Canara Bank Home Loan EMI Calculator

Canara Bank's home loan eligibility criteria include: (1) Age: Individuals aged 21-70 years for salaried applicants and 21-65 years for self-employed professionals/businesspersons. (2) Income: Minimum monthly income of ₹15,000 for salaried individuals and annual income of ₹2 lakh for self-employed applicants. (3) Employment stability: Salaried individuals should have at least 2 years of work experience with at least 1 year in the current job; self-employed professionals should have at least 3 years of practice/business experience. (4) Credit score: A minimum CIBIL score of 700 is generally required. (5) Property: The property to be purchased should be legally approved with clear title documents. (6) Loan-to-Value ratio: Up to 80% for loans up to ₹30 lakh, up to 75% for loans between ₹30 lakh and ₹75 lakh, and up to 70% for loans above ₹75 lakh. The bank also considers various other factors including existing financial obligations, repayment capacity, and property valuation. Canara Bank offers special eligibility criteria for government employees, defense personnel, and professionals like doctors, chartered accountants, and company secretaries, who may qualify for higher loan amounts and lower interest rates.

Canara Bank's Jeevan Home Loan differs from a regular home loan in several important ways: (1) Built-in life insurance: The primary difference is the integrated term life insurance coverage that comes bundled with the loan. This insurance covers the outstanding loan amount in case of the borrower's death. (2) Premium component: The EMI includes a small additional component for the insurance premium, making the EMI slightly higher than a regular home loan. (3) Age restrictions: Due to the insurance component, this loan has stricter age eligibility criteria, typically available to borrowers between 18-50 years of age at the time of application. (4) Interest rate: The interest rate is usually 0.05% to 0.10% higher than regular home loans to account for the insurance benefit. (5) Documentation: Additional health-related declarations or basic medical information may be required as part of the application process. (6) Coverage limitations: Pre-existing conditions might have waiting periods or exclusions as per standard insurance practices. (7) Loan portability: This loan type may have limitations on transferring to another bank compared to regular home loans. (8) Terminal illness coverage: In addition to death benefits, many Canara Jeevan Home Loans also cover terminal illnesses. This product is particularly suitable for primary breadwinners who want to ensure their family won't be burdened with home loan repayments in case of their untimely death.

For a Canara Bank home loan, you'll need to submit these documents: (1) Identity proof: Aadhaar card, PAN card, passport, voter ID, or driving license. (2) Address proof: Utility bills not older than 3 months, passport, Aadhaar card, or rental agreement. (3) Age proof: Birth certificate, school leaving certificate, passport, or any valid government ID with date of birth. (4) Income documents for salaried individuals: Latest 3 months' salary slips, Form 16 for the last 2 years, last 6 months' bank statements showing salary credits, employment letter. (5) Income documents for self-employed: Business registration documents, last 3 years' Income Tax Returns with computation of income, profit & loss account and balance sheet for the last 3 years certified by a CA, GST returns for the past year (if applicable), last 12 months' bank statements of the primary business account. (6) Property documents: Sale deed/agreement to sell, property tax receipts, approved building plan, NOC from builder/society, khata certificate, encumbrance certificate. (7) PMAY subsidy documents (if applicable): Proof of family income, affidavit stating ownership of kutcha house (for EWS/LIG categories), affidavit stating non-ownership of pucca house (for MIG categories). (8) Loan repayment track record: Statements of existing loans, if any. (9) Additional documents for Canara Jeevan Home Loan: Basic health declaration form. The bank may request additional documents based on specific cases and loan requirements. Canara Bank also provides a document checklist on their website and mobile app for reference.

Yes, you can prepay your Canara Bank home loan either partially or fully. The prepayment policy varies based on the type of loan: (1) For floating rate home loans: No prepayment charges are applicable regardless of the source of funds (own sources or loan takeover by another bank), as per RBI guidelines. (2) For fixed rate home loans: If the prepayment is made from your own sources (not another bank refinance), no prepayment penalty is charged. If the prepayment is through refinancing from another bank, a 2% prepayment penalty may apply on the prepaid amount. (3) Minimum amount: Partial prepayments are usually accepted with a minimum amount of ₹50,000. (4) Maximum frequency: There is no limit on the number of prepayments you can make in a year. (5) Process: Prepayment can be initiated through Canara Bank's net banking, mobile banking, or by visiting a branch. You'll need to submit a written request for prepayment along with identity proof. (6) Effect on loan: After prepayment, you can choose to either reduce your EMI amount (keeping the tenure same) or reduce your loan tenure (keeping the EMI same). The default option is usually tenure reduction unless specified otherwise. (7) Documentation: For full prepayment, you'll need to request for all original property documents to be returned after the loan closure process is complete. Canara Bank typically processes prepayment requests within 7 working days.

To apply for Pradhan Mantri Awas Yojana (PMAY) subsidy with your Canara Bank home loan, follow these steps: (1) Check eligibility: First, determine your eligibility category - Economically Weaker Section (EWS), Low Income Group (LIG), or Middle Income Group (MIG I & II) based on your annual household income. (2) Mention PMAY interest: When applying for a home loan, inform the bank about your intention to avail PMAY subsidy. Canara Bank has dedicated PMAY cells in major branches to assist applicants. (3) Submit additional documents: Along with standard home loan documents, submit PMAY-specific documents including: a) Income proof (ITR or income certificate from a government authority), b) Self-declaration/affidavit stating that no adult family member owns a pucca house, c) Aadhaar cards of all family members, d) Marriage certificate (if applicable). (4) Fill PMAY application form: Complete the CLSS (Credit Linked Subsidy Scheme) application form provided by Canara Bank. (5) Subsidy processing: Canara Bank will forward your application to the Central Nodal Agency (NHB or HUDCO) for verification and subsidy approval. (6) Subsidy credit: Once approved, the subsidy amount will be credited to your loan account, reducing your principal outstanding. The bank will then re-compute your EMI or tenure accordingly. (7) Track application: You can track your PMAY subsidy application status through your Canara Bank branch or relationship manager. The subsidy processing typically takes 2-3 months after loan disbursement. Canara Bank provides guidance throughout the process and helps resolve any issues that may arise during subsidy approval.

Canara Bank's Budget Home Loan is a specialized home loan product designed for lower and middle-income segments. Key features and suitability: (1) Target customers: Primarily aimed at individuals with annual family income up to ₹6 lakh, including those from Economically Weaker Sections (EWS) and Low Income Groups (LIG). (2) Loan amount: Typically ranges from ₹5 lakh to ₹35 lakh, making it suitable for affordable housing purchases. (3) Reduced initial burden: The loan features a graduated EMI structure with lower repayments in the initial years, which gradually increase over time. This is especially beneficial for young professionals or those expecting income growth. (4) PMAY integration: The Budget Home Loan is fully integrated with the Pradhan Mantri Awas Yojana (PMAY), allowing eligible borrowers to avail interest subsidies of up to 6.5% depending on their income category. (5) Reduced documentation: Simplified documentation requirements compared to regular home loans, making it more accessible. (6) Higher LTV ratio: Offers up to 90% financing for properties valued up to ₹30 lakh, reducing the initial down payment burden. (7) Extended tenure: Allows loan tenure of up to 30 years, further reducing the monthly EMI burden. (8) Special rates for women: Additional interest rate concessions for women borrowers or loans with women as co-applicants. This loan is particularly suitable for first-time homebuyers, young families, government employees in lower pay scales, and individuals working in the informal sector with documented income. It's also ideal for those purchasing affordable housing units in tier-2 and tier-3 cities.