Canara Bank Home Loan 2024 Interest Rates, Eligibility, Processing Fee, CIBIL Score

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Canara Bank is an Indian public sector bank based in Bangalore, outside India the bank also has offices in London, Dubai and New York, Canara Bank offers home loans to its customers at affordable rates with competitive interest rates and minimum documentation.

Canara Bank Home Loan

Building a house and undertaking repairs, renovation and expansion of your home can be easily covered with the help of Canara Home Loan, the bank promises to process the loan quickly without the customer having to face any problem.

Canara Bank Home Loan comes with an interest rate of 8.35% to 8.55%, it also charges a minimum processing fee of 0.5% on a minimum loan amount of Rs.10000, you can borrow for 20 to 30 years, According to the Income Tax Act residents of India can avail several tax benefits on principal amount and interest of housing loan under Section 24 and Section 80C of the Income Tax Act.

Canara Home Loan Schemes

  • Canara Site Loan
  • Canara Home Loan Plus
  • Canara Bank Home Improvement Loan
  • Canara Mortgage

Canara Bank Home Loan Eligibility Criteria

Canara Bank Home Loan is a long-term investment and a huge amount is invested in the individual with the assurance that the borrower will repay the home loan with interest, now it is very easy to apply for a home loan through Canara Bank’s Home Loan online or offline.

The reason why banks like Canara Bank have strict eligibility criteria is to ensure that they are funding the right person and that the person is not burdened with paying his loan EMI and has enough funds for their day-to-day expenses.

Canara Bank has also kept home loan eligibility criteria at a minimum, the government has also understood that the cost of housing and borrowing is a long-term liability, providing tax benefits and subsidized housing through schemes like PMAY that make housing affordable, Check the Canara Bank Home Loan Eligibility Criteria below to check whether you are eligible for a Canara Bank loan or not.

Eligibility criteriaRequirements
Residency statusResidents of India / NRIs (Depending on the scheme chosen)
Age LimitMinimum age of the applicant 21 years, Maximum age of the applicant 70 years
Self-employedBusiness owners should have at least 3 years of experience in their field.
Salaried employeesIndividuals who receive a salary must have a minimum of 2 years of service.

Canara Bank Home Loan Documents Required

Canara Bank Home Loans are easy to apply for and completely transparent, any borrower who is ready to apply for a home loan from Canara Bank can apply for a home loan by visiting their official website or visiting a branch in person.

But applint is required for Canara Bank home loan Various types of documents have to be submitted, these required documents are indicators of your financial stability and creditworthiness so any lender will definitely take the documentation while approving your loan application.

Canara Bank takes home loan documents process very seriously, but many times applicants face difficulties in not knowing what documents to provide while submitting documents for home loan, see below which home loan documents are required to pass your home loan application.

Identification Proof – Voter ID Card, PAN Card, Passport, Aadhaar Card, Driving License.

Age Proof – Aadhaar Card, Passport, Driving License, PAN Card, Birth Certificate, Bank Passbook,10th Mark sheet.

Residence Proof – Bank Passbook, Ration Card, Voter ID, Passport, LIC Policy Receipt,

Utility bills – Telephone, Electricity, Water, Gas, etc.

Income Proofs For Salaried Applicants – Form 16, Letter from the employer, Latest 2 months payslip, Promotion or Increment letter, Past 3 years IT returns.

NOTE – In addition to providing proof of income, the borrower must also submit proof of investments such as shares, fixed deposits, etc. and include passport-sized photographs.

Income Proofs For For Self  – Employed Applicants

  • Last 3 years IT returns
  • Proof of Business Address
  • Profit & Loss Account Statement and Balance Sheet and of the Firm / Company (attested by a CA.)
  • License of Professional Practice (in the case of Consultants, Doctors, etc.)
  • Business License Details (or any other equivalent document)

NOTE – Registration certificates of establishments are mandatory for factories, shops, and other similar businesses. Please ensure you provide the required documentation.

Property Documents

  • NOC from Builder / Society
  • Please provide the original documents, such as the allotment letter, registered sale deed, or stamped agreement of sale, that were made with the proposed builder.
  • A detailed estimate of the cost of construction of the house
  • Maintenance Bills, Property Tax Receipts, and Electricity Bills
  • To purchase a flat, you will need an approved copy of the building plan, including the key plan and floor plan.
  • Occupancy Certificate (in case of ready-to-move-in properties)
  • This document contains records of the payments made in advance for the purchase of a flat.
  • Please provide bank account statements or payment receipts that show any payments made to the seller or builder.
  • Please provide the possession certificate, land tax payment receipt, and original document issued by the revenue authority.

