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Canara Bank Home Loan

Are you planning for purchasing a home? You can go for Canara Bank India home loans to finance your dream home. Home loans from Canara Bank India come with a host of benefits and features.

About Canara Bank India Home Loans

Canara Bank India home loans are available with competitive interest rates and other terms and conditions.

You can use a Canara Bank India home loan for the following purposes:

  • For purchase/construction/maintenance/extension/renovation/modification of residential dwelling unit/flat or for purchase of plot and construction thereon.
  • For taking over of the home loan obligation with other reputed housing boards, housing finance companies, co-operative societies, co-operative banks and commercial banks at existing affordable interest rates offered by Canara Bank.

Eligibility Criteria for Canara Bank India Home Loans

Given below are the eligibility criteria for Canara Bank India home loans:

  • Salaried employees and individuals involved in business/self-employed individuals and professionals are eligible for Canara Bank India home loans. NRIs can also qualify for these loans without particular authorization of the RBI.
  • Individuals over the age of 55 years can also qualify but this is dependent on particular provisions of the RBI.

How much can you borrow with a Canara Bank India home loan?

With a Canara Bank India home loan, you can get up to:

  • For salaried employees: 4 years of gross salary income.
  • For persons involved in business or self-employed individuals: 4 years of gross yearly income
  • For Non-Resident Indians: Up to 2 years’ gross income and discriminatorily up to 3 years’ gross income.
  • Discriminatingly, a loan amount of upto 5 years’ gross income/salary also allowed
  • Rs.7.5 lacs for renovations/maintenance/extensions to the existing residential dwelling unit/flat.
  • Discriminatorily, upto Rs.15 lacs in Urban Centres.

Interest Rate

Interest rate is liable to vary on a periodical basis. You have to pay extra interest @ 0.25 % on top of the specified rates for purchasing a second flat/home.


Mortgage of flat/house will work as security against the loan.

Repayment of Canara Bank home loan

You can pay off your Canara Bank home loan through suitable EMIs (Equated Monthly Installments) within a maximum repayment term of 25 years or reaching the age of 70 years whichever comes in the first place (dependent on certain stipulations).

Processing charges of Canara Bank India home loans

The processing fee is 0.50% of the loan amount subject to a minimum amount of Rs. 500 and maximum amount of Rs. 10,000. There is no application fee and hidden fee.


You can prepay your loan at your discretion. Canara Bank does not impose prepayment penalties apart from taking over of the loan by any other bank/home financing company.

Purchasing a home is one of the biggest challenges in your life. Canara Bank India has the right home loan scheme to make your dream come true. You just make a plan to construct a house or purchase a flat and depend on Canara Bank for the financing part without any worries.

What are the salient features of Canara Bank India home loans?

Given below are the salient features of Canara Bank India home loans:

  • Easy and hassle free paperwork.
  • Fast loan approval by means of Central processing units and retail asset centres.
  • Flexible repayment terms.
  • Broad network of branches to select from.
  • Small processing fees and no hidden costs.
  • There will be no prepayment penalty other than for taking over of loan by other banks/financial institutions.

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