Loan Against self-occupied Residential Property for Senior Citizens from Canara Bank

A low-interest loan against your self-occupied residential property to consolidate your debts

Canara Bank – Canara Jeevan (Reverse Mortgage Loan for Senior Citizens)

This loan helps senior citizens get access to funds by mortgaging their self-occupied residential property and convert it into liquid cash flows to meet their living expenses. This loan can also be used for the repayment of an existing loan taken for the residential property to be mortgaged or to consolidate your debts.

Features of Canara Jeevan

Why this Loan?

  • The Canara Bank Reverse Mortgage Loan is meant for senior citizens who need assistance to generate liquid cash flow to meet their living expenses
  • Being a secured loan, borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans, thereby consolidating their debts

Loan Amount

  • The maximum loan amount (including the interest till maturity) offered under this loan scheme is capped at Rs. 25 lakh for flats and Rs. 50 lakh for independent houses. However, the actual loan amount depends on the age of the borrower and the assessed value of the property


  • As of October 2020, the interest rate applicable to this loan is 8.50%

Period of Loan

  • The maximum period for this loan is 15 years


  • The age of the borrower must be above 60 years. In the case of jointly-owned properties, the age of the first borrower must be above 60 years. In the case of joint borrowers, one borrower must be above 60 years of age and the co-borrower must be at least 55 years of age
  • Residential life of the property should be at least 20 years
  • In the case of a flat, it should not be older than 10 years
  • Only self-occupied, self-acquired property which is free from encumbrance and used as a permanent primary residence is eligible for this loan
  • This loan cannot be availed against ancestral or commercial property

Security Needed

  • The bank accepts mortgage of residential property by way of registered mortgage or equitable mortgage with the memorandum of deposit of title deeds in favour of Canara Bank

Margin Money (Borrowers Contribution to Total Cost)

  • As of October 2020, the margin for this loan is not mentioned on the bank’s website. We suggest talking to a bank representative before applying for this loan scheme

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, a 20% margin means you will have to contribute Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.

Processing Charges

  • The bank charges up to 0.25% of the loan amount for processing the loan with a maximum of Rs. 5,000

Documents Needed

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income proof, income tax assessment or IT return documents of the borrower
  • Property related documents

Reference Facts

  • Canara Bank Website: and (net banking)
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Toll-Free Number: 1800 425 0018