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Canara Bank Home Loan

1) Canara Bank offers home loans with interest rates between 6.90-8.90% and loan amounts depending on income and repayment ability. Processing fees are 0.5% of the loan amount with a minimum of ₹1,500 and maximum of ₹10,000. 2) Margin amounts (down payment) range from 10-25% depending on the age and cost of the property. 3) Eligibility criteria include an age between 21-55, minimum job tenure of 3 years for salaried individuals and 3 years in business for self-employed individuals.

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1K views4 pages

Canara Bank Home Loan

1) Canara Bank offers home loans with interest rates between 6.90-8.90% and loan amounts depending on income and repayment ability. Processing fees are 0.5% of the loan amount with a minimum of ₹1,500 and maximum of ₹10,000. 2) Margin amounts (down payment) range from 10-25% depending on the age and cost of the property. 3) Eligibility criteria include an age between 21-55, minimum job tenure of 3 years for salaried individuals and 3 years in business for self-employed individuals.

Uploaded by

Shekar
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Canara Bank Home Loan Interest Rates July 2020

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 6.90% - 8.90%
Loan Amount Depends upon the income and repayment capability
Tenure 30 years
0.50% of the loan amount
Processing Fee 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%
25% 25%
More than ₹75 Lacs 25%

Canara Bank Home Loan Eligibility Criteria


The eligibility criteria as per the profession is mentioned in the table below:

Self-employed
Parameters Salaried Professionals
Age 21-55 Years 21-55 Years
Job/Professional Must be confirmed in a service. The duration of Must have been in the business or
Status service should be a minimum of 3 years 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 Applicable
Applicable
Passport Size Photographs
Applicable Applicable
Sale Deed & Agreement of Sale
Bank Property Valuation Report/Full Applicable Applicable
Cost Estimate
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 Passport, PAN Card or Any
Other Certificate from Statutory Other Certificate from Statutory
Proofs Salaried Professionals Self-employed
Authority Authority
PAN Card/Passport/Voter PAN Card/Passport/Voter
Identity Proof
ID/Driving License ID/Driving License
Passport/Driving License/Voter Passport/Driving License/Voter
Residence Proof
ID/Ration Card/Telephone Bill ID/Ration Card/Telephone Bill
-ITR for Last 3 Years
-CA-certified Profit & Loss
Account and Balance Sheet of
-Salary Slips for Past 3 Months
Income Proof Last 3 Years
-Form 16 for Past 2 Years
-Advance Tax Challans for Last
-Last 6-month Bank Statement
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 2020


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 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
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount
₹ 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

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

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.

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