Canara Bank  Loan Against Property can be availed for meeting genuine needs other than speculative purposes. Canara Bank  Loan Against Property has been successful in providing the much needed financial relief to people for-

• Growth of Business
• Wedding of children
• Higher Education of children

Why Loan Against Property?

People usually go ahead for this loan for the following reasons.

• It is cheaper to personal loan
• It usually has a longer tenure which makes it affordable for people
• The documentation and approval process is much faster

Canara Bank  Loan Against Property reviews shows that the competitive Canara Bank  Loan Against Property Interest rate is the reason for many businesses opting for Canara Bank  Loan Against Property.

Canara Bank  Loan Against Property Interest Rate:

• Benchmark Prime Lending Rate (BPLR) – 13.75% w.e.f. 04.02.2011 
• The interest rates varies depending upon the amount and duration of loan. Yet BPLR is 13.75% w.e.f. 4^th February 2011.

Canara Bank  Loan Against Property rate is specified from time to time and applicable. Canara Bank  Loan Against Property rate can be found from the nearest branch.

Canara Bank  Loan Against Property Eligibility:

Following people are eligible for the loan against property:-
Professionals, businessmen, salaried persons; customers who have satisfactory dealings with the bank; new customers well introduced and credit worthy with satisfactory market / banker's reports.

Canara Bank Loan Against Property Reviews Shows That Canara Bank  Loan Against Property Eligibility Criteria Are:

• To avail the Canara Bank Loan Against Property rate the customer should not be above 55.
•  A NRI customer can also avail Canara Bank  Loan Against Property rate.  
• Tenure of the loan depends on the age of the customer. A customer should not attain the age of 70.
• Up to 50% on the value of the property is considered as the security as per the valuation report of the bank’s panel.

Whosoever is able to meet the canara bank  loan against property eligibility criteria is eligible for canara bank  loan against property.

Canara Bank  Loan Against Property Documentation Process Is Simple And The Common Documents Required Are:

• Loan Application
• 2 passport size photos of applicant / guarantor
• Sale Deed
• Detailed cost estimate / valuation report from Bank's Panel Chartered Engineer / Architect
• Legal Scrutiny Report, EC for the past 13 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary
• Salary Certificate and Form No.16 (in case of salaried persons)
• Income Tax Returns filed for the past two years
• Company profile i.e. a brief note on the nature of business, year of establishment, type of organization, etc., (in case of self-employed)
• Balance Sheet and Profit & Loss Account for the past three years (in case of self-employed)
• Proof of identity
• Proof of address

Canara Bank  Loan Against Property reviews shows that the above documents are required for taking the loan.

Canara Bank  Loan Against Property reviews shows that documents required are specific to type of business and more details for documents required are available in the branch. Canara Bank  Loan Against Property reviews shows that Canara Bank  Loan Against Property interest rate can be availed for maximum loan tenure of 25 years. The loan can be repaid in easy equated monthly instalments through post dated cheques, online EMI payment or direct debit from bank account. The loan can be processed in 7 working days once the documents have been submitted.

Prepayment and Late Fee Charges:

If the loan is paid back before the tenure it is known as prepayment. Canara Bank  does not charge for prepayment. However, if it is loan is taken over by any other bank or financial institution then the prepayment charges are levied. Service tax and other taxes are applicable as per the rate prevailing in the market. The maximum and minimum loan amount will depend according to the value of the property as decided by the bank.

Canara Bank  Loan Against Property Tax Benefits:
One can get tax benefits if any according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.
More details on Canara Bank  Loan Against Property eligibility and Canara Bank  Loan Against Property Interest Rate etc. are on the official site at - http://www.canarabank.com
Remarks: The late payment charges are not mentioned.