information about Canara Bank for home loans, users are required to reach out directly to Canara Bank.
Canara Bank Home Loan Highlights
| Particulars | Details |
| Interest Rate | Floating Rates: 8.40%-11.25% p.a.
Fixed Rates: 9.75%-12% p.a. |
| Loan Amount | Depending on the applicant’s profile |
| Loan Tenure | Up to 30 years |
| Processing Charges | NIL |
Note: Rates as of 6th November 2024
| On this Page: |
Canara Bank Home Loan Interest Rate vs Other Lenders
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Apply Now |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Canara Bank Home Loan Interest Rates
Canara Bank Housing Loan interest rates start from 8.40% p.a. onwards. The lender offers home loan interest rates based on the loan amount, credit score, applicant type and type of home loan scheme opted for. Below-mentioned are the home loan interest rates of various Canara Bank Home Loan schemes offered to its applicants.
Canara Bank Home Loan Floating Interest Rates
Canara Bank Housing Loan for Amount up to Rs 50 lakh
| Credit Risk Grade | Interest Rate (p.a.) | |
| Women Borrowers | Other Borrowers | |
| CRG-Prime | 8.50% | 8.55% |
| CRG:1 | 8.50% | 8.55% |
| CRG:2 | 8.80% | 8.85% |
| CRG:3 | 9.70% | 9.75% |
| CRG:4 | 11.20% | 11.25% |
Canara Bank Home Loan for Amount above Rs 50 lakh to Rs 1 crore
| Credit Risk Grade | Interest Rate (p.a.) | |
| Women Borrowers | Other Borrowers | |
| CRG-Prime | 8.45% | 8.50% |
| CRG:1 | 8.45% | 8.50% |
| CRG:2 | 8.75% | 8.80% |
| CRG:3 | 9.60% | 9.65% |
| CRG:4 | 11.10% | 11.15% |
Canara Bank Housing Loan for Amount above Rs 1 crore to Rs 25 crore
| Credit Risk Grade | Interest Rate (p.a.) | |
| Women Borrowers | Other Borrowers | |
| CRG-Prime | 8.40% | 8.45% |
| CRG:1 | 8.40% | 8.45% |
| CRG:2 | 8.70% | 8.75% |
| CRG:3 | 9.50% | 9.55% |
| CRG:4 | 11.00% | 11.05% |
Canara Bank Home Loan for Amount above Rs 25 crore
| Credit Risk Grade | Interest Rate (p.a.) | |
| Women Borrowers | Other Borrowers | |
| CRG-Prime | 8.40% | 8.45% |
| CRG:1 | 8.40% | 8.45% |
| CRG:2 | 8.70% | 8.75% |
| CRG:3 | 9.40% | 9.45% |
| CRG:4 | 10.90% | 10.95% |
Also Read: Build or Rebuild Your Credit Score with Step Up Credit Card
Note: For Canara Housing Loan (all variants) under CRG Prime, CRG-1, CRG-2, 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 Corporates maintaining/switching salary account with us including premium payroll package payroll accounts is applicable in all loan slabs up to floor/ceiling rate.
Canara Site
| Credit Risk Grade | Interest Rate (p.a.) |
| CRG: 1 | 10.30% |
| CRG: 2 | 10.35% |
| CRG: 3 | 10.85% |
| CRG: 4 | 11.35% |
Canara Home Loan Plus – Term Loan
| Credit Risk Grade | Interest Rate (p.a.) |
| CRG: 1 | 9.80% |
| CRG: 2 | 9.85% |
| CRG: 3 | 10.35% |
| CRG: 4 | 11.85% |
Also Read: Which bank/HFC is best for home loan?
Canara Bank Home Loan Fixed Interest Rates
| Credit Risk Grade | Interest Rate (p.a.) | |
| Women Borrowers | Other Borrowers | |
| CRG Prime | 9.75% | 9.80% |
| CRG 1 | 10.00% | 10.05% |
| CRG 2 | 10.05% | 10.10% |
| CRG 3 | 10.45% | 10.50% |
| CRG 4 | 11.95% | 12.00% |
Apply for Canara Bank Home Loan at Attractive Interest Rates Click Here
Canara Bank Home Loan Apply Online
You can apply for Canara Bank Home Loan either through the official website of Canara Bank or through mobile app, Canara ai1. You can also visit Canara Bank branch to apply for home loan. Applicants should also visit online financial marketplaces to compare the interest rates and other features offered by various lenders.
