Vastu Housing Finance Plot Loans

Vastu Housing Finance, a housing finance company, is dedicated to helping customers achieve their dream of owning a new home. They offer plot loans to facilitate the purchase of residential plots and the construction of houses on them. These loans cater to salaried and self-employed individuals, providing flexible options for different financial needs. The loan is structured to cover the plot purchase and construction costs, ensuring a seamless process for borrowers.

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Table of Content

1. Vastu Housing Finance Plot Loans Highlights

2. Vastu Housing Finance Plot Loan Interest Rates

3. Vastu Housing Finance Plot Loan Fees and Charges

4. Vastu Housing Finance Plot Loan Eligibility Criteria for Salaried

5. Vastu Housing Finance Plot Loan Eligibility Criteria for Self-Employed

6. Vastu Housing Finance Plot Loan Documents Required for Salaried

7. Vastu Housing Finance Plot Loan Documents Required for Self-Employed

8. Features of Vastu Housing Finance Plot loans

9. Things to Remember while Applying for a Vastu Housing Finance Plot Loan

Written By

Thejus KS

A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Vastu Housing Finance Plot Loans – Highlights

Below are the key feature of the Vastu Housing Finance Plot Loan:

Feature	Details
Maximum Loan Amount	Up to 75% of plot cost or 60% of market value
Interest Rate	12.5% to 19.5% p.a.
Maximum Tenure of Repayment	30 years
Processing Fees	Up to 3% of the loan amount
Speciality Offering	Two-part loan structure for plot purchase and construction

Vastu Housing Finance Plot Loan Interest Rates

The interest rates for Vastu Housing Finance Plot Loans vary based on the borrower’s employment status. The following table summarises the details:

Category	Prime Lending Rate (PLR)	Interest Rate Range
Salaried	19.72%	12.5% to 19.5%
Self-Employed	19.72%	13% to 19.5%

Vastu Housing Finance Plot Loan Fees and Charges

The fees and charges associated with the Vastu Housing Finance Plot Loan include various processing and penalty fees. The following table provides an overview:

Fee Type	Amount
Processing Fees	Up to 3% of the loan amount
Initial Non-refundable Processing Fee	Rs 3,000 plus applicable taxes

Vastu Housing Finance Plot Loan Eligibility Criteria for Salaried

To be eligible for a Vastu Housing Finance Plot Loan, salaried individuals must meet the following criteria:

Minimum age: 21 years
Maximum age at loan maturity: 65 years
Stable employment with a minimum of 2 years of work experience
Minimum net monthly income as per lender’s requirements

Vastu Housing Finance Plot Loan Eligibility Criteria for Self-Employed

Self-employed individuals must meet the following eligibility criteria for a Vastu Housing Finance Plot Loan:

Minimum age: 21 years
Maximum age at loan maturity: 65 years
Minimum of 3 years of business continuity
Satisfactory credit history and financial stability

Vastu Housing Finance Plot Loan Documents Required for Salaried

Salaried individuals need to provide the following documents for a Vastu Housing Finance Plot Loan:

Identity proof (Aadhar card, PAN card, etc.)
Address proof (Utility bills, rental agreement, etc.)
Income proof (Salary slips, Form 16, bank statements)
Employment proof (Employment certificate, offer letter)

Vastu Housing Finance Plot Loan Documents Required for Self-Employed

Self-employed individuals must submit the following documents for a Vastu Housing Finance Plot Loan:

Identity proof (Aadhar card, PAN card, etc.)
Address proof (Utility bills, rental agreement, etc.)
Income proof (Income tax returns, bank statements)
Business proof (Business registration certificate, financial statements)

Features of Vastu Housing Finance Plot loans

The Vastu Housing Finance Plot Loan comes with several features and highlights:

Financing up to 75% of the plot cost or 60% of market value, whichever is lower
The loan is structured in two parts: plot purchase and construction
Construction must be completed within a stipulated timeframe as per NHB guidelines
Comprehensive collateral evaluation, including legal and technical appraisal
Insurance coverage is recommended for the property and loan repayments

Things to Remember while Applying for a Vastu Housing Finance Plot Loan

When applying for a Vastu Housing Finance Plot Loan, consider the following points:

Ensure you meet the eligibility criteria for your employment status
Gather all required documents for a smooth application process
Understand the interest rate structure and choose accordingly
Be aware of all fees and charges associated with the loan
Consider the importance of timely construction to avoid penalties
Ensure adequate insurance coverage for the financed property and loan repayments
Be prepared for a thorough collateral evaluation process