Can Fin Homes Limited was set up in 1987, the "International Year for Shelter for the Homeless," by Canara Bank in association with reputed financial institutions including HDFC and UTI. As the first bank sponsored Housing Finance Company in India, Can Fin Homes has emerged as one of the leading players in the country's home loan segment.

Canara Bank offers home loans for construction/purchase of house/flat and also for major repair/renovation/extension of existing flat/house.

Canara Bank home loans are offered for purchase or construction of any residential house or flat. The bank also provides finance for companies or Corporations or Societies for purposes of construction or purchase of residential houses or flats. It provides loans to individuals for site purchase where the allotment of site shall be by State Development Agencies, Municipal Bodies, Associations, etc for the residential purpose.

Eligibility criteria for Home Loan:

• Earning a regular monthly income/salary
• Salaried individual with minimum of 5 years of service left
• A professional /self-employed/Business man within 58 years of age with IT returns filled during the last 3 years
• Having a clear and marketable title of the property and want to avail of loans for purchase /construction/repair and renovation /extension

If your spouse is earning, putting him/her as a co-applicant with additional income can be used to enhance your loan amount. The co-owner of the property must be one of the co-applicants but co-applicants need not be co-owner of the property.

Rate of Interest:
For Resident Indians it generally ranges from about 9.25% to around 12% and for NRIs, it is 13.25%. Interest is calculated on daily reducing balance basis.

Loan Amount:
For Resident Indians, the loan amount can be up to Rs. 1, 00, 00,000 depending on repayment capacity. Repayment capacity will be considered after assessing various factors like the applicant's income, age, qualifications, work experience, number of dependents, spouse's income, stability of income and employment, assets, liabilities, etc. You can apply for a loan up to 80% in the case of site loan.

Repayment:
For Resident Indians, the loan repayment duration is 5 - 10 years for site loans and 5 - 20 years for other loans.

For NRIs, the loan repayment duration will normally be in the range of 5 to 10 years. However, 8 to 10 years’ repayment time is applicable only to professionals. The loan is to be repaid in Equated Monthly Installments (EMI) comprising both Principal and interest. EMI is to be paid every month and will commence from the month following the month in which your loan is fully disbursed. EMI and pre-EMI payments can be made through salary deduction or post dated cheques. In case of NRIs, the maximum loan amount they can receive is up to Rs.25 lakhs or 80% of the project cost.