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Canara Bank Loan Against Property
One of India's major public-sector banks is Canara Bank. Since its founding in 1906, it has amassed a sizable branch and ATM network across the nation. Individuals, companies, and corporate clients can choose from a variety of financial products and services provided by Canara Bank. It's crucial to keep in mind that particulars like interest rates, costs, and eligibility requirements may change over time and depending on the situation of each individual. For the latest, precise, and up-to-date details on Canara Bank's banking services and offerings, it would be best to visit its official website or get in touch with customer care.Powered By
Canara Bank Loan Against Property
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Here are a few factors
| Location | PAN India |
| CIBIL Score | 675+ |
| Applicant | Any Salaried or Self Employed Person |
| Applicant Age | 18 Year to 75 Year |
| Loan Amount & Tenure | 10
Lac to No Limit (1 Year to 7 Year) |
| Login Fees | NIL |
| Rate of Interest & Type | 9.50% to 12% (Reducing) |
| TAT | 15 Days |
| Processing Fees | Upto 1% of Loan amount |
| Foreclosure Charges | NIL |
| Insurance | Property Insurance |
| Minimum Business Vintage | 2 Year |
| Lock In Period | NIL |
| Part Payment Allowed | Yes |
| LTV | Upto 60% of Market Value |
| Product | BT+Top UP, Fresh Loan, Seller BT, LRD |
| Program | Income Program |
| FOIR | 1.
Salaried- 4-6 Time of gross annual Salary 2. Self Employed-4-5 time of average annual income of last 3 year |
| Cautious Profile | No Cautious Profile |
| Negative Profile | No Negative Profile |
| Funded Property | Residential
Property, Commercial Property, Industrial Property, Plot, School, Hospital, Hotel, Mall, Godown |
| Negative Property | Un-approved Property |
| Accepted Collateral | Other than negative property |
| Specific Property wise Funding Limit | NA |
| Any Specific Product for Professionals | No |
| USP | No Negative Profile |
| Additional | 1. Chain of property must be clear Property chain for last 30 year |
Required Documents to Apply for Canara Bank Loan Against Property
Salaried income documents
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KYC of applicant & Co-Applicant
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Last 3 Month Salary Slip of Applicant
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Last 12 month Bank Statement of applicant & co-applicant
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Last 3 year ITR with computation of income of applicant & co-applicant
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Last 2 Year Form 16 of applicant
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26AS of last 2 year of applicant & co-applicant
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Appointment letter of applicant if available
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Agreement to Sale if purchase case
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Property Paper with complete chain of last 13 years
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LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
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Sanction letter of all running loan
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Latest utility Bill if owned residence or rent agreement if rented
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2 Reference with contact details
Self Employed person documents
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KYC of applicant & Co-Applicant
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Last 3 year ITR with computation of income of applicant & co-applicant
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Last 3 year audited balance sheet of applicant
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Last 3 year Tax audit report of applicant
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Last 12 month Bank Statement of applicant & co-applicant
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26AS of last 2 year of applicant & co-applicant
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Copy of GST registration
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Copy of MSME registration
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Copy of Last 12 month GST return
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Agreement to Sale if purchase case
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Property Paper with complete chain of last 13 years
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LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
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Sanction letter of all running loan
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Debt Sheet
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Latest utility Bill of residence if owned or rent agreement if rented
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Latest utility Bill of Office if owned or rent agreement if rented
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2 Reference with contact details
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Last 3 year Debtors & Creditors on letter head
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List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership firm/LLP
Some Important Points
If Applicant is
- Company-MOA, AOA, COI , PAN Card
- Partnership Firm/LLP- Partnership Deed & PAN Card
- Proprietorship Firm- PAN Card, Adhaar Card, Passport size photo
- KYC means Adhaar Card, PAN Card, Passport Size Photo
Co-Applicant means in case of
- Company : Directors
- Partnership firm/LLP : Partners
- Proprietorship Firm : Spouse of Proprietor
3. If applicant is professional, then his professional degree is required
About Canara Bank Loan Against Property
Keep your precious property in use so that it might be a useful financial asset. With the help of a Loan Against Property, you can take advantage of a wide range of possibilities. To find out how it can support you in achieving your objectives, just apply for it at Canara Bank.
Ask for a Canara Bank Loan Against Property with a maximum amount of Rs. 10 crores and a 10-year term at 9.95% p.a. Canara Bank Loans Against Property are offered as personal loans for unforeseen costs such as unplanned personal or health-related emergencies. Both salaried and self-employed individuals may qualify for a customized Canara Bank Property Loan with a manageable EMI schedule.
Key highlights of Canara Bank Loan Against Property
The sudden need for finances is sometimes unavoidable, whether personally or professionally. So, consider a loan against property as the first and best option for immediate funds. Also, as per the market trends, Canara Bank Loan Against Property has been acting like a boom because of its lowest interest rates and higher loan amounts. Let us move ahead in this article and learn more about the benefits and other details of Canara Bank Loan Against Property
Save Your Time with a Simple Loan Process
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will receive your loan amount shortly.
FREQUENTLY ASKED QUESTIONS
With an impact from 7 May 2019, the benchmark rate for Canara Mortgage is the 1-year MCLR, with a rate of 8.70%.
Your ability to repay the loan depends on its maximum amount as well as the market value, age, and overall condition of your property. Customers may get up to 50% of the property's worth based on the bank's appraisal by the Panel Valuer. 10 crore is the highest permitted capital on the loan amount.
7 years is the longest loan period that Canara Bank would provide for a loan against property. Later, under unique circumstances, this term may be extended to 10 years. Only EMIs will be used to repay the loan.
Interest rates for Canara Mortgages begin at 10.35%.
Residential, commercial, and industrial properties are typically accepted by Canara Bank as LAP collateral. According to the terms and guidelines of the bank, they may include business premises, properties for rental, vacant property, and independently owned residential homes.
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