Incorporated in 1906 and nationalised in 1969, Canara bank has achieved various milestones over the years. Canara bank aims to be the market leader and a 'financial conglomerate' with nine subsidiaries and around 5708 branches across the country as of June 2015. Apart from its commercial banking operations, Canara bank has undertaken various activities related to rural development, corporate social responsibility and greater financial inclusion among others. Canara bank offers loans against property as well.
The Canara bank loan against property (mortgage of unencumbered property in metros or other centres) is meant to meet business/personal financial requirements and for any capital market, real estate and speculative purposes. Canara bank offers loan against properties available in Bengaluru, Chennai, Mumbai, NCR, Chandigarh, Hyderabad, Trichy, Amritsar, Bhopal and Kolkata among others.
The following table shows the eligibility criteria and other conditions related to loans against property offered by Canara bank
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Age |
Minimum: 18 years Maximum: 60 years |
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Type of borrowers |
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Types of loan |
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Loan Amount |
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 |
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Repayment |
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Security |
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Processing fees |
0.5%. For every renewal of overdraft facility, Canara bank charges Rs.2,000 |
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Prepayment charges |
None |
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Inspection charges |
Maximum: Rs.10 lakh |
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Documentation charges |
Rs.100 (per lakh) |
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Miscellaneous charges (CIBIL charges, CERSAI charges, outsourcing charges, etc) |
To be borne by borrower |
The following table shows the interest rates offered by Canara bank for loans against property
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Type of category |
Interest rate |
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Business Moderate risk Normal risk |
Base rate+3.75% Base rate+4.5% Base rate+4% |
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Individuals |
Base rate+3.75% |
Borrowers have to submit the following documents to avail of loans against property offered by Canara bank
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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