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Is Canara Bank Home Loan a Good Option?

Canara Bank is fast growing into a combative banking unit offering a myriad of products for the customers to avail. Amongst the products it offers, home loan comes as something that would excite many. Itu2019s a loan that you can obtain from the bank to purchase, construct, extend or renovate a housing unit. The loan comes at varied interest rates and so, it becomes necessary to assess their impact on the overall budget. The rates have a great bearing on the shape of repayment. Apart from the rates, you also need to glance at the eligibility criteria the bank has put forward for you to meet.

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Is Canara Bank Home Loan a Good Option?

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  1. Is Canara Bank Home Loan a Good Option?

  2. Canara Bank is fast growing into a combative banking unit offering a myriad of products for the customers to avail. Amongst the products it offers, home loan comes as something that would excite many. It’s a loan that you can obtain from the bank to purchase, construct, extend or renovate a housing unit. The loan comes at varied interest rates and so, it becomes necessary to assess their impact on the overall budget. The rates have a great bearing on the shape of repayment. Apart from the rates, you also need to glance at the eligibility criteria the bank has put forward for you to meet.

  3. Canara Bank Home Loan Interest Rate 2019 Canara Bank disburses home loans to both salaried and self-employed at attractive interest rates. The rates are charged on the basis of 1-year MCLR or Marginal Cost of Lending Rate, which at the moment is 8.70%. Salaried have a distinctive advantage over self-employed as the loan gets disbursed to the former at 1-year MCLR without any spread, irrespective of the loan they apply for. The spread is, however, applicable to others. Borrowers, except salaried, would be offered loan of up to ₹30 lakh, above ₹30 lakh to ₹75 lakh and above ₹75 lakh at 8.80%, 8.90% and 8.95%, respectively.

  4. Canara Bank Home Loan Calculator Checking the effect of interest rates is of utmost importance to a sound repayment life. The pronounced effect of rate is seen pretty much on the EMI, which stands for Equated Monthly Installments, which you need to pay to Canara Bank every month. The EMI is a sum of both interest and principal payable to the lender.You can check the EMI and interest using the Canara Bank Home Loan EMI Calculator. The calculator computes using the loan amount, tenure and interest rate. Greater the loan amount and interest rate, greater would be the EMI and interest outgo. On the other hand, tenure has a different relationship to the repayment. A longer tenure would lead to a lesser EMI and greater interest outgo and vice-versa.

  5. Canara Bank Home Loan Eligibility You must meet the following criteria to be eligible for Canara Bank Home Loan. • Both salaried and self-employed can apply for the loan • The loan is available to all the confirmed salaried with a minimum work experience of 3 years • Self-employed are also required to be in their profession or business for a minimum of 3 years • Borrowers must be less than 60 years at the time of applying

  6. How Much a Home Loan are You Eligible for? The loan amount eligibility is greatly decided on the basis of the income you have and the EMI that you can comfortably pay to Canara Bank. Besides that, the property value will also be considered to ascertain the loan amount. If you go by what the bank says on its website, salaried can get the loan at about 4 times the gross annual salary. Self-employed, on the other hand, can receive the loan at about 4 times the average annual income of all the 4 years.

  7. It’s Time to Apply for Canara Bank Home Loan? Now that you get to know the eligibility criteria sought by Canara Bank and a broader sight of the repayment ahead, you can apply for a loan. For that, you can download Canara Bank Home Loan application form from the website, take its printout, fill the details properly and submit the same along with necessary documents pertaining to identity, address, income and property proofs. The bank will go through the application thoroughly before nodding to the same.

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