At Vastu, we offer a variety of home loan schemes tailored to support your dreams of owning a home. We understand that buying a home is a very important decision in your life and hence we help make buying your home a smooth and memorable process. These loans can be availed to acquire a ready /under construction residential property / construction of a residential property on own land.
Home Extension / Improvement Loan
Home Extension Loan facilitates the extension of an existing residential dwelling unit, be it an additional room, a larger bathroom, or even enclosing an open balcony etc. All the terms of Home Extension Loans are same as applicable to Home Loan.
Home Improvement Loan facilitates internal and external repairs and other structural improvements like tiling and flooring, internal and external painting, plumbing and electrical work, waterproofing and roofing, grills and aluminum windows, waterproofing on terrace, construction of underground/overhead water tank, paving of compound wall (with stone/tile/etc.)
Plot + Construction Loan
These are loans for the acquisition of a residential plot and construction thereon for residential units with necessary regulatory approvals being in place. The loan will have two parts; one for plot purchase and another for construction. We will only release the construction loan component after the borrower has started the construction work on the plot & at least plinth level should be completed. Additional condition is that plot should have been purchased within last 6 months prior to sanction. Otherwise only construction loan can be given to the borrower.
Under this product, the customer already owns a plot of land and the loan is given for the purpose of construction of a residential unit on the plot after necessary regulatory approvals are in place. In case the construction has commenced within 3 months prior to date of sanction, refinance may be provided for excess payment already released by borrower. The date of commencement of construction should be certified by the technical assessor.
Maximum Loan Amount : 50 Lacs
Maximum Tenure : 240 months
The tenure of the loan is also dependent on the customer’s profile, age of customer at maturity of loan, age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms of VHFC.
|PLR – 16.62%|
|Segment||Interest Rate||PLR Less Spread|
|Salaried||12.0% – 14.5%||4.62% – 2.12%|
|Self – Employed||12.5% – 15.0%||4.12%- 1.62%|
|Initial Non-refundable Processing Fee||Rs 3000 For Home Loans plus applicable taxes and/ or other statutory levies
This is onetime non-refundable fee, and is collected by VHFC for the purpose of appraising the application for the Loan and is independent of the outcome/result of such appraisal. This amount is payable at the time of submitting application form.
|Processing Fees||Upto 2% of Loan Amount plus applicable taxes and/ or other statutory levies|