Discover the power of your let out property .... !Purpose: To provide loans to owners of the property to meet their business needs and / or genuine personal needs, against rents receivable. Eligibility: Existing customers with satisfactory dealings. New customers -well introduced and creditworthy The property should have been leased / rented out to PSUs / Central / State / Govt. undertakings, reputed corporates, financial institutions, insurance companies, MNCs and banks including Canara Bank branch / office / quarters. Quantum : Upto 75% of the gross monthly rent receivables for the unexpired lease period less TDS portion and advance rent collected. Rate of Interest: PLEASE VISIT OUR PAGE ON RATE OF INTEREST ON PERSONAL LOANS Security : Equitable Mortgage of the leased property, value of which should be at least 100% of the loan amount. In exceptional cases, mortgage of alternative property also accepted provided the value of the property is 150 % of the loan amount. Assignment of lease rentals in favour of the Bank. Personal guarantee from person / s of adequate net worth acceptable to the Bank. Waiver considered selectively. Repayment:Maximum 60 months or unexpired period of lease which ever is earlier, by way of EMI. Selectively upto 84 months considered.Processing Charges:0.5% of loan amount.Documents / Formalities : Stipulated Loan Application with passport size photographs - 2 copies each Copy of Lease Deed Income proof of the applicant and lessees (Salary Certificate, Form No.16 / Other proof) ITAO / IT Return / Wealth Tax Assessment Order, if available 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 sources Annual Financial Statements for the past 2 years (in case of firms and companies) For details please contact nearest branch of Canara Bank.
Existing customers with satisfactory dealings.
New customers -well introduced and creditworthy
The property should have been leased / rented out to PSUs / Central / State / Govt. undertakings, reputed corporates, financial institutions, insurance companies, MNCs and banks including Canara Bank branch / office / quarters.
Upto 75% of the gross monthly rent receivables for the unexpired lease period less TDS portion and advance rent collected.
PLEASE VISIT OUR PAGE ON RATE OF INTEREST ON PERSONAL LOANS
Equitable Mortgage of the leased property, value of which should be at least 100% of the loan amount. In exceptional cases, mortgage of alternative property also accepted provided the value of the property is 150 % of the loan amount.
Assignment of lease rentals in favour of the Bank.
Personal guarantee from person / s of adequate net worth acceptable to the Bank. Waiver considered selectively.
Stipulated Loan Application with passport size photographs - 2 copies each
Copy of Lease Deed
Income proof of the applicant and lessees (Salary Certificate, Form No.16 / Other proof)
ITAO / IT Return / Wealth Tax Assessment Order, if available
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 sources
Annual Financial Statements for the past 2 years (in case of firms and companies)
For details please contact nearest branch of Canara Bank.