Documents Required for Canara Bank Home Loan
The details of home loan documents required during loan application are given below.
- Duly filled application form with 2 passport size photos of applicant / guarantor
- Copy of the approved plan for the proposed construction / extension / addition
- Detailed cost estimate / valuation report from Banks Panel Chartered Engineer / Architect
- Agreement for Sale
- Sale Deed
- Allotment letter of Co-operative Housing Society / Apartment Owners Association / Housing Board / NOC from the Society / Association / Builders / Housing Board
- Salary Certificate and Form No.16 (in case of salaried persons)
- IT Returns filed for the past three assessment years (in case of non-salaried persons)
- A brief note on the nature of business, year of establishment, type of organization, etc., (in case of self-employed)
- Legal Scrutiny Report, EC for the past 13 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary
- Balance Sheet and P&L Account for the past three years (in case of self-employed)
Note: Some banks and HFCs such as LIC Housing Finance, HDFC, PNB Housing Finance, IDFC First Bank and Piramal Housing Finance offer home loans to those who get their monthly income in cash or do not have enough income proofs.
Canara Bank Home Loan Eligibility Criteria
For Canara Bank Housing Loan
- Salaried individuals with continuous service of at least 2 years with an experience of at least 6 months in the current organization
- Individuals who are self-employed, professionals or engaged in business activities should have been in their profession or business for at least 3 years
- Minimum age: Less than 60 years
- Maximum age: Up to 75 years
For Canara Bank Housing Loan to Agriculturists
- All agriculturists owning agricultural land of more than 5 acres and cultivating the same can avail Canara Bank Housing Loan to Agriculturists
- Agriculturists engaged in allied activities with minimum gross annual income of Rs 5 lakh are also eligible for availing Housing Loan to Agriculturists
For Canara Bank NRI Home Loan
- NRIs having a valid Indian passport and person of Indian origin having a foreign passport are eligible for Canara Bank NRI Home Loans
- Minimum age: 21 years
- Maximum age: 60 years
- NRI status: for 3 years
- Minimum work experience abroad: 2 years
For Canara Home Loan Super Gain
Canara Home Loan Super Gain scheme is offered to new as well as existing home loan borrowers availing home loans of up to Rs 20 lakh and above.
For Canara Home Loan Plus
- Existing home loan borrowers having a satisfactory repayment track record are eligible for Canara Home Loan Plus scheme
- Minimum age: 18 years
- Maximum age: 70 years
For Canara Kuteer
Individuals residing in rural areas, urban areas and metro cities and members of self-help groups having household income of up to Rs 1 lakh p.a. and above Rs 1 lakh to Rs 3 lakh p.a. are eligible for availing Canara Kuteer Housing Loan scheme.
Note: Canara Bank has not specified the minimum cut-off credit score for its home loan applicants. However, the lender may consider the credit score of home loan applicants while evaluating their home loan eligibility, just like many lenders do in case of their home loan applicants.
Canara Bank Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Canara Bank Home Loan Customer Care
Below-mentioned are the toll free number and whatsapp number of Canara Bank home loan.
- Toll free number- 1800 1030
- Whatsapp Number- 9076030001
Canara Bank Home Loan Features and Benefits
- Canara Bank offers home loan interest rates starting from 8.40% p.a. onwards.
- Applicants can avail Canara Bank Home Loans for purchase or construction of a house or flat, repair and renovation of existing property, takeover of home loans, etc.
- The bank offers a margin of up to 90% for new properties (up to 10 years old) and a margin of up to 75% in case of properties more than 10 years old.
- All home loan borrowers are eligible for life insurance cover.
- The lender does not levy any prepayment fees on the home loan.
- The lender offers Canara Bank Home Loans against collateral.
Types of Canara Bank Home Loan
Following are the types of home loans offered by Canara Bank.
Canara Bank Housing Loan
Purpose: Consumers can avail Canara Bank Housing Loan scheme for purchase or construction of house or flat, for purchase of site and construction of house thereon and for carrying out repair, renovation, expansion, upgradation and addition to the existing house. Existing home loan borrowers of Canara Bank can also purchase a second house when they already have a flat/house with or without a home loan.
