• Canara Bank Mortgage Loan

    People work very hard to buy properties in India. They believe that owning the property will secure them against all the financial difficulties that they might face in the future. Most people mortgage their property to avail funds so that they are not compromising on their quality of life. Canara Bank is known for being customer centric and they offer a wide range of services to meet the requirements of their customers. One of their products being mortgage loan, this loan is provided to meet the financial needs of property owners.

    Purpose of Canara Bank Mortgage Loan

    The purpose of Canara Bank Mortgage Loan is to meet any unforeseen expenses, urgent personal and medical needs. The loan is provided to individuals for non-business purposes only.

    Eligibility Criteria for Canara Bank Mortgage Loan

    Individuals who wish to obtain a Canara Mortgage Loan need to satisfy the following criteria:

    • Individuals must be customers of the bank who have a satisfactory dealing with the bank.
    • New customers must be introduced and must be creditworthy with satisfactory credit report.

    Documents Required for Canara Bank Mortgage Loan

    A borrower is required to furnish the following documents before availing a loan:

    • Filled in loan application along with 2 passport sized photographs.
    • Copy of lease deed.
    • Guarantor and applicants’ income proof.
    • ITR statement.
    • Title deeds of the property, latest receipt of tax paid.
    • Approved plan of the building.
    • Certificate of balance if it is financed through loan against property from other source.
    • If the borrower is a salaried individual, then he has to submit his annual financial statement for past 2 years.

    Features and Benefits of Canara Mortgage Loan

    Some of the salient features and benefits of Canara Bank Mortgage Loan are:

    • The loan is easy to avail and require minimum documentation.
    • Loan offered is up to 50% of the value of the property mortgaged subject to a maximum of Rs.10 crores.
    • The repayment term is up to 84 months. The repayment can be made through EMIs.
    • The borrower must have a minimum take home of 30% of his income after paying the loan EMI.
    • Personal guarantee is required. He must have an adequate net worth that is acceptable to the bank.
    • Processing charge is 1% of the loan amount subject to a minimum of Rs.1,000 and maximum of Rs.50,000.
    • The documentation charge applicable of Rs.100 per lakh. The minimum charge is Rs.1,000 and subject to a maximum of Rs.25,000.
    • Idle property can generate additional source of income.
    • Competitive interest rate is offered by Canara Bank.
    • The loan amount offered is 50% of the value of the property that is being mortgaged. It is subject to a maximum of Rs.10 crores.

    Case Study for Canara Mortgage Loan

    Canara Mortgage Loan allows better budgeting as it offers loans at a competitive rate of interest and flexible loan repayment tenure.

    If the loan amount is Rs.20 lakh and the rate of interest is 12.50% p.a.

    Rate of Interest  12.50% per annum 
    Approximate EMI amount (Rs.)  Rs.35,842 
    Loan Repayment Tenure  84 months 

    Canara Bank Mortgage Loan Interest Rate

    The interest rate charged by Canara Bank on their mortgage loan is extremely competitive. They ensure that repaying the loan doesn’t become an additional financial burden on the borrower. The interest rate offered is 12.50% per annum (floating).

    Note - Interest rates charged by Canara Bank are at their sole discretion and are subject to change without prior intimation.

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