Canara Bank Loan Against Property

About Canara Bank Loan Against Property

Canara Bank is one of the leading banks in India providing a personal loan, home loan, loan against property, car loan, etc. Canara Bank mortgage loan or loan against property is a loan against mortgage of unencumbered property located in metro/urban centres. Loan against property of Canara Bank is available to the individuals for a non-business purpose at the rate of interest 11.40% per annum.

Loan Against Property

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    Canara Bank Loan Against Property Details

    ParticularsDetails
    Interest Rate 11.70%
    TenureUpto 7 years
    Processing Fee 1% of loan amount with a minimum of ₹5,000/- and a maximum of ₹50,000/-
    Prepayment Charges NIL
    Documentation Charges ₹100/- Per Lac or part thereof with a minimum of ₹1,000/- and Maximum ₹25,000/-

    Canara Bank Loan Against Property Eligibility Criteria

    • Individuals having satisfactory dealings with the bank
    • The new customers well introduced and creditworthy with satisfactory banker’s/market report
    • Minimum age group of 18-60 years are eligible
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    Documents Required for Canara Bank Loan Against Property

    To avail Canara bank mortgage loan, the documents that you need to have are as follows:

    • Canara bank mortgage loan application form
    • 2 Passport size photographs
    • Income proof
    • Income Tax Assessment Order/IT Returns
    • Salary slip of last 2 years (for salaried individuals)
    • Approved plan of buying property

    How to Apply for Canara Bank Loan Against Property

    The process of applying for Canara bank loan against property is very simple. All you have to do is submit the filled in application form with the required documents and submit it online or to the nearest Canara bank branch.

    Canara Bank Mortgage Loan Calculator

    The interest rate for Canara bank loan against property is 11.40% p.a with the tenure period of 7 years. With the EMI calculator, you can calculate how much you need to pay every month against the loan amount. For eg., if you are taking a mortgage loan of ₹10 lacs at the rate of interest of 11.40% for the tenure period of 7 years, the EMI per month will be ₹3,467. The below-given table shows the EMI, total interest amount, and total amount you will have to pay are as shown in the table:

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 2,00,00011.40%1₹ 17,714₹ 12,564₹ 2,12,564
    ₹ 2,00,00011.40%2₹ 9359₹ 24,610₹ 2,24,610
    ₹ 2,00,00011.40%3₹ 6586₹ 37,085₹ 2,37,085
    ₹ 2,00,00011.40%4₹ 5208₹ 49,986₹ 2,49,986
    ₹ 2,00,00011.40%5₹ 4388₹ 63,309₹ 2,63,309
    ₹ 2,00,00011.40%6₹ 3848₹ 77,050₹ 2,77,050
    ₹ 2,00,00011.40%7₹ 3467₹ 91,202₹ 2,91,202

    Canara Bank Overdraft Facility

    Overdraft facility of Canara Bank is sanctioned for 12 months and is renewable every year subject to Satisfactory operations and conduct.

    Features & Benefits of Canara Bank Mortgage Loan

    • Low Rate of Interest
    • No prepayment charges
    • High loan amount up to ₹10 Crores
    • Minimum processing fee i.e., 1%
    • Longer tenure period of 7 years
    • Multi-purpose loan
    • Overdraft facility of 1 year renewable on annual basis

    Personal Loan Interest Rates December 2018
    Bajaj Finserv10.99% - 16.00%
    Fullerton India14.00% - 33.00%
    HDFC Bank11.25% - 21.50%
    ICICI Bank10.99% - 18.40%
    IndusInd Bank10.99% - 16.00%
    Kotak Bank10.99% - 20.99%
    RBL13.00% - 18.00%
    Standard Chartered Bank12.00% - 17.00%
    Tata Capital10.99% - 18.00%
    Home Loan Interest Rates December 2018
    State Bank of India/SBI8.75% - 9.35%
    HDFC8.80% - 9.70%
    Bank of Baroda8.65% - 9.65%
    LIC Housing8.85% - 9.05%
    PNB Housing Finance9.00% - 13.00%
    ICICI Bank9.10% - 9.35%
    Axis Bank8.80% - 9.05%
    Citibank9.00% - 9.85%
    Indiabulls Housing Finance Limited8.80% - 11.05%
    Kotak Bank8.90% - 8.75%
    DHFL9.05% - 9.95%
    Reliance Home Finance8.75% - 14.00%