Can Fin Home Loan

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Can Fin Home Loan Highlights

Can Fin home loan offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.

Category	Highlights
Interest Rates	9.60% p.a.
Loan Amount	85% of the property value
Tenure	30 years
Processing Fees	Up to 1% of the loan amount

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Can Fin Home Loan Interest Rates

Can Fin offers home loans at interest rates starting from 9.60% p.a. These rates vary based on factors such as CIBIL score, loan amount, occupation profile, and the specific home loan scheme you choose.

Individual Housing Loan

Interest Type	Salaried and Professional	Self-Employed & Non-professional
Floating Interest Rate	9.60% to 10.60%	10.25% to 11.25%
Fixed Interest Rate	12.60% to 13.60%	13.25% to 14.25%

Affordable Housing Loan

Interest Type	Salaried and Professional	Self-Employed & Non-professional
Floating Interest Rate	9.60% to 10.60%	10.25% to 11.25%
Fixed Interest Rate	12.60% to 13.60%	13.25% to 14.25%

Composite Housing Loan

a. Sites situated in layouts developed by Govt. Dev. Agencies

Interest Type	Salaried and Professional	Self-Employed & Non-professional
Floating Interest Rate	9.70% to 10.70%	10.35% to 11.35%
Fixed Interest Rate	12.70% to 13.70%	13.35% to 14.35%

b. Sites situated in approved Private layouts

Interest Type	Salaried and Professional	Self-Employed & Non-professional
Floating Interest Rate	9.85% to 10.85%	10.50% to 11.50%
Fixed Interest Rate	12.85% to 13.85%	13.50% to 14.50%

Individual Housing Loan – Cash Salary

Interest Type	Salaried and Professional
Floating Interest Rate	10.60% to 11.85%
Fixed Interest Rate	13.60% to 14.85%

Special Urban Housing Refinance Scheme (Direct)

Interest Type	Interest Rate
Fixed Interest Rate	12.85%

Special Urban Housing Refinance Scheme (Indirect)

Interest Type	Interest Rate
Fixed Interest Rate	13.85%

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Compare Home Loan Interest Rate Offered by Top Banks

Comparing home loan interest rates from leading banks helps you identify affordable financing options. Get a clearer view of each lender’s terms and choose the best home loan that matches your budget and financial goals.

Bank	Up to Rs. 30 Lakh	Above Rs. 30 Lakh to Rs. 75 Lakh	Above Rs. 75 Lakh
SBI Bank	8.50% p.a. onwards	8.5% p.a. onwards	8.50% p.a. onwards
HDFC Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
LIC Bank	8.50% – 10.35% p.a.	8.50% – 10.55% p.a.	8.50% – 10.75% p.a.
ICICI Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
Kotak Mahindra Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
Punjab National Bank	8.50% – 11.05% p.a.	8.50% – 11.05% p.a.	8.50% – 11.05% p.a.
Bank Of Baroda	8.40% – 10.65% p.a.	8.40% – 10.65% p.a.	8.40% – 10.90% p.a.
Bajaj Housing Finance	8.50% p.a. onwards	8.50% p.a. onwards	8.50% p.a. onwards
Axis Bank	8.75%-10.30% p.a.	8.75%-10.30% p.a.	8.75%-10.30% p.a.
Bank of India	8.40% p.a onwards	8.40% p.a onwards	8.40% p.a onwards
TATA Capital	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards

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Can Fin Home Loan Processing Fees

Can Fin takes processing fees to cover the cost of reviewing your documents and assessing your loan application.

Proposal Source	Processing Fee
Direct from Customers	– S & P: 0.50% + GST (Min ₹5,000, Max ₹25,000) – SENP: 0.75% + GST (Min ₹5,000, Max ₹35,000)
DSA/Marketing Officers	– S & P: 0.75% + GST (Min ₹5,000, No upper cap) – SENP: 1% + GST (Min ₹5,000, No upper cap)

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Can Fin Home Loan Other Fees and Charges

Can Fin applies various fees and charges on its home loans. Besides processing fees, borrowers may also have to pay administrative costs, legal fees, and prepayment charges.

