Is Canfin Home Loan an Attractive Option for Borrowers?

Canfin Homes Limited is a renowned housing finance company backed by the state-owned lender Canara Bank. Over the years, it has been able to increase its visibility in India with 154 branches spread over 100 cities across the country. Recognizing the growing need of home ownership amongst individuals, the housing finance company has been offering a custom suite of home loans to ensure one gets his/her own home to stay and enjoy the luxuries that come with the same. However, before choosing Canfin Home Loan, one must be clear with every single aspect pertaining to the same. 

For What Purposes Can You Get a Home Loan from Canfin Homes?

Canfin Homes provides home loans for several purposes such as the purchase of an already built house, flats or flats under construction. You can get a loan to extend, repair, renovate the existing housing unit. In case you already have a home loan running somewhere but the interest rate and other terms are not found to be good, you can switch the same to Canfin Homes and service the debt. 

Who is Eligible to Apply for Canfin Home Loan?

Canfin Home Loan is provided to all the eligible salaried, self-professionals & non-professionals, pensioner having the ability to repay on time. 

Does Canfin Provide 100% Home Loan?

No, it doesn’t. The finance is capped to 75%-85% of the property cost, with the remaining 15%-25% to be paid upfront to the seller. Loans up to ₹20 lakh, above ₹20 lakh-75 lakh and above ₹75 lakh are financed up to 85%, 80% and 75% of the property cost, respectively. 

Canfin Home Loan Interest Rate 2019

Canfin offers home loans at the same interest rate for salaried and self-employed professionals. However, the rate varies in the case of self-employed non-professionals. Salaried and self-employed professionals are offered loans at an interest rate of 9.50%-11.75% per annum. Whereas, non-professionals would get a loan at 10.25%-12.75% p.a. 

Canfin Home Loan Calculator

It pays to be aware of the repayment you make to Canfin Homes over the course of a loan. The tool that can help you do so is Canfin Home Loan Calculator. It sums up the repayment in a few seconds using the loan amount, interest rate and tenure. The good thing is that you can check the calculator online. So, just enter the three variables shown above in the calculator and see the EMI flashing on the screen. The Equated Monthly Installment (EMI) is an addition of both principal and interest to be paid over the course of a debt. Greater the interest rate, more would be the EMI and interest outgo & vice-versa. The loan amount also has the same analogy with the repayment. Tenure has a rather different bearing on the repayment. If the loan is taken for a longer tenure, the EMI would reduce but interest payment will be on the higher side compared to when the loan is for a shorter period. 

How Can You Apply for Canfin Home Loan?

You have both online and offline options to mull as far as applying for Canfin Home Loan is concerned. If you wish to apply online, you should visit the website of the lender and click on ‘Individual Housing Loan’. [Post the loan details, you can see the button of ‘Request for a Loan’. Click on the same, enter the personal and professional information correctly before submitting the application to the lender. If you are not comfortable applying online, you can do so at the nearest branch of the lender. You need to fill the application form and submit the same to the concerned official to get it processed. 

Canfin Home Loan Documents Required

Both online and offline applications are incomplete without valid documents. You thus need to submit the following documents to ensure seamless approval. 

Identity Proof - PAN Card/Voter ID/Passport/Aadhar Card/Driving License/NREGA Card

Residence Proof - Voter ID/Passport/Aadhar Card/Driving License/NREGA Card

Income Proof - Last 6 months salary slips & bank statement, Form 16 & ITR (Salaried)

                        - ITR, balance sheet & profit & loss account with computation (Self-employed) 

Business Establishment Proof (For Self-employed Non-professionals) - Business license or GST registration copy, Partnership Deed (For Partners), Memorandum of Association and Articles of Association (For Company Directors) 

Existing track record of loans, if any (For both salaried & self-employed)