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Sponsored by Canara Bank, CanFin Homes Limited has been in the business of developing India since 1987. The company offers multiple loans, aimed to simplify home ownership and improve the quality of life of its customers. Personal loans from CanFin Homes Limited can be categorised as general purpose loans designed to meet different individual requirements.
CanFin Homes Limited Personal Loan is a general, multipurpose loan which can be used for any legitimate personal use. This loan can be used for home renovation, medical expenses, planning a vacation or to pay for wedding expenses. There are no restrictions on its use as long as it’s within the ambit of personal necessity.
Individuals who wish to avail this loan should meet the following basic eligibility criteria.
The quantum of loan depends on the repayment capacity of an individual. The amount is capped at Rs 75 lakh and depends on the net income of the borrower.
Individuals need to note that the quantum of current home loan and proposed personal loan cannot exceed 70% of the current market value of the property.
CanFin Homes Limited charges an interest rate which is competitive in the prevailing market conditions. The company levies a floating interest rate ranging between 13% and 14% per annum on its personal loans (as of November 2015).
Note – Interest rate charged by CanFin Homes Limited are subject to change at their discretion.
Some of the terms are mentioned below.
Personal loans obtained from CanFin Homes Limited can be repaid in 10 years.
Individuals who wish to obtain this loan can do so by filling a form online, through the official website of CanFin Homes. Alternately, one can visit a branch and complete the formalities there also.Example
Miss Rita has a home loan from CanFin Homes Limited and wishes to avail a personal loan to furnish her house. She obtains a loan of Rs 1 lakh at an interest of 14% per annum. She chooses to repay the loan through EMIs spread over 5 years. Her EMI comes to Rs 2,327 for the entire duration of her loan. She pays a total interest of 39,610 during this loan tenure, making her final settlement amount Rs 1,39,610.