How Did I Get 20 Lakh Rupees Home Loan – Inspirational Story of Vineesh Rohini
Canara Bank’s home loan interest rate ranges from 6.90% to 10.05%, with loan tenure extending up to 30 years. The processing fee stands at 0.50% of the loan amount. Both salaried and self-employed individuals can apply for Canara Bank home loan that can be availed for home purchase, plot purchase, home construction, and home renovation.
Canara bank home loan interest rates are linked to Repo Linked Lending Rate (RLLR). Currently, the RLLR of the bank is 6.90% w.e.f. 07.11.2019. For existing Canara Bank customers, the bank’s current 1-year Marginal Cost of Funds based Lending Rate (MCLR) is 8.35%, effective from November 7, 2019. The current Canara Bank housing loan interest rate (linked to RLLR) is 6.90% onwards.
Canara Bank offers a wide variety of home loan schemes, each having its own eligibility criteria. However, a few common requirements are as follows:
| Borrower Profile | Indian Residents/Non-Resident Indians (NRIs) |
| Employment Type | Salaried/Self Employed |
| Age | 18 to 70 years |
| Credit Score | Preferably 750 and above |
| Income | Varies from case to case |
| Work Experience | At least 3 years |
Canara Bank Home Loan Documents for Salaried
- Duly filled and signed home loan application form
- Two passport size photographs
- Proof of identity
- Proof of age
- Proof of address
- PAN card (photocopy)
- Latest 6 months’ salary slips
- Bank statement of salary account for past 6 months
- Proof of confirmed service of 3 years
- Property documents
- Processing fee cheque
Canara Bank Home Loan Documents for Self Employed
- Duly filled and signed home loan application form
- Two passport size photographs
- Proof of identity
- Proof of age
- Proof of address
- PAN card (photocopy)
- Balance sheet and profit & Loss Account statements for last 3 years
- Income tax returns for last 3 years
- A brief note on the nature of business, year of establishment, present banker, form of organisation, capacity in which applicant is engaged and net worth of the applicant
- Bank statement of all bank accounts
- Business license, wherever applicable
- Property documents
- Processing fee cheque
Note: Besides the listed documents, you might have to submit other documents as required by the bank.
