A person who is looking for a lender that can offer the lowest possible rate on housing loans is quite confused. The reason behind this confusion is that almost every lender promises to give a low rate. But, it is difficult to trust the lender. Canara Bank is among the oldest banks which offer all type of loans including a home loan.
If you have been listing out all the options you have for a housing loan, you must check Canara Bank home loan interest rates and calculate EMI calculator. Maybe, this bank may become one of the best choices. In this article, we have given the basic information of housing loan offered by this bank along with example of effective EMIs.
Canara Bank Home Loan Interest Rate
Recently, many banks reduced their effective interest rates on housing loans. Canara Bank has also followed the same path and is presently offering home loans at 8.45%-8.65% per annum.
Home Loan EMI Calculator
If you plan to take a home loan from Canara Bank, you can use the home loan EMI calculator. This is the most convenient tool for such purposes. It helps in calculating the EMI in a few minutes by taking into account the basic details of your loan which are:
- Loan amount
- Interest rate
When you provide the above details, the calculator shows EMI, the total interest outgo, and total repayment amount (principal+interest). Here is an example with the loan amount ₹40 lakhs with the tenure of 15 years and interest rate of 9.50% p.a.
Total interest outgo: ₹35,18,418
Total amount: ₹75,18,418
EMI Calculation Formula
Here is the formula to calculate the EMI or equated monthly installment:
E= P.r. (1+r)n/((1+r)n -1)
P=Principal loan amount
r= Rate of interest on monthly basis (r= Annual rate of interest/12/100)
Documents Required for Canara Bank Home Loan
The list of documents you have to submit at the time of applying for a home loan at Canara Bank are mentioned below:
- Duly filled loan application form
- 2 passport size photographs
- Sale Deed
- Sale Agreement
- Copy of the approved plan for the construction, extension or addition to the house.
- Cost estimate / valuation report provided by Bank’s Architect/ Chartered Engineer
- Allotment letter from the Apartment Owners’ Association / Co-operative Housing Society/
- Housing Board or NOC from the Society/ Association/ /Builders/ Housing Board
- Legal Scrutiny Report, EC for the past 13 years, and permission for mortgage, and Property
- Tax paid receipt when required.
- Salaried Individuals: Salary Certificate and Form No.16
- Non-salaried persons: Last two years’ IT Returns
- Self-Employed: A brief note in the requisite format, with details about the business, such as type of organization, year of establishment, etc.
- Self-Employed: Past three years’ Balance Sheet and P&L Account.
If you have all the documents and match the criteria set by Canara Bank home loans, you can apply for it online or offline whichever is suitable for you.