Skip to content
LoanFastTrack
  • Home

Loanfasttrack

Loanfasttrack Wealth in Your Hand

Canara Bank Mortgage Loans

July 30, 2022 by admin
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/-
Foreclosure Charges Nil
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
Income Documents  
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:

  • Salaried
  • NRI
  • 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.
Overdraft Facility No. Yes Yes
LTV 50% 70% 65%
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.

FAQ

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.

Read more.

By,

Loanfasttrack

Loanfasttrack is a Mumbai-based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, unsecured business loans, home loan transfer, top-up loans, loan transfers and apply for a business loan in Mumbai. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Contact Loanfasttrack:

Website – www.loanfasttrack.com

Email – info@loanfasttrack.com

Tel – 9321020476

Loanfasttrack specialized services include providing:

  • The best bank for home loans.
  • Best Banks For Mortgage Loan In India.
  • Assured low-interest rates for loan against property in Mumbai.
  • Lowest home loan rates in Mumbai.
  • Instant loan in Mumbai &home loan in Mumbai.
  • Instant personal loan in Mumbai & business loan in Mumbai
  • Low-cost home loan balance transfer.

Additional Read

  • Best Banks For Mortgage Loan In India.
  • ICICI Bank Mortgage Loan For NRI In India.
  • Guide For Mortgage Loan Processing.
  • How To Apply Online For A Mortgage Loan.

Post navigation

Previous Post:

(LAP) Loan Against Property In Axis Bank

Next Post:

Loan Against Property Kotak Mahindra Bank

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • What Is The Best And Ideal Age To Apply For A Home Loan
  • What Happens When You Default On Home Loan?
  • Difference Between NRI Home Loan & Home Loan For Indian
  • HDFC Ltd Loan Against Property (LAP)
  • ICICI Bank Lease Rental Discounting (LRD)

Recent Comments

  • sonal jadhav on REVERSE MORTGAGE- Loan For elderly

Archives

  • August 2023
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • July 2019

Categories

  • Finance
  • Health
  • Home Loan
  • home loan
  • lease rental discounting
  • Lease Rental Discounting
  • Mortgage Loan
  • mortgage loan
  • personal loan
  • Uncategorized
© 2025 Loanfasttrack | WordPress Theme by Superbthemes