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Interest Rate
Upto RS. 75 lacs - 8.65%
Above ₹75 lacs - 8.75%
Processing Fees
Processing fee of 0.50% (Min ₹1500/- and Max. ₹10,000/-) is charged.
Max Tenure
30 years
Credit Score
Excellent (725+)
Never Bounced any EMIs but have missed card payments over a year ago
Minimum Downpayment Required
New House / Flat
Upto ₹30 lacs - 10%
More than ₹30 lacs upto ₹75 lacs - 20%
Above ₹75 lacs - 25%
Old House / Flat (Upto 10 years old)
Upto ₹75 lacs - 20%
Above ₹75 lacs - 25%
Old House / Flat (Upto 10 years old)
Any Loan amount - 25%
However In case of Repairs & Renovations, Expansion of existing unit, Upgradation and creation of additional amenities, a uniform margin of 25% will apply.
In case of Second/subsequent House - Margin 25%
Loan Approval Before Property Selection
Yes
Documents Required
Sale Deed.
Agreement for Sale.
Copy of the approved plan for the proposed construction / extension / addition.
Detailed cost estimate / valuation report from Bank's
Property Insurance Mandatory
Yes
Typical Property Insurance Costs
0.50% of the property value
Pre-Payment Conditions
NIL prepayment are applicable on floating rate based home loans
Loan Closure Charges
Nil
Loan Closure Conditions
Pre-closure is allowed after 12 months from loan disbursement date.
Rate change over Last 4 Years
-0.9
Closure Process
In case of death of Loan Account holder:
Request letter from the Legal Heir/ Claimant/ Nominee(s) for handover of Property documents
Letter of relinquishment for relinquishing r
Features
The benchmark applicable for home loan in Canara Bank is 1 Year MCLR.
ILLUSTRATION FOR $3,000,000 HOME LOAN for 30 years
EMI
₹23,601
PRINCIPAL PAID
₹3,000,000
INTEREST PAID
₹5,496,364
PROPERTY INSURANCE COST
₹16,667
PROCESSING FEES
₹15,000/-
TOTAL FEES + INSURANCE
₹30,000
TOTAL EMI PAID ₹ 8,496,364 over 30 years
Reason: