Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • Canara Bank Loan Against Property is Rated as "Great!" by 81 Users

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    Canara Bank Loan Against Property

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    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)

    Canara Bank Loan Against Property Reviews

    • Canara Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good service which they had provided so far. The process in getting this loan had been very good and the loan amount which they had provided had been satisfactory as well. After applying the loan has been disbursed immediately, and there hasn't been any hassle faced with the banking services.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 18, 2018
    • Canara Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Canara bank as they have provided nominal rate of interest with zero processing fees . They instantly approved with 1-2 days . They gave the tenure period of 10 years .Payments get auto debited from my salary .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 10, 2018
    • Canara Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I took a personal loan from the Canara bank for 3.5 lacs, I got the loan amount with in 10 days. Some personals willing to help and sometimes some staff will not respond properly. On some instances I the experience was good but some clerks are not willing to help.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 21, 2018
    • Canara Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with CANARA BANK which was taken 5 years back. The loan amount was 4,.5 lakhs and the interest rate 11% which is average , The tenure period was4 years . The customer service and responses was always good . I have not faced any issues here and they have sanctioned the loan with the committed time. There is no per closure charges also.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 17, 2018
    • Canara Bank Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with CANARA Bank 1 year back. The loan amount was 3 lakhs and the interest rate was 17% which is very high . The tenure period was 2,5 years . The whole process was very smooth and hassle free . They have sanctioned the loan with the committed time. My experience was really good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 12, 2018
    • Canara Bank Personal Loan
      "Mr"
      0.5 4.5/5 "Excellent!"
      My experience was very good. I am satisfied with the services. I would like to visit again in case I want to learn about other services. Thank you canara bank for the services. My experience was good and I am satisfied with the services. Would visit again if required.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 13, 2018
    • Canara Bank Personal Loan
      "Need Improvement"
      0.5 2.0/5 "Expected more"
      The customer support is not up to the mark with the CANARA BANK, they have promised that they will disburse the personal loan within 5 working days but they took more 20 days of time. The rate of interest and the charges are average with the CANARA BANK .
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Feb 13, 2018
    • Canara Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The customer support and the response part is excellent with the canara bank. They have disbursed my personal loan amount within 10days of time. The requested loan amount has been given and I am satisfied with it. The rate of interest and the charges are nominal with the canara bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 05, 2018
    • Canara Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My salary account is through Canara bank so the process was very easy and smooth. They took only two days to process the loan and the response is immediate also the interest rate is fine. It is a excellent experience with Canara bank personal loan department.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 17, 2018
    • Canara Bank Personal Loan
      "Customer friendly"
      0.5 4.0/5 "Great!"
      I cleared my Canara bank personal loan, they gave me 9.5% of interest because I am an existing customer of the bank. The documentation process was easy, KYC verification on time. They gave me part payment and fore closure option. Hence I done preclosure but some charges applicable with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 28, 2017
    • Canara Bank Personal Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      I took a Personal Loan of Rs.50000 at the 13% interest rate, which I feel is a little high percentage. Process was short. Documentation required aren't that much with them. The manager was known who did make things happen quickly. The repayment option was good with it.
      Was this review helpful? 7
      , ahmedabad
      Reviewed on Dec 21, 2017
    • Canara Bank Personal Loan
      "Below Average service"
      0.5 2.0/5 "Expected more"
      The customer support is not giving proper response to the customer with Canara bank. I was about to offer the personal loan with the canara bank , but the executives gave very negative impression so that was the reason I haven't applied for the personal loan with Canara bank.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 07, 2017
    • Canara Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the personal loan with the Canara bank and the interest rate is around 11%. I would like to say that the customer service is good and the responsiveness too. I am really happy with the Canara bank for the personal loan, which I have taken.
      Was this review helpful? 3
      , chennai
      Reviewed on Nov 29, 2017
    • Canara Bank Personal Loan
      "Good process"
      0.5 5.0/5 "Blown Away!"
      I applied for a Personal Loan with Canara Bank and the approval was done instantly. They disbursed the amount within no time. The process of the whole loan was easy. The rate of interest they offered me was also pretty decent. The overall experience with them was pretty good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 20, 2017
    • Canara Bank Personal Loan
      "Need to fulfill the customer requirement"
      0.5 2.0/5 "Expected more"
      The Canara bank was about to offer me personal loan but with very low loan amount, so that was the reason I haven't got the loan from canara. The interest rate is very low when compared with others banks. The customer support and the response was very prompt from Canara bank.
      Was this review helpful? 0
      , allahabad
      Reviewed on Oct 14, 2017
    • Canara Bank Personal Loan
      "The best"
      0.5 5.0/5 "Blown Away!"
      Canara bank has offered me a personal loan of five lakhs. It is a great experience as there were other bank who refused me a loan for the same amount of salary. Though my requirement was much lesser than the amount of 5 lakhs. The bank has offered me that.
      Was this review helpful? 1
      , tirupati
      Reviewed on Oct 11, 2017
    • Canara Bank Personal Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      Canara Bank follow up is not that much great but still their interest rate and processing fee was reasonable. I took the loan of Rs.1. 5 lakh for the tenure three year, they didn't give door step service. I went to the branch and approached for the loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 04, 2017
    • Canara Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan in Canara Bank. As I'm holding a salary account with them for a long time when I approached them for this personal loan they provided me immediately. Customer service is good. The rate of interest is 14% which I got after negotiating with them from 18% they reduced to 14% which is nominal and also good for me.
      Was this review helpful? 1
      , indore
      Reviewed on Sep 30, 2017
    • Canara Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      The personal loan service was very good with Canara bank. My personal loan application got approved and disbursed within a week time. The customer service is good with Canara bank. The rate of interest is high nominal from Canara bank and I am satisfied with the loan amount.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Sep 05, 2017
    • Canara Bank Personal Loan
      "Approachable "
      0.5 5.0/5 "Blown Away!"
      Once I had applied for the personal loan with Canara bank. Actually this is the bank for my savings account. When I applied for the loan, I had received good response but I closed my application as I am not interested at that time. Customer service is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 12, 2017
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