Canara Bank Mortgage Service

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Canara Bank Mortgage Service is one of the foremost in the Indian mortgage market. The Canara Bank mortgage service is an important part of the Canara Bank. The Canara Bank Mortgage service provides very high quality financial products pertaining to home loans and loans for household purposes. The mortgage market in India is displaying rapid growth in the past few years. The foremost players in this sector are the finance corporation but presently the commercial banks are also started playing an important role in the development and growth of the India Mortgage Market. Presently the total worth of the mortgage market in India is nearly US $ 18 billion. With all this development the ration between the gross domestic product to mortgage in India is poor when compared to other developed countries. The ratio in India is very low in comparison to The ratio in the foreign countries ranges from 25% to 60% whereas in India the ratio is 2.5%.

Objectives of the Canara Bank Mortgage Service

  • To focus on cost management and profits management
  • To provide the customers with the best services
  • To put emphasize on the quality of the credit and advance in form of mortgage loan
The purpose of the Canara Bank Mortgage Service is to provide mortgage loans for purchase, expansion, construction, repairs, and renovations of flats, apartments, residential complexes, purchase of land for the purpose of construction. The Canara Bank Mortgage service also provides the facility to take over of liability of the customers pertaining to other housing boards, housing finance companies, co-operative societies, co-operative banks, and commercial banks.

Person below the age of 55 years such as professionals, employees, individual person, self-employed can avail Canara Bank Mortgage Service. People above that age of 55 years can also take out a mortgage loan but there are some stipulations. Others people who are income tax assessee and people who are salaried individuals and people who are self employed individuals. The salaried class can get a maximum of 48 times gross monthly income and others can get a maximum of the gross annual income of four years. The type of loans given is current account overdraft or term loan. The contribution of the customer ranges from 15% to 25% of the total loan amount depending on the loan.

The Canara Bank Mortgage Service is provided against collateral security such as residential house or apartment, industrial property, urban commercial complex, possessed in the name of the receiver of the loan. The security such as rented house can be accepted if the same property is on a lease and the person should also have the authority to collect the rent under the power of attorney.

Last Updated on 5/26/2011