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    Canara Bank Loan Against Property

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.65% Floating
    1% (min. ₹250) One time fee
    1L
    1-3 years
    Response Time Within 30 minutes
    What you'll love
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    Perks
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    Fees & Charges
    Eligibility Criteria
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    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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