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Canara Bank Loan Against Property

Canara Bank Mortgage Loan Interest Rates 2021

Last Updated 12th Aug 2021

Canara Bank is one of the leading PSU banks of the country that offers excellent banking products and services to its customers. Canara Bank Loan against property is one such reliable product offered by the bank at lowest interest rates. Canara Bank Loan against property interest rate starts at 9.95%. Check Best Offers

Processing Fee Upto 1.00%
Max Tenure 7 years
Lowest EMI ₹ 1,658 per lakh
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
    Apply for Loan Against Property @ 7.20%* Get upto ₹ 1,000* Cashback

    Canara Bank Loan Against Property Fees and Other Charges

    Along with Canara Bank Loan against Property Rates, Canara Bank also charges various fees and charges when a borrower takes a loan against property:-

    • Processing Fee on Canara Bank LAP Loan is 0.75%. This fee is charged by Canara Bank to maintain the applicant’s loan account and to process the loan application.
    • Advocate's fee for property search and title investigation report.
    • Valuer's fee for valuation report.
    • Stamp duty payable for Loan agreement and mortgage.
    • Property insurance premium.
    • CERSAI Registration Fee of ₹ 50 + GST up to ₹ 5 Lakh limit and ₹ 100 + GST for limits above ₹ 5 Lakh.

    Loan Against Property Interest Rates in Canara Bank for Salaried Employees

    The mortgage loan interest rates in Canara Bank for salaried employee are listed in the table:-

    Interest Rate for Salaried for Residential Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 9.95%
    ₹ 25 Lakh - ₹ 75 Lakh 9.95%
    ₹ 75 Lakh - ₹ 3 Cr 9.95%
    Above ₹ 3 Cr 9.95%

    Interest Rate for Salaried for Commercial Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 9.95%
    ₹ 25 Lakh - ₹ 75 Lakh 9.95%
    ₹ 75 Lakh - ₹ 3 Cr 9.95%
    Above ₹ 3 Cr 9.95%

    Canara Bank Property Loan Interest Rate for Business Man or Self Employed Person

    The interest rate for mortgage loans for Self-employed people are listed in the table:

    Interest Rate for Self-Employed for Residential Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 9.95%
    ₹ 25 Lakh - ₹ 75 Lakh 9.95%
    ₹ 75 Lakh - ₹ 3 Cr 9.95%
    Above ₹ 3 Cr 9.95%

    Interest Rate for Self-employed for Commercial Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 9.95%
    ₹ 25 Lakh - ₹ 75 Lakh 9.95%
    ₹ 75 Lakh - ₹ 3 Cr 9.95%
    Above ₹ 3 Cr 9.95%

    Steps to Apply for Canara Bank Loan Against Property

    You can apply for Canara Bank Loan against property through online as well as offline modes. To apply for a loan through offline mode, you need to visit the official Canara Bank bank branch and fill the application form along with the required documents for loan against property. The bank will then complete the verification process and will sanction the loan on loan approval. Once the loan is approved, you will receive the amount in your bank account.

    To apply online for Canara Bank Loan against Property online, you need to follow these steps:-

    • Visit the official website of Canara Bank and navigate to Loan Against Property.
    • Before applying, now check your eligibility for Canara Bank Loan against Property.
    • Check various details about the loan, such as interest rates and other charges.
    • If you are satisfied and have cross verified all the details, fill the application form and upload the required documents.
    • On successful verification, the bank will sanction the loan amount in 10-15 days.

    Apart from that, you can also visit online marketplaces like MyLoanCare to apply for a Canara Bank Loan against property. Here, you can compare offers Canara Bank with other top banks and can use the EMI and Eligibility calculators to plan your expenses and loan repayments. Canara Bank Loan against property application process at MyLoanCare is hassle-free and transparent.

    Compare Canara Bank Loan Against Property Interest Rate with Top Banks

    Canara Bank offers multiple schemes for loan against property at affordable interest rates. However, you must compare SBI and other bank’s home loan rates before applying:-

    Interest Rate 9.95% - 12.00% 8.80% - 9.30% 8.75% - 9.90%
    Processing Fees Upto 1.00%
    Min ₹ 5,000 Max ₹ 50,000
    Upto 1.00%
    Max ₹ 50,000
    Upto 0.75%
    Loan Tenure 7 Years 15 Years 15 Years
    Maximum Loan Amount ₹ 10 Cr ₹ 7.50 Cr ₹ 5 Cr
    Age Min 21 and Max 65 years Min 18 and Max 70 years Min 24 and Max 65 years
    Benchmark Rate RLLR RLLR PLR
    Lowest EMI Per Lakh ₹ 1,658 per lakh ₹ 1,002 per lakh ₹ 999 per lakh
    Canara Bank Floating Rate on Loan Against Property

    As on 25 Jul, 2021, Canara Bank offers the lowest rate starting at 9.95%. Canara Bank Loan against property rates have been dropped by 1.75%, from the earlier rate of 11.70% with effect from 05 Apr, 2021.

