Canara Loan Against Property Interest Rate Calculator - Dec 2016

Canara Bank Loan Against Property Interest Rates

Last Updated 09th Dec 2016
7th Dec 2016 - RBI keeps interest rates unchanged. Repo rate stays at 6.25%. CRR at 4%. 100% CRR on fresh deposits withdrawn
Interest Rate 12.30% - 12.30%
Check Special Offers
Lowest EMI Rs. 1,781 per lakh
Max Tenure 7 years
Processing Fee Upto 1.00%
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 Loan Against Property Online
 Salaried   Self Employed - Professional   Self Employed - Business 





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Canara Bank Loan Against Property

Canara Bank offers Loan Against Property to the customers if they need to expand their business or want money for personal use. The loan is given upto 50% of the market’s value for tenure of 18 years.

Loan Against Property Canara

Loan Against Property interest rates offered by Canara Bank depends upon MCLR
  • Floating rates changes with a single change in Canara Bank MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates
Canara Bank offers Property Loan based on 1 Year MCLR which is currently 9.30%
Canara Bank mortgage loan interest rate depends upon
  • Loan amount: Canara Bank mortgage loan rate depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: Canara Bank has a list of companies to which they lend Loan Against Property. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. Canara Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

Loan Against Property Charges

Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Canara Bank allows prepayment of loan against property with Nil prepayment charges
Processing Fee - Canara Bank asks for a processing fee of 1.00% of loan amount with applicable service tax

Canara Loan Against Property EMI Calculator

Loan Against Property EMI of Canara Bank is a fixed amount that you pay each month towards the repayment of your Loan till the end of tenure
  • Canara Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on Loan Against Property
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating Canara Loan Against Property EMI?
  • Canara Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • Canara Bank EMI calculator for Loan Against Property helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Canara Loan Against Property Eligibility Calculator

Loan Against Property eligibility criteria Canara Bank
Eligibility of Loan Against Property in Canara Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: Canara Bank offers loan against property for a maximum tenure of 18 years if the borrower’s age does not exceed above 60 years for salaried and 65 years if you are self employed. Apply for loan at smaller age, higher will be the chances of loan approval
  • Value of the property: Canara Bank decides your loan amount based on the market value of the property which you place as your collateral for the loan. Canara Bank lends less than the market value of the property. As per RBI guidelines, the borrower also has to show some contribution. Ratio of loan amount to value of home is called Loan to Value (LTV) ratio. Canara Bank gives maximum LTV of 50% for property loans depending upon market value of the property
  • Repayment capacity of the borrower: Your eligibility to take loan against property depends upon the maximum EMI that you can pay. Canara Bank checks your past CIBIL history, repayment record of credit cards and existing loans that can impact your loan against property eligibility. If you have any other loan running whose EMI you are paying currently, then you are supposed to close your loan to get higher loan against property eligibility. Canara Bank does not specify any particular CIBIL score for being eligible for a property loan. However, it is observed that a score of 700 and above is desirable
    To reduce your burden of higher EMIs, Canara Bank gives you a maximum tenure of 18 years for a maximum loan amount of Rs.100,000,000 with a minimum spread of % over 1 Year MCLR. Opt for a loan tenure that suits you and higher the loan tenure, higher will be loan amount eligibility
  • Income: Loan against property are mostly taken by the people who are self employed in order to expand their business. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings
Estimated eligibility online by using Eligibility Calculator.

