Canara Bank is one of the largest public sector banks owned by the Government of India. Its headquarters is in Bengaluru. It was established at Mangalore in 1906 by Ammembai Subba Rao Pai, making it one of the oldest public sector banks in the country. The government nationalized the bank in 1969. Over the years, as many as 9 banks have merged with the Canara Bank. Canara Bank deals in home loan through its fully owned subsidiary, CanFin Homes Limited which has a network of 132 branches and 25 satellite offices throughout India.
CanFin Home Loans cover 75-85% of the loan amount subject to repayment capacity and net take home salary. All salaried, professional, self-employed, businessmen, NRI, pensioners are eligible for the CanFin home loans. The repayment period differs for different individuals with 5-30 years for salaried individuals, 5-25 years for professionals and so on. The floating rate of interest for salaried and professionals varied from 8.50% to 10% for a loan amount of less than 30 lakh rupees, 8.75-10.25% for loan amount of 30-75 lakh rupees and 9.5-10.5% for loan amount of above 75 lakh rupees.