Canara Bank Mortgage Loans
Canara Bank offers mortgage loans to eligible borrowers at competitive interest rates starting from 9.95% p.a. with flexible repayment tenures of up-to 120 months to fulfill their immediate requirement of funds for personal uses.
Prominent Features Of Canara Mortgage Loan
- Available to meet your various personal requirements such as medical emergencies, home renovations, weddings in a family, children’s education, trips & vacation, etc.
- Canara Bank mortgage loan interest rate starts from 9.95% p.a.
- Both residential and commercial properties can be mortgaged.
- Easy to avail with minimal documentation.
- No hidden charges or fees.
- Loan up-to 50% of the market value available.
Canara Bank Mortgage Loan Details
|Eligible Profile||Salaried, Self-Employed, Self-Employed Professionals, and NRIs.|
|Canara Bank Loan Against Property Eligibility||* Existing customers having satisfactory dealing with Canara Bank. |
* New customers must be introduced and must be creditworthy with a satisfactory credit report.
|Age||24 years – 70 years.|
|Property To Mortgage||Residential & commercial property.|
|Canara Bank Loan Against Property Interest Rates||9.95% p.a. – 12% p.a.|
|Maximum Tenure Loan Against Property||Up-to 10 years.|
|Maximum Loan Amount||Up-to Rs.10 Crores.|
|Minimum Income Required||Rs.20,000/- p.m.|
|Minimum Business Vintage for Self-Employed||5 years.|
|Minimum Work Experience for Salaried||3 years.|
|LTV||50% of the market value of the property.|
|Guarantee||Personal guarantee from a person/persons of adequate worth.|
|CIBIL Scores||650 & above.|
|Processing Fees||0.50% of the loan amount subject to a minimum of Rs.5000/-|
|Documentation Charges||Rs.100 per lakh or part thereof subject to a minimum of Rs.1000/- & maximum of Rs.25,000/-.|
|Mortgage Schemes||* Mortgage loan |
* Mortgage loan balance transfer
* Mortgage loan top-up
* Reverse mortgage loan.
Also, read Loan Against Property Top Up Loan.
Mortgage Loan Interest Rate Canara Bank
Canara mortgage loan interest rates offered to an eligible borrower depend on his CIBIL scores. Canara Bank has categorized the funding risks into the 4 tier grades depending upon the quantum of risks involved. Find below details of Canara Bank LAP loan interest rates. Interest rates are linked to repo-linked lending rates (RLLR). The RLLR of the bank is 6.90%.
Rates for mortgage loan interest in Canara Bank
|CIC – Risk Grade||RLLR||Credit Risk Premium Over RLLR||Effective ROI Under RLLR|
|CS: 1||6.90%||3.05%||9.95% p.a.|
|CS: 2||6.90%||3.10%||10.00% p.a.|
|CS: 3||6.90%||3.60%||10.50% p.a.|
|CS: 4||6.90%||5.10%||12.00% p.a.|
Note: Canara Bank interest rates are subject to change without prior notice.
Also, read Income Tax Benefits On Mortgage Loans.
Documents Required For Canara Bank Mortgage Loan
|KYC||Pan Card, Aadhar Card & Photograph|
|For Salaried||* 4 months salary slips.|
* 2 years form 16
* 6 months bank account statement.
|For Self-Employed||* 3 years ITR with Computation of Income, Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership no. and UDIN No.|
* 12 months bank account statement.
* Business profile.
* Business proofs.
|Property Papers||* Prior Chain of Agreement.|
* OC/CC + approved plans.
* Index 2.Share Certificate.
* Society Registration Copy.
* Property tax.
* Property maintenance bill.
|Additional Documents Required for Mortgage Loan Transfer||* LOD (list of documents).|
* Outstanding letter.1
* 2 months repayment track record.
Click to get the complete list of documents of loan against property for:
- Self-employed – Proprietorship Firm, Partnership Firm, & Private Ltd. Company.
Canara Bank Reverse Mortgage Loan
Canara Bank offers a reverse mortgage loan scheme for senior citizens above 60 years to help them convert their self-occupied residential property into liquid cash flows to meet their financial needs of living expenses such as medical expenses, maintenance of the family, etc. in the name of “Canara Jeevan”.
Interest rates offered for Canara Jeevan reverse mortgage loans for senior citizens are 8.50% p.a.
Read more on reverse mortgage loan eligibility for the elderly.
Important Highlights of Canara Bank LAP Loans
- Canara bank mortgage loans are available only for non-business purposes.
- Mortgage loan top-ups are available only for the existing mortgage loan holders.
- Mortgage loans are available only for existing customers having satisfactory dealings with Canara Bank.
- For new customers, mortgage loans are available who are well introduced and creditworthy with satisfactory bankers/ market reports.
- A personal guarantee is required who have an adequate net worth which is acceptable to the Canara Bank.
- The property to mortgage must be within the municipal city limits.
Also, read Why is it difficult to get a loan on gram panchayat property.
Compare Canara Bank Mortgage Loan Interest Rates with Top Banks
|Parameter||Canara Bank||ICICI Bank||HDFC Bank|
|Interest Rate||9.95% p.a. – 12% p.a.||7.70% p.a. – 9.75% p.a.||7.50% p.a. – 10.95% p.a.|
|Tenure||Up-to 10 years.||Up-to 20 years.||Up-to 15 years.|
|Lowest Per Lakh EMI||Rs.1,319/-||Rs.818/-||Rs.927/-|
|Processing Fees||0.50% of the loan amount.||Up-to 1% of the loan amount.||Up-to 1% of the loan amount.|
|Foreclosure Charges||Nil – 2% on the balance loan amount + applicable GST.||Up-to 4% on the balance loan amount + applicable GST.||Up-to 2.5% on the balance loan amount + applicable GST.|
|Maximum Loan Amount||Up-to 10 Crores.||Up-to 10 Crores.||Up-to 25 Crores.|
|Click for more details.||Click for more details.|
Click to compare the rates of other leading banks.
Q. Can I avail myself of a loan from Canara Bank for 12 years?
Ans: Generally, the tenure for a loan against property Canara Bank is for 120 months i.e., 10 years. However, after due consideration, Canara Bank may consider your mortgage requirement for tenures above 120 months. Canara Bank’s mortgage loan tenure above 10 years depends on case-to-case basis.
Q. What is the Canara Bank mortgage loan interest rate 2021?
Ans: The mortgage loan Canara Bank interest rates in 2021 range from 9.95% p.a. – 12% p.a. Canara Bank home mortgage loan interest rates offered depend on your CIBIL scores.
Also, read how your multiple loan inquiries can affect your CIBIL scores.
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