60 Lakh Home Loan Canara Bank

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A Canara Bank home loan is an appealing credit option. The bank ensures eligible applicants can expect attractive interest rates, lower processing fees, online application, and a complimentary credit card, making it a more borrower-friendly credit option. The repayment period can go up to 30 years. This ultimately helps you to lower your EMI amount. Nevertheless, assessing the 60 lakh home loan EMI with Canara Bank is crucial and making your budget accordingly, as it signifies a considerable financial commitment. To make your homeownership journey less difficult, Urban Money presents a detailed overview of the Canara Bank housing loan EMI for 60 lakh. We cover the applicable interest rates, expected eligibility criteria, required documentation, and associated fees. Let’s dive in.

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Table of Content

1. 60 Lakh Home Loan Canara Bank Highlights

2. 60 Lakh Home Loan EMI for 10 Years Canara Bank

3. 60 Lakh Home Loan EMI for 20 Years Canara Bank

4. 60 Lakh Canara Bank Home Loan Fees and Charges

5. 60 Lakh Canara Bank Home Loan Documents Required

6. 60 Lakh Canara Bank Home Loan Eligibility Criteria

Written By

Thejus KS

A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

60 Lakh Home Loan Canara Bank – Highlights

Let’s examine the Canara Bank home loan interest rate for 60 lakh and other key parameters:

Interest Rates	9.25% p.a. onwards
Loan Amount	80% – 90% of the property cost
Loan Tenure	30 years
Eligibility	Both salaried and self-employed individuals are eligible

60 Lakh Home Loan EMI for 10 Years Canara Bank

Let’s examine the 60 lakh home loan EMI Canara Bank for a 10-year loan tenure:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total amount Payment
₹60 Lakh	9.25% p.a.	10 years	₹76,820	₹32,18,400	₹92,18,400

60 Lakh Home Loan EMI for 20 Years Canara Bank

Let’s examine the 60 lakh home loan EMI for 20 years with Canara Bank:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total amount Payment
₹60 Lakh	9.25% p.a.	20 years	₹54,952	₹71,88,480	₹1,31,88,480

60 Lakh Canara Bank Home Loan – Fees and Charges

Applicable fees and charges, apart from the Canara Bank housing loan EMI for 60 Lakh, are as follows:

Fee/Charge	Amount
Processing Fee	0.5% of the loan amount
Prepayment charges	Nil
Late payment charges	2.00% p.a. on the amount of default
Documentation Charges	₹100/- per lakh
Stamp duty & other statutory charges	As per applicable laws of the state

60 Lakh Canara Bank Home Loan – Documents Required

Here are the required documents for a 60 lakh home loan EMI with Canara Bank:

Identity Proof	Aadhaar card, PAN card, driver’s license, passport, voter ID card, etc.
Address Proof	Driver’s license, voter ID card, electricity bill, telephone bill, etc.
Salaried Individuals	Last 6-month bank statement, 3-year IT returns, and recent salary slip.
Self-Employed Individuals	Last 3-year balance sheet, profit & loss account, ITR/ITAO certificate, bank statement, and business proof.

60 Lakh Canara Bank Home Loan – Eligibility Criteria

60 lakh home loan eligibility in Canara Bank is as follows:

Age Limit	21 – 60 years old
Residential Status	Both Resident Indians (RI) and Non-resident Indians (NRI)
Employment Type	Either salaried or self-employed individuals
Employment Experience	2 years of work experience or business continuity
Income Requirement	Up to 72x monthly salary or 6x yearly business income
Credit Score	Typically, 700 or above

Frequently Asked Question (FAQs)

What is the EMI for a 60 lakh Home Loan for 20 years in Canara Bank?

The expected EMI for a 60 lakh Home Loan over 20 years, with base interest rates of 9.25% per annum, is ₹54,952.

Who is eligible for a 60 lakh Home loan in Canara Bank?

Both salaried and self-employed individuals qualify for a 60 lakh Home Loan from Canara Bank.

What is the monthly interest rate of a 60 lakh home loan in Canara Bank?

The interest rates for a 60 lakh home loan in Canara Bank start at 9.25%, approximately 0.74% per month.

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