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Key Features of Canara Bank Mortgage Loan

  • Purpose: The loan can be used for various purposes such as business expansion, working capital needs, education, medical expenses, marriage, or other personal financial requirements. It is not permitted for speculative purposes.
  • Eligibility: - Available to individuals, professionals, salaried persons, self-employed individuals, firms, and companies.
    - Applicants must own residential, commercial, or industrial property (or land in some cases) to offer as collateral.
    - Age criteria: Typically, the minimum age is 18 years, and the maximum age at loan maturity is around 60–70 years.
  • Loan Amount: - Minimum: ₹10 lakh (may vary).
    - Maximum: Up to ₹10 crore for individuals and businesses.
    - Generally, the loan amount is capped at 50–60% of the market value of the property.
  • Interest Rates: Interest rates are linked to the Repo Linked Lending Rate (RLLR), starting from around 8.75% to 11.50% p.a. (indicative, subject to change).
    - Rates vary based on the applicant's credit profile, property type, and loan amount.
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    • Flexible Repayment Options: Canara Bank provides flexible repayment options through affordable EMIs that fit the applicant's budget. The loan can be repaid in monthly installments based on the chosen loan tenure and interest rate.
    • Processing Fee: Typically 0.5% to 1% of the loan amount (plus GST), subject to a minimum and maximum cap (e.g., ₹5,000 to ₹50,000, varies by scheme).
    • Prepayment Facility: Prepayment is allowed with nil or low prepayment charges for floating-rate loans (subject to bank policy).
    • Insurance Benefits: Borrowers are encouraged to opt for credit life insurance to cover the loan in case of unforeseen events. Property insurance against fire, natural calamities, etc., is mandatory.
    • No Hidden Charges: Transparent terms with all fees, charges, and interest rates clearly communicated to the applicant.
    • Quick Processing: Quick processing and approval for eligible applicants with dedicated relationship managers for high-value loans.
    • Online Application: Easy application process through Canara Bank's website or mobile app with real-time tracking.
    • Tax Benefits: Tax benefits may be available on interest paid for business purposes (consult a tax advisor).
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Benefits of Canara Bank Mortgage Loan

  • Flexible Funding for Diverse Needs: The loan provides funds that can be used for investment opportunities, such as channeling money into mutual funds for wealth creation or diversifying portfolios. Business owners can utilize the loan for expansion, working capital, or purchasing equipment.
  • Competitive Interest Rates: Canara Bank offers attractive interest rates (linked to RLLR, typically 8.75%–11.50% p.a.), making it affordable for salaried and business borrowers to finance their needs.
  • High Loan Amounts: Borrowers can avail up to ₹10 crore (based on property value and repayment capacity), enabling significant investments in mutual funds, real estate, or business ventures.
  • Long Repayment Tenure: With tenures up to 7–10 years, the loan ensures affordable EMIs, allowing salaried individuals to balance monthly budgets while investing surplus income.
  • Property as Collateral: By pledging residential or commercial property, borrowers secure the loan, which reduces risk for the bank and results in lower interest rates.
  • Insurance Coverage: Funds from the mortgage loan can be used to pay insurance premiums for life, health, or property policies, ensuring financial security.
  • Tax Benefits: Interest paid on the loan may be tax-deductible if used for business purposes or certain investments, enhancing savings for reinvestment.
  • Quick Access to Funds: Canara Bank ensures fast processing and disbursement, enabling borrowers to seize time-sensitive investment opportunities.
  • Digital Services: Online application facility through Canara Bank's website or mobile app with dedicated relationship managers for assistance.
  • Overdraft Facility: In some cases, the loan can be availed as an overdraft for working capital needs, providing flexibility in fund usage.
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How to Apply for Canara Bank Mortgage Loan

  • 1. Check Eligibility: Ensure you meet the age, income, and property ownership criteria.
  • 2. Gather Documents: Collect all required documents including identity proof, address proof, income proof, and property documents.
  • 3. Choose Application Method: Apply online through Canara Bank's website or visit a branch.
  • 4. Submit Application: Fill out the application form and submit with required documents.
  • 5. Property Valuation: Bank will conduct property valuation and legal verification.
  • 6. Loan Approval: Once approved, sign the loan agreement and complete formalities.
  • 7. Disbursement: Loan amount will be disbursed to your account after all formalities are completed.

Eligibility Criteria for Canara Bank Mortgage Loans

  • Age Criteria:
    • Salaried Individuals: 21 to 60 years at the time of loan application.
    • Self-employed Individuals: 21 to 65 years at the time of loan application.
    • The loan tenure should not extend beyond retirement or business age.
  • Income Criteria:
    • Salaried Applicants: Minimum monthly income should be ₹15,000 to ₹20,000, depending on location and car type.
    • Self-employed Applicants: Stable income with minimum 2 years in business. Annual income should meet threshold based on loan amount and location.
  • Employment Status:
    • Salaried: Employed with a reputed organization/public sector, with minimum 1–2 years of continuous service.
    • Self-employed: Minimum 2 years of continuous business or professional practice.
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Documents Required Canara Bank Mortage Loan

