Date:03/03/2005 URL: http://www.thehindubusinessline.com/2005/03/03/stories/2005030302950600.htm

Back Canfin Homes launches new loan products

Our Bureau

Bangalore , March 2

CANFIN Homes Limited, the housing finance subsidiary of the public sector Canara Bank, has launched three new loan products in a bid to diversify its income stream.

Speaking to reporters here on Tuesday, Canfin Homes Managing Director, Mr K. Venkataramaiah said that these products would help the company arrest the falling yield on loans. The new products introduced are Venture, Networth and N-Cash. Venture is a loan product aimed at professionals for setting up their own premises. Networth is aimed at salaried individuals requiring cash against their property and N-Cash is product, which discounts rent receivables.

Mr Venkataramaiah said that these products that are priced at around 11 per cent plus, would help the company improve its margins. Presently Canfin Homes was dependent on home loans, and the average yield on these loans was 9 per cent.

For the current financial year, he said Canfin Homes was targeting a loan sanctions figure of Rs 575 crore and disbursements of Rs 500 crore.