Canara Bank Home Loan

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.

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

    Almost done, few more details required.

    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 August 2018

    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.

    ParticularsDetails
    Interest Rate8.45% - 8.65%
    Loan AmountDepends upon the income and repayment capability
    Tenure30 years
    Processing Fee0.50% of the loan amount
    Minimum- ₹1,500
    Maximum- ₹10,000
    Prepayment ChargesNIL on Floating Rate Home Loan
    SecurityMortgage 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 LoanNew Flat/House10 Year Old FlatAbove 10 Year Old Flat
    Upto ₹30 Lacs10%20%25%
    More than ₹30 Lacs-75 Lacs20%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:

    ParametersSalaried ProfessionalsSelf-employed

    Age

    21-55 Years21-55 Years
    Job/Professional StatusMust be confirmed in a service. The duration of service should be a minimum of 3 yearsMust 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?

    ProofsSalaried ProfessionalsSelf-employed
    Duly Filled Application Form with 2 Passport Size PhotographsApplicableApplicable

    Sale Deed & Agreement of SaleApplicable

    Applicable

    Bank Property Valuation Report/Full Cost EstimateApplicable

    Applicable

    Legal Scrutiny Report, Property Tax Payment Receipt, EC for the Last 13 Years, Khata and Permission for Mortgage
    Age ProofPassport/PAN Card or Any Other Certificate from Statutory AuthorityPassport, PAN Card or Any Other Certificate from Statutory Authority
    Identity ProofPAN Card/Passport/Voter ID/Driving LicensePAN Card/Passport/Voter ID/Driving License
    Residence ProofPassport/Driving License/Voter ID/Ration Card/Telephone BillPassport/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 ProofNot ApplicableApplicable

    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-8.45% p.a.

    Loan Tenure-30 Years

    Per Lac EMI– ₹ 765

    Home Loan Eligibility Amount-1,00,000 x Savings/Per Lac EMI

                                                         – 1,00,000 x 25,000/765= 32.67 Lacs

    So, you can expect to get a loan of ₹32.67 Lacs to buy your dream home.

    Canara Bank Home Loan EMI Calculator 2018

    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

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 20,00,0008.35%1₹ 1,74,301₹ 91,608₹ 20,91,608
    ₹ 20,00,0008.35%2₹ 90,774₹ 1,78,580₹ 21,78,580
    ₹ 20,00,0008.35%3₹ 62,996₹ 2,67,862₹ 22,67,862
    ₹ 20,00,0008.35%4₹ 49,155₹ 3,59,444₹ 23,59,444
    ₹ 20,00,0008.35%5₹ 40,889₹ 4,53,318₹ 24,53,318
    ₹ 20,00,0008.35%6₹ 35,409₹ 5,49,467₹ 25,49,467
    ₹ 20,00,0008.35%7₹ 31,522₹ 6,47,875₹ 26,47,875
    ₹ 20,00,0008.35%8₹ 28,630₹ 7,48,522₹ 27,48,522
    ₹ 20,00,0008.35%9₹ 26,402₹ 8,51,384₹ 28,51,384
    ₹ 20,00,0008.35%10₹ 24,637₹ 9,56,437₹ 29,56,437
    ₹ 20,00,0008.35%11₹ 23,209₹ 10,63,652₹ 30,63,652
    ₹ 20,00,0008.35%12₹ 22,035₹ 11,72,998₹ 31,72,998
    ₹ 20,00,0008.35%13₹ 21,054₹ 12,84,442₹ 32,84,442
    ₹ 20,00,0008.35%14₹ 20,226₹ 13,97,948₹ 33,97,948
    ₹ 20,00,0008.35%15₹ 19,519₹ 15,13,480₹ 35,13,480

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 69,865₹ 1,64,366₹ 19,30,134
    2₹ 75,928₹ 1,58,304₹ 18,54,206
    3₹ 82,516₹ 1,51,716₹ 17,71,689
    4₹ 89,676₹ 1,44,556₹ 16,82,013
    5₹ 97,457₹ 1,36,774₹ 15,84,556
    6₹ 1,05,914₹ 1,28,318₹ 14,78,641
    7₹ 1,15,104₹ 1,19,128₹ 13,63,537
    8₹ 1,25,092₹ 1,09,140₹ 12,38,445
    9₹ 1,35,946₹ 98,286₹ 11,02,498
    10₹ 1,47,742₹ 86,489₹ 9,54,756
    11₹ 1,60,562₹ 73,670₹ 7,94,193
    12₹ 1,74,494₹ 59,737₹ 6,19,699
    13₹ 1,89,635₹ 44,596₹ 4,30,063
    14₹ 2,06,090₹ 28,142₹ 2,23,973
    15₹ 2,24,107₹ 10,259₹ 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.

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    EMI Calculator