Canara Bank Loan Against Property

The key benefits and features of Canara Bank Loan Against Property are:

• Attractive interest rate 11.70% onwards
• Avail loan of upto Rs. 10 crore
• The loan repayment period is 7 years
• No prepayment charges for the loan taken at floating rates
• No hidden charges

Canara Bank Loan Against Property Interest Rates is11.70% Onwards. Canara Bank is now offering loan tenure upto 7 years for Mortgage Loan.

[Check Current Loan Against Property Interest Rates]

The Canara Bank Loan Against Property eligibility criteria are given below:

• All individuals are eligible to apply for the loan
• NRI customers with their resident close relatives as co-borrowers can also avail the loan
• Customers must have satisfactory dealings with the bank
• New customers must be well introduced and creditworthy with satisfactory banker’s/market reports on them
• The Net Take Home (NTH) requirement must be at least 20% or Rs. 20,000 p.m., whichever is higher after meeting the EMIs of the proposed loan.

[Check Loan Against Property Eligibility]

The documents required to apply for Canara Bank Mortgage Loan are:

• Duly filled Canara Bank Mortgage Loan Application Form
• 2 passport size photographs
• Copy of lease deed
• Income proof of the applicant and guarantor – Income Tax Assessment Order/IT Returns
• Title deeds of the property/EC, latest tax paid receipt/Legal Scrutiny Report
• Approved plan of the pledged building
• Certificate of balance if finance is availed against property from any other source
• Annual Financial Statements for the past 2 years (in case of persons other than salaried individuals)

[Complete Checklist of Loan Against Property Documents Required]

Loan against property includes a big sum of money and has a longer repayment period as compared to loans such as personal loan. To ensure timely loan repayments, customers must plan their finances in detail and carefully and for that you need to know your loan EMIs. Paisabazaar.com’s Loan Against Property EMI Calculator helps you calculate the estimated EMI for repayment towards your loan. The facility is free and easy to use. Get to know your Loan Against Property EMIs in just a few seconds with the help of the steps given below:

• Click here to directly visit the Paisabazaar’s Loan Against Property EMI Calculator page.
• Enter these loan details:
• Loan Amount: The principal amount that you wish to apply for
• Rate of Interest: The rate of interest at which Canara Bank is offering you the loan
• Loan Tenure: The repayment tenure of the loan

The moment you enter the above details, the result will appear.

• Visit Paisabazaar.com: The most convenient way to apply for Canara Bank Loan Against Property is through Paisabazaar.com. The online lending platform has an easy loan application process. On a single platform, you can find current rates on loans offered by different banks and NBFCs. Compare and apply for the loan that suits your requirements the best.
• Visit the Nearest Bank Branch: To apply for Canara Bank Loan Against Property, customers can visit its nearest bank branch and talk to bank representatives to take you through the application process.

Canara Mortgage borrowers can contact the bank representatives for any query via a call through a toll-free number. The Canara Bank Loan Against Property Customer Care Toll Free Number is 1800 425 0018. The customer care executives will be available 24×7 except for National Holidays.

What is the Canara Bank’s Loan Against Property interest rate?

The current rate of interest of Canara Mortgage is 11.70%.

What is the benchmark rate applicable for Canara Mortgage?

The benchmark rate applicable for Canara Bank loan against property is 1 year MCLR, which is 8.70% w.e.f. 07.05.2019.

What is the maximum repayment period for Canara Bank Loan Against Property?

The maximum loan tenure of Canara Bank Loan Against Property is 7 years, which in special cases can be extended to 10 years. The loan will be repaid only in EMis.

What is the maximum loan amount offered under Canara Bank Loan Against Property?

The loan amount you can avail under Canara Bank Loan Against Property depends on the market value of your property and your repayment capacity. As per the valuation provided by the Panel Valuer of the bank, customers can get upto 50% of the property value. The maximum cap on the loan amount is Rs. 10 crores.

What are the factors that affect Canara Bank Loan Against Property interest rate?

The factors that influence the Loan Against Property rate of interest are:

• Loan repayment period: Loan Against Property repayment period usually stretches upto 20 years. Individuals availing the loan for a shorter period pay a higher interest rate. This is because shorter loan tenure increases the EMIs and subsequently the chances of default.
• Pledged property type: The type of property you will pledge also affects loan against property interest rate. The value of commercial and residential properties is different from each other. Therefore, the interest rate charged on them is also different. The age and location of the property too add on its value and thus are one of the factors that affect loan against property interest rate.
• Borrower’s profile: Borrower’s details such as his/her age, occupation, income, etc. reflect their repayment capacity, affecting the interest rate levied on the loan. For instance, loan against property interest rate will be higher for an individual nearing retirement than the one who has a decade of work experience.
• Credit score: Your credit score is the reflection of your credit history. A higher credit score shows you handled your debt well. On the other hand, a poor credit score shows how poorly you have handled your debt in the past. Lenders prefer lending money to individuals with a good credit score. Individuals with poor credit score might get the loan but at a higher interest rate.

Which factors affect Canara Bank Loan Against Property eligibility criteria?

• Income: Lenders give loan only to those who can repay it on time. Customers with insufficient and irregular income may not get the loan irrespective of the worth of your property. Even if the lender grants you the loan, it will be at a higher interest rate.
• Credit score: Low credit score reflects poor credit history, thus, increasing the risk of late payments and defaults. Therefore, lenders prefer lending money to individuals with a good credit score.
• Property title: Before you pledge your property to avail loan, ensure that its title is free of any legal issues. Any problem with the property papers or if the property is under some legal issues, the loan application will be rejected.