Housing Loans

Individual Housing Loan – Super (IHL-Super) (231)*- Fixed for 3 years

Individual Housing Loan - Super (IHL-Super)



1

Purpose

  • Purchase of a ready built house/ Flat
  • Construction of house/ Flat
  • Undertaking extension, repairs, renovation, up gradation, creation of additional amenities, subject to the satisfaction of the Company.
  • For Taking over the HL liability from other recognized Financial Institutions/ Banks subject to the satisfaction of the Company

2

Eligibility

  • Individuals who are salaried / professionals/SE & NP /NRI /pensioner who have adequate repayment capacity supported by Proof viz, Salary slips/Form 16 and Income Tax Returns.
  • The applicant should have regular source of income sufficient to service loans as per assessment of Can Fin Homes Ltd.
  • Property proposed for mortgage to stand in the name of applicant/s.

4

Quantum of loan

75% to 85% of the project cost subject to repayment capacity and sufficient net take home income.

5

Security

  • Equitable mortgage of the property being financed
  • Collateral: on case to case basis.

6

Rate of interest

Sl. No.

Loan amount / risk rating

ROI - Salaried & Professionals (S&P)

S1

S2

S3

1

Rs. 30 lac & below

9.25

9.75

10.25

2

Above Rs. 30 lac to Rs. 50 lac. (with LTV up to 75%)

9.25

10.00

10.50

3

Above Rs. 30 lac to Rs. 50 lac. (with LTV above 75% up to 80%)

9.75

10.00

10.50

4

Above Rs. 50 lac           

9.75

10.00

10.50

Sl. No.

Loan amount / risk rating

ROI - Self-employed and Non-Professionals (SENP)

S1

S2

S3

1

Rs. 30 lac & below

10.00

10.25

11.75

2

Above Rs.30 lac

10.25

10.50

11.00

7

Repayment

Maximum up to 30 yrs.

8

Other conditions

  • Fixed for an initial period of 3 years
  • Post the fixed rate period, ROI would automatically get converted into floating rate prevailing at that time for the residual loan amount.
  • Pre-payment charges (during the fixed tenure period):
  • No charges for part payment up to 10% of the opening principal balance for a given financial year
  • Part payment in excess of 10% of the opening principal balance for a given financial year or full repayment will carry prepayment charges of 2% plus service tax.
  • Re-setting during the fixed tenure period:

In case of downward revision in ROI during the fixed tenure period, the customers can avail the benefit by paying re-setting charges of 0.50% of the outstanding liability.

  • Conversion charges for switch over from Fixed to Floating during the fixed tenure period:
  • A/c in Pre-Emi stage:
    • 0.50% of the Loan outstanding including undisbursed amount plus applicable service tax.
  • A/c in EMI stage:
    • 0.50% of the Loan outstanding plus applicable service tax.
  • Conversion charges for switch over from Floating to Fixed:

Existing customers can convert their loans under VLS to the fixed loan scheme on payment of conversion charges of 0.50% of the outstanding liability.

  • All other conditions as applicable to Individual Housing loan(product-201)

9

Other benefits

After the loan period of 2 years is run, customers with good track record are eligible for top up loans for repairs or renovation or upgradation or furnishings at the then prevailing rate of interest for the said product and category, but subject to applicable norms.


Loan amount

Top up

Up to Rs. 50 lac

Rs. 3 lac

From Rs. 50 lac to Rs. 75 lac

Rs. 6 lac

Above Rs. 75 lac

Rs. 8 lac



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