Canara Bank Home Loan FAQs
Why to take home loan from Canara Bank?
Canara Bank offers home loan at lower rate of interest i.e. at 8.65% with the lowest EMI of Rs. 780 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your home loan to Canara Bank.
What is the maximum loan tenure I can opt under Canara Bank house loan?
Canara Bank offers you a longer tenure of 30 years to repay your home loan with a benefit of paying less EMI per month.
Do I get tax benefit on home loan from Canara Bank?
As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.
Can I foreclosure my home loan? What are the charges applicable?
Yes, you can foreclose your home loan with Nil charges.
Can I transfer my home loan from another bank to Canara Bank?
Yes, Canara Bank gives you the facility to transfer your existing home loan with a hassle free process. Home loan balance transfer to Canara Bank offers you to pay lower EMIs and save money.
Can I club the income of my spouse with mine and apply for joint home loan?
You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.
What is the benchmark applicable for home loan in Canara Bank?
The benchmark applicable for home loan in Canara Bank is 1 Year MCLR.
What is the effect of part payments on Canara Bank housing loan EMI ?
Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.
How to increase my eligibility on Canara Bank Home loan?
If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan
How will interest rate on Canara Bank home loan change in future?
Floating interest rate on Canara Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.40%. So, when Canara Bank offers a home loan at 8.65%, it applies a premium of 0.25% to its MCLR Rate to arrive at this home loan interest rate.
When RBI increases interest rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.
Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.
A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.
Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.
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