Vastu Housing Finance Home Loan

Vastu Housing Finance Corporation Limited is a housing finance company in India that offers affordable home loans and property-backed loans to underserved and self-employed communities. It offers home loans up to Rs. 1 Crore for housing-related needs, including Home Loans, Construction Loans, Home Extension/ Improvement Loans, Plot + Construction Loan, and Commercial Property Loan.

Below are the key details of the Vastu Housing Finance home loan:

• The maximum loan amount available is up to Rs. 1 Crore.
• Flexible and long tenure of up to 20 years.
• Interest rates are linked to the Prime Lending Rate (PLR), which is 19.92% at present. 
• Vastu offers one of the best home loan interest rates, ranging from 12.5% to 13.00% for salaried and 13% to 19.5% for self-employed.
• The processing fee is up to 3% of the loan amount + applicable taxes and/or other statutory levies.
• Vastu Housing Finance calculates the home loan eligibility considering various factors such as income, other sustainable income, age, work experience, loan tenure and other key parameters. 
• You can opt for loan prepayment.

• Vastu Finance gives speedy sanctions and disbursal of home loans.
• Online application that does not require submission of any physical document from the customer until the lender meets your requirements. 
• Vastu HFC offers loans for all housing-related needs, such as Home Loans, Construction Loans, Home Extension/ Improvement Loans, Plot + Construction Loan, and Commercial Property Loan.
• You can use the home loan EMI Calculator, Tenure Calculator, and APR Calculator, available for free on the lender's official website.
• Minimal documentation requirements.
• Vastu offers both fixed and floating interest rates, depending on customers' eligibility and collateral type.

• Home Loans: For the purchase of a new home/ resale of an existing property/ under-construction property/ ready properties. You can also get a pre-approved home loan facility, before you search for a suitable property to buy. 
• Construction Loans: If you already own a plot of land and are planning to construct a house thereon, this loan product is best suited for your needs. 
• Home Extension Loans: These loans are offered for creating additional living spaces in your existing house and extending an existing residential dwelling unit.
• Improvement Loans: These loans facilitate internal and external repairs and other structural improvements (like tiling and flooring, painting, plumbing, electrical work, waterproofing, roofing, grills, etc.)
• Plot + Construction Loan: This loan product is designed for acquiring plots and doing residential construction thereon. Vastu offers Residential Plot Loans up to 75% of the cost of land or 60% of market land’s value, whichever is lower. The construction on the plot must be completed within the stipulated time period as per NHB guidelines. The loan is offered in two parts, one for plot purchase and the other for construction.
• Commercial Property Loan: This loan is designed for the acquisition of a commercial property for conducting business, delivering services, or any other commercial use. Vastu offers Commercial Property Loans up to 70% of the property’s cost or 50% of market value, whichever is lower.

• Interest rates: Vastu Housing Finance interest rates range from 12.5% to 19.5% for salaried and 13% to 19.5% for self-employed.
• Initial non-refundable processing fee: Rs. 3,000 + applicable taxes and/ or other statutory levies. 
• Processing fee: Up to 3% of loan amount + applicable taxes and/or other statutory levies. 
• Copy of welcome letter & amortisation schedule: Up to Rs. 250 + applicable taxes/ statutory levies. 
• Loan cancellation charges: Up to Rs. 3,000 + applicable taxes/ statutory levies for loan amount up to Rs. 15 Lakhs & up to Rs. 5,000 + applicable taxes/ statutory levies for loan amount above Rs. 15 Lakhs.
• Penal charges for breach of loan contract conditions: Rs. 1 per day for every Rs. 1,000 overdue + GST.
• Statutory charges: As applicable in the respective States. 
• Fees/charges levied by Regulatory bodies: As per actual + applicable taxes/statutory levies. 
• Fees/ charges payable to any third party(ies) whose services have been availed: As per actual + applicable taxes/statutory levies 
• Administrative fees: Up to Rs. 5,500 + applicable taxes/ statutory levies 
• Post-disbursement document charges: Up to 0.50% of sanction amount + applicable taxes/ statutory levies.
• Upfront non-refundable balance transfer-in fees: Up to Rs. 5,000 + applicable taxes/ statutory levies. 
• Expenses to cover costs: Incidental charges & expenses as per actuals. 
• Cheque/ NACH/ SI bounce charge: Up to Rs. 500 per bounce + applicable taxes/ statutory levies. 
• Personal visit for collection of dues: Up to Rs. 500 per visit + applicable taxes/ statutory levies.
• Cheque collection charges: Up to Rs. 250 + applicable taxes/ statutory levies. 
• Cash collection charges: Up to Rs. 500 + applicable taxes/ statutory levies. 
• Post-dated cheque/ NACH swap fee: Up to Rs. 500 + applicable taxes/ statutory levies. 
• Change of instalment servicing date charges: Up to Rs. 500 + applicable taxes/ statutory levies. 
• List of documents: Up to Rs. 500 + applicable taxes/ statutory levies.
• Foreclosure letter: Up to Rs. 500 + applicable taxes/ statutory levies. 
• Duplicate No Dues Certificate: Up to Rs. 500 + applicable taxes/ statutory levies. 
• Retrieval of copy of documents: Up to Rs. 750 + applicable taxes/ statutory levies. 
• Fees on account of external opinion: As per actuals. 
• Prepayment & foreclosure charges: Up to 4% + applicable taxes/ statutory levies of principal paid. 
• Reversal of effect for part prepayment from tenure to EMI/ EMI to tenure: Up to Rs. 5,000 + applicable taxes/ statutory levies.
• Switch to lower rate in floating rate loans: Up to Rs. 5,000 + applicable taxes/ statutory levies or up to 2% of the principal outstanding & undisbursed amount ( if any) + applicable taxes/ statutory levies, whichever is higher.
• Switch from fixed to floating rate or vice versa: Up to 3% of the loan outstanding amount + applicable taxes/ statutory levies.
• Statement of Account: Up to Rs. 500 + applicable taxes/ statutory levies.
• Original Document Retrieval / Storage Charges: Up to Rs. 3,000 + applicable taxes/ statutory levies.

Below are the steps to apply for a Vastu Home Finance loan:

• Visit the official website of Vastu Housing Finance.
• Look for the Apply Now tab or inquiry section on its homepage.
• Fill out the required personal details, contact information, email address, and loan requirements.
• Submit the application form and wait for a response from Vastu’s representative.
• Alternatively, you can call the toll-free Vastu Finance customer care number at 1800 22 0001 or email customercare@vastuhfc.com.

The eligibility criteria for Vastu Housing Finance home loan are as follows:

• Profession: Salaried or self-employed.
• Nationality: Indian resident.
• Age: 21 to 67 years.
• Minimum income: A stable annual income as required by the lender. 
• Documents: You must submit all the documents mentioned in the sanction letter/ loan agreement/ KYC Policy of VHFC.

The documentation required to apply for a Vastu Housing Finance home loan includes: 

• A duly filled & signed loan application form
• Identification proof
• Address proof
• Income proof
• Bank statements 
• Property documents