Charge Type	Amount	Purpose
Documentation Charges	Actual cost (Min ₹100)	Stamping/franking for mortgage
Cheque Return (PDC) Charges	₹750 + GST	Recoverable on cheque dishonor
ECS/NACH Return Charges	₹750 + GST	Recoverable on ECS/NACH return
Document Retrieval (CDSC)	Courier + ₹300/withdrawal + GST	Courier & handling costs
Safe Custody (Closed Accounts)	₹200/month + GST	Charge for uncollected documents post-loan closure
CERSAI Registration (Loans ≤ ₹5L)	₹150 + GST	As per NHB/CERSAI guidelines
CERSAI Registration (Loans > ₹5L)	₹200 + GST	As per NHB/CERSAI guidelines
Property Insurance	Actual premium	Insuring collateral security
Online Search (CIBIL/Experian/CERSAI)	₹150 (incl. GST)	Inquiry-stage charge
Legal Scrutiny (LSR)	Min ₹1,100	Advocate payment for legal check
Encumbrance Certificate Search	Actual cost	To check property liabilities
Sale through Recovery Agents	3% of realized amount	Recovery process fees
Property Inspection	₹300 + GST	Periodic loan property checks
Recovery Visit Charges	₹500/visit	Recovery action visits (SMA/NPA)
Interest Adjustment	0.50% of liability + GST	For reducing ROI before review
Penal Charges	2% p.a. + GST	Delayed installment penalty
Revalidation Charges	₹500	Extending loan sanction validity
Storage of Documents	₹300 + GST	Document storage after loan closure
Safe Custody Charges	₹200/month + GST	Unclaimed document storage
Switch Over Charges	0.50% + GST	Floating to fixed & vice versa
Pre-closure Charges	NIL for Housing Loans	May apply for builder loans
Pre-closure Charges (Fixed ROI)	2% + GST	As per NHB guidelines
Commitment Charges	1% + GST on undrawn portion	On non-utilized loan limits
Property Valuation Report	0.125% of property value (Max ₹2,500 + GST)	Panel valuation fee
Recovery Charges (NPA Accounts)	₹50-₹500 + GST	Legal notices, possession costs, enforcement actions

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Types of Home Loans Offered by Can Fin

Can Fin understands that owning a home is a cherished goal for everyone. Can Fin home loan schemes are thoughtfully designed to meet your unique needs, offering flexible terms and competitive rates.

Individual Housing Loan

• Purchase of a ready built house/flat/flat under construction.
• Construction of a house/flat.
• Undertaking extension, repairs, renovation, up-gradation, or creation of additional amenities (subject to the Company’s satisfaction).
• Taking over the housing loan liability from other recognized financial institutions/banks (subject to the Company’s satisfaction).
• Borrowers with a good track record are eligible for Top-up and Personal loans.

Affordable Housing Loan Urban

• Eligibile for purchase of a ready built house/flat/flat under construction, construction of a house, or renovation.
• Applicable to individual housing loans sanctioned on or after 01/04/2017.
• Must fall under the Statutory Town definition of Pradhan Mantri Awas Yojana-Urban.
• ROI is fixed for an initial period of 7 years.
• After 7 years, the ROI automatically converts to a variable interest rate for the respective risk category with an annual resetting clause.
• A charge of 2% plus applicable GST applies where the loan accounts are on a fixed interest rate, in case the loans are taken over by other banks/financial institutions.
• No pre-closure charges if the borrowers close the loans using their own funds.

Composite Loan

• Eligibile for purchase of a site and construction of a house thereon.
• Borrowers with a good track record are eligible for Top-up and Personal loans.

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Can Fin Home Loan EMI Calculator

EMI is a fixed monthly amount that you are required to pay to the bank until your home loan is fully repaid. 

Calculate your home loan EMI and estimate your monthly repayments. You can adjust loan amounts and tenures, and make well-informed decisions before committing to the bank.

How to Calculate Can Fin Home Loan EMI?

Home loan EMI is calculated using a mathematical equation:

EMI = [P*r*(1+r)^n]/ [(1+r)^n -1]

Where:
P = Principal (loan amount borrowed)
r = Interest rate 
n = Total number of monthly installments (loan tenure in years*12)

Example: Case Study | Home Loan EMI 20 vs 30 Years

Aman, a young professional living in Mumbai, has just found his dream home – a spacious 3BHK apartment near his workplace. He decides to take a home loan from Can Fin to finance the purchase. 

Before signing the loan agreement, Aman wants a clear picture of how much he’ll need to pay every month. To figure this out, he calculates his EMI using the loan’s details.

Home Loan Amount: ₹50,00,000 (₹50 lakh)
Rate of Interest: 8.35% p.a.

