What is Financial inclusion?

Financial inclusion or inclusive financing refers to delivering financial services at affordable costs to sections of disadvantaged and low-income households in society who are otherwise unable to avail formal financial services.

What are the supporting documents required while applying for the loans?

Common requirement for all applicants:
• Application form duly filled in
• Photo Identify proof such as Pan Card, Aadhar Card, voter’s ID card or passport
• Address proof such as Aadhar Card, ration card, electricity bill, telephone bill etc.
• Income proof documents, if available
• Bank pass book or statement for last One years.
• Power of Attorney wherever applicable
• Details of assets owned
• Track record of loan repayment, if any
• Other relevant document/s as required by Vipra Securities and Financial Services Ltd. (VSFSL)

The above list is only indicative and depending on the circumstances we may call for other documents during the sanction process. If you are not in possession of all these documents, still we may be able to find a way out for you. You are always welcome to have a discussion with our representatives.

What is the security for the loan?

The loan will be secured primarily by equitable/registered mortgage of the property acquired out of the loan sanctioned. In addition to this depending upon the circumstances we may stipulate additional securities such as third party guarantee etc.

How is the loan eligibility assessed?

The loan eligibility is calculated taking into consideration various factors like the applicant’s assessed monthly income, fixed monthly commitments, assets, age, qualification, employment and savings background and market value of the property to be bought/financed.

Who should be the co-applicant?

All co owners of the property to be financed by default become co applicants. In addition to this, applicant’s spouse, parents, other close relatives who attained majority can also join as co applicants.

What is EMI?

EMI means Equated Monthly Installment. It is the amount payable to Vipra Securities and Financial Services Limited every month, till the loan is paid back in full. Every EMI contains both Principal and Interest amount. With Every EMI Paid, the Home loan, Mortgage loan amount gets reduced. The amount of the EMI depends on the quantum of loan, interest rate applicable and the term of the loan.

How is an EMI calculated?

EMI Formula: l x r [(1+r) n /(1+r) n-1] x 1/12
l = loan amount
r = rate of interest
n = term of the loan

When is My EMI Due?

The EMI will be due on the 5th of Every Month.

What is the maximum term of repayment?

The Mortgage loan is repayable over a maximum term of 10 years/120 Months.

What are the rates of interest? Are they fixed or floating?

Vipra offers both Fixed and Floating interest rates Rate of interest varies dependent on customers eligibility and collateral type

What is the Maximum Loan amount that one can Borrow?

Maximum amount that one can borrow depends on factors such as:
• The purpose of the loan.
• Whether it is for purchase of property or improvement or renovation, Business Explanation
• Or purchase of land for development etc.
• In Vipra Loans, the maximum Mortgage Loan amount is Rs. 25,00,000 or 60% of the cost of property

What is the mode of repayment?

Mode of repayment will be monthly, and by way of Post Dated Cheques for Equated Monthly Instalments (EMI). Vipra Securities and Financial Services Ltd is in the process of tying up with the banks and would soon enable all the customers to repay through ECS mode (Electronic Clearing Service) also. EMI will commence immediately after the full disbursement. Until EMI starts, Interest is payable on the amount disbursed on monthly basis.

What is the difference between built up area, Super built up area, and Carpet area?

Carpet Area: This is the actual usable area of the apartment/building, which does not include the area of the walls.
Built up Area: This includes the area of the walls also.
Super Built up Area: This includes the built up area, along with the area under common spaces such as the lobby, lifts, stairs, etc. This term is only applicable to multi-dwelling units.

Who is the appropriate authority for knowing the market value of the property?

The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the market value of the property.

These FAQs may undergo changes based on regulatory clarifications issued from time to time.