The Canara Bank provides 30% of the stakes in the subsidiary housing finance sector Canfin Homes Ltd. Canfin is a well-known housing finance sector in India that provides housing products to the customers. It provides various schemes on home loans such as Individual housing Loan, commercial housing loan and top-up loan at an attractive interest rate. Know more about the features of the Canfin Homes Ltd. housing products in the article.
What are the Canfin Home Loans? To buy your dream house you need a home loan because one can’t purchase a house directly. Canfin Homes is a housing finance sector that provides home loans to the customer to buy a property under construction or ready built house at floating interest rates. The Canfin home loan interest rate varies according to the scheme. Types of Canfin Home loan Individual Housing loan: An Individual whether a salaried, self-employed or pensioner can apply for this scheme with an adequate payment capacity. The maximum amount an individual can borrow from the CanfinHomes is INR 75 lakh-25%. The individual may need to provide Mortgage of the financed property with the maximum loan tenors up to 30 years. Borrowers with good track record are eligible for personal loans and top-up loans. The Canfin Home Loan interest rate depends on the individual income and repayment capacity, one can also prepay the loan principal amount repayment in case of surplus cash. Commercial Housing loan: The commercial loan is taken for the third unit of the house purchase or under-construction property. The individual can borrow the principal amount ranges from above INR 20 lakh up to 75 lakh-25%. This loan also offers you up to 30 years of loan tenure with the same benefits as Individual housing loan. Top-up Loan: This Loan scheme is for the existing loan customers for repair and renovation of the dwelling unit. All the individuals who have completed 2 years of their Home loan EMIs are eligible for can fin Top-up loan. Canfin Home Loans provide an individual a maximum loan amount of INR 15 lakh in Top-up loan. How to pay Canfin Home loans? The individual can pay the loan amount easily in equated monthly installments (EMI). Canfin Home loans EMI are paid through ECS or NAH, the customer have to pay the disbursed principal amount and interest every month on a fixed date. One can easily calculate the EMI of their home loan using the Canfin home loan EMI Calculator. Prepay Canfin Home Loans Canfin Provides Home loans to the customers at floating interest rates with a benefit of Part-Prepayment facility. An individual with a good repayment track record can prepay the principal amount without any prepayment charges on Canfin Home loans. Doing a prepayment or part-prepayment of the home loan will result in great savings over a long period and a reduction in your existing housing loan tenure and EMI. The individual with prepayment can reduce the EMI amount and keep the tenure the same or can do the vice versa. These are the benefits of Canfin Homes Ltd. housing products. An individual can fulfill their dream of purchasing a house with Canfin home loan schemes.
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