But, he is considering two options:

1. A 20-Year Loan (240 months)
2. A 30-Year Loan (360 months)

Longer Tenure = Lower EMI = Higher Interest Payments

Let’s apply the EMI formula to both scenarios:

Scenarios	Home Loan Amount	Interest Rate	Tenure	EMI	Interest Payment	Total Payment
Scenario 1	₹50,00,000	8.35% p.a.	20 years	₹42,918	₹53,00,236	₹ 1,03,00,236
Scenario 2	₹50,00,000	8.35% p.a.	30 years	₹37,915	₹86,49,548	₹ 1,36,49,548

Which Option Is Better and Why?

If Your Goal Is Long-Term Savings: Opt for the 20-year loan. 

• Although the monthly EMI is higher, your total interest outflow is much lower. 
• Over time, you save more than ₹33 lakh in interest compared to the 30-year option. 
  

If Your Goal Is Immediate Affordability: Choose the 30-year loan. 

• You’ll pay a lower EMI each month, easing short-term financial burden. 
• However, this comes at a significant long-term cost, as you’ll end up paying much more in total interest over the life of the loan.

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Can Fin Home Loan Eligibility Criteria

Before applying for a home loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by Can Fin:

Individual Housing Loan

Criteria	Details
Eligible Individuals	Salaried / Professionals / SE & NP / NRI / Pensioners
Repayment Proof	Salary slips, Form 16, and Income Tax Returns
Property Mortgage	Property must be in the name of the applicant/s

Affordable Housing Loan Urban

Criteria	Details
Area Coverage	All areas under the Statutory Town definition of Pradhan Mantri Awas Yojana-Urban
Income Limit	Annual household income not exceeding Rs. 6 lacs

Composite Loan

Criteria	Details
Eligible Individuals	Salaried / Professionals / SE & NP / NRI / Pensioners
Repayment Proof	Salary slips, Form 16, and Income Tax Returns

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Documents Required for Can Fin Home Loan

When applying for a home loan with Can Fin, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:

General Documents

Document Type	Examples/Details
Proof of Identity	Passport, Voter ID, PAN Card, Driving Licence, UID (Aadhaar Card), etc.
Proof of Address	Passport, Voter ID, Driving Licence, UID (Aadhaar Card), etc.

Income Documents for Salaried Individuals

Document	Details
Salary Slips	Last 6 months
Bank Statements	Latest 6 months
Form 16 & ITR	Income Tax Returns
Proof of Additional Income	E.g., Rent, Pension, etc.
Loan Track Record	Details of existing loans (if any)

Income Documents for Self-Employed Professionals/Non-Professionals

Document	Details
Business License / GST Registration	Copy required
Partnership Deed / MOA & Articles of Association	As applicable
IT Returns & Computation Sheet	Includes Trading & P&L account, Balance Sheet, Capital Account for last 2 financial years
Audited Financials	Audited Balance Sheet, Trading & Profit and Loss Account
Form 3CB/3CD	If applicable
Updated Bank Statements	For all existing accounts (CA/OD/SB) for the last year
Existing Loan Details	Up-to-date track record

Income Documents for NRI/PIO Borrowers

Document	Details
Offer Letter/Employment Contract	Must be translated to English (if required) and attested by Employer/Indian Embassy
Passport with Visa Stamps	Valid visa stamps required
Pay Slips & Overseas Bank Statement	Latest 6 months’ pay slips with salary credits
NRE/NRO Statements	Last six months
Bio-data/Profile	Includes educational qualifications, age, job experience, nature of profession
Credit Report	With scoring from a recognized credit rating agency
Power of Attorney (POA)	In favor of a local representative in India (must be a close relative)
Proof of Additional Income & Loan Track Record	As applicable

Property Documents

Document	Details
Original Title Deeds	Tracing the title for a minimum of last 13 years
Encumbrance Certificate	Covering a minimum period of last 13 years
Sale/Construction Agreement	If available
Approved Plan/License	As per regulatory requirements
Margin Money Receipts	Investment proofs via normal banking channels from NRE/NEO accounts
Latest Tax Paid Receipt	Most recent tax payment receipt
Ownership Documents	Khata/Chitta/Patta/Adangal/7×12 Extra/Khasra-Khatoni, etc. (in the owner’s name)

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Can Fin Home Loan Tenure

Home loan tenure refers to the duration over which the borrower agrees to repay the loan amount along with interest. Can Fin offers flexible tenure options to accommodate varying financial situations and preferences. Here’s an overview:

