Canara Bank Home Loan
Starting at 7.40% per annum, Canara Bank promises both affordability and flexibility to its home loan customer base. The best part about availing a loan from Canara Bank is that there is no upper limit on the loan amount (subject to income), allowing applicants to secure financing for high-value properties easily. Moreover, the Canara Bank home loan is granted for up to 30 years, making repayment feasible and convenient for the applicants.
You can avail the loan to build your own house or to purchase a ready-to-move-in apartment—the choice is yours. All home loans by Canara Bank are available at a nominal processing charge of 0.50% + GST. Make your dream of owning a home a reality with easy housing loan options from Canara Bank.
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Canara Bank Home Loan Key Highlights
Get the lowest interest rates with Canara Bank Home Loan
| Loan Amount | No upper limit on home loan amount |
|---|---|
| Rate of Interest | Starting at 7.40% per annum |
| RPLR | |
| Processing Fee |
0.50% (Min. Rs. 1,500/- + GST; Max. Rs. 10,000/- + GST) |
| Maximum Tenure for Repayment | Up to 30 years or up to 75 years of the borrower’s age, whichever is earlier |
| Penal Rate of Interest | |
| Rate Packages | Fixed and floating |
| Charges for Prepayment/Foreclosure | No penalty charges on prepayment |
Canara Bank Home Loan Interest Rates in 2025
The Canara Bank home loan interest rate ranges between 7.40% and 10.25% per annum, effective from June 2025. The interest rates for home loans offered by Canara Bank are likely to vary across different loan slabs and should be checked directly with the bank at the time of loan application.
The table below highlights the various home loan slabs by Canara Bank along with their respective interest rates:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Canara Housing Loan | 7.40% p.a. - 10.25% p.a. |
| Canara Home Loan Secure | 9.10% p.a. |
| Canara Home Loan Plus - Term Loan | 9.55% p.a. - 11.60% p.a. |
| Canara Home Improvement Loan | 11.50% p.a. - 13.55% p.a. |
| Canara Housing Loan - For Customers with Minimal/Nil Income Proof | 9.75% p.a. - 10.25% p.a. |
Interest rates were last updated on 22nd July 2025
Canara Bank Home Loan Eligibility Criteria
To avail of the home loan facility with Canara Bank, it is essential first to assess the eligibility criteria defined by the bank and ensure that you meet the specified requirements. These criteria enable the bank to evaluate the creditworthiness of the loan applicant and serve as a guarantee that the loan amount will be repaid.
The table below defines the Canara Bank home loan eligibility criteria for your easy reference:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 18-75 years | 18-75 years |
| Nationality | Resident Indians and NRIs | Resident Indians and NRIs |
| Minimum Income Earned |
Canara Bank Home Loan Processing Fee and Charges
The Canara Bank home loan processing fee is set at a nominal charge of 0.50% (minimum Rs. 1,500/- + GST and maximum Rs. 10,000/- + GST) to cover the administrative costs involved in assessing and approving home loan applications.
The table below highlights the home loan processing fee and other charges levied by Canara Bank for 2025:
| Processing Fee | 0.50% (Min. Rs. 1,500/- + GST; Max. Rs. 10,000/- + GST) |
|---|---|
| Repayment Charges | Nil |
| Charges for Late EMI | 2% per annum |
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Canara Bank Home Loan Schemes and Top Plans
Home loan applicants seeking convenient and affordable financing options at Canara Bank can take advantage of the bank's multiple housing loan options. The list below highlights some of the top home loan schemes and plans preferred by several applicants at Canara Bank:
Canara Housing Loan
- No upper limit on the amount of loan granted
- Housing loan applicants are also eligible for life insurance coverage
- No foreclosure charges
Canara Housing Cum Solar Loan
- A loan is available for the installation of a Rooftop Solar Photovoltaic System, in addition to purchasing or renovating a house
- Maximum 20 years tenure
- Processing fee of 0.50% on the loan with a minimum of Rs. 1500 + GST and a maximum of Rs. 10,000 + GST
Canara Kuteer
- Loans are available both for buying a residential site/plot and constructing a house, and for building a house on a site already owned by the borrower
- Primarily targeted at lower-income households
- Processing fee of 0.50% on the loan with a minimum of Rs. 1500 + GST and a maximum of Rs. 10,000 + GST
Housing Loan to Agriculturists
- For buying a ready-built house/flat or constructing a house/flat
- No prepayment penalty and a complimentary credit card offered
- Ensures a roof above every farmer’s head
Housing Loan for Customers with Minimal or Nil Income Proof
- Guarantees a loan facility to those with minimal or no documented income
- Up to Rs. 20 lakh sanctioned and disbursed, further ensuring eligibility for Credit Guarantee Cover for buying/building a first house
- Scheme applicable to LIG/MIG/EWS category applicants with minimal or nil documented income or proof of income but with digital banking footprints
Note: All of the above home loan plans are made available to applicants solely at the discretion of Canara Bank Home Loan, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required for Canara Bank Home Loan
Home loan applicants at Canara Bank are required to submit a complete list of documents to prove their identity and creditworthiness to the bank. In addition to determining their genuine need, it also ensures a guarantee to the bank that the loan amount will be repaid within the stipulated duration.
Listed below are the key Canara Bank home loan documents required from both salaried and non-salaried (self-employed) applicants:
Documents Required for Salaried Applicants
- Salary account bank statement for the last 6 months
- Salary slips of the previous 6 months (including those of the co-applicant)
- Latest original salary certificate with deduction details
- Proof of confirmed service for at least 3 years at the current organization (Form 16 and ITR)
- Certificate of project completion
- Documents of property
- Certificate of occupancy
Documents Required for Self-Employed Applicants
- ITR of the last three assessment years
- Bank account statement
- Proof of business
- Balance sheet and profit and loss statement for the last three assessment years
- Copy of land records in case of agricultural income in ITR
- A brief note on the nature of business
- Certificate of project completion
- Documents of property
- Certificate of occupancy
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof |
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| Documents Related to Property |
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Find Canara Bank Home Loan Offices Near You
You can look up a Canara Bank branch near your place of residence for more personalized assistance with the home loan application process. However, applying online through BASIC Home Loan is a more convenient and time-saving method for obtaining a loan from the comfort of your own home.
No multiple in-person visits or the hassle of filling and refilling forms (in case of errors). With the expert assistance of the BASIC Home Loan team, your Canara Bank home loan application is both efficient and effortless.
We strongly recommend visiting the official Canara Bank website for up-to-date information on home loans, including eligibility criteria, interest rates, and other necessary documentation.
FAQs
With effect from June 25, the Canara Bank home loan interest rate ranges between 7.40% and 10.25% per annum.
All salaried and non-salaried professionals between the ages of 18 and 75 years and with a credit score of 700 and higher are eligible to apply for a home loan with Canara Bank. Additionally, the bank offers housing loans to both salaried and self-employed professionals, as well as agriculturists, NRIs, and individuals with low or no income proof.
For a loan amount of Rs. 45 lakh at Canara Bank at an interest rate of 7.40% for 30 years, the EMI payable is Rs. 31,157/-. You can also easily calculate the EMI payable on any loan amount with different terms, interest rates, and loan tenures through our Home Loan EMI Calculator.
Yes, Canara Bank is government-owned and comes in the category of a public sector bank. The bank was nationalized in 1969, when the Government of India acquired a significant ownership stake in the bank.
Of course! You can easily transfer your home loan amount from your current bank to Canara Bank with the balance transfer option offered by the latter.
Canara Bank currently levies no pre-closure charges on its home loan applicants.