Canara Bank Loan Against Property
The Canara bank loan against property (mortgage of unencumbered property in metros or other centers) 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 |
|
| Types of loan |
|
| 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 |
|
| Security |
|
| 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)
