85 Lakh Home Loan Canara Bank

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The Canara Bank 85 Lakh home loan is a feature-rich credit option. It ideally offers more competitive interest rates, personalised repayment plans, lower processing fees, a hassle-free application process, a complimentary credit card, and more. However, you must be aware of certain factors before initiating your loan application, especially for such a substantial loan amount as 85 Lakh. These may include details regarding the 85 Lakh home loan EMI at Canara Bank, pertinent interest rates, required documentation, eligibility criteria, and other associated fees, all of which ultimately help you make more informed decisions. To know more, keep reading. Hereunder, we present a detailed overview of this budget-friendly home loan. Let's dive in.

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Table of Content

1. 85 Lakh Home Loan Canara Bank Highlights

2. 85 Lakh Home Loan EMI for 10 Years Canara Bank

3. 85 Lakh Home Loan EMI for 20 Years Canara Bank

4. 85 Lakh Canara Bank Home Loan Fees and Charges

5. 85 Lakh Canara Bank Home Loan Documents Required

6. 85 Lakh Canara Bank Home Loan Eligibility Criteria

Written By

Utsah Sharma

Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.

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.

85 Lakh Home Loan Canara Bank – Highlights

Canara Bank’s home loan interest rate for 85 Lakh and other key parameters are as follows:

Interest Rates	8.40% to 11.75% p.a.
Loan Amount	85 lakh or higher, subject to your income/salary
Loan Tenure	Up to 30 years
Eligibility	Applicable to both salaried and self-employed individuals

85 Lakh Home Loan EMI for 10 Years Canara Bank

Following is the 85 Lakh home loan EMI for 10 years at Canara Bank:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total amount Payment
₹85 Lakh	9.25% p.a.	10 years	₹1,04,934	₹40,92,080	₹1,25,92,080

85 Lakh Home Loan EMI for 20 Years Canara Bank

Following is the 85 lakh home loan EMI for 20 years at Canara Bank:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total amount Payment
₹85 Lakh	9.25% p.a.	20 years	₹73,228	₹90,74,720	₹1,75,74,720

85 Lakh Canara Bank Home Loan – Fees and Charges

Let’s examine the applicable fees and charges, in addition to the 85 Lakh home loan EMI at Canara Bank:

Fee/Charge	Amount
Processing Fee	0.5% of the loan amount
Prepayment charges	Nil
Late payment charges	2% p.a. on the amount of default
Documentation Charges	₹100/- per lakh
Stamp duty & other statutory charges	As per the state law

85 Lakh Canara Bank Home Loan – Documents Required

Following are the required documents for the Canara Bank 85 lakh home loan:

KYC Document: Aadhaar card, PAN card, driver’s license, passport, voter ID card, etc.
Residential Documents: Driver’s license, voter ID card, electricity bill, telephone bill, etc.
Income Documents: Salary slip/business proof, IT returns, and bank statements.

85 Lakh Canara Bank Home Loan – Eligibility Criteria

85 Lakh home loan eligibility at Canara Bank is as follows:

Age Limit: You must be somewhere between 21 and 60 years old.
Employment Experience: You must have at least 2 years of working experience or business continuity.
Income Requirement: You must have a regular income source to cover the loan EMI.
Credit Score: You must have a good credit score, preferably 700 or above.
Residential Status: You must be either a Resident Indian (RI) or a Non-resident Indian (NRI).

Frequently Asked Question (FAQs)

What is the EMI for an 85 Lakh Home Loan for 20 years in Canara Bank?

The monthly EMI for an 85 lakh home loan from Canara Bank over a 20-year period would be approximately ₹73,228, with an annual interest rate of 8.40%.

Who is eligible for an 85 Lakh home loan at Canara Bank?

Both salaried and self-employed individuals are eligible for an 85 lakh home loan at Canara Bank based on their monthly income.

What is the monthly interest rate of an 85 Lakh home loan in Canara Bank?

The monthly interest rates for an 85 lakh home loan at Canara Bank range from 0.70% to 0.98%.

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