  • Identity & Address Proof: Aadhaar, PAN, Passport, Voter ID
  • Income Proof (Salaried): Salary slips (last 3 months), Form 16, bank statements (last 6 months)
  • Income Proof (Self-Employed): ITR (last 2-3 years), profit/loss statement, bank statements (last 12 months)
  • Business Proof: GST registration, Shop Act License, etc.
  • Car Documents: For new cars: Proforma Invoice, quotation with ex-showroom price, RTO, insurance details
  • Used Car Documents: RC Book, Insurance Papers, PUC Certificate, Sale Deed/Agreement
  • Additional Documents: Passport-size photographs (2 copies), loan application form
  • Special Cases: For government employees: Service Certificate/ID Card; For NRIs: Passport, Visa, Overseas Bank Statements

Usage of Canara Bank Mortage Loan

  • Income Stability: Salaried individuals need a minimum annual income of ₹5 lakh (metro/urban), while self-employed or business owners require ₹6 lakh p.a.
  • Employment/Business Tenure: Certified pre-owned cars up to 5 years old with up to 85% financing for dealer-certified vehicles.
  • Two-Wheelers: Premium bikes, electric two-wheelers, and select scooters under special schemes.
  • Vehicle Conversion: Petrol/diesel to CNG conversion kits and electric vehicle conversion packages.
  • Commercial Vehicles: Taxis, ride-sharing vehicles, and fleet purchases for corporate use.
  • Loan Amount and Tenure: Balance transfer from other banks/NBFCs and top-up loans for accessories/repairs.
  • Interest Rates and Costs:Floating rates (starting at 9.85% p.a., linked to Baroda Repo Linked Lending Rate, currently 9.15%).
  • Ownership and Title: The property must be self-owned with a clear, marketable title (free from disputes or litigation).

Frequently Asked Questions (FAQs)

What is a BoB Mortgage Loan?
A BoB Mortgage Loan is a secured loan where you pledge a self-owned residential or commercial property as collateral. It provides funds for purposes like business expansion, education, medical expenses, or personal needs (except speculative activities), with loan amounts ranging from ₹10 lakh to ₹10 crore.
Who is eligible for a BoB Mortgage Loan?
Resident Indians (salaried, self-employed, or business owners) and NRIs/PIOs/OCIs (except from restricted countries).
- Age: 21-70 years (by loan maturity).
- Minimum income: ₹5 lakh p.a. for salaried, ₹6 lakh p.a. for self-employed (metro/urban areas).
- Property: Self-owned with a clear title (residential or commercial, not vacant land or industrial).
What is the interest rate for a BoB Mortgage Loan?
Interest rates start at 9.85% p.a. (floating, linked to Bank of Baroda's Repo Linked Lending Rate, currently 9.15%). Rates vary based on your credit score, loan amount, and profile (salaried vs. self-employed). Check with BoB for the latest rates.
What is the maximum loan amount and tenure?
- Loan Amount: Minimum ₹10 lakh, maximum ₹10 crore (₹7.5 crore in non-metro areas), based on 60% (residential) or 55% (commercial) of the property's market value.
- Tenure: Up to 15 years (180 months), subject to the applicant's age not exceeding 70 at loan maturity.
What types of properties can be mortgaged?
You can mortgage self-owned residential properties (house, flat, apartment) or commercial properties (shop, office). Vacant land, industrial properties, or properties under litigation are not eligible.
What documents are required to apply?
- KYC: Aadhaar, PAN, passport (for NRIs), voter ID, etc.
- Income Proof: Salary slips (3 months), ITR (2-3 years), bank statements (6 months), or business financials.
- Property Documents: Title deed, encumbrance certificate, tax receipts, approved plans.
- Others: Application form, photographs, business proof (if applicable). NRIs need overseas income proof and power of attorney, if required.
How can I apply for a BoB Mortgage Loan?
- Online: Visit bankofbaroda.in, go to "Loans" > "Mortgage Loan," fill the form, and upload documents.
- Offline: Visit a BoB branch, submit the application form and documents.
- Digital: Use the BoB mobile banking app (for existing customers) or authorized platforms. Post-submission, BoB verifies documents and property before disbursal.
What are the processing fees and other charges?
- Processing Fees: 0.25% to 1% of the loan amount (e.g., ₹7,500 to ₹50,000, depending on loan size). Concessions may apply during offers.
- Other Charges: Property valuation, legal verification fees, and mortgage registration costs (borne by the applicant).
- No prepayment penalty for floating-rate loans.
Can I use the loan for any purpose?
Yes, for legitimate purposes like business expansion, working capital, education, medical expenses, or personal needs. However, speculative activities (e.g., stock trading or gambling) are not allowed.
What is the Loan-to-Value (LTV) ratio?
The loan amount is up to 60% of the market value for residential properties and 55% for commercial properties, as assessed by BoB's empanelled valuer. For example, a ₹1 crore residential property could fetch up to ₹60 lakh.
Is a good credit score necessary?
A credit score of 700+ (CIBIL or equivalent) improves approval chances and secures lower interest rates. Applicants with lower scores or no credit history may still be considered, but with stricter scrutiny or higher rates.
Can I prepay or foreclose the loan?
Yes, floating-rate loans can be prepaid or foreclosed without any penalty (partially or fully). Fixed-rate loans (if offered) may incur charges, so confirm with BoB.

List of Canara Bank Mortgage Loans

  • Canara Bank Regular Home Loan
  • Canara Bank Flexipay Home Loan
  • Canara Bank Shaurya Home Loan
  • Canara Bank Tribal Plus Home Loan
  • Canara Bank Home Top Up Loan
  • Canara Bank Smart Home Top Up Loan
  • Canara Bank Insta Home Top-Up Loan
  • Canara Bank Corporate Home Loan
  • Canara Bank Loan Against Property