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Canara Mortgage
Purpose
- To the individuals for non-business purpose only, for meeting any unforeseen expenses, urgent personal and medical needs etc
Eligibility
- Individual customers having satisfactory dealings with our bank
- New customers well introduced and credit worthy with satisfactory banker's / market reports on them.
- NRI customers, with their resident close relatives as co-borrowers, can avail the loan.
Quantum
- Upto 50% on the value of the property offered as security as per the valuation report of the bank's panel-valuer with a maximum Rs. 10.00 Crores, whichever is less.
Rate of Interest
Repayment
- Upto 120 months by way of EMI
Repayment Capacity
- NTH (Net Take Home) requirement is minimum 20% or 20,000/p.m. whichever is higher after meeting EMIs of proposed loan.
Security
- Equitable Mortgage of property acceptable to the Bank having clear marketable title.
Guarantee
- Personal Guarantee from person / s of adequate net worth acceptable to the Bank.
Processing Charges
- 0.50% of loan amount with a minimum of Rs.5000/-.
Documentation Charges
- Rs.100/- Per Lac or part thereof with minimum of Rs.1000/- and Maximum Rs. 25000/-
Documents / Formalities
- Stipulated Loan Application with passport size photographs - 2 copies each
- 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
- Certificate of balance if finance is availed against property from any other source
- Annual Financial Statements for the past 2 years (in case of persons other than salaried individuals