Bangalore: Vijaya Bank Housing Finance Limited, a Vijaya Bank subsidiary, is organising a month-long "Own Your Home Festival" from August 1, eying to disburse loans to the tune of Rs 25 crore, a top VHFL official said on July 31.

The event would be on in all its 10 branches spread all over India, VHFL managing director M R Adyanthaya told reporters.

Adyanthaya said VHFL is offering the "lowest" EMI of Rs 925 per lakh and no processing fee would be collected.

"To attract young people, the company introduced 'graduated EMI', wherein for the first five years EMI will be lowest and it will increase after every five years as borrowers' income also increases," he said.

VHFL, he said, disbursed loan of Rs 53.25 crore during 2001-02 and has now targetted a 100 per cent growth with plans to take that figure up to Rs 110 crore in the current financial year.

During 2002-03, VHFL is planning to open one more branch in Bangalore, where it already has three, and in Mumbai, where currently it has one, Adyanthaya said.

For the quarter ended June 30, 2002, VHFL's net profit rose to Rs 1.03 crore, up 23 per cent compared to the same period last year, he added.

During the month-long festival, no guarantors are required to avail the loan amount, and the documentation would be simple, Adyanthaya said, adding, there would be quick disbursement and spot sanction of loans.

PTI