New CanFina products

CanFin Homes, a housing finance company and subsidiary of Canara Bank, said it was diversifying its portfolio to include three new non-housing loan products.

The company was targetting professionals, such as doctors, and property owners for these products, K Venkataramaiah, the company's managing director told reporters here on Tuesday.

Under Venture, the bank will loan professionals up to Rs 50 lakh to buy commercial properties to expand their business. Networth was a scheme to loan up to Rs 25 lakh against property as collateral. Ncash was a scheme where owners who have rented out properties to "reputed companies" can get up to Rs 50 lakh against the rent they receive on their properties.

Diversification, Venkataramaiah said, had become 'inevitable" to maintain profitability. The new loans will typically be for up to 10 years at 11 per cent interest. In the nine months to December, company sanctioned loans of up to Rs 400 crore and disbursed Rs 345 crore including disbursals of loans sanctioned last year.

"We aim to end the year with sanctions of Rs 575 crore and disbursals of Rs 500 crore." In the next fiscal, the company aims to boost sanctions and disbursals by 30 per cent, he said.