Can Fin Homes Housing Loans

Table of Contents

• Can Fin Home Loan Interest Rates
• Eligibility Criteria for Can Fin Home Loan
• Can Fin Homes Loan Schemes
• Can Fin Homes Loan Types
• Can Fin Homes’ Loans for NRI or PIO
• How to Apply for Can Fin Home Loan
• Document Checklist for Can Fin Home Loan

Introduction

Canfin Homes Loans Limited boasts of rewriting the contours of direct funding of home loans. It was the first Housing Finance Company in the country sponsored by a public sector bank. It was established in the year 1987, significantly in the International Year of Shelter for the homeless.

Since its inception, the focus of Canfin has been in providing home loan solutions to individuals. Accordingly, their portfolio reveals 88 % activities in housing while the remaining 12 % is concentrated in non – housing areas.

They have traditionally promoted their home loan solutions of all hues for the benefit of the salaried class and professionals. However, during the past five years, they have spread their client base amount the self – employed non – professional as well, thus broadening their target audience significantly.

Canfin is headquartered at Bangalore administering five clusters at Bangalore, Chennai, Hyderabad, Delhi, and Mumbai. They have an extensive network in a PAN India level to cater to the diverse cross – section of our society with affordable home loans. Canfin has 54 branches, 21 Affordable Housing Loan Centers, 14 Satellite Offices, 189 outlets spread over 100 cities in 21 States and Union Territories.

The major home loan products offered by Canfin aims to focus on:

• To promote house ownership to individuals across the country.
• The target is mainly the middle income group and the first time home owners.
• The largest chunk of Canfin home loan portfolio is held by the salaried class and professions.
• During the last 5 years, there has also been a shift towards the self-employed and non-professionals in an attempt to broaden the client base.

In tune with their focus and thrust, Canfin has a host of housing loans catering to the various strata of the society like:

• Individual Housing Loan.
• Affordable Housing Loan.
• Credit Linked Subsidy Scheme.
• Composite Housing Loan.
• Individual Housing Loan Super.
• Commercial Housing Loan.

As a first step, a look at applicable Canfin interest should be of interest to the prospective clients getting a feel of the cost of capital, so that there can be a comparison with the peer groups.

Can Fin Home Loan Interest Rates

Interest Rates are as of 2019

Eligibility Criteria for Can Fin Home Loan

As a thumb rule the eligibility criteria at Canfin looks at a vast canvas encompassing the salaried, self-employed, professionals, non-salaried, non-professionals, NRIs, pensioners who have the capacity to service the loan and  be regular in repayments supported with documents such as salary slips, Form 16, IT Returns as the case may be.

Let us now have a look at the eligibility norms based on the different products:

Can Fin Homes Loan Schemes

Canfin extends Home Loan to a diverse cross-section of people covering a vast canvas of income who have a regular source of income and are in a position to service the loan, till its closure are eligible for the  housing loan.

Some of the key home loan plans at a glance are:

Can Fin Homes Loan Types

Canfin offers a wide array of home loan solutions to the prospective customer to meet their specific needs. The major types of schemes are:

Individual Housing Loans

This is the most common type of Housing Loan preferred by most. The key features of this loan are:

Purpose: The loan is granted for a wide variety of necessities like the below:

• Construction of house or flat
• Purchase of a ready house or flat
• Purchase of under-construction house or flat
• Purchase of a site and construction thereon, subject to the cost of the site limited to 60% of the loan
• Renovation or extension of house
• Takeover or balance transfer of Housing Loan in other financial institution subject to Canfin Policy.

Margin: All the loans irrespective of the amount have margins at the following rates.

• 15%: Up to Rs.20 lakhs
• 20%: Over rs.20 lakhs up to Rs.75 lakhs
• 25%: Over Rs.75 lakhs.

Repayment Tenure: Maximum in 30 years by EMIs

Security: EQM of the property. Additionally collateral on case to case basis.

Can Fin Homes’ Loans for NRI or PIO

Of late many NRIs and PIOs are opting for housing loans for funding purchase of the property. The prime reason for such purchase is that it is a sound investment, providing handsome dividends by a steady appreciation of the property value.

Many NRIs provide for their parents and look at it as a safe shelter in India. To top it, there is a healthy trend in the appreciation of the value of the property. They can dispose of subsequently if need be conforming to the laws of the land and FERA Regulations.

The loan to the NRI is also extended for multiple reasons.

Purpose: The loan is granted for a wide variety of necessities as under:

• Construction of house or flat
• Purchase of a ready house or flat
• Purchase of under-construction house or flat
• Purchase of a site and construction thereon, subject to the cost of site limited to 60% of the loan. This loan will be considered as a composite loan and not plain housing loan
• Renovation or extension of house.

Tenure: Maximum up to 30 years or up to 60 years age of the borrower, whichever is earlier.

Can Fin Housing Loan for High Net-Worth Individuals

Canfin has just such a tailor-made scheme for high net-worth individuals who have a discerning taste in the form of Individual Housing Loan Super. It has all the features similar to the other housing loans, but the interest is comparatively higher.

It is fixed for the first three years and gets automatically converted to the floating rate after the expiry of this period. Other than this loan there is also a provision of Commercial Housing Loan for such customers.

Can Fin Home Loan for NRI

Canfin does not boast of a Housing Loan specifically for the NRIs, but their parent at Canara Bank does. Some of the salient features of the loan are:

Eligibility: The   minimum Home Loan Eligibility for NRI or PIO is that the former must be a holder of Indian passport and the latter a foreign passport.

Age: Minimum 21 years and the maximum 60 years of age.

Co-applicant: The spouse or close relatives are eligible to join the loan.

Status: Minimum NRI status requirement is 3 years.

Quantum: Maximum 4 times of the gross salary subject to a minimum 40% of net take-home income inclusive of the proposed EMI.

Margin: In a range from 10% to 25% depending on the quantum of loan.

Security:

• Equitable mortgage of the property
• Suitable guarantee by a resident Indian acceptable to us at Canfin.

Tenure: Maximum in 30 years, preferably through EMIs.

Important documents:

• Copy of the passport or PIO card
• Work Permit
• Copy of the contract and salary slip in original and copy attested by the Embassy or Consulate
• Copy of the ID card issued by the employer
• Bank statements
• This apart from all documents applicable to resident Indians.

How to Apply for Can Fin Home Loan

The key to applying for a housing loan at Canfin is that you are on the safe ground, having done your homework well. Using the different tools like the EMI Calculator, you can see where you fit in the specific scheme and if it is comfortable. In other words, your project should be viable.

Once you are ready, you have to approach Canfin for completion of the formalities. The three basic steps for the application process are:

• Submission of application with 2 passport size photographs and all requisite documents
• Evaluation and scrutiny of the documents
• Sanction and disbursal of the loan.

Additionally, you have Housing.com at your service, providing you with the money for an array of home loan solutions.

Document Checklist for Can Fin Home Loan