Canara Bank |Canara Bank Housing LoanInterest Rate, Eligibility & EMI

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Loan Details

Bank Name

Canara Bank

Maximum Loan Tenure

Up to 30 years or up to 75 years of age of the borrower, whichever is earlier.

Maximum Loan Amount

No upper limit.

Interest Rate

From 8.5 to 11.25 depending on the cibil score of the applicant.

Type

Floating rate.

Down Payment

For New House/Flat & Old House/Flat (upto 10 years old) up to Rs.30 Lakh : 10%. Above Rs.30 Lakh & up-to Rs.75 Lakh: 20% Above Rs.75 Lakh: 25%. For Old House/Flat (>10 Years old) irrespective of Loan Quantum Applicable margin is 25%.

Fees and Charges

Prepayment Charges: Nil Processing Fee: f 0.50% (Min Rs.1500/- and Max. Rs.10,000/-) Legal Fee: At Actuals Stamp Duty And Registration Charges: At actuals. Penal Interest On The Delayed EMI: 2% per month above the applicable interest rate.

Minimum CIBIL Score

Not specified.

Down Payment and Fees

Canara Bank Housing Loan

Special Features

Low interest rate.

Eligibility Criteria

• Type of Resident: Indian citizens who live in India and Indian citizens who don't live in India (NRIs) with an Indian passport, Indian citizens with a foreign passport, and Overseas Citizens of India (OCIs).
• Salaried Individuals:Anyone who has worked regularly and continuously for at least two years, with at least six months of that time spent with the present organisation or company.
• Self-emplyed Individuals: Anyone who runs a business or is self-employed, such as doctors, builders, chartered accountants, and others. This is only possible if you can show proof of three years' worth of ITR or ITAO.
• Age: Applicants must be younger than 60 years old to get the loan, and they must be able to pay it back before they turn 75 years old. If the main borrower is at least 60 years old, the loan can only be taken out with a partner or legal heir who is also working.
• Takeover of Existing Home Loans: Loans from all public and private sector banks, cooperative banks, regional rural banks, NBFCs, and HFCs are eligible, even if they haven't been rated by ECAI (subject to terms and conditions).

Special Concession

Concession available for women.

Home Saver Option

No.

Features, Eligibility and Concession

Pros

• Low interest rate.
• Low processing fee.
• Nil prepayment charges.
• They offer special interest rate concessions for certain categories like women borrowers.
• They also offer flexible repayment tenures ranging from 5 to 30 years.

Cons

• No home saver option.
• Limited network.

Pros & Cons

Product Review