TAMIL NADU

Loan festival begins today

PONDICHERRY, JAN. 31. A two-month-long special loan festival will be launched by the Can Fin Homes Limited tomorrow in the country as a whole, according to the Managing Director of the company, S. Umesh Shenoy.

He told newspersons here on Wednesday that those registering with any of the 42 offices of the Can Fin Homes Ltd. during the festival period would be eligible to get a home loan with special concessions both in interest rates and in administrative fees.

The Pondicherry branch of the Can Fin Homes Ltd. had sanctioned loans of Rs. 28 crores and already Rs. 26 crores had been disbursed till December last year. Nearly 2000 families had been sanctioned loans in Pondicherry.

Mr.Shenoy, who was here in connection with the inauguration of the housing flats of the Aanathapuram Cooperative Housing Society financed by the institution later by the Chief Minister, said that in the country as a whole the company's cumulative sanction of loan for housing activities stood at Rs. 2136 crores and disbursements out of this was Rs. 1821 crores till December end.

The Managing Director said the company had declared a dividend of 23 per cent during the last two financial years and had netted a profit of Rs. 14.79 crores in 1999-2000 and Rs. 17.71 crores in the subsequent year.

The company has planned to open two more outlets in the State of Maharashtra and in the National Capital Territory of New Delhi soon.It has a total of 21,000 shareholders.During the special loan festival campaign commencing on February 1, the company envisaged sanction of nearly Rs. 120 crores as loans.

A.Pitchaiah, branch manager of the Can Fin Homes Ltd here welcomed the Managing Director.

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