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  • CanFin Homes Limited Personal Loan

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  • Customers who already have an existing housing loan can opt for a personal loan at an attractive interest rate to meet their personal expenses.

    • Loan amount of up to Rs.75 lakh
    • Repayment tenure of up to 10 years
    • Quick approval and disbursement process
    • Minimal documentation process
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    Why choose CanFinHomes Limited Personal Loan?

    Mentioned below are certain reasons why one should opt for a personal loan from CanFinHomes Limited: 

    • Covers personal expenses for those who have already availed a housing loan.  
    • Personal loan amount up to Rs.75 lakh depending on the ability of the applicant to repay the loan.  
    • Repayment tenure of the loan is up to 10 years.  
    • Hassle-free documentation process. 

    Details of the personal loan scheme offered by CanFinHomes Limited

    Interest Rate  Loan Amount  Processing Fee 
    Based on the prevailing card rate  Up to Rs.75 lakh  Based on the terms and conditions as set by CanFinHomes 

    Documents required

    Listed below are the documents that an applicant would need to submit to avail a personal loan from CanFinHomes Limited:  

    • Existing housing loan documents.  
    • Proof of identity – Passport, Aadhaar card, Voter ID Card, etc.  
    • Proof of address – Property registration certificate, Voter ID Card, etc.  

    What are the eligibility criteria?   

    To be eligible to avail a personal loan from CanFinHomes Limited, the applicant should already have an existing housing loan from the company where the EMI (equated monthly installment) has already commenced.  

    How the EMI calculation for CanFinHomes Limited personal loan work? 

    Let us assume that Mr. Pradeep availed a personal loan from CanFinHomes Limited of Rs.2.5 lakh, where the interest rate was fixed at 11% and the repayment tenure chosen by Mr. Pradeep is 12 months. The processing fee for the personal loan is fixed at 1% of the total loan amount availed by Mr. Pradeep.   

    Year  Principal Paid(A)  Interest Paid(B)  Total Payment (A+B)  Outstanding Loan Balance 
    2019  1,84,909  13,947  1,98,856  65,089 
    Apr  19,804  2,292  22,096  2,30,196 
    May  19,985  2,110  22,095  2,10,211 
    Jun  20,168  1,927  22,095  1,90,042 
    July  20,353  1,742  22,095  1,69,689 
    Aug  20,540  1,555  22,095  1,49,149 
    Sep  20,728  1,367  22,095  1,28,421 
    Oct  20,918  1,177  22,095  1,07,503 
    Nov  21,110  985  22,095  86,393 
    Dec  21,303  792  22,095  65,089 
    2020  65,090  1,198  66,288 
    Jan  21,499  597  22,096  43,591 
    Feb  21,696  400  22,096  21,895 
    Mar  21,895  201  22,096 

    Considering that the repayment tenure chosen by Mr. Pradeep is 12 months, Mr. Pradeep will be required to pay an EMI (Equated Monthly Installment) of Rs.22,095 to clear the personal loan. The EMI includes the principal amount of the personal loan and the interest rate added over the borrowed sum.   

    FAQs

    Can I avail a personal loan from CanFinHomes even if I do not have an existing home loan? 

    No, to be eligible to avail a personal loan from CanFinHomes, you will need to have an existing home loan with CanFinHomes and the EMI of the home loan should have already commenced. The personal loan scheme offered by this company is basically a bonus for those who have availed a housing loan from them.

    What is the rate of interest of the personal loan offered by CanFinHomes? 

    The rate of interest will depend on the prevailing card rate and the terms and conditions as set by CanFinHomes.

    Can I avail the maximum of Rs.75 lakh loan amount? I have quite a few personal expenses.  

    Your request to avail the maximum loan amount of Rs.75 lakh will depend on whether you will be deemed responsible to repay the loan.

    Can I choose the repayment tenure of the personal loan to be 5 years rather than 10 years? 

    The maximum repayment tenure is 10 years, you can choose 5 years if you can handle your finances.

    How is the EMI calculated? 

    The EMI basically breaks down the principal amount of the personal loan and the interest added over the loan by the repayment tenure chosen by the applicant. The EMI calculator will take all the factors into consideration and display the total amount you will have to pay back every month.

        

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    CanFin Homes Limited Personal Loan Reviews

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