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
Free CIBIL Score Calculator

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

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