We work with financial lenders to provide project construction financing for a new commercial plot / building etc. Legal and valuation subsidy plans available. Refinancing your commercial property loan after your lock in period may provide you with thousands of dollars in savings. > New Purchase (Completed / Under-Construction)Ĭompare and select best mortgages from over 23 banks and finance houses for the finest and widest range of commercial industrial property loans. + Operating companies (Max 90% Loan-To-Value ) + Investment Holding Companies (Max 80% Loan-To-Value ) + Individual Names (Max 80% Loan-To-Value ) + B2 General Industrial (Warehouses / Workshops / Factories etc.) + B1 Light Industrial (Warehouses / Workshops / Factories / Offices etc.) Other lending characteristics may vary between different banks and lenders. + Legal and Valuation subsidies (New Purchase / Refinancing)įeatures of a commercial mortgage loan include but are not limited to lock in period, prepayment penalties, legal subsidy, valuation subsidy, fire insurance subsidy, quantum of financing, loan tenure, bank valuation and credit assessment guidelines.
Contact us for full list of details & offers.īest Industrial Property Loan Promotions (Purchase / Refinancing): Industrialī1/B2 Completed / Under-Construction (BUC) *Financing terms and tie-in period varies, minimum loan amount may apply. However, there are chances that the co-obligation or personal guarantee may be waived based on the merit of the case.Best Commercial Property Loan Promotions (Purchase / Refinancing): CommercialįD-Pegged/ Board Rates / Sibor-Pegged/ Fixed Rates
He/she can also provide a suitable co-obligation or personal guarantee.The borrower can hypothecate the articles purchased with the loan amount.Proforma Invoice of the appliance or article that is being purchased through the loan.The latest salary certificate and Form 16/ITAO/ITR for the preceding 3 years.2 passport-sized photographs of the applicant.The loan application form, duly filled in.The following documents need to be submitted when applying for the Canara Consumer loan: It should be noted that during the pendency of the first loan, the borrower may also take a second loan as long as there are no overdues in the former loan and the eligibility conditions are met. Processing charges are 1% of the borrowed amount, subject to a minimum of Rs.250.There is no prepayment penalty for the loan.Non-salaried individuals and professionals The quantum of loan available under the Canara Consumer scheme is as follows: The income of the applicant’s spouse can be taken into account to fulfill the eligibility requirements.Alternatively, a mandate can be initiated with the employer so that installments are easily recovered. For salaried borrowers, the salary account should be with Canara Bank.Non-salaried borrowers and professionals should have a minimum annual net income of Rs.1.5 lakh as per the Income Tax Return (ITR) or Income Tax Assessment Order (ITAO).Salaried applicants should have a minimum net monthly salary of Rs.6,000 or 40% of the gross salary (whichever is higher) after the EMI is paid for the loan.Borrowers can be businessmen, salaried individuals, or professionals.The eligibility conditions to be fulfilled by applicants for the Canara Consumer loan are as follows: The loan has a floating rate of interest. The processing fee is 1% of the loan amount, subject to a minimum fee of Rs.250.Īll Canara Bank branches can sanction the loan.
The current interest rate for the loan is 13.15%. Canara Consumer loan is provided by Canara Bank to customers for the purchase of brand-new home appliances and other utility articles.