Plot + Construction Loan

The product features are as follows :

• Maximum Loan Amount 50 Lacs.
• Maximum Tenure 240 months.
• We offer Residential Plot Loans upto 75% of the cost of land or 60% of market value of land, whichever is lower.
• The construction on the plot has to be completed within the stipulated time frame as per NHB guidelines.
• The loan will have two parts; one for plot purchase and the other for construction.
• Interest Rate

  PLR – 17.67 %
  Segment	Interest Rate	PLR Less Spread
  Salaried	12.5% - 16.5 %	Less 5.17% – Less 1.17%
  Self – Employed	13.5% - 17.5 %	Less 4.17% – Less 0.17%

• Processing Fees

  Initial Non-refundable Processing Fee	Rs 3,000 plus applicable taxes and/ or other statutory levies This is a one time non-refundable fee, and is collected by Vastu HFC 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 the application form.
  Processing Fees	Upto 2% of Loan Amount plus applicable taxes and/ or other statutory levies.

• The most important feature of our offering is that we do not collect any physical document from the customer until we are sure that we can satisfy your requirements.
• Our documentation requirements are structured to ensure that we collect the least number of documents . The documentation includes an application form, copies of your identification documents, address proof, income documents, bank statements and property documents.
• Please note that depending on the individual case, Vastu HFC reserves the right to ask for any additional documents as well.

We undertake a comprehensive collateral evaluation which comprises of a legal and technical appraisal to understand the marketability, maintenance, the age of property, level of construction, quality of construction, if required legal clearances are in place and so on.

• We will only release the construction loan component after the borrower has started construction on the plot and post completion of plinth.
• To avail a plot + construction loan, the plot should have been purchased within a period of 6 months prior to date of sanction, otherwise only a construction loan can be availed by the borrower.
• The amount sanctioned may be disbursed on the basis of the stage of construction of the property.
• The amount disbursed may be done through electronic transfers or cheque