Canara Bank, a leading public sector bank, disburses home loans from more than 6,000 branches located across India. With such a massive presence, the banking unit manages to connect people across the landscape for a home loan. Before availing the debt, one look at the interest rate and eligibility, don’t they?
While the interest rate determines the cost of borrowing, the eligibility tells whether you deserve the credit coming your way or not. Keeping that in mind, the article has elaborated on interest rate and eligibility of Canara Bank. So, don’t go anywhere.
How Does Canara Bank Home Loan Interest Rate Pan Out?
Canara Bank disburses a home loan of up to ₹30 lakhs at an interest rate of 8.45% and 8.50% to female and male borrowers, respectively. Loans from 30-75 lakhs and above 75 lakhs are charged at 8.55%-8.60% and 8.60%-8.65%, respectively. On a whole, Canara Bank Home Loan Interest Rate ranges from 8.45%-8.65% per annum.
Canara Bank Home Loan EMI Calculator
You must know the EMI or Equated Monthly Installment in advance so as to experience a hassle-free repayment journey. The EMI calculation is contingent upon loan amount, the rate of interest and tenure. The installment also involves a portion of interest payment besides the principal. While choosing a loan, you can tinker on the tenure, which can be a maximum of 30 years.
You can, however, choose a much shorter tenure than that to contain the overall outflow of interest. The calculator, which you can see online, takes into consideration the amount of loan, interest rate and tenure to compute the installment.
Besides the results of Canara Bank home loan EMI calculator, you can also see an amortization schedule showing the principal and interest repayment to be made each year. This will help you plan a perfect prepayment to relieve you from the interest burden.
Canara Bank Home Loan Eligibility Criteria
Canara Bank puts in place a few eligibility criteria for you to meet before getting an approval to your application.
- Confirmed salaried serving for a minimum of 3 years are eligible to apply
- Self-employed businessmen or professionals remaining in the business or profession for a minimum of 3 years are also eligible
- The age of the borrower at the time of application shall be less than 60 years and the loan must get cleared before the borrower becomes 70 years old
Canara Bank Home Loan Apply Online
You can apply for a home loan on the website of Canara Bank. Be ready to share a few personal and professional details such as your name, PAN card, date of birth, years of work experience, the salary you are drawing and the organization where you work at. Apart from that, you need to furnish property details as well. After entering all such details, you submit the online application form for the bank to process. Even when you visit the nearest branch, you need to fill the same details in a physical form and submit it to the concerned official to process your application.