Frequently Asked Questions
Get answers to all your home finance related queries at Varashakti Housing Finance
Contact us at (044) 48681853
Visit our nearest Varashakti Housing Finance branch
Click on Apply Now on our website, share your details, and our customer care executives will get in touch to help you complete your application form
Basic documents mentioned under KYC, Income documents and property documents
Yes, a minimal login fee is collected at the time of application of loan.
Spouse, parents, children except married daughter, property owners, legal heirs.
The eligibility is determined based on the income of the applicants/co-applicants, repayment capacity and value of the property offered as security.
Our loan amount ranges from Rs.50000 to Rs.30 lacs depending upon the various products offered by us.
The tenure varies from minimum of 12 months to 240 months depending upon the loan product.
The loan sanction letter is valid for 60 days from the date of sanction.
In case of construction, it will be as per stages of progress. In case of outright purchase of house / flats, one-time payment directly to the seller
EMI means Equated Monthly Installment. It is the amount payable to the Company every month, till the loan is repaid in full. EMI comprises of both Principal and Interest amount and the Outstanding loan amount gets reduced with every EMI. The amount of the EMI depends on the quantum of loan, interest rate applicable and the term of the loan.
It is the broken period interest from the date of disbursement till the EMI start date.
In case of housing loans, where the disbursement is linked to stages of construction, partial EMI comprising of principal and interest for the disbursed portion will be applicable. This partial EMI will continue until the full disbursement is made.
NACH / cheque bounce due to insufficient funds or any other reason, bounce charges upto Rs.500 will be levied apart from late/ delayed payment penalty.
It will be as per the norms prescribed by National Housing Bank (NHB).
No hidden charges will be debited by us apart from processing fees, late payment penalty, cheque bounce charges, pre-closure charges (as per NHB norms).
NACH / ECS / any other digital mode is the most accepted repayment mode.
We encourage customers to pay EMI / PEMI/ pre-closure amount only through electronic modes like NACH / cheques / NEFT / RTGS, instead of paying by cash. As per Income Tax Act, if the borrower pays through cash, then he/she can make payment only upto Rs.199999.
• The properties proposed for home loan funding & other residential properties as additional collateral.
• In case of loan against property, both residential & commercial property can be accepted.
• The properties should be RCC structured properties.
Please visit the nearest branch or call (044) 48681853.
The customer can approach any of the nearest VHFPL for closure / pre-closure of the loan.
Request letter for closure / pre-closure of loan to be provided by the applicant.
Upon closure of the loan amount, customer will be intimated through calls from branch / mail / SMS / to contact the branch to receive the original documents.
The original property documents will be handed over to the property owners only.
In case of death of the property owner, death & legal heir certificate to be submitted by the customer.
Upon verification of the legal heirship documents, the property documents will be handed over to the legal heirs.
All legal heirs to be present to receive the original documents.
Though we aim to provide a seamless and quick process once a loan is closed, it will take upto 25 days to handover the original documents from the date of closure of loan along with NOC and list of documents.
In case of death of property owner, customer will be advised to provide proof of legal heirship documents and upon satisfaction of the same, we will release the documents in 25 days from the date of receipt of mandatory legal heirship documents along with NOC and list of documents.
Yes. We can offer top up loans, business loans to our existing customers as per the eligibility norms.
Yes, we offer balance transfer facility of an existing home loan or loan against property at attractive interest rates. Sanction letter, statement of account, list of documents of the proposed loan for take-over need to be provided at the time of application.
Any customer of VHFPL can take up his/her grievance with the Manager of the Branch where he/she has availed the facility by submitting a letter, in writing, mentioning the details of the complaint. The customer may also submit the complaint through email to email@example.com or call 044-43413208.
The grievance is acknowledged and a unique registration number is given to each grievance.
If the customer is not satisfied with the reply provided by the Branch Manager or in case no reply is received within 7 working days or the complaint is against the Branch Manager, the customer may take up the complaint with Mr Anantharaman B, Grievance Redressal Officer of the Company at the following address:
Mr. Anantharaman B
Grievance Redressal Officer
Varashakti Housing Finance Private Limited
New No. 33, Old No. 14, 48th Street, 9th Avenue, Ashok Nagar, Chennai 600083
Phone: 044-48681853, Email: firstname.lastname@example.org
If the customer is not satisfied with the reply provided by the Company, the customer may escalate the complaint to the National Housing Bank at the following address:
The General Manager
National Housing Bank
Department of Regulation and Supervision (Complaint Redressal Cell)
4th Floor, Core 5A, India Habitat Centre, Lodhi Road
New Delhi 110 003
The complaint may also be mailed at email@example.com
Such complaint may also be registered online with NHB at https://grids.nhbonline.org.in
|Fee Type||Fee Amount|
Rs.2000 + GST for home loans
Rs.2000 + GST for Loan Against Property
Rs.1000 + GST for Small Ticket Business Loan
|Technical and Legal fee||Nil|
|Processing Fee||2.5% + GST|
|CIBIL Report Charges||Nil|
|PDD Charges||As per sanction terms|
|Fees for prepayment / pre - closure||
2% + GST for home loans in case of takeover by other Banks/ FIs.
2% + GST in case of all other loans.
4% + GST if any loan account prepaid / pre-closed within 6 months of first disbursement
|Fees for part payment||Nil|
|Bounce Charges (NACH/ PDC/ ECS)||Rs.350 + GST|
|Penal interest / charges on delayed EMI payment||2% per month on the EMI amount|
|Fees refundable if loan not sanctioned/ disbursed||Login fee / Processing fee is non-refundable.|
|Conversion charges for switching from floating to fixed interest and vice versa||Not applicable|
|Field visit charges||Rs.250 + GST per visit|
|SOA / Closure statement / Amortization chart charges||Nil|
|MODT cancellation charges||Rs.1000 + GST|