Canara Bank Floating Rate Loan Against Property

Canara Bank Loan Against Property Floating
Upto Rs. 2,500,000 - 12.30%
Rs. 2,500,001 - 7,500,000 - 12.30%
Rs. 7,500,001 - 30,000,000 - 12.30%
Above Rs. 30,000,000 - 12.30% linked to 1 Year MCLR

Canara Bank Loan Against Property Top up, Transfer

Transfer of Loan Against Property from another bank to Canara Bank?
Canara Bank offers loan against property balance transfer from another bank. This is subject to your meeting other eligibility criteria of Canara Bank
You can avail additional top-up loan against property from SBI, subject to your eligibility

Loan Against Property Canara documents required

Loan Against Property for Salaried employee Canara Bank documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

Loan Against Property for Self-Employed Canara Bank documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 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

Property documents for Loan Against Property from Canara Bank

  • 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
Past trends of MCLR of Canara Bank
Date MCLR
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
07th Oct 15 9.65% decreased by 0.25%
29th Sep 15: 0.5% repo cut by RBI
03rd Sep 15 9.90% decreased by 0.1%
02nd Jun 15: 0.25% repo cut by RBI
11th May 15 10.00% increased by 2%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
01st Jan 14 10.20%
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
08th Jul 13 9.95% decreased by 0.25%
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
04th Feb 13 10.25% increased by 0.3%
29th Jan 13: 0.25% repo cut by RBI
01st May 12 10.50% increased by 0.25%
17th Apr 12: 0.5% repo cut by RBI
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
01st Aug 11 10.75% increased by 0.25%
26th Jul 11: 0.5% repo hike by RBI
01st Jul 11 10.25% decreased by 0.5%
16th Jun 11: 0.25% repo hike by RBI
05th May 11 10.00% decreased by 0.25%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
04th Feb 11 9.50% decreased by 0.5%
25th Jan 11: 0.25% repo hike by RBI
13th Dec 10 9.00% decreased by 0.5%
02nd Nov 10: 0.25% repo hike by RBI
01st Oct 10 8.50% decreased by 0.5%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 8.00% decreased by 0.5%

Canara MCLR Vs. RBI Repo Rate Trend

Frequently Asked Questions

What are the five things to check before applying for loan against property in Canara ?

  • Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
  • Your existing EMI’s 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 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 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 applicantion
  • If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available

Will Canara mortgage loan interest rate remain fixed or will it change in future?

  • Floating interest rate on Canara Bank property loan is linked to its 1 Year MCLR, which is currently 9.30%. So, when Canara Bank offers a loan against property at 12.30%, it applies a 3% premium to its MCLR to arrive at this rate
  • When market interest rates go up, the bank increases its base rate and the applicable rate for all existing loans goes up. When interest rates trend downwards, the bank has to reduce the base rate as it is not allowed to lend below the base rate. Thus, any benefit of lower rates will have to be passed to both old borrowers and new borrowers
  • Base rate benchmarked loans provide a better and more transparent interest rate transmission for the borrower compare to PLR benchmarked loans
  • Current MCLR of Canara Bank, its past trend and comparison with RBI repo rate are given here for your reference

Are prepayment or foreclosure charges applicable on Canara 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

For loans from Housing Finance Companies, refer to NHB circulars NHB(ND)-DRS-Policy-Circular-63-14-15 dated Aug 14, 2014 and NHB-ND-DRS-Policy-Circular-No-66-2014-15 dated Sep 03, 2014 for more details.

Please contact myloancare at 0124 426 4004 or care@myloancare.in in case you need any assistance or clarification on this subject.

