To encourage home ownership among women from low-income groups and economically weaker sections (EWS), Vastu Housing Finance Corporation Ltd. has opened a new branch in Azadnagar, New Delhi, which will be managed entirely by women staff and operate under the company’s new loan product category – Micro Housing.
Loans are available under Rs. 5 lakh under the company’s the micro housing product category, to enable them to women customers to construct small houses within a specific investment range. The branch will offer several attractive services to women applicants, including an easy application process, incentivised rates, lower processing fees, special schemes, EMI holidays, rebates, waivers, and quick disbursements. Exclusive insurance products will be available to women customers, including covering life, health and home, from the company’s insurance partners.
Further, the branch will offer a longer repayment schedule based on eligibility criteria such as age, earnings, etc. as per its credit policy. The branch will also feature special hours exclusively for women customers to address their queries faster.
“Financial literacy and financial independence of women will bring multi-generational positive impact in families, thereby contributing to the growth of the nation. The all-women branch of Vastu with enhanced focus on adding women borrowers will be a showcase of empowering women and unlocking the potential in a vast untapped section of our society,” said Renuka Ramnath, Non-Executive Chairperson, Vastu Housing Finance and Founder, MD and CEO of Multiples Alternate Asset Management.
“Our concept of an all-women branch came from our understanding of customer needs and sentiments, especially for salaried and self-employed women customers. 99% of our loan applications involve female applicants. The initiative aligns with our commitment to empower women from low-income groups to own and build a home as an investment for a safe and secure future,” said Sandeep Menon, Founder, MD and CEO, Vastu Housing Finance.
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