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    Canara Bank Loan Against Property

    We found 1 Canara Bank Loan Against Property

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.75% Floating
    1,000 to ₹5,000 One time fee
    3L
    5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria

    Canara Bank Loan Against Property is Rated as "Great!" by 56 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Canara Bank

    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.

    What is the purpose of Canara Bank Loan against Property?

    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.

    Eligibility criteria for Canara Bank Loan against Property

    The following table shows the eligibility criteria and other conditions related to loans against property offered by Canara bank

    Age

    Minimum: 18 years

    Maximum: 60 years

    Type of borrowers

    • Salaried individuals (single or jointly)/ professionals

    • Self-employed

    • Businessmen

    • Traders

    • NRIs (must have a regular source of income) with a joint resident borrower

    • Firms (partnership or proprietary)

    • Any company (except NBFCs)

    Types of loan

    • Demand loans

    • Term loans

    • Overdraft facility (except individuals)

    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

    Repayment

    • Demand loan: 3 years

    • Term loan: 7 years ( up to 10 years or 120 months on a selective basis)

    • Overdraft facility: 1 year (renewable on an yearly basis)

    Security

    • Unencumbered residence/commercial property occupied by the borrower or leased out. Canara bank does not offer loan against vacant land.

    • Individuals: Property mortgage and personal guarantee of owners

    • Business: Property mortgage and personal guarantee of directors/partners

    • In certain cases, property already mortgaged to Canara bank can also be provided as security, subject to good track record of the borrower.

    • Third party property in relatives’ and spouse’s name is allowed.

    Processing fees

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

    Prepayment charges

    None

    Inspection charges

    Maximum: Rs.10 lakh

    Documentation charges

    Rs.100 (per lakh)

    Miscellaneous charges (CIBIL charges, CERSAI charges, outsourcing charges, etc)

    To be borne by borrower

    Interest rates of Canara Bank Loan against Property

    The following table shows the interest rates offered by Canara bank for loans against property

    Type of category

    Interest rate

    Business

    Moderate risk

    Normal risk

    Base rate+3.75%

    Base rate+4.5%

    Base rate+4%

    Individuals

    Base rate+3.75%

    Documentation Required for Canara Bank Loan against Property

    Borrowers have to submit the following documents to avail of loans against property offered by Canara bank

    • Completed loan application
    • Financial statements (annual) of the past two years (non-salaried individuals)
    • Lease deed copy
    • IT returns
    • Income proof (both guarantor and applicant)
    • Certificate of balance
    • Title deeds
    • Legal scrutiny report
    • Building plan (approved)
    • Passport photographs (2 copies)
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  • Canara Bank Loan Against Property Reviews

