Is there anything you do not know about Canara Bank home loan?

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How much do you spend on reviewing the product offered by a particular bank? Most of the times, you prefer your existing for any financial services. If Canara Bank is your existing bank and you want to apply for a home loan here, you can do it.

But, whether or not you are going to get approval for Canara Bank home loan would depend on a lot of factors such as your income, credit history, relationship with the bank and property valuation. These are some of the most important factors considered by the bank at the time of approving or accepting a home loan application. The process is a little simpler for those who have earlier a home loan or have good terms with the lender. So, if you are planning to take a home loan from Canara Bank, you should check the interest rate and EMI with the help of Canara Bank home loan EMI calculator, documents and also the process to apply.

Canara Bank Home Loan Interest Rate

The interest rate at Canara Bank for a home loan is 8.75% to 8.95% per annum. Canara Bank home loan interest rate for women is 5 basis points lower which means if you are a woman, you will get rates between 8.70% to 8.90% per annum. You can check the effective EMI for the minimum and maximum interest rate with the help of a Canara Bank home loan EMI calculator.

Documents required for Canara Bank home loan

You have to make sure you have the documents listed below otherwise your Canara Bank home loan application will be rejected:
  • Duly filled loan application form
  • 2 passport size photographs
  • Sale Deed
  • Sale Agreement
  • Copy of the approved plan for the construction, extension or addition to the house.
  • Cost estimate / valuation report provided by Bank's Architect/ Chartered Engineer
  • Allotment letter from the Apartment Owners' Association / Co-operative Housing Society/
  • Housing Board or NOC from the Society/ Association/ /Builders/ Housing Board
  • Legal Scrutiny Report, EC for the past 13 years, and permission for mortgage, and Property
  • Tax paid receipt when required.
  • Salaried Individuals: Salary Certificate and Form No.16
  • Non-salaried persons: Last two years’ IT Returns
  • Self-Employed: A brief note in the requisite format, with details about the business, such as type of organization, year of establishment, etc.
  • Self-Employed: Past three years’ Balance Sheet and P&L Account.
How can you apply for Canara Bank home loan?

As mentioned above, if you are an existing customer of Canara Bank and have bank branch nearby, you can visit the branch along with documents listed above. The advantage of applying for a home loan offline is that you can ask as many queries as you want. However, if you plan to apply for Canara Bank home loan online, you will have a quicker service. You will have the time to do other things instead of taking rounds of the bank.

You can check your home loan EMI for Canara Bank home loan interest rate with the help of Canara Bank home loan EMI calculator. You can change values in a Canara Bank home loan EMI calculator as many times as you want to get the idea if you have budget to pay that EMI or not.

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