    Canara Bank Mortgage Loan Interest Rates
    Canara Bank Loan Against Property Floating 9.95%
    Canara Bank Loan Against Property Floating
    Loan AmountCurrent LAP Rates
    Upto ₹ 25 Lakh 9.95%
    ₹ 25 Lakh - ₹ 75 Lakh9.95%
    ₹ 75 Lakh - ₹ 3 Cr9.95%
    Above ₹ 3 Cr 9.95%

    Canara Bank Loan Against Property Rate Trends of Last 1 Year

    Last Updated Date Interest Rates
    05 Apr, 2021 9.95%
    01 Apr, 2021 11.70%
    31 Mar, 2021 11.70%

    Factors Affecting Canara Bank Loan against Property Interest Rates

    Some of the factors that impact Canara Bank Loan Against Property rates are listed as follows:

    • Loan amount: Property loan rates in Canara Bank depend upon the loan amount you apply. You can get a minimum loan of ₹ 10 Lakh from Canara Bank.
    • Your Net Monthly Income: Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.
    • Type of loan opted for: Canara Bank offers differential rates for customers different profiles and also fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan products.
    • Type of property: Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.
    • Your profession: Canara Bank may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman. A self employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

    Canara Bank Loan Against Property Eligibility Criteria

    Canara Bank has detailed criteria to determine a potential borrower’s eligibility for mortgage loans. Some of the key criteria are:

    Eligibility Criteria Details
    Age 21 to 60 years
    Minimum Income ₹ 20,000
    Loan Amount ₹ 10 Lakh to ₹ 0 Cr
    Minimum years of business existence 5 years
    Minimum work experience 3 years
    Minimum Credit Score 650 and above
    Loan to Value Ratio Upto 50%
    FOIR (Fixed Obligations to Income Ratio) 0.65

    Canara Bank Mortgage Loan Interest Rate and EMI Calculator

    You can also use an online Canara Bank Loan against property EMI Calculator to calculate loan EMIs. EMI is a fixed amount that you are required to pay each month towards the repayment of your loan till the end of tenure

    • The Canara Bank Mortgage Loan EMI calculator helps you calculate your monthly EMI at different rates of interest and check and compare the lowest EMI per lakh on LAP.
    • You can compare the estimated EMI with your monthly repayment capacity to decide on a level of EMI you can comfortably service without creating financial burden.
    • Loan tenure matters equally as higher loan tenure reduces your EMI.
    • Another factor that affects your EMI is the loan against property interest rate. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly higher in a longer tenure loan than a short tenure loan. Loan against property interest rate comparison of different banks will allow you to choose the cheapest loan and hence, improve your eligibility.
    Loan Against Property Top up, Transfer in Canara Bank

    Canara Bank offers mortgage loan balance transfer from another bank, subject to your meeting other eligibility criteria of Canara Bank at an affordable interest rate, higher loan amount and convenient loan tenure. Canara Bank loan against property balance transfer helps you make your loan repayment convenient and opt for a beer customer service. Current loan against property balance transfer rates in Canara Bank are 9.95%. Along with that, you can also avail of additional top-up on your loan against property.

    Canara Bank Loan Against Property Documents Required

    For Self-Employed

    • Filled up loan application form
    • 2 Passport Size Photo
    • ITR of last 3 years
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
    For Salaried employee
    • Filled up loan application form
    • 2 Passport Size Photo
    • ITR of last 3 years
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
    • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
    Property documents
    • Registered Sale Deed/ Conveyance/ Lease Deed
    • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
    • Latest House Tax Return/ Receipt
    • Approved Building Plan from Municipal Corporation

    FAQs

    What is Canara Banks loan against property interest rate?

    Canara Bank offers loan against property at a rate of 9.95% with the lowest EMI of ₹ 1,658. If you are currently paying a higher interest rate than Canara Bank rate, you can opt for a balance transfer of loan to Canara Bank.

    Did Canara Bank Loan against property rates drop?

