Disclaimer: Canara Bank is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Canara Bank for loan against property. No offers/services from Canara Bank are being provided by Paisabazaar for loan against property. For further information about Canara Bank for loan against property, users are required to reach out directly to Canara Bank.
| Canara Bank Loan Against Property Highlights | |
| Interest rates | Canara Mortgage: 10.30% to 12.80% p.a. |
| Loan Amount | Up to Rs 10 crore |
| Loan tenure | Up to 15 years |
| LTV Ratio Canara Mortgage | Up to 50% of the property value offered as security |
| Processing fee | Up to 1% of the loan amount with a minimum Rs 5,000 |
Interest Rates as of 5 November 2024
Check Lenders Offering Loan Against Property at Low Interest Rates Click Here
Table of Contents
Interest Rates of Canara Bank Loan Against Property
Canara Bank offers loan against property (Canara mortgage) at interest rates starting from 10.30% p.a. based on credit risk grade and security. The detailed list of Canara Bank LAP interest rates is mentioned below:
Canara Mortgage Interest Rates
|
Credit Risk Grade |
Interest Rates (p.a.) |
||
| Where security is equal to 200% | Where security is equal to >200%=300% | Where security is above 300% | |
| 1 | 10.50% | 10.40% | 10.30% |
| 2 | 10.75% | 10.65% | 10.55% |
| 3 | 11.30% | 11.20% | 11.10% |
| 4 | 12.80% | 12.70% | 12.60% |
The final loan against property interest rates offered to the applicant may depend on their credit score, monthly income, job profile, employer’s profile, etc.
Compare Interest Rates on Loan Against Property for Top Banks & HFCs
| Name of the Lender | Interest Rate (% p.a.) | |
| State Bank of India | 10.00-11.30 | |
| Bank of Baroda | 10.85-18.60 | Apply Now |
| PNB Housing Finance | 9.25-15.00 | Apply Now |
| IDFC First Bank | 9.00-16.50 | Apply Now |
| HDFC Bank Limited | 9.50-11.00 | Apply Now |
| L&T Housing Finance | 9.50 onwards | Apply Now |
| LIC Housing Finance | 9.50-11.55 | Apply Now |
| Godrej Housing Finance | 9.75 onwards | Apply Now |
| ICICI Bank | 10.85-12.50 | Apply Now |
| Tata Capital | 9.00 onwards | Apply Now |
| Axis Bank | 10.50-10.95 | Apply Now |
| Punjab National Bank | 10.40-12.75 | Apply Now |
Check LAP Interest Rates For Various Lenders Click Here
Canara Bank Loan Against Property Fees and Charges
Processing fees
| Canara Mortgage | 0.50% of the loan amount with a minimum of Rs 5,000 |
| Canara Rent | 1% of the loan amount with a minimum of Rs 5,000 |
Other Fees and Charges
| Documentation charges | Rs 100 per Lakh or part thereof with a minimum of Rs 1000 and Maximum Rs 25000 |
| Inspection charges (for Loan against future rent receivables only) | Up to Rs 10 lakh – Rs 200 per inspection per borrower with a maximum of Rs.600 per year. |
| Up to Rs 10 lakh – Rs 200 per inspection per borrower with a maximum of Rs.600 per year. | |
| Out of pocket expenses are to be collected separately (if any). |
Types of Canara Bank Loan Against Property
Canara Mortgage (Loan Against Property)
- Purpose: To individuals for non-business purposes only, for meeting any unforeseen expenses, urgent personal, medical needs, and more.
- Security:
- Equitable Mortgage of property acceptable to the bank with clear marketable title.
- Value of the property should be 200% of the loan amount.
- Guarantee: Personal Guarantee of spouse/ legal heirs is to be mandatorily obtained.
- Loan amount:
- Up to 50% of the property value offered as security as per the valuation report of the panel-valuer of the bank
- Or Rs 7.50 crore
- Or for salaried class: 96 times of last drawn monthly gross salary (For Low/Normal CRG grade customers)/84 times of last drawn monthly gross salary (For Medium/High CRG grade customers)
- Non-salaried class: 8 times of cash accruals (For Low/Normal CRG grade customers)/ 7 times of cash accruals (Average of the last three preceding years annual cash accruals) (For Medium/High CRG grade customers), whichever is low.
- Loan tenure: Up to 10 years (tenure can also be more than 10 years for specific cases)
Canara Rent (Loan Against Rent Receivables)
- Purpose: To meet the business or personal needs of property owners (lessors) against rent receivables but not for speculative purposes.
- Loan amount: Maximum 75% of the net rent receivable for the unexpired period of lease, net of TDS, advance rent taken and other taxes (if any) with a maximum of Rs 7.50 crore.
- Loan tenure:
- Up to 10 years OR unexpired lease period whichever is earlier.
- For loans against Rent receivables from Navratna Companies, PSUs, AAA rated reputed Companies, Canara Bank, Insurance Companies: Up to 144 months OR up to lease period.
- Margin: 25%
- Security:
- EMT of the leased property value of which should be at least 100% of the loan amount.
- If EMT is not possible, the security will be by mortgaging an alternate property with value not less than 150%.
- Assignment of lease rentals in favor of the bank.
- Third party guarantee of person/s of adequate net worth is also acceptable to the bank. However, waiver of third party guarantee may be considered selectively.
Check LAP Interest Rates For Various Lenders Click Here
Eligibility Criteria for Canara Bank Loan Against Property
Canara Mortgage Eligibility Criteria
- For Low/Normal CRG Grade Customers: Net Take Home salary should be 35% of gross salary or Rs 30,000 p.m., whichever is higher after EMI deductions of the proposed loan.
- For Medium/High CRG Grade Customers: Net Take Home salary should be 35% of gross salary or Rs 25,000 p.m., whichever is higher after EMI deductions of the proposed loan.
- Individual customers having satisfactory dealings with Canara Bank.
- New customers well introduced and credit worthy with satisfactory bankers / market reports on them.
NRI customers, with their resident close relatives as co-borrowers.
Canara Rent Eligibility Criteria
- Existing customers with satisfactory dealings.
- New customers well introduced with a satisfactory OPL/market report on them.
- The property should have been leased / rented out to PSUs / Central / State / Semi Govt. Undertakings, Reputed Corporates, Banks, Financial Institutions, Insurance Companies and MNCs including the property leased / rented out to Canara Bank’s Branch/Office or House/Flat leased/rented out to the Bank as Quarters to Canara Bank’s Officers/Executives.
Along with the above-mentioned factors, Canara Bank may also consider the age, liabilities, assets owned, and credit score to evaluate the loan against property eligibility of its applicants.
Check Lenders Offering Loan Against Property at Low Interest Rates Click Here
Documents Required for Canara Bank Loan Against Property
Canara Mortgage Documents Required
- 2 copies each of Stipulated Loan Application with passport size photographs
- Copy of lease deed
- Income proof of the applicant and guarantor
- Income Tax Assessment Order / IT Returns Title deeds of the property / EC, latest tax paid receipt / Legal Scrutiny Report
- Approved plan of building
- Certificate of balance if finance is availed against property from any other source
- Annual Financial Statements for the past 2 years (in case of persons other than salaried individuals
Canara Rent Documents Required
- Application form : NF 964
- Registered Lease Deed with any one of the following: Tripartite Agreement executed between lessors, lessee and the financing branch or a Power of Attorney (to be stamped and notarized) executed by the lessors in favor of the bank and copy of the sanctioned plan issued by the Competent Authority.
Along with the above-mentioned list of loan against property documents, the bank may ask for more documents at its discretion.