CIBIL Score Eligibility for Canara Bank Home Loan

Credit score is one of the few important factors that decide whether a person is eligible for a personal loan or not, and in case of eligible borrowers the loan amount as well as terms and conditions are heavily influenced by the CIBIL score which indicates the credit rating of the borrower.

A credit score is a three-digit numerical summary of your entire credit history, a credit score value usually ranges from 300 to 900, your credit score is made up of your credit history, Having a CIBIL score of 750 or above is considered an ideal score for getting a home loan, however, a score of 750 and above is still considered adequate by most lenders, as a higher CIBIL score usually leads to faster loan approval with more favorable terms.

Minimum CIBIL Score for Home Loan Approval The minimum CIBIL score required to get a home loan in the country differs from one lender to another, one home loan applicant may require a minimum score of 700, another applicant may accept a score of 650, a CIBIL score between 650 and 749 is generally considered ‘good’,

But a score of 800 or above is considered ‘excellent’. Therefore, having a high CIBIL score increases your chances of getting a home loan, you can get your credit report from CIBIL for a nominal fee and know your credit score before you apply for a home loan.

RatingCredit Score
Good750 and above
Average600 – 750
PoorBelow 600

Canara Bank Home Loan Calculator

Acquiring a dream home is no longer difficult with attractive Canara Bank Home Loan interest rates, Canara Bank Home Loan offers the borrower excellent interest rates and favorable EMIs, in which case the borrower has to pay a certain monthly amount towards the settlement of the loan.

In this regard the borrower can use the Canara Bank Home Loan Calculator to determine the monthly EMI they have to pay, however, it is determined by various factors such as the principal amount borrowed from the bank, the interest charged and the tenure offered.

After people provide advance details like loan amount interest rates and repayment period to the calculator, Canara Home Loan EMI Calculator calculates the installment amount in seconds, people can also adjust these parameters to check which EMI suits their repayment capacity.

Knowing the EMI amount before taking a home loan is a must so that the budget can be adjusted accordingly, Canara Bank Home Loan EMI Calculator Check Here helps to pre-calculate the exact monthly EMI amount.

Canara Bank Home Loan Processing Fee

When you apply for a home loan in Canara Bank, the lending bank or company charges you a certain amount for the services they provide, this amount is called Home Loan Processing Fee, these Canara Bank Home Loan Processing Charges are non-refundable.

Canara Bank home loan processing charges are one percent or less of the total home loan amount you are applying for, if the home loan application is rejected the amount will not be refunded to you.

Not only the Canara Bank Home Loan Processing Fee but there are other charges as well, so it is good for everyone to know the Canara Home Loan Processing fee details in advance so that you understand the costs involved before applying for a home loan.

  • Canara Housing Loan Processing fee – 0.50% (min. Rs.1,500 and max. Rs.10,000)
  • Canara Site Loan Processing fee – Processing fee: 0.50% (min. Rs.1,500 and max. Rs.10,000)
  • Canara Home Loan Plus Processing fee – NA
  • Canara Bank Home Improvement Loan Processing fee – Processing fee: 0.50% (min. Rs.1,500 and max. Rs.10,000)
  • Canara Mortgage Processing fee – Processing fee: 0.50% (min. Rs.5,000)

Canara Bank Home Loan Interest Rates

It is important to know the interest rate when you apply for Canara Bank Home Loan, the home loan interest rate will affect the total EMI you have to pay on how much home loan you take, so you While applying for Canara Home Loan it is good to keep in mind about the interest rate, Canara Bank Home Loan Interest you can get attractive interest rate starting from 9.25%, see more Canara Bank Home Loan Interest Rate here

For Applical Sanction Loan Amount up to Rs 50 lakh

Credit Risk GradeInterest Rate (p.a.)
Women BorrowersOther Borrowers

For Applical Sanction Loan Amount above Rs 50 lakh to Rs 1 crore

Credit Risk GradeInterest Rate (p.a.)
Women BorrowersOther Borrowers

For Applical Sanction Loan Amount above Rs 1 crore to Rs 25 crore

Credit Risk GradeInterest Rate (p.a.)
Women BorrowersOther Borrowers

For Applical Sanction Loan Amount above Rs 25 crore

Credit Risk GradeInterest Rate (p.a.)
Women BorrowersOther Borrowers

Canara Home Loan Plus- Term Loan

Credit Risk GradeInterest Rate (p.a.)
CRG: 19.80%
CRG: 29.85%
CRG: 310.35%
CRG: 411.85%

Canara Site

Credit Risk GradeInterest Rate (p.a.)
CRG: 110.30%
CRG: 210.35%
CRG: 310.85%
CRG: 411.35%

NOTECanara Bank home loan interest rates are subject to change at the discretion of the bank, the information given here is only the current interest rates given by the bank, when you want to apply for a home loan in the bank, you should visit the official website of the bank and confirm.