Life throws various situations at you, where you need some financial help from external sources. The advantage of a mortgage loan is that it helps you use an asset you already own to raise funds – and at a cheaper cost than getting a personal loan. Going abroad for higher education and need help? Have a medical emergency, and don’t know how to finance it? Or identified your dream home and need funds to buy it? A mortgage loan from Canara Bank lets you discover the power of your property and help you tide over times of need.
Features of Canara Bank Mortgage Loan:
• Attractive interest rates with longer tenures ranging from 7-10 years
• Flexible EMI options and payment options
• Loan for non-business purpose only, for meeting any medical emergency or other personal and legal needs.
• Loan available by mortgage of residential house/flat/ commercial property in the name and possession of the borrower. It can either be self-occupied or vacant or partially tenanted.
• Loan against vacant land not permissible.
What is the eligibility criteria?
You need to be either a salaried employee or self-employed, and be able to demonstrate a stable income. Existing customers who have satisfactory relationship with Canara Bank can apply directly. Non Canara Bank account holders need to be introduced by an existing Canara Bank account holder and need to be creditworthy. NRI customers are also eligible. A guarantor is required in order to apply for a loan in Canara Bank.
How much money can I borrow?
You can borrow a maximum of Rs. 10 crores depending on the type of property and its value. Up to 50% on the value of the property is offered as security, upon successful verification by the bank’s evaluators.
What are the documents required?
• Completed Loan Application form with passport size photographs
• Copy of lease deed
• Income proof of the applicant and guarantor
• Income Tax Assessment Order / IT Returns
• Title deeds of the property / EC, latest tax paid receipt / Legal Scrutiny Report
• Approved plan of building
• Annual Financial Statements for the past 2 years - applicable for the self employed
Apply for Canara Bank Mortgage Loan
You can apply online at the Canara Bank website.
You can also visit your nearest Canara Bank branch and have a representative help you with the loan process.
You can also call the customer care number listed on their website for help with your application process.
Alternatively, if you think you need help with your loan application and advice on loan eligibility, CreditMantri can guide you through the entire process and match you with the loan offer that best suits your profile.
Additional Reading: Agriculture loan in Canara bank