Canara Bank Commercial Property Loan

Your success may start with the Canara Bank commercial property loan. A commercial property loan is used to purchase, construct, or renovate a property for commercial purposes, such as offices, shops, hotels, warehouses, etc. It helps you expand your business, generate income, and create wealth. Moreover, Canara Bank ensures eligible applicants can expect competitive interest rates, high loan amounts, and long repayment tenure. To bring life to your business, Urban Money presents a detailed overview of a commercial loan from Canara Bank. We detail the applicable eligibility criteria, required documents, pertinent interest rates, and other associated fees.

Canara Bank Commercial Property Loan Features

The following are the expected features of a commercial loan from Canara Bank:

• Competitive interest rates 
• Flexible repayment option
• No Prepayment charges 
• Minimal documentation
• Digital application 

Canara Bank Commercial Property Loan Interest Rates

The Canara Bank commercial property loan rate of interest and other key parameters are as follows: 

Canara Bank Commercial Property Loan Eligibility Criteria

Let’s examine the applicable eligibility criteria for the Canara Bank commercial property loan:

• The borrower must be between 18 and 60 years of age.
• The borrower can be an individual, a professional, a self-employed person, a businessman, a trader, or an NRI with a regular source of income and a joint resident borrower.
• The borrower must have a valid and clear title of the property to be mortgaged. The property may be residential or commercial, occupied or leased out, but it cannot be vacant land.

Canara Bank Commercial Property Loan Documents Required

Let’s examine the applicable documentation to apply for the commercial loan from Canara Bank: 

• KYC documents for identification, such as an Aadhaar card, PAN card, passport, etc.
• Passport-size photographs of both the borrowers and the co-borrowers/guarantee.
• Proof of income, such as bank statements, income tax returns, GST returns, etc.
• Proof of business, such as business plan, balance sheet, P&L sheet, GST certificate, etc.
• Property documents include a title deed, valuation report, tax receipts, lease agreement, etc.
• Personal guarantee of the spouse or legal heirs, or the directors or partners in case of a firm or a company.

Canara Bank Commercial Property Loan Processing Fees and Other Charges

Let’s examine the applicable fees and charges associated with the Canara Bank commercial property loan: