Urban Money

Fullerton India Home Loan

Fullerton India
4.5

A non-banking financial organisation called Fullerton India Credit Company Limited, or FICCL, provides specialised home loan options for a range of uses, including the purchase, building, extending, and renovating real estate. Fullerton India, also known as Fullerton Grihashakti, offers consumers home loans with affordable interest rates starting at 9%. Furthermore, FICCL offers fewer qualifying requirements for house loan applications than other lenders.

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Home Loan Banks

Interest Rate

Processing Fee

Rating

Loan Amount/Tenure

Fullerton India Home Loan Interest Rate

Fullerton India

9.5%

Up to 3%

4.5

Up to ₹5Cr

Tenure(1 - 30 Years)

Details

Features & Benefits of Fullerton India Home Loan

Found your perfect home but are low on funds? The Non-Banking Financial Company, Fullerton India, aids a home buyer by providing a loan of up to INR 5 crores with a convenient repayment tenure of up to 30 years. The Fullerton India home loan is offered under the scheme name ‘Fullerton Grihashakti’ at an interest rate of 9.50% onwards, with working women receiving concessional rates.

The features and benefits of the Fullerton India housing loan are given below:

  • The loan amount is between INR 5 lakhs and INR 5 crores, up to 90% of the property
  • The interest rates for home loans start at 9.5% per year.
  • Duration of repayment is maximum at 30 years 
  • The processing fee is minimal 
  • Loans for a variety of purposes, including the purchase of a new or used home or building lot, construction, home remodelling projects, and home additions, are provided
  • Both paid employees, and independent contractors can apply for loans.
  • Subsidy for PMAY Home Loans for Eligible Clients
  • Effortless documentation procedure

Fullerton India Home Loan Eligibility Criteria

Fullerton India home loan eligibility criteria must be met by borrowers. One can consider the following:

Salaried Individuals

  • Must be an employee of an MNC, PSUs or Central or State government 
  • Private listed companies, partnerships or proprietorship  

Self-Employed

  • Partnership firms
  • Private limited companies/ unlisted/ closely held companies
  • Self-employed businesspersons or sole proprietors 
  • Self-employed professionals 

Factors Affecting Fullerton India Home Loan Eligibility

For you, banks and other financial institutions have made it simpler than before. The lender must confirm that you are qualified for a mortgage loan; after all, they entrust you with their money. As a result, scrutiny is appropriate. The factors affecting Fullerton India home loan eligibility include the following:

Age

The acceptance of a loan application is highly influenced by age. It is simpler to obtain a loan with a longer term the younger you are. If you are or are getting close to retirement, banks and other financial institutions might be wary.

Income and Occupation

Unusual employment that is dangerous gives little security, or have erratic income streams may make lenders doubt your capacity to repay the loan in a timely manner. Your job's frequent adjustments will likewise be detrimental. A reliable source of income increases the likelihood of securing a loan quickly.

History of Property

In addition to their customary legal and technical examinations, lenders will assess the likelihood of structural collapse if the property you wish to borrow money against is very old. In such circumstances, the lender may consider other existing properties and assets before approving the loan.

Credit Score

Maintaining a strong credit score is vital because lenders look at the applicant's credit history before approving a loan. Unfortunately, your application can be turned down if you have a very low credit score or numerous outstanding loans.

Dependents

Before approving the loan, the number of dependents/co-applicants, such as spouses, children, or parents, is also determined. The more dependents you have, the less disposable income you will have, and the less probable it is that you will be able to repay the debt. This may impede your ability to obtain a mortgage.

Fullerton India Home Loan Fees and Charges

When you apply for a Fullerton India home loan, the following fees and charges are incurred by the bank:

  • Processing fee of up to 3% of the home loan amount.
  • Documentation fee ranges between INR 1500-3000 and depends upon the amount of loan
  • Application fee ranges between INR 2500-6000 and depends upon the amount of loan
  • A charge of INR 500 will be incurred on each set of duplicate document
  • There are no foreclosure charges on floating rate of interest 
  • A percentage of 5% - 7% is charged as foreclosure charges on a fixed rate of interest

Documents Required for Fullerton India Home Loan

The documents required for the Fullerton India home loan are given below:

Identity Proof

PAN card Driving License
Voter’s ID Card Employee Card in the case of salaried employees

Income Proof

Past  6 months bank statements Financial report audited by CA
Form 16 of 2 years Past two years of ITR
Salary slips of last 3 months

Residence Proof

Aadhaar card Ration card
Recent utility bills like electricity bill or water bill Property tax

How does the EMI calculation work for Fullerton India Home Loan?

If you figure out your EMIs before even applying for a loan, your task can become easier and less complicated in the long run. Utilise the Urban Money home loan EMI calculator to determine the optimal loan term, interest rate, and loan amount. However, you may figure out the EMIs manually using the formula below:

EMI = (P × r × (1+r)^n)/((1+r)^n-1)

Here,
  • "P" stands for the principal amount,
  • "r" for the interest rate
  • "n" for the length of the loan

Fullerton India Home Loan Customer Care Number

With its customers, Fullerton India is steadfastly committed to building a successful and long-lasting partnership. Every time you interact with them, they aim to provide "best in class" service. In case of any query, you can contact Fullerton India home loan at the toll-free number - 1800 103 6001 from 9:00 am to 7:00 pm from Monday to Saturday, excluding holidays.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Does Fullerton India Provide Home Loans at the best rate?

Fullerton India provides home loans beginning from a 9.50% interest rate.

What is the interest rate of a Home Loan in Fullerton India?

The interest rate of home loans in Fullerton India begins from 9.50% p.a.

What are the benefits Fullerton India Provides on Home Loan?

The benefits Fullerton India provided on home loans are the convenience of applying for the loan online, availability of a home loan calculator, flexibility in repayment tenure, and competitive interest rates.

Does Fullerton India have a fixed rate of interest on a home loan?

Fullerton India offers both fixed and floating rate of interest on a home loan. The rate of interest starts from 9.50% p.a.

How to check Housing Loan Status in Fullerton India?

To check your housing loan status in Fullerton India, you can contact customer care at (+91) 18001036001.

Does Fullerton India check for CIBIL Score for Home Loan?

Yes, Fullerton India checks for CIBIL score for a home loan.

What is the maximum and minimum housing loan amount I can get from Fullerton India?

You can get the maximum housing loan amount from Fullerton India, which is INR 5 lakhs and INR 5 crores respectively.

What are the KYC documents I must submit to apply for a home loan from Fullerton, India?

The KYC documents must be submitted to apply for a home loan from Fullerton India. The documents are identity proof, income proof and residence proof.

Will I be charged a penalty for not paying my EMI on the Fullerton India housing loan?

Any delay in the payment of EMI will result in a penalty of an increased rate of interest of 2% per month on the total payable amount.

What is the processing fee on the Fullerton India home loan?

A processing fee of up to 3% of the amount of the home loan is charged by Fullerton India.

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