Canara Bank Home Loan Review

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Canara Bank, a nationalized bank, allows you to borrow up to four times of your gross annual income whether you are employed in a public or private sector company or engaged in business. The advantages with Canara Bank home loans include competitive interest rates, flexible repayment options and a free credit card, either Visa or Master Card, which the borrowers can choose themselves.

Loan Amount Up to four times of gross annual income
Repayment Term Up to 30 years
Margin Money 20% to 25%
Processing Charges 0.50% (Min. Rs. 1,500 and Max. Rs. 10,000)
Interest Rate Floating interest rate linked to Base Rate
Prepayment Charges Nil

Eligibility

You may want to use an eligibility calculator to know how much you can afford. But before that you need to ensure that you meet the following criteria.

  • The age must be between 18 and 55 years.
  • NRIs as well as Resident Indians are eligible to borrow.
  • Salaried employees must have been working in the same company for the last three years.
  • Self-employed professionals and non professionals must have proof of their business.

Interest Rate

The interest rate is linked to the Base Rate of the bank. Housing loans up to Rs. 75 lakhs are sanctioned at Base Rate while loans above Rs. 75 lakhs are sanctioned at 0.25% above the Base Rate. To check the current interest rate, visit canarabank.com, the official website of Canara Bank.

Online Application

You can log in to the official website of the bank to apply online for a housing finance product. Moreover, it is also possible to track the status of your loan application through the website. It is, however, possible to visit a bank branch and submit the completed application form in person.

Documents Required

Whether applying online or in person at a bank branch, you need to provide a number of documents as proofs to your eligibility for the loan. These documents are simply related to your identity, address, income, employment and the property you intend to buy.

  • Loan Application with two photos of the applicant
  • Sale Deed and Agreement for Sale and other property related documents
  • Salary Proof and Form No. 16
  • IT Returns for the last two years (non-salaried persons)
  • Proof of business, balance sheet and P&L Account

Customer Care

It is easy to contact Canara Bank customer care with its toll free number available 24 hours a day, 7 days a week. Just dial 1800-425-0018 for queries related to Canara Bank home loans.

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