Canara Bank is a PSU bank, and it advertises its home loan from 7.15%. That is a floor, not an offer. The figures below show the same loan at the advertised rate and at the maximum rate the bank can charge on this product, because the difference is what actually decides affordability.
What it costs per month
On ₹50,00,000 over 20 years.
| Rate | EMI | Total interest |
|---|---|---|
| 7.15% | ₹39,216 | ₹44,11,939 |
| 10.00% | ₹48,251 | ₹65,80,260 |
Principal and interest only. The processing fee, GST, documentation and any insurance sold alongside the loan are additional. To try a different amount or tenure, use the EMI calculator.
What the gap means
The same ₹50 lakh loan costs ₹9,035 more a month at the top of the range, and ₹21,68,321 more in interest over twenty years. Where you land inside that band is set by your credit score, your down payment and your income type — not by negotiation. Read home loan eligibility before you apply, and if you are choosing between a linked and a locked rate, fixed vs floating home loan covers the trade.
Once the loan is running, a part-prepayment cuts the interest far more than it cuts the tenure — the prepayment calculator shows by how much.
How it compares
Canara Bank is joint cheapest of the 12 home loan providers we track, level with LIC Housing Finance and Union Bank of India at 7.15% and 0.05% below Bank of Baroda at 7.20%. The full table is at home loan interest rates.
Terms change without notice. Confirm the current figures with Canara Bank before you act.
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