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Canara Bank Home Loan

Canara Bank Home Loan

 

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Member's Recomendation

9   4

9 review(s)
Expert Review | Write a Review

  • Interest Rate
  • 11.25%
  • Pre payment charges
  • 2%
  • Balance Transfer Charges
    (incase of refinance)
  • 2%
     
  • Part-payment Charges
  • Nil
  • Switching Charges
    (Fixed to Floating or vice-a-versa)
  • 1%
     
  • Loan to Value ratio
  • 80
  • Speed of Sanction
  • 7 working days
  • Ease of documentation
  • Pre- Approved projects only. Less Documentation
  • Customer Service
  • Good
  • Franking Charges
  • 0.2%

Features and Benefits of Canara Bank Home Loan

Features:

 

  • Home loan is available for construction/purchase/repairs/renovation of house or flat including purchase of land & construction.
  • For purchase of new house (including readymade & construction-linked), the loan to value would be 85% for loan amount up to Rs 20 lakh and 80% for loan amount above Rs 20 lakh.
  • For purchase of old house or flat, loan to value would be 80% for loan amount up to Rs 20 lakh, & 75% for loan amount above Rs 20 lakh.
  • Loan can be repaid with EMIs within 25 years or age at loan maturity is of 70 years whichever is earlier.

 

 

 

Eligibility:

 

  • Salaried individuals, individual engaged in business/professionals & self-employed person & NRI can apply for home loan.
  • Salaried Individuals are entitled to 4 years of total gross salary a maximum loan amount which can be 4 years of gross salary.
  • Self-employed or business individual are entitled to 4 years of gross annual income  
  • For NRIs are eligible of 2 years annual gross income.

 

 

Charges:

  • Loan processing charge: 0.50% of the loan amount minimum of Rs. 500 & maximum of Rs. 10,000.
  • Prepayment charges: 2% of outstanding liability in case of  takeover of loan by other banks.
  • Late payment charges: Nil only penal interest is collected.

Interest Rates:

·          Bank is currently offering interest rates on floating basis linked with the base rates, currently base rate is 10.25% effective from from 1.07.2011.

Canara Bank

Upto  5 yr

Above 5 & upto 10 yr

Above 10 &upto 20 yr

Loans up to 30.00 lakh

10.75%

11%

11.25%

Above Rs. 30.00 lakh and up to 75 lakh

11.25

11.5

12%

Above Rs. 75.00 lakh and up to 3 Cr

11.50%

12%

13%

Above 3 Cr

14.25%

 

Documentation:

Salaried Individual

  • Application form with recent photograph
  • Salary slip of last 3 months
  • Latest Form 16
  • Bank statement for last 6 months
  • Processing fee check
  • Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
  • Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
  • Proof of age (any one) : Passport/Voter's ID/PAN card/' Birth certificate/life insurance policy or premium receipt
    Signature verification proof
  • Repayment track record of existing loans/Loan closure letter

Self Employed

  • Application form with recent photograph
  • Bank statement for last 6 months
  • Processing fee check
  • Proof of age (any one) : Passport/Voter's ID/PAN card/'Birth certificate/life insurance policy or premium receipt
  • Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
  • Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
  • P&L and balance Sheet for last 2 years certified/audited by CA
  • Qualification proof of the highest professional degree
  • Proof of existence
  • Income Tax return/Computation of total income/Auditor's Report Balance sheet/Profit and loss account for last
    2 years certified by CA
  • Repayment track record of existing loans/Loan closure letter
  • Proof of office address
  • Board Resolution in case of company

Documents Required for Canara Bank Home Loan

Salaried Individual
  • Application form with recent photograph
  • Salary slip of last 3 months
  • Latest Form 16
  • Bank statement for last 6 months
  • Processing fee check
  • Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
  • Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
  • Proof of age (any one) : Passport/Voter's ID/PAN card/' Birth certificate/life insurance policy or premium receipt Signature verification proof
  • Repayment track record of existing loans/Loan closure letter
Self Employed
  • Application form with recent photograph
  • Bank statement for last 6 months
  • Processing fee check
  • Proof of age (any one) : Passport/Voter's ID/PAN card/'Birth certificate/life insurance policy or premium receipt
  • Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
  • Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
  • P&L and balance Sheet for last 2 years certified/audited by CA
  • Qualification proof of the highest professional degree
  • Proof of existence
  • Income Tax return/Computation of total income/Auditor's Report Balance sheet/Profit and loss account for last 2 years certified by CA
  • Repayment track record of existing loans/Loan closure letter
  • Proof of office address
  • Board Resolution in case of company

Expert Review of Canara Bank Home Loan

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User Reviews

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Average user rating

  • Pricing
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  • Member's Recomendation

Advantageous product

By: Puneet, Pune | 04 November 2009

Canara bank is a good bank but their staff has to be more active. They have to understand that for a customer there are many banks offering home loans so they have a race in which they have to win. Th...[Read]

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Canara bank -no hidden charges

By: Pranav, Delhi | 02 November 2009

Very good bank. Canara bank is the best public sector banks for home loans. I feel all the public sector banks are good if one is planning for a home loan. With private banks there are always hidden c...[Read]

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high interest, high processing fees they have a lazy and rude staff

By: Mihir, Ahmedabad | 23 December 2009

Plz dont go for canara bank home loans....they charge high interest, high processing fees they have a lazy and rude staff. If you have some queries regarding home loans dont go to canara bank ever bco...[Read]

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if we people take loans from banks we pay interest along with the loan amount.

By: Payal, Mumbai | 21 December 2009

Canara bank is the worst bank i have dealt with. When applying for home loan I had few questions which i thought should have been answered by the bank i was applying my home loan for. Canara bank peop...[Read]

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Also they r giving me 18 lakhs and i had a requirement of 20 lakhs which i feel is good because othe

By: yogesh, Kolkata | 20 December 2009

Canara bank is excellent, i say this bcoz i am planning for a home loan with canara bank. I wanted a home loan immediately and i had requested canara bank to approve my loan quickly. it wasn\\\'t done...[Read]

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plz dont mind paying a little extra but go for private banks

By: Rita, Mumbai | 18 December 2009

Canara bank is hopeless, Plz dont waste ur time with canara bank. they have hopeless staff. Considering the public sector banks facing competition with private sector banks , one might expect the publ...[Read]

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Canara bank according to me has the longest approval period

By: Pratik, Mumbai | 14 December 2009

Canara bank according to me has the longest approval period. I wanted a home Loan Immediately and when applying with Canara bank i kept asking them again and again is how much time the bank takes for ...[Read]

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clear case of housing loan, until my wife paid a lump sum

By: ramrema, Mumbai | 11 December 2010

We had a housing loan with Canara Bank. Normally it was the most clear case of housing loan, until my wife paid a lump sum to repay part of the loan.At the time of repayment, she was advised that sinc...[Read]

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Canara Bank

By: Qureshi, India | 05 August 2011

Quick service I got my loan approved within 10 days... I really appreciate Canara Bank fast n supportive service ...[Read]

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