55 Lakh Home Loan Canara Bank

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Canara Bank is well-known for its trustworthy and straightforward home loan services. Canara Bank offers loans for various purposes, such as buying a new house, constructing one, or renovating an existing property. With competitive interest rates, easy repayment plans, and low processing fees, the bank makes getting a home loan less daunting. Whether you’re a salaried employee or run your own business, Canara Bank’s housing loan options, including those up to Rs. 55 Lakh, are designed to help you achieve your dream of owning a home easily and confidently. Read the full information in the given sections.

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Table of Content

1. 55 Lakh Home Loan Canara Bank Highlights

2. 55 Lakh Home Loan EMI for 10 years Canara Bank

3. 55 Lakh Home Loan EMI for 20 years Canara Bank

4. 55 Lakh Canara Bank home loan Fees and Charges

5. 55 Lakh Canara Bank home loan Documents Required

6. 55 Lakh Canara Bank home loan Eligibility Criteria

Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

55 Lakh Home Loan Canara Bank – Highlights

Features	Description
Who Are Eligible?	Resident/Non-resident Indians with stable income. Salaried and non-salaried individuals.
Maximum Loan Amount	There is no upper limit, subject to proof of income.
Loan Tenure	The borrower must be up to 30 or 75 years of age, whichever is earlier.
Margin	10% for loans up to Rs.30 Lakh; 20% for loans above Rs.30 Lakh & up to Rs.75 Lakh; 25% above Rs.75 Lakh and for old houses (> ten years).
Upfront Fee	0.50% of the loan amount (Min Rs.1,500 to Max Rs.10,000 GST). Special waivers during promotional periods
Collateral/Security	Typically, it involves the mortgage of the property being financed.

55 Lakh Home Loan EMI for 10 years Canara Bank

Loan Tenure	Monthly EMI (Approx.)	Overall Interest Paid	Total No. of EMIs
10 years	Rs. 65,286	Rs. 23,34,317	120

55 Lakh Home Loan EMI for 20 years Canara Bank

Loan Tenure	Monthly EMI (Approx.)	Overall Interest Paid	Total No. of EMIs
20 years	Rs. 44,308	Rs. 51,33,830	240

55 Lakh Canara Bank home loan – Fees and Charges

Fee Type	Amount
Processing Fee	0.50% of loan amount (Min Rs.1,500 to Max Rs.10,000 +GST)
Prepayment Charges	Nil for floating rate loans
Late Payment Fee	As per the bank’s terms
Legal/Technical Valuation Fee	At actuals, based on the property and loan amount
Documentation Charges	At actuals

55 Lakh Canara Bank home loan – Documents Required

For an Rs. 55 Lakh Canara Bank home loan, the required documents include

KYC (ID and address proof)
Income proof (salary slips for salaried, ITR for self-employed)
Bank statements
Property documents (title deeds, approved plan)
Proof of business for non-salaried applicants.

55 Lakh Canara Bank home loan – Eligibility Criteria

Eligibility for a Rs. 55 Lakh Canara Bank home loan requires

The applicant must be a resident or non-resident Indian with a stable income.
Salaried individuals must have up to 72 times their monthly gross salary..
Non-salaried individuals need up to 6 times their annual gross income.
Age and creditworthiness also influence eligibility.

Frequently Asked Question (FAQs)

What is the EMI for a 55 Lakh Home Loan for 20 years in Canara Bank?

The EMI for a Rs. 55 Lakh home loan for 20 years in Canara Bank, assuming an interest rate of 7.5%, is approximately Rs. 44,308 per month.

Who is eligible for a 55 Lakh Home loan in Canara Bank?

Eligibility for a Rs. 55 Lakh home loan in Canara Bank depends on the borrower's income. Salaried individuals need up to 72 times their monthly gross salary, and non-salaried individuals need up to 6 times their annual gross income.

What is the monthly interest rate of 55 Lakh home loan in Canara Bank?

The monthly interest rate for an Rs. 55 Lakh home loan in Canara Bank, with an interest rate of 7.5%, is approximately 0.625%.

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