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Canara Bank Loan Against Property - Frequently Asked Questions

Canara Bank Loan Against Property Frequently Asked Questions

What are the five things to check before applying for loan against property in Canara?

Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and it’s approved building plan with the loan application.
Your existing EMI’s on all loans and credit cards (from Canara Bank and other banks) are no more than 60 - 70% of your net monthly income
You have not defaulted on loans or credit card dues to Canara Bank and other banks and all EMI's have been paid. Note that Canara Bank can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to Canara Bank in your CIBIL report. Estimate your CIBIL score for free by using CIBIL score estimate calculator
If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan application
If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available
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Will Canara mortgage loan interest rate remain fixed or will it change in future?

Floating interest rate on Canara Bank property loan is linked to its 1 Year MCLR, which is currently 8.40%. So, when Canara Bank offers a loan against property at 11.45%, it applies a 3.05% premium to its MCLR to arrive at this rate
When market interest rates go up, the bank increases its base rate and the applicable rate for all existing loans goes up. When interest rates trend downwards, the bank has to reduce the base rate as it is not allowed to lend below the base rate. Thus, any benefit of lower rates will have to be passed to both old borrowers and new borrowers
Base rate benchmarked loans provide a better and more transparent interest rate transmission for the borrower compare to PLR benchmarked loans
Current MCLR of Canara Bank, its past trend and comparison with RBI repo rate are given here for your reference.

Are prepayment or foreclosure charges applicable on Canara loan against property?

You can prepay loan against property (LAP) without any penalty or charges in case:
Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

Canara Bank Loan Against Property in Delhi NCR through LoanMoney

Apply for Personal Loan, Home Loan, Business Loan & Loan Against Property in Delhi & NCR through LoanMoney

Home Loan in Delhi/NCR through LoanMoney

Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.

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Personal Loan in Delhi/NCR through LoanMoney

Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.

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Loan Against Property in Delhi/NCR through LoanMoney

A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.

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Business Loan in Delhi/NCR through LoanMoney

Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.

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It is a type of unsecured loan and helps to meet your current financial needs. You don't need any security/collateral while availing it. Personal Loan is your solution for instant cash and can be used for travelling, wedding, medical emergency, home renovation, or anything else.

 

Home Loan is a Secured loan offered against the security of a house/property which is funded by the banks and NBFCs the property could be a personal property or a commercial one. Home loans consist of an adjustable or fixed interest rate and payment terms.

 

Loan Against Property belongs to the secured loan category where the borrower gives a guarantee by using his property as security. Banks and financial institutions offer this LAP, which can either be a residential/commercial building or a piece of land.

 

A Business Loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. Banks and other financial institutions are there to provide you with suitable lending assistance.

Different Purposes for Personal Loan through LoanMoney

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Balance transfer is the process where a customer transfers his outstanding principal amount to another bank or financial institute primarily for a better rate of interest and also for better features. Balance transfer reduces your interest rates and finally ensure saving.
The Credit Card Payment Loan is designed to allow you to take control of your finances and pay your credit cards off faster. This is made possible by consolidating your high-interest card balances into one monthly payment at a fixed rate and term.
The Education Loanaims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. Students enrolled in career-oriented courses e.g. medicine, engineering, management etc, can avail this.
Travel loan is a kind of Personal Loan that you can apply while planning a travel. It can help to cover the costs associated with your holiday, such as airfares, accommodation, hotel fares, tour packages, travel gears/accessories, or any other type of expenses associated with your travel.
Debt consolidation/ Financial Restructuring is a process to streamline one’s financial stability and debt. Thus by consolidating many small debts with one debt, one gets favourable payment off terms and lower burden of EMI.
Home is the place where your story generates. Home Renovation Loans are designed for the purpose of renovating a house and can be taken by a person who owns the property to be renovated.

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