Canara Bank LAP
Secure your financial needs with Canara Bank Loan Against Property at the lowest interest rates up to 11.70%
Loan Details
Interest Rate
11.70% onwards
Processing Fee
0.50% of the loan amount with a minimum of Rs.5000/-
Prepayment
Charges
Allowed with nil charges for floating rate loans to individuals
Tenure
Up to 7 years
- Eligibility Factors
- Documents Required
- Loan Verification Process
- Rate of Interest
a. Age – For Salaried - 21-60 years
For Self-employed – 21-65 years
b. Credit score: 650 or above
c. Employment Type: Salaried
Self-employed
d. Minimum net income (monthly): Rs 20,000
e. Work experience: For salaried- 3 years of job stability
For self-employed- 3 years of business stability
a. Age – For Salaried - 21-60 years
For Self-employed – 21-65 years
b. Credit score: 650 or above
c. Employment Type: Salaried
Self-employed
d. Minimum net income (monthly): Rs 20,000
e. Work experience: For salaried- 3 years of job stability
For self-employed- 3 years of business stability
All the applicants are required to submit the below-listed documents with Canara Bank -
● Filled up Canara Bank loan against property application form
● Recent Photographs
● ITR of previous 2 years
● Proof of Identity Proof
● Proof of Residency
● Proof of Signature Authenticity
Self-employed candidates are required to submit the documents listed below along with the ones mentioned above –
● Proof of business establishment
● Address proof of Business
● Income Tax Returns
● Proof of Business continuity of past 3 years
● Copy of bank statement of past 180 days
● Proof of earnings of last 6 months
Salaried applicants are required to submit a copy of the following documents besides along with the ones mentioned above -
● Last 6 months of bank statement showing your income or salary details
● Copy of salary slip of past 180 days
● Copy of all relevant documents showing ownership of property that is to be mortgaged
● Previous 2 years Form 16
● Employer’s ID
● Proof of work experience
Identity Proof (for all borrowers)
● Driving License
● Aadhar Card
● Valid Passport
● PAN Card
● Voter ID
Proof of Residential Address (for all borrowers)
● Utility Bill
● Receipt of Property Tax
● Approved Building Plan
● Valid Passport
● Voter ID
● Registered Rent Agreement
Birth Date Proof (for all borrowers)
● Driving License
● Valid Passport
● Voter ID
● Aadhar Card
Property documents (for all borrowers)
● Registered Sale Deed
● Lease Deed
● Conveyance
● Past Sale Deeds
● Receipt of House Tax Return
● Building Plan approved by Municipal Corporation
Income documents (for salaried borrowers)
● Last 6 months Pay Slip.
● Form 16 of past 2 years
● Bank statement of past 6 months showcasing EMI debit/ salary credit
The loan verification proceeds in the following stages:
1. Fill the Canara Bank loan against property application form and upload it on the official website or wherever required. Submit copies of all the relevant documents required for application verification. It can be quickly done by signing up on Apnapaisa.
2. One of our customer care representatives will get back to you within 24 hours and schedule visits for collecting document copies (in case you chose offline submission of documents).
3. The concerned officials at Canara Bank verify the documents and the details there. They may visit the property if necessary.
4. Once your application for loan against property is approved, the loan amount will be disbursed to your account, and you will get a copy of the duly signed loan agreement containing details of loan interest, tenure, loan amount, charges, and penalties.
There are four categories linked to Canara Bank loan against property rate of interest:
- Business: Base rate+3.75%
- Moderate risk: Base rate+4.5%
- Normal risk: Base rate+4%
- Individuals: Base rate+3.75%