Canara Bank Loan Against Property - How to Apply for Canara Bank Loan Against Property

Canara Bank provides Loan Against Property (LAP) under the name ‘Canara Mortgage’. Customers can avail this loan only for personal requirements such as unexpected and costly medical treatments, buying another home, etc.

Features of Canara Bank Loan Against Property

The key features of Canara Bank loan against property are:

• Attractive interest rate 11.70% onwards
• The customer can avail a loan of upto Rs. 10 crores
• The loan repayment tenure is seven years
• No prepayment fees for the loan taken at floating rates
• No hidden charges
  

Eligibility Criteria

The eligibility criteria for Canara Bank loan against property is given below:

• All Indian citizens are eligible to apply for this loan.
• NRI customers can also avail of this loan by registering their close relatives (Indian citizens) as co-applicants.
• Customers who apply for this loan must have had satisfactory dealings with the bank in the past.
• The applicants should furnish valid property documents.
• The credit score should be above 700.
• The Net Take Home (NTH) must be an estimated value of 20% or Rs. 20,000 p.m., whichever is higher, after paying the EMIs of the proposed loan.
• The age of the applicant should be at least 21 years at the time of submitting the loan application.
• The applicant should have been employed with a reputed organization or should be involved in a business for a minimum stipulated number of years.
• The applicant should have the minimum required salary or monthly repaying capacity.
• The applicant should have a clear credit history for the last three months before submitting the loan application.