Home Loan is basically an amount an individual borrows from a financial institution to buy a new house, construct a home, or renovate, or extend the existing property. Just like other loans, it can also be repaid in easy installments i.e. EMIs.
Canfin Loan offers home loans @ 9.60% p.a. onwards for a loan period of up to 30 years and for loan amounts up to 85% of a property’s value. It offers special affordable housing loans for urban and rural areas with fixed ROI for the initial 7 years of the loan period.
Just like Canfin, Navi Home Loan can also be availed at an interest rate starting from 8.55% onwards for a period of up to 30 years and for a loan amount of up to INR 5 crores. Borrowers can avail of instant home loans with the help of the Navi App and zero processing fees. The process of applying Navi Loan is completely paperless.
Canfin Home Loan Interest Rates
Below mentioned are the interest rates to apply for Canfin Home Loan:
- Can Fin Individual Housing Loan/ Flats under Construction TPA/ Affordable Housing Loan – Rural
| Loan Amount | Rate of Interest (% p.a.) | |
| Salaried and Professionals | Self-employed & Non-professionals | |
| INR 50 lakh & Below | 9.60% – 10.60% | 10.10% – 11.10% |
| Above INR 50 lakh to INR 75 lakh | 9.85% – 10.85% | 10.35% – 11.35% |
| Above INR 75 lakh | 10.10% – 11.10% | 10.60% – 11.60% |
B) Can Fin Composite Housing Loan
i) For sites situated in layouts developed by Govt. Dev. Agencies including second sale
| Loan Amount | Rate of Interest (% p.a.) | |
| Salaried and Professionals | Self-employed & Non-professionals | |
| INR 50 lakh & Below | 9.70% – 10.70% | 10.20% – 11.20% |
| Above INR 50 lakh to INR 75 lakh | 9.95% – 10.95% | 10.45% – 11.45% |
| Above INR 75 lakh | 10.20% – 11.20% | 10.70% – 11.70% |
ii) For sites situated in approved private layouts including second sale
| Loan Amount | Rate of Interest (% p.a.) | |
| Salaried and Professionals | Self-employed & Non-professionals | |
| INR 50 lakh & Below | 9.85% – 10.85% | 10.35% – 11.35% |
| Above INR 50 lakh to INR 75 lakh | 10.10% – 11.10% | 10.60% – 11.60% |
| Above INR 75 lakh | 10.35% – 11.35% | 10.85% – 11.85% |
- Can Fin Site Loans
- For sites situated in layouts developed by Govt. Dev. Agencies including second sale
| Loan Amount | Rate of Interest (% p.a.) | |
| Salaried and Professionals | Self-employed & Non-professionals | |
| INR 50 lakh & Below | 10.85% – 11.85% | 11.35% – 12.35% |
| Above INR 50 lakh to INR 75 lakh | 11.10% – 12.10% | 11.60% – 12.60% |
| Above INR 75 lakh | 11.35% – 12.35% | 11.85% – 12.85% |
- For sites situated in approved private layouts/site purchases from private parties
| Loan Amount | Rate of Interest (% p.a.) | |
| Salaried and Professionals | Self-employed & Non-professionals | |
| INR 50 lakh & Below | 11.10% – 12.10% | 11.60% – 12.60% |
| Above INR 50 lakh to INR 75 lakh | 11.35% – 12.35% | 11.85% – 12.85% |
| Above INR 75 lakh | 11.60% – 12.60% | 12.10% – 13.10% |
- Canfin Housing Loan Top-up Loan
| Loan Amount | Rate of Interest (% p.a.) |
| Any eligible loan amount | Applicable IHL/CHL/Comp Loan + 1% – Floating |
Canfin Home Loan Processing Charges
| Loan Processing Charges* | Direct Customer ProposalsFor Salaried Professionals: 0.50% of the loan amount with a minimum of INR 5,000 and a maximum of INR 25,000 For Self-employed Non-professionals: 0.75% of the loan amount with a minimum of INR 5,000 and a maximum of INR 35,000Proposals Routed through DSA/Marketing OfficersFor Salaried Professionals: 0.75% of the loan amount with a minimum of INR 5,000 and no cap on the maximum limit For Self-employed Non-professionals: 1% of the loan amount with a minimum of INR 5,000 and no cap on the maximum limit |
| Part-prepayment Charges* | Nil for floating rate loansIHL Super (during fixed rate tenure):No charges for part payment up to 10% of the opening principal balance for a given financial year2% charge for part payment in excess of 10% of the opening principal balance for a given financial year |
| Foreclosure Charges* | For floating rate loans: NilFor fixed-rate loans:No charges, if loans are closed out of the borrower’s funds2%, the loans are taken over by other lenders |
| Late Payment Charges | Additional rate of 2% over the prevailing interest rate |
| Cheque / PDC Dishonor Charges | INR 750 per cheque per occasion |
| ECS / NACH Return Charges | INR 750 per return |
| Revalidation Charges | INR 500 (if the borrower comes forward to revalidate the sanction after the due date of 30 days (and within 60 days) |
| Property Valuation Charges* | 1/8% of the assessed property value (Max. INR 2,500) |
Documents for Can Fin Home Loans
- KYC Documents:
- Proof of Identity: Passport / Aadhar Card / PAN / Driving Licence / NREGA Job Card/ Voter ID
- Proof of Address: Passport / Aadhar Card/ Driving Licence/ Voter ID / NREGA Job Card
- Salaried Person Documents
- Payslips & Bank Statements for the last 6 months
- Form 16 and ITR
- Proof of other incomes like Rent, Pension, and others
- Credit Track record of other loans taken in the past or ongoing loans
- Self-Employed Professionals & Non-Professionals Documents
- Copy of GST Registration/Business License
- Income Tax Return form with audited Balance Sheet, Trading P&L Account, Capital Account, and computation Sheet for the last two financial years
- Copy of Partnership Deed/ Memorandum of Association
- Form 3CB/ 3CD if applicable
- Bank Statement of all accounts (Current Account, Overdraft, Savings Account) for the last year
- Credit Track record of other loans taken in the past or ongoing loans
- NRI/PIO Borrowers Documents
- Copy of Offer Letter/ Employment Contract
- Visa Stamped on the Passport
- Payslips for the last six months with the current organization
- Bank Statement for the last six months reflecting the credit of salary
- NRE/NRO Statement for the last six months
- Bio Data of the Applicant showing details of educational qualification and employment
- Credit Report issued by a credit rating agency
- Power of Attorney in favor of Local Representative in India
- Proof of additional income and existing loans
- Property Documents for Can Fin Home Loans
- Title Deed & Encumbrance certificate for a minimum period of the last 13 years
- Agreement of Sale or Construction
- Approved plan/license
- Latest tax-paid receipt
- Receipts of margin money invested through a Non-Resident (External) Account in India or the Non-Resident (Ordinary) account in India
- Khata/ Chitta/ Patta/ Adangal/ 7×12 Extra/ Khasra-Khatoni in the name of the owner of the property.
Eligibility Criteria
- An applicant should either be a salaried, professional, self-employed, non-professional, NRI, or a pensioner with sufficient repayment capacity
- They should provide proof of employment to evaluate their repayment ability
- There should be a regular source of monthly income.
- The property mortgaged to avail of the home loan must stand in the name of the applicant.