Canara Bank also offers home loan balance transfer facility to existing home loan borrowers of other lenders for transferring their existing home loans to Canara Bank at lower interest rates.
Loan Amount:
- 6 times of gross annual income (as per last drawn monthly gross salary) for salaried applicants
- 6 times of average gross annual income of all 3 years immediately preceding current financial year for self-employed applicants or those engaged in business
- Up to 8 years gross salary/income for select loan cases
- For repair/renovation- Up to Rs 15 lakh
Tenure: Up to 30 years or up to 75 years of age, whichever is earlier
Canara Home Loan Plus
Purpose: Canara Home Loan Plus is a Home loan top-up scheme offered to existing home loan borrowers of Canara Bank to finance their domestic needs, medical expenses, education expenses and other emergencies.
Loan Amount:
- For Salaried- 24 months gross salary subject to maximum amount of up to Rs 50 lakh
- For Non-Salaried- Twice the average gross income of the applicant for 3 years subject to maximum amount of up to Rs 50 lakh
Tenure: Up to 15 years or remaining repayment period of existing home loan
Canara Bank Home Loan to Agriculturists
Purpose: Canara Bank offers Housing Loan to Agriculturists and people engaged in allied activities like plantation, horticulture, dairy or poultry for purchasing or constructing house or flat and purchasing a site and carrying out construction thereon.
Such loans are sanctioned only for purchases/construction of houses in non-agricultural properties, preferably in urban or semi-urban areas and growing townships having valid documents.
Loan Amount:
- 6 times of gross annual income (as per last drawn monthly gross salary) for salaried applicants
- 6 times average gross annual income of last 3 years immediately preceding current financial year for self-employed applicants
- Up to Rs 15 lakh for repair/renovation
- Net Take Home pay of the should be 25% of the applicant’s income (at least Rs 10,000 per month) after deducting EMI of the proposed home loan
LTV Ratio:
| Loan Amount | New house/flat or old house/flat (up to 10 years old) | Old house/flat (more than 10 years old) |
| Up to Rs 30 lakh | Up to 90% | Up to 75% |
| Rs 30 lakh-Rs 75 lakh | Up to 80% | |
| Above Rs 75 lakh | Up to 75% |
For repair/renovation/upgradation/expansion: Up to 75% of project cost
Tenure: Up to 30 years or 75 years of age of the borrower
Canara Kuteer- Housing Loan Scheme
Purpose: Applicants can avail Canara Kuteer Housing Loan scheme for purchasing a plot and constructing a house on it, for purchasing new or old house/flat, and for home construction on an already owned plot/site.
Loan Amount:
| Household Income | Loan Amount Sanctioned |
| Up to Rs 1 lakh | Up to Rs 5 lakh |
| Rs 1 lakh-Rs 3 lakh | Up to Rs 10 lakh |
Tenure: Up to 30 years or 75 years of age
Canara Site Loan
Purpose: Canara Site Loan is a plot loan scheme offered for purchasing residential sites from State Development/Town Planning Development Authorities or any other Government constituted body for distribution of plots. Canara Bank also offers Canara Site Loan for purchasing plots from statutory authorities of Central Government/State Government/local authorities either exclusively or in partnership with private sector bodies provided the plots are approved by statutory authority of State Government.
Consumers can avail Canara Site Loan for purchasing plots of Government Development Authorities such as HUDA, DDA directly or under second sale. They can also purchase plots in colonies approved by the Government along with approved maps and RERA approved projects.
Loan Amount: 75% of cost of plot value/guideline value or 3 years gross annual salary/income.
Tenure: Up to 10 years or maximum period for house construction or up to 65 years of age of the borrowers
Canara Bank Home Loan Super Gain Scheme
Purpose: New as well as existing customers of Canara Bank can avail Canara Home Loan Super Gain Scheme for purchase and construction of house or flat, for carrying out repair and renovation of new or second hand residential flat or house, and for plot purchase.
Loan Amount: Rs 20 lakh onwards
Tenure: Up to 30 years or 75 years of age
Canara Bank Home Loan for NRIs
Purpose: NRI applicant can avail NRI Home Loan from Canara Bank for purchase and construction of house/flat, plot purchase and construction of house thereon, and for carrying out repair, renovation and upgradation of existing property.
