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Canara Bank Loan Against Property
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Canara Bank provides Loan Against Property (LAP) under the name ‘Canara Mortgage’. Customers can avail this loan only for personal requirements such as unexpected and costly medical treatments, buying another home, etc. The current interest rate on this Canara Bank loan is 11.70%.

Interest Rates and Processing Fees

Category of applicants



Firms and Companies as applicant or co-applicant

Residential Property




Commercial Property




Processing fees

1% of the loan amount ( minimum amount is Rs.5000/- and maximum can be up to Rs. 50,000/-)

1% of the loan amount 

1% of the loan amount 

Prepayment fees

Nil, with variable interest rates after one year

2% + applicable taxes

2% + applicable taxes

Foreclosure fees

4% + taxes as applicable

4% + taxes as applicable

4% + taxes as applicable


7 years

7 years

7 years

Features of Canara Bank Loan Against Property

The key features of Canara Bank loan against property are:

  • Attractive interest rate 11.70% onwards

  • The customer can avail a loan of upto Rs. 10 crores

  • The loan repayment tenure is seven years

  • No prepayment fees for the loan taken at floating rates

  • No hidden charges

Canara Bank Loan Against Property Schemes

Canara Rent

  • Purpose: To provide loans to owners (lessors) of property against the rent receivables to meet their business needs or any genuine personal needs.

  • Eligibility 

    • Existing customers: They should have satisfactory dealings with the Canara Bank.

    • New customers: Should have a good credit report.

    • The property should have been rented out to PSUs, Central/State institutions, or reputed corporates/banks/insurance companies/MNCs either for official or residential purposes.

  • Maximum quantum: 75% of the net rent receivable

  • Interest rate: 10.30%-10.50%

  • Repayment tenure: Up to 120 days

  • Processing charge: 0.5% of the loan amount

  • Documents: 

    • Application form

    • Credit report

    • Registered lease deed

    • Tripartite agreement (between the lessor, lessee, and the government organization)

Eligibility Criteria

The eligibility criteria for Canara Bank loan against property is given below:

  • All Indian citizens are eligible to apply for this loan.

  • NRI customers can also avail of this loan by registering their close relatives (Indian citizens) as co-applicants.

  • Customers who apply for this loan must have had satisfactory dealings with the bank in the past.

  • The applicants should furnish valid property documents.

  • The credit score should be above 700.

  • The Net Take Home (NTH) must be an estimated value of 20% or Rs. 20,000 p.m., whichever is higher, after paying the EMIs of the proposed loan.

  • The age of the applicant should be at least 21 years at the time of submitting the loan application.

  • The applicant should have been employed with a reputed organization or should be involved in a business for a minimum stipulated number of years.

  • The applicant should have the minimum required salary or monthly repaying capacity.

  • The applicant should have a clear credit history for the last three months before submitting the loan application.

Documents  Required for Canara Bank Loan against Property

Salaried Employees

  • Address and ID proof: Aadhar card, voter ID, and passport

  • Application form - duly filled in and signed

  • Passport size photographs

  • Salary slips of the last six months

  • Bank statements of the past six months

  • ITR and Form 16 of the last three years

  • Valid property documents: Registered sale deed

Self-Employed Individuals

  • Address and identity proof

  • Address proof of the business

  • Business profile

  • Application form - duly filled in and signed

  • Passport size photographs

  • Balance sheet and profit & loss account statement

  • Last three years’ ITR return and Form-16

Canara Bank Loan Against Property EMI Calculator

With Canara Bank now offering a loan tenure of up to seven years at attractive rates of interest starting from 11.70%, the EMI can be as low as ? 1,749/one lakh of the entire loan amount.

EMI consists of both principal and interest payments. While the EMI amount remains the same throughout the whole tenure, the interest component keeps reducing, and the principal component keeps growing, except in the case of an increase in the interest rate.

How to Apply for Canara Bank Loan Against Property

  • Customers can visit any Canara Bank branch and contact the bank representatives to know about the application process.

  • Canara loan borrowers can also ask the bank representatives any query by calling through a toll-free number. The toll-free number of Canara Bank loan against property customer care is 1800 425 0018. The customer care representatives are available 24/7 except on national holidays.

  • A prospective borrower could also visit the Canara Bank website and apply for a loan against property on the online portal itself.


What is the maximum repayment tenure for Canara Bank loan against property?

The maximum loan period is seven years, and in exceptional cases, it can be extended to ten years.