Following are the key details of loan against property Canara Bank:
|Loan amount||Up to Rs. 7.5 Crores|
|Interest Rate||10.30% - 12.80% p.a|
|Repayment Tenure||Up to 15 years|
|Processing Fee||0.50% of loan amount with a minimum of Rs. 5000|
|Age||Minimum 18 years|
Canara Bank mortgage loan interest rate 2023 is linked to the RLLR of the bank, which is 10.30% - 12.80% p.a. w.e.f 12.09.2023. The interest rates depend on the credit risk of the borrower, the value of the security offered, the current RLLR of the bank, and other factors:
|CRG||Where security is =200%||Where security is >200%=300%||Where security is >300%|
|1||10.50% p.a.||10.40% p.a.||10.30% p.a.|
|2||10.75% p.a.||10.65% p.a.||10.55% p.a.|
|3||11.30% p.a.||11.20% p.a.||11.10% p.a.|
|4||12.80% p.a.||12.70% p.a.||12.60% p.a.|
Apart from the interest rate, the borrower also has to pay the following charges on Canara Bank property loan:
Below is the comparison of Canara Bank loan against property interest rates with the interest rates on loans against properties offered by other top banks and HFCs. You can compare the rates offered by different lenders to choose the most affordable option:
|Name of the Lender||Interest Rate (% p.a.)|
|Canara Bank||10.30% - 12.80%|
|HDFC Bank||9.50% - 11.00%|
|State Bank of India||10% - 11.55%|
|IDFC First Bank||9.00% - 20.00%|
|Home First||12.80% - 18.50%|
|Kotak Mahindra Bank||9.15% - 10.50%|
|PNB Housing Finance||9.25% - 12.45%|
|Bank of Baroda||10.85% - 16.50%|
|L&T Housing Finance||9.60%|
|LIC Housing Finance||9.70% - 11.55%|
|Godrej Housing Finance||9.75% onwards|
|ICICI Bank||10.85% - 12.50%|
|Bajaj Housing Finance||9.75% - 18%|
|Axis Bank||10.50% - 10.95%|
You can also check how to Avail Loan Against Property Without Income Proof Online.
Following are the detailed Canara Bank loan against property eligibility criteria:
You can also check Loan Against Property Eligibility from Top Banks Online.
You will be required to furnish the following documents to obtain a Canara Bank LAP:
You can also check all the necessary Documents Required for Loan Against Property.
You can use the Canara Bank Loan Against Property EMI Calculator to know your EMI outgo even before applying for the loan. To use the Canara Bank mortgage loan calculator, follow the steps given below:
Below is an example using the Canara Bank EMI calculator:
|Loan amount to be availed of||Rs. 50 Lakhs|
|Loan tenure opted||180 months|
|Applicable interest rate||10.30% p.a.|
|Monthly EMI||Rs. 54,651.62|
|Total interest||Rs. 4,837,291.41|
|Total payable amount||Rs. 98,37,291.41|
You can also calculate your Canara mortgage loan EMI using the formula given below:
EMI amount = [P x R x (1+R) ^N]/[(1+R) ^N-1], which uses three inputs i.e., Principal loan amount (P), tenure (N), and rate of interest (R).
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 by using Canara Bank Loan against Property EMI Calculator.
Let’s take a quick overview on Canara Bank Loan Against Property EMIs for 5, 7 & 10 years at 10.30% - 12.80% p.a. for various loan amounts.
|LAP EMI or 60 months||LAP EMI for 84 months||LAP EMI for 120 months|
|10 Lakhs||Rs. 21395||Rs. 16,757||Rs. 13,382|
|20 Lakhs||Rs. 42,790||Rs. 33,513||Rs. 26,764|
|30 Lakhs||Rs. 64,185||Rs. 50,270||Rs. 40,145|
|40 Lakhs||Rs. 85,580||Rs. 67,026||Rs. 52750|
|50 Lakhs||Rs. 1,06,975||Rs. 83,783||Rs. 66,909|
You can also use Loan Against Property EMI Calculator to find out how much you will save on interest and how it affects your Loan EMI.
Canara Bank offers the following types of loans against property for non-business purposes, any unforeseen expenses, urgent personal and medical needs etc:
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:
You can also check details from Canara Bank Balance Check Number Online through Missed Call.
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Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used 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 LAP Interest Rate range from 10.30% - 12.80% p.a. The effective interest rate will depend on borrower’s credit profile and loan repayment capacity.
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.
No. There are no charges applicable for foreclosing Canara Bank Loan Against Property.
Loan Against Property Canara Bank is linked to repo-linked rates. The benchmark for assessing interest rate is RRLR.
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.
The maximum loan available is lowest of the below-mentioned: