Canara bank loans against property unlayers the wonderful stance for you to use your treasured property to raise money. In this loan, you mortgage your commercial or residential property to the lender as security and in return, avail finances to fund your personal goals. The loan is offered for the financial needs of up to Rs 10 crore at affordable rates starting from 9.95% per annum. The loan can be availed for a decent repayment tenure of up to 20 years.
|
Loan Amount |
Up to Rs 10 Crore |
|
Loan Tenure |
Up to 20 years |
|
Interest Charges |
Starts at 9.95% |
|
Processing Fees |
O.50% of the loan amount plus applicable charges (Maximum Rs 5,000) |
|
Prepayment |
NIL on floating interest rate |
Here are the important features of Canara bank mortgage loan:
Canara bank mortgage loans are there to finance your personal purposes. The bank helps you fund your urgent financial requirements such as medical emergencies, foreign travel etc.
Canara bank loans against property interest rates start from 9.95%. Know that there are many factors like repayment tenure, type of property, age limit, credit history etc. that help lenders determine the Canara bank mortgage loan interest rate.
Canara bank mortgage loan amount ranges up to 50% of the total value of the property that you offer as collateral. The maximum amount for Canara bank LAP you can avail is Rs 10 crore. Note that the loan amount is decided upon various factors including applicant’s profile and requirements.
Canara bank loans against property repayment tenure ranges up to 10 years.
Canara bank enables you to make prepayment of Canara mortgage loan amounts and help you to save yourself from interest charges.
You are not charged any prepayment fees on loan at floating rate of interest. However, the bank charges prepayment fees in case of mortgage loan fixed interest rate.
Before availing you the housing loan, the bank requires you to meet the eligibility standards that are set in order to see if you qualify for the Canara loan against property. These mortgage loan eligibility requirements include parameters like age, income and credit score of the applicant.
Here is the Canara bank loan against property eligibility criteria:
You will be required to submit certain documents at the time of Canara bank loan against property application procedure. The documents include your ID proof, income proof and the documents related to the property.
Here are the documents that are required for Canara bank mortgage loan application:
|
Documents |
Salaried Applicants |
Self Employed Applicants |
|
Identity Proof |
Aadhar Card, Passport, Driving Licence, Voter’s ID Card |
Aadhar Card, Passport, Driving Licence, Voter’s ID Card |
|
Address Proof |
PAN Card, Passport, Driving Licence, Voter’s ID Card |
PAN Card, Passport, Driving Licence, Voter’s ID Card |
|
Income Proof |
Salary Slips, Bank Statements, Form 16, Salary Certificate |
Bank Statements, Proof of Business, Income Tax Returns, Balance Sheet and P&L Account |
|
Others Important Documents |
Passport-Size photographs, Application form, All the documents related to the property |
Passport-Size photographs, Application form, All the documents related to the property |
|
BANKS |
INTEREST RATE |
|
Starts at 11.25% |
|
|
Starts at 10.85% |
|
|
Starts at 10.50% |
|
|
Starts at 11.25% |
|
|
10.65% to 16.25% |
|
|
Starts at 8.60% |
|
|
Starts at 9.00% |
|
|
Starts at 8.75% |
|
|
Starts at 8.15% |
|
|
Starts at 9.50% |
|
|
Starts at 9.50% |
Canara bank loan against property EMI calculator is a tool that you can use to check the monthly cost of your mortgage loan. Knowing the Canara bank mortgage loan EMI will help you see the expense which you will bear every month and structure your budget accordingly. You can go to the calculator on the official website of the bank.
Alternatively, there is BankSathi mortgage loan EMI calculator that will help you find the payable loan EMI. You need to enter:
Then hit “Calculate”. The BankSathi loan calculator will give you the monthly and annual calculation of your Canara bank LAP cost.
You can apply for a Canara bank mortgage loan offline. To do this you can have to visit the nearest branch of the bank. At the branch, the bank representative will assist you with the Canara bank loan against property application procedure.
While visiting the bank, it is best that you carry all the requirements documents which you will be asked to submit with your Canara bank mortgage loan application.
Alternatively, you can reach out to the Canara bank customer support and enquire about the procedure of loan against property application.
In case if you have further queries, complaints or feedback related to the Canara bank mortgage loan, you can contact the bank on their toll-free number.
Here is the Canara bank customer support toll-free number:
1800-425-0018, 1800-103-0018
In order to apply for Canara bank home loan balance transfer, you can reach out to the Canara bank customer support. Alternatively, you can go to the nearest branch of the bank.
The lender does not charge any prepayment fees for Canara mortgage loan at floating rate of interest. However, you are charged a prepayment penalty in case of a mortgage loan at a fixed interest rate.
The Canara bank mortgage loan interest rate starts at 9.95% per annum.
The bank allows you to enjoy up to 50% of the value of the property. The maximum Canara bank mortgage loan amount you can avail is Rs 10 crore.
You can avail Canara bank loans against property for the repayment tenure of up to 10 years.
Last Updated on : 01/May/2021Know More About
You're eligible for a Canara Bank Loan Against Property if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Loans Against Properties is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Canara Bank Loan Against Property Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 9.95% - 0% |
| Processing Fees | 0.50% |
| Loan Tenure | up to 20 year to years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Loans Against Properties EMI Calculator