Housing Finance company, Can Fin Homes Ltd (CFHL) has revised its lending rates downwards for new home loan borrowers.

The new rates will come into effect 1 August 2009 onwards.

With this, the rate of interest applicable on all fresh home loans up to Rs 20 lakh would be 8.75 percent. Home loans above Rs 20 lakh and up to Rs 30 lakh would be priced at an interest rate of 9 percent, whereas the rate on loans above Rs 30 lakh would be 9.75 percent.

The revised rates will be applicable under a special ‘variable interest rate scheme' for new home loans, irrespective of the period.

This is second revision made by the institution during this year. Earlier the home loan rates were reduced in Jan 2009.

The company plans to disburse loans worth Rs 550 crore during the current fiscal, which is a growth of 83 percent over the previous fiscal.

Incorporated in 1987, which is the "International Year for Shelter for the Homeless", Can Fin Homes Ltd. is the biggest bank sponsored housing finance company in the country.

A sponsorship company of Canara Bank, Can Fin Homes is one among the top players in the country's housing finance sector with pan- India presence.