    • Canara Bank Personal Loan
      "Satisfactory Service"
      0.5 5.0/5 "Blown Away!"
      I got personal loan from Canara bank as preapproved loan. They sanctioned the loan amount into my account within fifteen days. I did not submit any documents to the bank as I got support from my office end, I easily availed the loan from the bank. The interest rate 16% for 3 years and the loan amount is 75000.
      Was this review helpful? 1
      , chennai
      Reviewed on May 04, 2017
    • Canara Bank Personal Loan
      "Better"
      0.5 3.0/5 "Satisfactory"
      I have closed the personal loan with the Canara bank and the tenure was around thirty months of time. Foreclosure charges were nil with them and I got it through my reference of employer. Rate of interest was little high but am happy with them and the loan amount got disbursed to my account within a week of time.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 25, 2017
    • Canara Bank Personal Loan
      "Easy process"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Canara bank. The process for my loan was done on time. The documentation was not much and it was the normal procedure, the rate of interest and charges was pretty nominal. I am happy that I got the loan when needed.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 15, 2016
    • Canara Bank Personal Loan
      "Should Helpout to the customer's need"
      0.5 3.0/5 "Satisfactory"
      Canara Bank service was almost good, When I opened my saving account with them. I paid Rs.1000 including debit card. Online service and ATM facilities was good. But they have to understand the customer's needs for any kind of loans and should work on customer orientation.
      Was this review helpful? 6
      , bangalore
      Reviewed on Nov 18, 2016
    • Canara Bank Personal Loan
      "Canara Bank service is Good"
      0.5 4.0/5 "Great!"
      Canara bank personal loan was good, I had taken for 36 months of tenure. I had almost re- paid 30 months and remaining is 6 months . I am okay with the service provided by them. Within the stipulated time they had processed the loan. Before three years I had taken the loan even at that time interest rate was pretty normal.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 21, 2016
    • Canara Bank Personal Loan
      "Easy process"
      0.5 5.0/5 "Blown Away!"
      The sequence of steps which is followed by CANARA Bank on its personal loan its pretty simple. The documents were minimal and it was a hassle free process. The rate of interest was of 17.25% for the tenure of five years. The processing charges was nominal too.
      Was this review helpful? 6
      , bangalore
      Reviewed on Jun 28, 2016
    • Canara Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Within week the personal loan was disbursed by Canara bank as I have the account so the process was very easy and smooth. Rate of interest charged was nearly 15% and the processing fee was Rs.2000. Required paper were standard like other banks only.
      Was this review helpful? 12
      , bangalore
      Reviewed on Jun 25, 2016
    • Canara Bank Personal Loan
      "Good service provider"
      0.5 3.0/5 "Satisfactory"
      I am having personal loan with the Canara bank and the interest rate is around 15%. Processing charges were a nominal one with them and the loan amount got disbursed to my account within a week of time. Response was good one with the Canara bank.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 13, 2016
    • Canara Bank Personal Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Canara Bank. The services has been very good from them. They offered me a very reasonable rate of interest. It was of 12.2%. The processing charges was waived off. There was no charges for the pre closure as well. The process was completed in a week. Overall excellent.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 18, 2016
    • Canara Bank Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      Based on my salaried account I got the personal loan very easily in four days from Canara bank. The only down side is, they require the guarantor for loans which is quite difficult.. In terms of interest rate and other charges they are charging less when compared with other banks.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on May 12, 2016
    • Canara Bank Personal Loan
      "Very good experience"
      0.5 5.0/5 "Blown Away!"
      This is fairly a new loan which I had taken with Canara bank as I have a long standing relationship with them being an account holder. I know the manager personally and he co ordinated well. They offered me an interest rate of 14% and a nominal processing fee of Rs.1500. The documentation was very minimal and the processing took 15-16 days and the loan were realsed to my account. Bottom line, fanstastic experience.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 11, 2016
    • Canara Bank Personal Loan
      "great process. "
      0.5 5.0/5 "Blown Away!"
      I had an experience of taking a personal loan from Canara bank. The process was pretty okay. I was offered an interest rate of 13%. The disbursement process was very quick as I got the loan within 3 hours of time. But my concern is that the maximum amount the bank offers as loan is 1.5 lakhs only.
      Was this review helpful? 1
      , hosur
      Reviewed on Apr 05, 2016
    • Canara Bank Personal Loan
      "Good process "
      0.5 4.0/5 "Great!"
      The service provided was quite slow but they dont have any fraudulent service in the loan process with canara bank related to personal loan.The interest rate applied for the personal loan was high compared with others through the canara bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 16, 2016
    • Canara Bank Personal Loan
      "Okay with them..."
      0.5 2.0/5 "Expected more"
      I took personal loan from Canara bank which was last 4 years back. Initially they offered 1lakh but I had a good relationship with their General manager so, he helped me a lot. Finally they offered 1.60lakhs. I have no issues with them. I use to make the payment through ecs mode.
      Was this review helpful? 2
      , nagercoil
      Reviewed on Feb 24, 2016
    • Canara Bank Personal Loan
      "Fine.."
      0.5 1.0/5 "Really Bad"
      Recently I approached Canara bank for a personal loan. But they are not willing to provide a loan but the thing is requested them for a 2lakhs even though they need guarantor. When I compare to Canara bank I am happy with ICICI Bank in terms of personal loan.
      Was this review helpful? 1
      , nagercoil
      Reviewed on Feb 24, 2016
    • Canara Bank Personal Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      I took the personal loan with the Canara bank and the loan amount got disbursed within fifteen to twenty days of time. Customer service is average with them and the responsiveness too. Processing charges are very low with them.
      Was this review helpful? 0
      , madurai
      Reviewed on Feb 23, 2016
    • Canara Bank Personal Loan
      "Super fast service "
      0.5 5.0/5 "Blown Away!"
      Canara bank is a quite good.There is no drawback in the process of personal loan.It was taken near my native and within half an hours they are able to provide.They have less documentation process the personal loan.100% recommended service
      Was this review helpful? 0
      , mangalore
      Reviewed on Feb 22, 2016
    • Canara Bank Personal Loan
      "Unhappy with them..."
      0.5 1.0/5 "Really Bad"
      I am unhappy with Canara bank in terms of loan. Basis of my saving account I approached them for a personal loan last year. They did not received any response from them. Even they kept on postponing my application. I would suggest them to consider their customer and it would be great if they respond their account holder properly.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 12, 2016
    • Canara Bank Personal Loan
      "Customer support is not great.."
      0.5 2.0/5 "Expected more"
      At the Canara bank branch the employees are not giving solution as they are routing here and there. They are not respecting the customers. Few employees are good. For personal loan the rate is 14.5% and this is high. Canara bank is a government sector so they should not high in the rate.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 10, 2016
    • Canara Bank Personal Loan
      "Need more flexible..."
      0.5 5.0/5 "Blown Away!"
      Based on my saving account I approached Canara bank in my branch for a personal loan. I could not get loan from them but other branches are ready to provide a loan. Based on their norms they need to open a salary account so, dropped my plan. My suggestion is it would be great if they consider the saving account also.
      Was this review helpful? 1
      , pondicherry
      Reviewed on Feb 06, 2016
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