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.
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.
Individuals who wish to obtain a Canara Mortgage Loan need to satisfy the following criteria:
A borrower is required to furnish the following documents before availing a loan:
Some of the salient features and benefits of Canara Bank Mortgage Loan are:
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|
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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