Canara Bank Loan Against Property

Minimum: 18 years

Maximum: 60 years

1. Salaried individuals (single or jointly)/ professionals
2. Self-employed
3. Businessmen
4. Traders
5. NRIs (must have a regular source of income) with a joint resident borrower
6. Firms (partnership or proprietary)
7. Any company (except NBFCs)

1. Demand loans
2. Term loans
3. Overdraft facility (except individuals)

Maximum: Rs.10 crores (50% of the property valuation)

Salaried individuals: Net take home salary must not be under 40% (after all deductions including EMI of this loan). Future income is not taken into account

Non-salaried individuals: Loan amount (maximum) does not exceed the gross annual income for the past three years

1. Demand loan: 3 years
2. Term loan: 7 years ( up to 10 years or 120 months on a selective basis)
3. Overdraft facility: 1 year (renewable on an yearly basis)

1. Unencumbered residence/commercial property occupied by the borrower or leased out. Canara bank does not offer loan against vacant land.
2. Individuals: Property mortgage and personal guarantee of owners
3. Business: Property mortgage and personal guarantee of directors/partners
4. In certain cases, property already mortgaged to Canara bank can also be provided as security, subject to good track record of the borrower.
5. Third party property in relatives’ and spouse’s name is allowed.

0.5%. For every renewal of overdraft facility, Canara bank charges Rs.2,000

None

Maximum: Rs.10 lakh

Rs.100 (per lakh)

To be borne by borrower

Business

Moderate risk

Normal risk

Base rate+3.75%

Base rate+4.5%

Base rate+4%

Individuals

Base rate+3.75%