Canara Bank Loan Against Property in India

Canara Bank Loan Against Property Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 0562-2855003/0562-2525610
Ahmedabad 079-26579600/ 079-26574852
Ambala 0184-2251033
Anand 079-26579600/ 079-26574852
Aurangabad 0712-2567296/ 0712-2567199
Bangalore 080-25589520/ 080-25588641
Bhilai 07936-2443115
Bhilwara 0141-2222744
Bhiwadi 0712-2567296/ 0712-2567199
Bhopal 0755-2575631/ 898-998-9210
Bhubaneswar Cuttack 0674-2392612/ 0674-2390807
Bikaner 0141-2222744
Chandigarh 0172-2605243/ 0172-2602245
Chennai 044-24327025/ 044-24346038
Cochin 1800-425-0018
Coimbatore 0422-2558410
Dehradun 0135-2657795
Delhi 011-26418058/ 011-26293209
Durg 07936-2443115
Faridabad 0124-2657502/ 0124-2657528
Gandhinagar 079-26579600/ 079-26574852
Ghaziabad 0562-2855003/0562-2525610
Goa 0832-2232013
Greater Noida 011-26418058/ 011-26293209
Gurgaon 0124-2657502/ 0124-2657528
Guwahati 0361-2466817/ 0361-2340364
Gwalior 0731-2573815/ 0731-2573821
Hyderabad 040-23436915
Indore 0731-2573815/ 0731-2573821
Jabalpur 0731-2573815/ 0731-2573821
Jaipur 0141-2222744
Jalandhar 0181-2243322/ 0181-2243322
Jodhpur 0141-2222744
Kanpur 0542-2510032
Karnal 0184-2251033
Kolhapur 0712-2567296/ 0712-2567199
Kolkata 033-22831511/ 033-22806061
Kota 0141-2222744
Kozhikode 1800-425-0018
Lucknow 0522-2302604/ 0522-2303802
Ludhiana 0181-2243322/ 0181-2243322
Madurai 0452- 2330335/ 0452-2335988
Meerut 0121-2531113
Mehsana 079-26579600/ 079-26574852
Mohali Sas Nagar 0172-2605243/ 0172-2602245
Mumbai 022-26728366/ 022-26728309
Mussoorie 0135-2657795
Nagpur 0712-2567296/ 0712-2567199
Nashik 0712-2567296/ 0712-2567199
Noida 011-26418058/ 011-26293209
Noida Extn. 011-26418058/ 011-26293209
Panipat 0184-2251033
Patna 0612-2321047/ 0612-2320559
Pondicherry 1800-425-0018
Pune 020-24478405/ 020-24452828
Raipur 07936-2443115
Rajkot 079-26579600/ 079-26574852
Ranchi 0651-2331752
Rohtak 0184-2251033
Roorkee 0135-2657795
Salem 0427-2330811
Shimla 0177-2629639
Sonepat 0184-2251033
Surat 079-26579600/ 079-26574852
Trichy 0431-2415475
Udaipur 0141-2222744
Vadodara 079-26579600/ 079-26574852
Varanasi 0542-2510032
Vijaywada 0866-2970201
Vizag 0891-2547920
Canara Loan Against Property News - Dec 2016
08th Dec 16 Canara Bank cuts MCLR by 15 basis points
Canara Bank has reduced its overnight and three months marginal cost of lending rate to 8.90 and 9.05 percent from 9.05 and 9.20 percent earlier. The bank has also reduced its six months and one year lending rates by 15 basis points to 9.10 and 9.15 percent from 9.25 and 9.30 percent respectively. Revised rates are effective from 7th December, 2016.
26th Jul 16 Canara Bank Q1 profit tanks 52% to Rs 229 cr
As per the results of Q1FY17, Canara Bank reported a decline of 52.2 percent in its Net Profit to Rs 229 Crore. Net Interest Income of the bank declined by 8.3 percent to Rs 2,307.4 Crore in the quarter ended June 2016 from Rs 2,516.5 Crore in year-ago period due to weak loan growth. Advances declined by 0.9 percent to Rs 3.21 lakh Crore while deposits declined by 1.4 percent to Rs 4.65 lakh Crore when compared on yoy basis . Other income (non-interest income) increased by 42.4 percent to Rs 1,584.65 crore while operating profit fell 9.2 percent to Rs 1,819 Crore when compared on yearly basis. Provisions for bad loans increased sharply by 76.4 percent sequentially to Rs 1,492.92 crore but increased 9.8 percent on yearly basis. Asset quality showed sign of weaking as Gross NPA increased 31 basis points sequentially to 9.71 percent and Net NPA increased by 27 basis points to 6.69 percent in June quarter.
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