    Yes, Canara Bank loan against property rates has decreased by 1.75% from the previous rate of 11.70% to 9.95%. The lowest mortgage rates of Canara Bank are effective from 05 Apr, 2021.

    How to increase my eligibility on Canara Bank Mortgage loan?

    If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

    Can I foreclose my Mortgage loan? What are the charges applicable?

    Yes, you can foreclose your Canara Bank loan against property anytime you want with Nil foreclosure charges.

    What is the maximum loan tenure I can opt under Canara Bank Property loan?

    Canara Bank offers a maximum tenure of 7 years to repay your loan.You can choose the tenure for your LAP loan as per your convenience and repayment ability.

    What is the benchmark rate applicable for Mortgage loan?

    The benchmark rate applicable for property loans in Canara Bank is RLLR

    Can I transfer my LAP from another bank to Canara Bank?

    Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to Canara Bank offers you to pay lower EMIs and save money and enables you to choose better customer service, if you are not satisfied with your existing bank. Current Balance transfer rates in Canara Bank are 9.95%.

    What is Canara Bank mortgage loan processing fees?

    The loan processing fee charged is 1.00% of the total loan amount.

    What security do I need to provide for Canara Bank Mortgage Loan?

    Canara Bank requires a registered mortgage of the property against which the bank will provide you a loan.

    • Property on which you intend to take loan is not vacant land, has an approved map plan and is in a municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
    • Your total EMIs on all loans and credit cards (from Canara Bank and other banks) are no more than 60 - 70% of your net monthly income.
    • You have not defaulted on loans or credit card dues to Canara Bank and other banks and all EMI's have been paid. Note that Canara Bank can see the record or status of your EMI defaults to all banks and NBFC’s in India and not just to Canara Bank in your CIBIL report. Estimate your CIBIL score for free for free by using CIBIL score estimate calculator
    • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan application
    • If you are self employed, your business must have been in existence for at least three years and last three income tax returns with audited financial must be available

    Are prepayment or foreclosure charges applicable on Canara Bank loan against property?

    You can prepay loan against property (LAP) without any penalty or charges in case:

    • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
    • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

    Canara Bank Loan Against Property Reviews 2/5  by 1 customers
    MyLoanCare Service
    2/5.0
    Banks Service
    2/5.0
    Milind Shinde, Karnal
    Reviewed on 30th Mar 2015
    2 / 5 stars
    Canara Bank Loan Against Property Availed in Feb-17

    I need a loan against my flat in karnal. Had a banking account with Canara Bank, so decided to go wiRead more...

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    Canara Bank Loan Against Property News - Jul 2021
    • 2021-07-15 : Syndicate Bank merged with Canara Bank - IFSC and SWIFT code changed
      After the merger of Syndicate and Canara Bank, the IFSC codes for erstwhile Syndicate Bank customers will be changed from July 1 this year. Existing Syndicate Bank customers will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes.
    • 2021-02-26 : Canara Bank organized Mega Retail Expo in Mumbai
      Canara bank organized a mega retail expo camp at Gala Auditorium, Patuck Campus in Santacruz (East). The retailers present at the expo displayed salient features of their products which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan. A total loan amount of Rs. 224.30 Crores were sanctioned through the expo.
    • 2019-06-27 : Canara Bank to raise Rs. 1,500 crore via bonds
      Public sector lender, Canara Bank is planning to raise Rs. 1,500 crore through bonds, to fund business growth. The bank plans to raise the fund through Basel-III additional compliant tier I bonds. Also, the lender has plans to achieve significant growth across its retail loan segment, including home loans and mortgage loans during FY19-20.
    • 2019-05-23 : Canara Bank launches its presence on two most influential social media platforms Facebook and Instagram
      In a bid to serve large clientele base, Public sector lender, Canara Bank has marked its official presence on the two most influential platforms, Facebook and Instagram. The lender’s YouTube channel has nearly 25,000 subscribers and more than 35,000 followers on Twitter. The bank’s huge social presence will help it to promote its retail loan products and deposits including mortgage loan and home loans among a large base of customers.
    • 2019-04-29 : Canara Bank launches Webassurance with its life insurance partner HSBC Oriental Bank of Commerce
      Public sector lender, Canara Bank and its life insurance partner Canara HSBC Oriental Bank of Commerce Life Insurance has announced the launch of ’Web assurance’. With this launch, now the life insurance products of HSBC Oriental Bank of Commerce will be made available to Canara Bank’s customers. Also, the lender is aiming for introducing new products across its retail loans segment including home loans and mortgage loans.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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