NRI applicants already having a house or flat (owned with or without home loan) can also apply for Canara bank Home Loan. Existing NRI home loan borrowers of other lenders can also transfer their existing home loans to Canara Bank at lower interest rates.
Loan Amount:
- 4 times of annual gross income
- 5 years of gross income on case in select cases
LTV Ratio:
| Loan Amount | New house/flat or old house/flat (up to 10 years old) | Old house/flat (more than 10 years old) |
| Up to Rs 30 lakh | Up to 90% | Up to 75% |
| Rs 30 lakh-Rs 75 lakh | Up to 80% | |
| Above Rs 75 lakh | Up to 75% |
For repair/renovation/upgradation/expansion: Up to 75% of project cost
Tenure: Up to 30 years or 60 years of age of the borrower (70 years under certain conditions)
FAQs on Canara Bank Home Loan
How can I check Canara Bank Home Loan interest rate?
You can check Canara Bank Home Loan interest rates from the official website of Canara Bank. You can also visit financial marketplaces to check the home loan interest rates offered by Canara Bank.
How to calculate home loan interest in Canara Bank?
Manual calculation of home loan interest of Canara Bank can be quite complex and error prone as the bank uses the reducing balance method for calculating home loan interest. Instead, use Canara Bank Home Loan EMI Calculator to calculate the total interest cost of your Canara Bank Home Loan and use the amortisation schedule to find the monthly break-up of your EMIs in terms of interest cost and principal component.
What is eligibility criteria for Canara Bank home loan?
The eligibility of home loan applicants depend upon the age, credit score, monthly income, job profile, employer’s profile, etc. of home loan applicants.
How to apply for Canara Bank Home Loan?
Applicants can apply for Canara Bank Home Loan through the official website of Canara Bank by clicking on the “Home Loan” option on the home page of Canara Bank and fill in the application form. Prospective home loan borrowers can also apply for Canara Bank Home Loan through offline mode by visiting any Canara Bank branch.
What are the documents required for availing Canara Bank Home Loan?
The documents required for availing Canara Bank Home Loans include ID proof, address proof, bank statement for last 3 months, business proof, property documents, Form 16 and ITR, balance sheet and P&L statement for last 3 years.
Can I choose between fixed and floating rates of interest?
Canara Bank offers home loans at floating rates only.
Does Canara Bank offer any home loan interest rate concessions to women applicants?
Yes, Canara Bank offers a concession of 5 bps on home loan interest rates to women applicants.
Can I prepay my home loans availed from Canara Bank?
Yes, you can prepay your home loans availed from Canara Bank. No prepayment charges are levied on the home loans at floating rates of interest.
Are there are any restrictions on the end usage of housing loans availed for plot purchase?
Canara Bank does not allow housing loan proceeds to be used solely for plot purchase. In case of housing loans availed for plot purchase and house construction thereon, the borrower cannot utilize beyond 60% of the loan proceeds/sanctioned loan amount for plot purchase.
What is the minimum credit score required to avail home loans from Canara Bank?
Canara Bank has not specified the cut-off credit score for its home loan applicants. However, it offers home loan interest rates based on its credit risk grades (CRG). Bank usually assign credit risk grades to their applicants based on their credit score, monthly income, occupation profile, employers’ profile and other aspects of their credit profile. Canara Bank offers lower interest rates to applicants falling under lower credit risk grade.
Does Canara Bank offer any repayment holiday on Canara Bank Home Loans?
In case of purchase of already built house/flat, Canara Bank allows its borrowers to start repayment within 2 months from the date of loan disbursement. For plot purchase and construction of house thereon or only construction of house on existing site, the repayment should start within 2 months after house construction or 2 years from the date of first disbursement, whichever is earlier.
In case of purchase of flat under construction, the repayment should commence within 2 months of the completion of construction or 3 years from the date of loan disbursement, whichever is earlier.
How much time does it take for home loan approval in Canara Bank?
Canara Bank has not specified the time taken for its home loan approval. However, lenders usually take 2-3 weeks or even more for approving their home loan applications.
How to download home loan interest certificate online?
Applicants can download their home loan interest certificate online through the official website of Canara Bank. They can also download their home loan interest certificate through the Canara Bank mobile app, Canara ai1.
What is the Canara Bank Home Loan pre-closure charge?
Canara Bank offers home loans at floating interest rates. Hence, the bank does not levy any prepayment charges on the home loan.