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  • Canara

  • Mortgage
  • Easy to avail loan against mortgage of residential house/ flat / commercial property.
  • Competitive interest rate.
  • Flexible loan repayment tenure.
  • Minimum documentation.
  • No Prepayment penalty.
  • Individual Customers
    • who have satisfactory dealings with our Bank.
    • Minimum age limit of the applicant: 18 years.
    • May apply singly or jointly with other eligible individuals.
    • New customers should be well introduced to the Bank with satisfactory OPL / market report on them.
  • NRI customers
    • NRI customers can avail the loan with their resident close relatives as co-borrowers.
  • Employees of Bank
    • Employees of Banks (PSU/ Private/ Foreign/ Co-Op banks) are also eligible.
  • Salaried Individuals

    (Break in service, can be allowed up to maximum period of 6 months in case of switchover from one company to another).

    • The applicant has to produce documentary evidence regarding the Salary slips.
    • The applicant should be in the employment for a minimum period of one year and confirmed in the service.
  • Other than Salaried Individuals
    • The applicant has to produce documentary evidence regarding the annual income.
    • The applicant/s should have been in the business /profession for the last minimum period of 3 years.
    • The business account shall be exclusively maintained with our Bank and the entire business transactions / turnover shall be routed through our Bank.
  • No loans under the scheme to Companies/Firms/Business Establishments /Trusts / HUFs.
Purpose
  • Loan can be availed by individuals for non-business purposes, any unforeseen expenses, urgent personal and medical needs etc.
  • Mortgage of residential house/ flat / commercial property in the name and possession of the borrower either self-occupied or vacant or fully/ partially tenanted are accepted as security.
  • Loan against Lease hold properties where lessor is Govt. authority and Leasehold rights permit mortgage, can also be permitted selectively.
  • Takeover of existing mortgage loan/s from other Banks/FI (Having satisfactory dealings with our Bank).
Loan Quantum*

OR

OR

  • Upto 50% on the value of the property offered as security as per the valuation report of the banks panel-valuer.
  • Rs. 7.50 Crores.
  • Salaried class :
    • 96 times (For Low/Normal CRG grade customers) of last drawn monthly gross salary.
    • 84 times (For Medium/High CRG grade customers) of last drawn monthly gross salary.
  • Non-Salaried Class :
    • 8 times (For Low/Normal CRG grade customers) of cash accruals (Average of the last three preceding years annual cash accruals).
    • 7 times (For Medium/High CRG grade customers) of cash accruals (Average of the last three preceding years annual cash accruals).

*whichever is less
Repayment tenure Maximum 180 months (as per the eligible norms).
Margin

50% of the value of security.
Security
  • Equitable Mortgage of property acceptable to the Bank having clear marketable title.
  • Minimum Value of the property should be 200% of loan amount.
Guarantee Personal Guarantee of spouse / legal heirs is to be mandatorily obtained.
Processing Charges 0.50% of loan amount with a minimum of Rs.5000/-
Documentation Charges Rs.100/- per Lakh (Minimum of Rs. 1,000/- & Maximum of Rs. 25,000/-)
  • Stipulated Loan Application with 2 passport size photos of applicant /Co-applicants/ guarantor.
  • KYC documents of applicant /Co-applicants/ guarantor.
  • Proof of Identity
    PAN CARD/Driver’s License/Voter ID /Passport/ Aadhar Card etc.
  • Proof of Residence
    Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.
  • Salaried individuals
    • Latest 6 months salary slips (including co-applicants).
    • Proof of confirmed service : Form No.16 & ITR if any supported by Employee ID/Appointment Letter/ Confirmation in services evidencing duration of the employment/3 years IT Returns.
  • Business/Self-Employed individuals
    • Balance Sheet and Profit & Loss account for past three assessment years.
    • ITR filed for past three assessment years.
    • Brief note on the nature of business.
    • Proof of Business.
  • NRI applicants

    Proof of identity :

    • Copy of first 4 pages of passport and page with visa stamp, or IC/PIO card.
    • Valid work permit.
    • Copy of salary certificate duly attested by Indian Embassy/ Consulate/ Employer.
    • Account statement/ passbook of overseas bank showing salary and savings.
    • Notarized Power of Attorney, if applicant proposes to authorize a third party to execute the documents/ complete the mortgage formalities/ avail the loan instalments.
    • Copy of the approved plan of building.
    • Encumbrance Certificate for past 13 years.
    • Khata Certificate/ Khata Extract.
    • Upto date tax paid receipts of the property.
    • Valuation report from Banks approved valuer.
  • Additional Documents in case of Takeover from Other Bank/ FI
    • NOC from existing Banker regarding pre-closure.
    • List of original documents held by Transferor Bank along with their attest copy.
    • Copy of Sanction Letter.
    • Statement of Loan Account from date of sanction.
    • Any other documents as required by Bank.
1. Who can apply for a Canara Mortgage loan?

Individuals including salaried professionals, self-employed individuals, NRIs (with resident co-borrowers), and bank employees can apply, subject to eligibility and income criteria.

2. What is a loan against property offered by Canara Bank?

It is a secured loan where one can borrow funds by mortgaging their residential/commercial property. The loan can be used for non-business purpose only, for meeting any unforeseen expenses, urgent personal and medical needs etc.

3. What types of properties are accepted as security?

You can pledge:

  • Residential house or flat
  • Commercial property
  • Self-occupied, vacant, or rented properties
  • Select leasehold properties (subject to conditions)
4. How much loan can I get against my property?

One can get loans up to 50% of the property value, subject to a maximum of ₹7.5 crore and eligibility based on income and repayment capacity.

5. What is the repayment tenure for this loan?

The repayment period can go up to 15 years (180 months), depending on eligibility.

6. What is the interest rate on Canara Mortgage?

The loan comes with a competitive interest rate, calculated on a reducing balance basis. The exact rate depends on the borrower’s profile (Risk Rating and Value of Security) and bank norms.

7. Can I prepay or close the loan early?

Yes. There is no prepayment penalty, so one can repay the loan at any time during the tenure.

8. What is the margin requirement for this loan?

50%, i.e., 50% on the value of the property proposed to be offered as security as per the valuation report given by the panel valuer of the Bank, which means the remaining 50% of value can be considered as a margin.

9. What is the minimum property value required?

The property offered as security should have a value of at least 200% of the loan amount.

10. Can I transfer my existing loan against property to Canara Bank?

Yes. One can transfer an existing mortgage loan from another bank or financial institution, subject to satisfactory repayment track and eligibility.

11. What documents are required to apply for a mortgage loan?

You need:

  • Loan application form with photos
  • KYC documents
  • Income proof (salary slips/ITR)
  • Property documents (title deed, tax receipts, approved plan etc.)
  • Approved plan or necessary documents required for valuation
  • Additional documents are required in case of NRIs and loan takeover cases.
12. Is income proof required for loan against property?

Yes. Salaried applicants must provide salary slips of previous 6 months and employment proof, while self-employed individuals need to submit ITRs and financial statements for the past 3 years.

13. Do I need a guarantor for this loan?

Yes. A personal guarantee from spouse or legal heirs is mandatory.

14. What are the processing and documentation charges?
  • Processing fee: 0.50% of the loan amount with minimum of ₹5,000)
  • Documentation charges: ₹100 per lakh (minimum ₹1,000, maximum ₹25,000)
15. Why choose Canara Mortgage for a loan against property?

It offers competitive interest rates, flexible tenure, minimal documentation, no prepayment penalty, higher loan amounts, and to meet major financial needs using property as security.

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01-04-2026 01:15 AM

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