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 net monthly rent receivables for the unexpired lease period of lease, net of TDS and advance rent collected.

Rate of Interest: Please visit our interest rate page for current rates.

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 more details, please visit our nearest branch or call to toll free no. 1800 425 0018.