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Canara Bank Home Loan Interest Rate

The latest revisions in the base rate and BPLR have caused a significant increase in Canara Bank Home Loan Interest Rate. The base rate (BR) now stands at 10.75% and the Benchmark Prime Lending Rate (BPLR) has gone up to 15%. The changes are effective from the first day of August in the current year of 2011.

It is to be noted that the rates on all housing loan products are linked to BR. Thus a hike in BR automatically raises the interest rates on different housing loan products offered by Canara Bank. You can check your eligibility for a particular loan product using an EMI or Eligibility calculator. Such calculators require applicable rates as input to give the correct results.

Here is how Canara Bank Home Loan Interest Rate is linked with BR.

Loan Amount5 years5-10 years10-25 years
Rs.30 lacs BR+0.50%BR+0.75%BR+1.00%
Rs.30 lacs – Rs 75 lacsBR+1.00%BR+1.25%BR+1.75%
Rs 75 lacs – Rs 3 crBR+1.25%BR+1.75%BR+2.75%
Rs 3 crore BR+4.00%BR+4.00%BR+4.00%

Canara Bank also offers home improvement loan, which is available at a rate that is 4% more than the BR.

Canara Bank Home Loan Interest Rates 2011

Keeping the above relations of Canara Bank Housing Loans with BR, we can get the following rate structure for the year 2011.

Base Rate: 10.75%

Loan Amount5 years5-10 years10-25 years
Rs.30 lacs 11.25%11.50%11.75%
Rs.30 lacs – Rs 75 lacs11.75%12.00%12.50%
Rs 75 lacs – Rs 3 cr12.00%12.50%13.50%
Rs 3 crore 14.75%14.75%14.75%

The rate of interest on home improvement loan is now at 14.75%, after the increase in BR on August 01, 2011.

If you intend to buy a second home, you may have to pay an additional interest @ 0.25% over and above the above-mentioned rates. Moreover, these rates are subject to change any time without any prior notice. So you need to check with your local branch officer about the most current Canara Bank home loan rates. You may also need to verify the information provided here before actually using them for purchasing a loan product. Meanwhile, you can get benefits from the resources we have provided on various pages of our website.