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Canara Bank Loan Against Property Details

Canara Bank LAP AmountUp to Rs 10 Crore
Interest Rate9.95 % to 12% p.a
Repayment TenureUp to 10 years
Processing Fee

Up to 0.5% of the loan amount

(Min: Rs 5000)

Foreclosure ChargeNIL

Canara Bank Loan Against Property: Features & Benefits

  •  Canara Bank loan against property quantum can go up to 50 % of the property value. The maximum amount can go up to Rs 10 crore.
  • Both Resident & Non Resident Indians can apply for Canara Mortgage Loan.
  • Maximum repayment tenure for Canara LAP is 10 years. The bank may extend the tenure on its discretion.
  • Besides the trust of a public sector bank, you also get attractive interest rate starting at 9.95% for a secured loan.
  • Currently lowest Canara Bank Loan Against Property EMI is Rs 1319 per lakh.
  • Processing fee for Canara Bank LAP is nominal at 0.50% of the loan amount, with minimum capping at Rs 5000.

Additional Info: Also check Canara Bank Balance Check Number

Canara Bank Loan Against Property Interest Rates

Canara Bank Mortgage loans are linked to repo rates and are levied as under. The loan against property interest rate will vary according to risk profile & credit score of the borrower.

ProductRate of Interest (% p.a)

 

 

RRLR linked Rate of Interest - Canara Mortgage

CS : 19.95
CS : 210.00
CS : 310.50
CS : 412.00

 

 

Canara Site

CS : 17.95
CS : 28.00
CS : 38.50
CS : 49.00
Canara RentNavaratna PSUs, AAA rated Companies, Fortune 500 Companies, MNCs, Banks & Insurance Companies9.00
Others9.30
Property leased to bank8.80
Canara Jeevan-8.50

Canara Bank Loan Against Property Eligibility Criteria

To avail Canara Bank Loan Against Property, meet following criteria-

  • Resident Indians and NRIs can apply.
  • All customers should have satisfactory dealings with Canara Bank.
  • NRI customers must add an Indian resident who is also a close relative as a co-borrower.
  • New customers should be introduced by an existing customer and have creditworthiness & good history with reputed bankers.
  • Net Take Home (NTH) should be a minimum of Rs 20,000 per month.
  • For LAP, equitable mortgage of property is acceptable with clear marketable title.
  • Valuation of the property should be 200 % of the loan amount.
  • Canara Bank accepts personal guarantee from individuals with adequate net worth.

Documents Required for Canara Bank Loan Against Property 

Documentation for Canara Bank Loan Against Property is nominal. Here is the list of documents required for loan against property.

  • Stipulated LAP application form duly filled & signed.
  • 2 passport size photographs of each applicant.
  • Income proof of all the applicants & guarantors including IT Assessment / IT Returns.
  • Title deeds of the property.
  • Encumbrance certificate (EC).
  • Latest property tax receipt.
  • Legal scrutiny report.
  • Copy of lease deed.
  • Approved plan of building.
  • Certificate of balance mortgage amount, if applicable.
  • Annual financial Statements for the past 2 years (for non-salaried).

Canara Bank Loan Against Property Fees & Charges

SubjectFee
Processing fees

0.5% of the loan amount

Minimum: Rs 5000

Documentation charge

Rs 100 for 1 Lakh

Rs 1000 - Rs 25000 over 1 Lakh

Advocate & valuer’s  FeeAs applicable
Stamp DutyAs applicable
CERSAI

Rs 50 + GST for up to Rs 5 Lakh

Rs 100 + GST for above Rs 5 Lakh

How to Calculate Canara Bank Loan Against Property EMI 

To calculate Canara Bank Loan Against Property EMI, use Online EMI Calculator. It is free and available 24X7. Share loan details including loan amount, repayment tenure and interest rate. You will instantly get loan EMI and total interest component.

Let’s take a quick overview on Canara Bank Loan Against Property EMIs for 5, 7 & 10 years at 9.95% p.a. for various loan amounts.

