Will i get banned for using vpn?

yes u will osama

Maybe yes
Maybe no
I dont know

It's against their rules to use a VPN, but I doubt that valve really cares, especially when you are not using it to buy games in their shop.
Still, it's your own choice. If you fear a ban of your account, I'd propose to use the key on a second account, that you don't care about.

I don't know if anyone has been banned for it yet, but it is against the TOS, and they do reserve the rights to ban you for using a VPN to activate games.

im not sure but activation may b successful but u wont be able to play it with ur isp

yes, you will get banned to hell, where you belong osama.

Yes

I know some people that use VPN & have over 100 games on steam so probably not unless you announce it on a public forum like this.

u´ll get banned for sure

AFAIK some games you will need to use VPN in order to play (not only activate) or run steam offilne mode

Well, they won't get you banned, but you will get banned for using vpn.

Hmm a bit off topic but do you need to use vpn for playing the game too if it's region locked?

No.

I've never got in trouble for using a VPN. I say go for it.

Just activate the game in a new account and share it with your own.

P.S.: The restriction won't be valid if you share it (or I guess so).

If I were to guess, given the amount of discordant answers, I'd say it likely depends on how good your VPN is and also on whether you can set it up properly or not.

I've never actually heard from anyone who claimed to have been banned for doing this, or to know anyone who has been. Just people speculating that others would be, for what it's worth. That doesn't mean you couldn't be. I've just never heard of it actually happening.

About your question, I did a little search on google about it a while ago and it seems very few people got banned for using vpn and they all got banned for using it to purchase something from store.
But still it's against the rules and even tho it doesn't happen a lot but it's risky,