Home Loan Types	Tenure
Individual Housing Loans	30 years
Affordable Housing Loan	30 years
Composite Loan	30 years
Top Up Loan	15 years

Impact of Home Loan Tenure on EMIs

• EMI: Longer tenure results in lower monthly EMIs; shorter tenure leads to higher EMIs.
• Interest Payments: Extended tenure increases the total interest, while a reduced tenure decreases it.
• Budget: Longer tenure eases monthly budget strain, whereas shorter tenure requires higher income stability
• Cash Flow: Longer tenure frees up cash for other investments, while shorter tenure ties up more funds in EMIs.

How to Choose the Best Can Fin Home Loan Tenure?

• Assess income, expenses, and job security for consistent repayments.
• Opt for shorter tenures to reduce overall interest costs.
• Choose EMIs that fit comfortably within your budget.
• Calculate total interest to minimize long-term costs.
• Check for prepayment options without heavy penalties.
• Align tenure with long-term financial goals.
• Plan to settle the loan before retirement.
• Factor in potential salary growth for shorter tenures.
• Balance EMI affordability with loan tenure.

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How To Apply For a Home Loan From Can Fin?

Getting your dream home is easier than ever with Can Fin. Apply today and take the first step towards securing a home loan with competitive rates and flexible terms!

Steps	Description
1. Meet a Loan Executive	Discuss your home loan requirements with an Can Fin loan executive.
2. Submit Application and Documents	Provide the filled application form and required documents (e.g., income proof, ID proof, address proof).
3. Document Review	The legal and technical teams will verify your application and documents.
4. Receive Sanction Letter	If approved, receive a sanction letter with loan terms.
5. Submit Additional Documents	Provide any additional documents requested by the bank.
6. Loan Approval	Receive final confirmation of loan approval.
7. Loan Disbursement	The approved amount will be disbursed within 15 days.

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Can Fin Home Loan Customer Care

Category	Contact Information
Toll Free Contact Number	1800 – 203 – 4488 [10 AM – 6 PM]
Email ID	customercare@canfinhomes.com
Office Address	Can Fin Homes Limited, No. 29/1, Sir. M N Krishna Rao Road Lalbagh West, Basavanagudi Bengaluru – 560 004

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Can Fin Home Loan Centers Near You

Finding the right support when applying for a home loan is crucial to making your homeownership dreams a reality. Can Fin has multiple home loan centers nationwide to provide you with convenient access to expert advice and personalized services. 

Check out the nearest Can Fin branch using our branch locator tool.

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Can Fin Home Loan Approval and Disbursal

Can Fin is committed to processing home loan applications with utmost efficiency. Typically, the entire approval process is completed within 15 to 30 working days from the date of application submission. 

However, this timeline may vary based on several key factors:

• Completeness of documents
• Property type and location
• Applicant’s financial profile and credit score

Can Fin Home Loan Disbursement Process

Can Fin ensures a compliant and efficient home loan disbursement through a three-stage process: Application, Sanction, and Disbursement.

1. Application for Home Loan: Applicants are required to complete the home loan application form, providing necessary personal, income, and property documents and details.

2. Home Loan Sanction: Upon submission, Can Fin reviews the application and documents. Legal and technical experts assess the property’s compliance and condition.

3. Home Loan Disbursement: After receiving the sanction letter, the borrower is required to complete the down payment and submit final property documents for loan disbursement.

Types of Home Loan Disbursement

• Full Disbursement: Entire loan amount released if the property is fully constructed
• Partial Disbursement: Loan disbursed in stages based on construction progress for under-construction properties

How to Maximize the Chances of Can Fin Home Loan Approval?

• Maintain a high credit score
• Showcase strong financial stability
• Reduce existing debt obligations
• Provide complete and accurate documentation
• Pay sufficient down payment
• Choose property in approved locations
• Maintain consistent employment history
• Avoid multiple loan applications simultaneously
• Submit clear and legal property documents
• Ensure proper property valuation
• Keep income tax returns up to date
• Maintain low credit utilization ratio

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Can Fin Home Loan Tax Benefits

Home loans offer significant tax benefits under the Income Tax Act, 1961. These benefits apply to both the principal amount and interest paid, making home loans more cost-effective.