LAP Amount

(in Rs)

LAP EMI @9.95% p.a for 60 monthsLAP EMI @9.95% p.a for 84 monthsLAP EMI @9.95% p.a for 120 months
1000000212221657513187
2000000424453315126375
3000000636674972639562
4000000848906630152750
50000001061128287765937

Canara Bank LAP Comparison with Other Lenders

Bank/HFCLowest Interest RateMax Processing Fee
Canara Bank Loan Against Property9.95%0.05%
SBI Loan Against Property6.70%0.50%
HDFC Loan Against Property7.50%0.75%
PNB Housing LAP8.75%0.75%
Kotak Bank LAP9.25%1.00

Canara Bank Loan Against Property: Offers & Schemes

  • Property loan for non-business purpose.
  • Loan can be availed for up to 50% of property value, subject to maximum of Rs 10 crore.
  • You get maximum repayment tenure of 120 months.
  • Applicants should have satisfactory creditworthiness.
  • Both Indians & NRIs can apply.
  • Co borrowers as well as guarantor can be added.
  • Nominal processing & minimal documentation are required.

 Canara Rent

  • Canara property loan against rent receivables.
  •  Property owners (lessors) can avail Canara Rent for personal or business needs.
  • Existing customers with good relationship can avail this facility.
  • New customers with satisfactory report & introduced by existing customers can apply.
  • The property should be leased or rented out to PSUs or governmental undertaking, reputed corporates, banks or FI, MNCs etc.
  • Loan can be availed against property leased out to Canara Bank.
  • If tenant is a Corporate- minimum external rating should be BBB & above.
  • Maximum LTV of 75% of the net rent receivable.

Canara Jeevan

  • Reverse mortgage loan for senior citizens who own self-occupied residential property.
  • Loan can be availed for supplementing pension income & expenses.
  • Loan against independent house can be availed for Rs 5 Lakhs to Rs 50 Lakhs.
  •  Loan against flats can be availed for Rs 5 Lakhs to Rs 25 Lakhs.
  •  The applicant should be resident Indian over 60 years of age.
  •  Property should be self-acquired & self-occupied.
  •  Property should be free from any encumbrance.
  • Residual life of the property should be 20 years or more.
  •  Couples can apply for joint loans.
  • This loan cannot be availed against commercial property.
  • This product is not granted against ancestral properties.

Canara Bank Loan Against Property Customer Care

You can call Canara Bank for your complaints & queries at following Toll Free Numbers:

1800 425 0018

1800 103 0018

1800 208 3333

1800 3011 3333

If calling from outside of India, Call on Non Toll Free Number:

+91-80-22064232

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Pre-Approved ICICI Loan Against Property @8.35% p.a 

ICICI bank loan against property up to Rs. 5 Crore can be availed of online as well as offline by salaried and self-employed applicants. The LAP can be for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers. 

Canara Bank Loan Against Property FAQs

What is current interest rate for Canara Bank Loan Against Property?

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Canara Bank LAP interest rate range from 9.95% p.a. to 12% p.a. The effective interest rate will depend on borrower’s credit profile and loan repayment capacity.

How to increase eligibility for Canara Bank LAP?

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You can add a co-borrower or guarantor to improve your eligibility for Canara Bank LAP. The bank will assess repayment capacity & credit worthiness of the co borrowers.

Are there any foreclosure charge applicable for Canara Bank LAP?

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No. There are no charges applicable for foreclosing Canara Bank LAP.

What is benchmark rate for Canara Bank Mortgage?

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Canara Bank LAPs are linked to repo linked rates. The benchmark for assessing interest rate is RRLR.

What are the eligibility criteria for Canara Bank Mortgage Loan?

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To be eligible for Canara Bank Mortgage Loan, you need to an owner of a residential property. Your repayment capacity should be optimal for repaying EMI successfully. The bank will also assess your past repayment history and income stability.