Canara Bank Home Loan Interest Rates Jul 2015

Canara Bank Home Loan ✓ Interest Rates July 2015 ✓ Eligibility ✓ EMI Calculator ✓ Salaried ✓ Self-employed ✓ Apply Online ✓ Free Doorstep Service.

Purpose of taking home loans form Canara Bank:

For construction / purchase / repairs / additions / renovations of residential house / flat including the purchase of land and construction thereon. For taking over of the Housing Loan liability with other recognized Housing Finance Companies, Housing Boards, Co-operative Banks, Co-operative Societies and Commercial Banks at our prevailing low rate of interest.

Interest Rates 2015- Up to 75 lacs 10.00%, Above 75 lacs 10.20% for all tenure options

Last Updated as on 28 june 2015.

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Eligibility Criteria required for Canara Housing loans:

  • Salaried individuals, individuals engaged in business / professionals and self-employed persons. NRIs are also eligible to avail loans without specific permission of RBI.

  • Persons above the age of 55 years are also eligible subject to certain stipulations of RBI.

What is your contribution in total property value or Loan Margin?

Loans upto Rs.20 lacs Loans above Rs.20 lacs
New house / flat
(including those for purchase of site &
construction of house thereon)
20% 20%
Old house/flat 25% 25%
Margin – 25 % for both new and old houses in respect of housing loans for acquiring second house / flat i.e., where the applicant is already owning a house/flat with or without loan.

Calculate Loan EMI Manually with Canara Bank Home loan EMI Calculator

Enter the following information in the below EMI calculator:
✓ Principal loan amount you wish to avail (rupees)
✓ Loan term (months or years)
✓ Rate of interest (percentage)


Calculate Loans EMI Online

Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Total Interest Amount
Yearly Interest Amount

EMI Calculation Per Lac for Canara Bank Home Loan as per Loan Tenure Period

Loan Amount Repayment Time Interest Rate EMI Per Month
Rs.1,00,000 5 year 10.00% Rs.2125
Rs.1,00,000 10 year 10.00% Rs.1322
Rs.1,00,000 15 Year 10.00% Rs.1075
Rs.1,00,000 20 Year 10.00% Rs.965
Rs.1,00,000 25 Year 10.00% Rs.909
Rs.1,00,000 30 Year 10.00% Rs.878

Required Documents / Formalities :

  • Stipulated Loan Application with 2 passport size photos of applicant / guarantor
  • Sale Deed
  • Agreement for Sale
  • Copy of the approved plan for the proposed construction / extension / addition
  • Detailed cost estimate / valuation report from Bank’s Panel Chartered Engineer / Architect
  • Allotment letter of Co-operative Housing Society / Apartment Owners’ Association / Housing Board / NOC from the Society / Association / Builders / Housing Board
  • Legal Scrutiny Report, EC for the past 13 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary
  • Salary Certificate and Form No.16 (in case of salaried persons)
  • IT Returns filed for the past two years (in case of non-salaried persons)
  • A brief note on the nature of business, year of establishment, type of organization, etc., (in case of self-employed)
  • Balance Sheet and P&L Account for the past three years (in case of self-employed)

For more details, please visit our nearest branch or call to toll free no. 1800 425 0018.

Example of Canara Bank Home Loan of 25 Lakh Amount @ 10.00% Rate of interest for 30 Years Calculation:

Year Principal Interest Balance Amount
1 Rs. 13,894 Rs. 249,374 Rs. 2,486,106
2 Rs. 15,348 Rs. 247,920 Rs. 2,470,758
3 Rs. 16,955 Rs. 246,313 Rs. 2,453,803
4 Rs. 18,732 Rs. 244,536 Rs. 2,435,071
5 Rs. 20,690 Rs. 242,578 Rs. 2,414,381
6 Rs. 22,859 Rs. 240,409 Rs. 2,391,522
7 Rs. 25,252 Rs. 238,016 Rs. 2,366,270
8 Rs. 27,895 Rs. 235,373 Rs. 2,338,375
9 Rs. 30,818 Rs. 232,450 Rs. 2,307,557
10 Rs. 34,044 Rs. 229,224 Rs. 2,273,513
11 Rs. 37,610 Rs. 225,658 Rs. 2,235,903
12 Rs. 41,548 Rs. 221,720 Rs. 2,194,355
13 Rs. 45,898 Rs. 217,370 Rs. 2,148,457
14 Rs. 50,704 Rs. 212,564 Rs. 2,097,753
15 Rs. 56,013 Rs. 207,255 Rs. 2,041,740
16 Rs. 61,880 Rs. 201,388 Rs. 1,979,860
17 Rs. 68,359 Rs. 194,909 Rs. 1,911,501
18 Rs. 75,516 Rs. 187,752 Rs. 1,835,985
19 Rs. 83,423 Rs. 179,845 Rs. 1,752,562
20 Rs. 92,159 Rs. 171,109 Rs. 1,660,403
21 Rs. 101,811 Rs. 161,457 Rs. 1,558,592
22 Rs. 112,471 Rs. 150,797 Rs. 1,446,121
23 Rs. 124,248 Rs. 139,020 Rs. 1,321,873
24 Rs. 137,257 Rs. 126,011 Rs. 1,184,616
25 Rs. 151,630 Rs. 111,638 Rs. 1,032,986
26 Rs. 167,510 Rs. 95,758 Rs. 865,476
27 Rs. 185,051 Rs. 78,217 Rs. 680,425
28 Rs. 204,427 Rs. 58,841 Rs. 475,998
29 Rs. 225,831 Rs. 37,437 Rs. 250,167
30 Rs. 250,354 Rs. 13,788 Rs. 0

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