Frequently Asked Questions

We offer three main types of home loans:

• New Home Loan: For purchasing a new property from a builder or developer
• Resale Home Loan: For purchasing a pre-owned property
• Self-Construction Loan: For building your own home on a plot of land

Each loan type has specific features and benefits tailored to different customer needs.

The maximum loan amount depends on the type of loan:

• New Home Loan: Up to ₹5 Crores (up to 90% of property value)
• Resale Home Loan: Up to ₹3 Crores (up to 85% of property value)
• Self-Construction Loan: Up to ₹4 Crores (up to 80% of project cost)

The actual loan amount is determined based on your income, credit score, property value, and other eligibility factors.

We offer flexible loan tenures:

• New Home Loan: Up to 30 years
• Resale Home Loan: Up to 25 years
• Self-Construction Loan: Up to 30 years

The tenure can be adjusted based on your repayment capacity and age. Longer tenures result in lower EMIs but higher total interest payments.

Yes, we provide home loans to both salaried and self-employed individuals. For self-employed applicants, we require:

• IT Returns for the last 2-3 years
• Profit & Loss statements and Balance Sheets
• Business registration documents
• Bank statements showing business transactions

Additional documentation may be required based on your business type and income structure.

The basic eligibility criteria include:

• Age: Minimum 21 years, maximum 65 years at loan maturity
• Income: Minimum monthly income of ₹25,000 for salaried and ₹30,000 for self-employed
• Employment: Minimum 2 years of work experience (salaried) or 3 years in business (self-employed)
• Credit Score: Preferably 750 or above
• Property: Must be legally clear and meet our property eligibility criteria

The required documents include:

• Identity Proof: PAN Card, Aadhaar Card, Passport, or Driving License
• Address Proof: Aadhaar Card, Utility Bills, or Bank Statement
• Income Proof: Salary Slips (last 3 months), IT Returns (last 2 years), Bank Statements (last 6 months)
• Property Documents: Sale Agreement, Property Registration Documents, Builder NOC, etc.

For detailed document requirements, please visit our Loan Products page or contact our team.

Our loan approval process is quick and efficient:

• Initial Response: Within 24 hours of application submission
• Document Verification: 1-2 business days
• Credit Assessment & Property Valuation: 2-3 business days
• Final Approval: 1 business day after assessment

Total processing time is typically 7-10 business days from application to disbursement, subject to document completeness and property verification.

Yes, you can start your home loan application online through our website. Simply fill out the application form with your basic details, and our team will contact you within 24 hours to guide you through the next steps.

You can also visit our branch or contact our customer service team for assistance with the application process.

Our interest rates start from:

• New Home Loan: Starting from 8.5% p.a.
• Resale Home Loan: Starting from 8.75% p.a.
• Self-Construction Loan: Starting from 8.65% p.a.

Actual interest rates are determined based on your credit profile, loan amount, tenure, and property details. We offer both fixed and floating interest rate options.

The following charges may apply:

• Processing Fee: 0.5% to 1% of loan amount (subject to minimum and maximum limits)
• Administrative Charges: As per our schedule
• Legal & Technical Charges: For property verification and documentation
• Prepayment Charges: Minimal or nil, depending on loan terms

All charges are clearly communicated upfront with no hidden costs. Please contact us for detailed fee structure.

Yes, you can get better interest rates by:

• Maintaining a high credit score (750+)
• Opting for a shorter loan tenure
• Providing a higher down payment
• Adding a co-applicant with good income
• Being an existing customer with good repayment history

Our relationship managers can help you understand how to qualify for the best rates.

Fixed Interest Rate: The interest rate remains constant throughout the loan tenure, providing predictability in EMI amounts. However, fixed rates are typically higher than floating rates.

Floating Interest Rate: The interest rate changes based on market conditions and RBI policy rates. Floating rates are usually lower initially but can fluctuate over time.

You can choose the option that best suits your financial planning. Our advisors can help you make an informed decision.

EMI (Equated Monthly Installment) is calculated using the formula:

EMI = [P × R × (1+R)^N] / [(1+R)^N - 1]

Where:

• P = Principal loan amount
• R = Monthly interest rate (annual rate / 12)
• N = Loan tenure in months

You can use our online EMI calculator on our website to calculate your monthly installments based on loan amount, interest rate, and tenure.

Yes, we allow prepayment of home loans with minimal or no charges:

• Partial Prepayment: You can make partial prepayments to reduce your principal amount and save on interest
• Full Prepayment: You can close your loan before the tenure ends
• Prepayment Charges: Minimal or nil, depending on your loan terms

Prepayments can help you reduce your loan tenure or EMI amount. Please check with us for specific prepayment terms applicable to your loan.

If you miss an EMI payment:

• Late payment charges may apply
• It may affect your credit score
• We will contact you to understand the situation and help you resolve it

We recommend contacting us immediately if you anticipate any difficulty in making EMI payments. We can work with you to find a solution, such as restructuring the loan or providing a temporary moratorium period in genuine cases.

Yes, you can request changes to your EMI or tenure:

• Increase EMI: To reduce loan tenure and save on interest
• Decrease EMI: By extending the loan tenure (subject to maximum tenure limits)
• Loan Restructuring: In case of financial difficulties, we can restructure your loan

Please contact our customer service team to discuss your requirements. Some changes may involve administrative charges.

Yes, we offer home loan balance transfer facility. If you have an existing home loan with another lender, you can transfer it to us to benefit from:

• Lower interest rates
• Better customer service
• Flexible repayment options
• Top-up loan facility

Please contact us with your current loan details, and we will guide you through the balance transfer process.

Yes, we offer top-up loans to existing customers who have a good repayment track record. Top-up loans can be used for:

• Home renovation and improvement
• Debt consolidation
• Education expenses
• Medical emergencies
• Other personal needs

Top-up loan eligibility depends on your repayment history, property value, and current loan balance.

For self-construction loans, we disburse funds in stages based on construction progress:

• Stage 1: Foundation and plinth (20-25% of loan)
• Stage 2: Superstructure (30-35% of loan)
• Stage 3: Roofing and finishing (25-30% of loan)
• Stage 4: Final completion (10-15% of loan)

We conduct site visits at each stage before disbursement. You can choose to pay only interest (Pre-EMI) during construction or start full EMI payments.

You can reach us through multiple channels:

• Email: support@varashaktifinance.com
• Address: New No. 33, Old No. 14, 48th Street, 9th Avenue, Ashok Nagar, Chennai – 600083
• Visit Our Branch: Our branch is open during business hours
• Online: Fill out the contact form on our website

Our customer service team is available to assist you with any queries or concerns. Visit our Contact Us page for more details.