Section	Deduction Type	Maximum Deduction Amount	Conditions
80C	Principal Repayment of Home Loan	₹1.5 Lakh per annum	The house property must not be sold within five years of possession.
80C	Payment of Stamp Duty	₹1.5 Lakh per annum	These expenses can only be claimed in the year they are incurred.
24b	Interest Payment on Home Loan	₹2 Lakh per annum	The loan must be taken for purchasing or constructing a house. If constructing a house, the construction must be completed within five years from the end of the financial year in which the loan was taken. If the property is let out (rented), there is no cap on the interest deduction under Section 24(b). This allows property owners renting out their property to claim full interest payments as a deduction.

Must Read: Calculate Your Home Loan Tax Savings

1. Section 24B – Deduction on Home Loan Interest

What It Is: Allows you to claim a deduction on the interest paid on your home loan.

• Self-Occupied Property: Deduct up to ₹2 lakh per year on interest payments.
• Rented Property: No upper limit on the interest amount you can claim.

Example

Category	Amount
Loan Amount	Rs. 70,00,000
Interest Payable Per Year	Rs. 4 Lakhs
Tax Deduction	Rs. 2 Lakhs/ Year
Tax Bracket	30%
Tax Benefits per Year	Rs. 66,000

2. Section 80C – Deduction on Principal Repayment

What It Is: Allows deduction on the principal portion of your home loan repayments, up to ₹1.5 lakh per year.

• Reduces your taxable income by the principal amount repaid.
• Also includes stamp duty and registration charges (one-time claim in the year incurred).

Example

Category	Amount
Loan Amount	Rs. 75,00,000
Principal Payable Per Year	Rs. 3.5 Lakhs
Tax Deduction	Rs. 1.5 Lakhs per Year
Tax Bracket	30%
Tax Benefits per Year	50,000

Total Tax Benefits (Section 24B + Section 80C = Rs. 1.16 Lakhs/ Year

3. Joint Home Loans – Double the Benefits

What It Is: When two or more people take a joint home loan and are co-owners of the property.

• Section 24B: Each co-borrower can claim up to ₹2 lakh on interest.
• Section 80C: Each can claim up to ₹1.5 lakh on principal repayment.
• Total Tax Savings: Potentially ₹1.05 lakh per person per year (at 30% tax rate).

Who is Eligible to be a Co-Applicant?

• Father/ Mother
• Unmarried Daughter
• Siblings
• Husband/ Wife
  (Minors cannot be considered as co-applicants for a Home Loan)

Example

Category	Co Applicant 1	Co Applicant 2
Tax Deduction under 24B	Rs. 2 Lakhs/ Year	Rs. 2 Lakhs/ Year
Tax Deduction under 80C	Rs. 1.5 Lakhs/ Year	Rs. 1.5 Lakhs/ Year
Tax Deductions/ Year	Rs. 3.5 Lakhs/ Year	Rs. 3.5 Lakhs/ Year
Tax Bracket	30%	30%
Tax Benefits	Rs. 1.16 Lakhs/ Year	Rs. 1.16 Lakhs/ Year

When you opt for a co-applicant on your home loan, the savings can be substantial due to the ability to claim tax deductions separately. For example, with a co-applicant, the total tax savings can amount to ₹2.32 lakhs annually. Here’s how it works:

• EMI Paid per Year: ₹60,000 x 12 = ₹7,20,000
• Money Saved through Tax Deductions: ₹2,32,000
• Net Money Paid after Deductions: ₹7,20,000 – ₹2,32,000 = ₹4.88 lakhs

By utilising this tax benefit, you effectively lower your financial outflow, paying only ₹4.88 lakhs per year instead of the full ₹7.20 lakhs. 

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Why Should You Choose Can Fin For Your Home Loan?

• Flexible repayment tenure for convenience.
• Transparent and efficient loan processing.
• No prepayment penalty for floating rate loans.
• Doorstep service for added convenience.
• Competitive and attractive interest rates.
• Hassle-free balance transfer process.

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How Credit Dharma Simplifies The Home Loan Journey? 

Buying a home is a big step. Getting a home loan can be hard, but we make it easy. At Credit Dharma, we make this possible by offering lowest guaranteed interest rates that keep your monthly payments manageable, allowing you to enjoy more of what truly matters.

But that is not it. We offer:

• Guaranteed up to 100% funding
• Receive lifetime assistance and expert guidance long after your loan is approved.
• Enjoy a fully digital process with minimal paperwork 
• Get your loan approved within just 1-2 weeks.

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