A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Can Fin Home Loan

    Can Fin Homes Ltd. is a housing finance company that is promoted by Canara Bank. It offers a range of affordable housing loan schemes at floating interest rates starting at 9.25% p.a. with processing fee of 0.50% + GST of the loan amount. The maximum loan repayment tenure is 30 years.
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    Can Fin Home Loan Details

    Can Fin home loans are available for both salaried and self-employed individuals.

    MCLR Contact the lender
    Loan Amount 70% to 90% of the project cost (excluding registration)
    Processing Fees 0.50% to 0.75% + GST of the loan amount
    Penal Interest Rate Contact the lender
    Prepayment/Foreclosure Charges Nil
    Max Tenure 30 years
    Rate Packages Available Fixed rate and floating rate

    Can Fin Home Loan Interest Rates

    Can Fin home loans have a floating rate of interest. For some loan schemes, the interest rate is fixed for the first 3 years and then converted to the floating rate prevalent at the time with the payment of specific conversion charges. Rate of interest is based on the risk rating of the borrower.

    Schemes Interest Rates
    Can Fin Individual Housing Loan (IHL) 9.25% to 12.75% p.a.
    Can Fin Individual Housing Loan – Super (IHL-Super) 10.75% to 14.50% p.a.
    Can Fin Commercial Housing Loan (CHL) 9.75% to 15.50% p.a.
    Can Fin Affordable Housing Loan 9.25% to 12.75% p.a.
    Can Fin Composite Housing Loan 9.50% to 13.75% p.a.

    Can Fin Home Loan Offers

    The following are the home loan schemes that you can avail from Can Fin Homes:

    1. Individual Housing Loan (IHL):

    • Can be used for construction of a house or flat
    • Can be used for purchase of a house or flat that is already built or under construction
    • Can be used for renovation, repairs, extension, and upgradation.
    • Margin of the loan ranges from 15% to 25% based on quantum of the loan
    Interest Rate 9.25% to 12.75% p.a.
    Processing Fees For salaried and professionals: 0.50% + GST of the loan amount For self-employed non-professionals: 0.75% + GST of the loan amount

    2. Individual Housing Loan – Super (IHL-Super)

    • For construction of a house or flat
    • For purchase of a house or flat that is already built or under construction
    • For renovation, repairs, extension, and upgradation.
    • Rate of interest is fixed for the first 3 years and later converted to floating rate on prevailing interest rates with the payment of conversion charges which are 0.50% of the loan amount + GST
    Interest Rate 10.75% to 14.50% p.a.
    Processing Fees For salaried and professionals: 0.50% + GST of the loan amount For self-employed non-professionals: 0.75% + GST of the loan amount

    3. Commercial Housing Loan (CHL)

    • Construction of a house for 3rd unit onwards
    • Purchase of a site and construction of house thereon for 3rd unit onwards
    • Purchase of a ready-built or under-construction house or flat for 3rd unit onwards
    • Renovation, upgradation, repairs, and extension for 3rd unit onwards
    Interest Rate 9.75% to 15.50% p.a.
    Processing Fees For salaried and professionals: 0.50% + GST of the loan amount For self-employed non-professionals: 0.75% + GST of the loan amount.

    4. Affordable Housing Loan-Rural (AHL-R)

    • For individuals belonging to weaker sections as defined by RBI’s priority sector guidelines
    • Property in women’s names, either jointly or singly
    • Annual income not exceeding Rs.3 lakh
    • For purchase of ready-built or under-construction flat or house
    • For repairs, renovation, upgradation, extensions
    • Rate of interest is fixed for first 7 years and converted to variable rate following that
    Interest Rate 9.25% to 12.75% p.a.
    Processing Fees For salaried and professionals: 0.75% + GST of the loan amount For self-employed non-professionals: 1.00% + GST of the loan amount

    5. Affordable Housing Loan-Urban (AHL-U)

    • For purchase of ready-built or under-construction flat or house
    • For repairs, renovation, upgradation, extensions
    • Annual income not exceeding Rs.6 lakh
    • Rate of interest is fixed for first 7 years and converted to variable rate following that
    Interest Rate 9.25% to 12.75% p.a.
    Processing Fees For salaried and professionals: 0.75% + GST of the loan amount For self-employed non-professionals: 1.00% + GST of the loan amount

    6. Composite Housing Loan

    For purchase of site and construction of house thereon

    Interest Rate 9.50% to 13.75% p.a.
    Processing Fees For salaried and professionals: 0.50% + GST of the loan amount For self-employed non-professionals: 0.75% + GST of the loan amount

    Can Fin Home Loan EMI Calculator to Know Your EMI

    The Home Loan EMI Calculator will give you a clear idea of how much your EMI will be when you take a loan from Can Fin. Enter your desired loan amount, interest rate, processing fee, and tenure to arrive at an accurate figure for your EMI, total interest payable, and total repayment. You can also enter any pre-payment amount to know how much your total repayable amount will be and the tenure.

    Can Fin Home Loan Eligibility Criteria

    The eligibility criteria for Can Fin home loans is as follows:

    Eligibility Parameters Eligibility Criteria
    Type of Employment Salaried Professionals Self-Employed and Non-Professionals (SENP) Pensioners
    Nationality Resident Indians Non-Resident Indians

    Documents Required for Can Fin Home Loan Application

    These are some of the documents required to avail a home loan from Can Fin:

    Parameters Documents Required
    Personal Documents Age proof Address Proof PAN Aadhaar Driving license Educational Certificates
    Income Proof For salaried applicants: Salary certificates or pay slips Form 16 (last 3 years) Bank statement (last 6 months) For self-employed and non-professionals: Balance sheet and profit and loss statements (last 3 years) IT returns (last 3 years) IT assessment orders Statement of total income Guarantor forms with net worth/income proof Net worth of the applicant and co-applicant
    Property Documents Agreement of sale or construction Approved plan, survey sketch ULC clearance, conversion/alienation order Khata or other revenue records Latest tax paid receipt Encumbrance certificate (13 to 30 years)

    FAQ’s

    1. What is the rate of interest of Can Fin home loans based on?

      The rate of interest is based on the prevailing card rate.

    2. Is security required for Can Fin home loans?

      Yes, the security required is in the form of mortgage of the property being financed and collateral, which is on a case-to-case basis.

    3. What is the margin required for Can Fin home loans?

      For loans up to Rs.20 lakh, the margin is 20%; for loan amounts ranging from Rs.20 lakh to Rs.75 lakh, the margin is 20%; for loans above Rs.75 lakh, the margin is 25%.

    4. How is loan eligibility assessed for Can Fin home loans?

      The home loan eligibility is assessed on various criteria ranging from income, continuity of occupation, prior credit history, value of property, etc.

    5. How is the rate of interest calculated for Can Fin home loans?

      Rate of interest is calculated on the daily reducing balance method and is also based on the borrower’s risk rating.

      

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