Fullerton India Loan Against Property
Fuller India Credit Company Limited is registered as an NBFC- Investment and Credit Company with the Reserve Bank of India, and a member of SMBC Group. FICC started its India operations in 2007 and is today a leading NBFC with a pan India presence. Working together with over 12,500 employees, we reach our market by connecting with over 2.3 million customers, be it in cities, towns, or villages, right at their doorstep. We penetrate deep inside the market through more than 628 branches, covering 600 towns and approximately 58,000 villages. We operate in the niche sectors and provide financial access to the underserved and unserved segments.
Features and Benefits of Fullerton India Loan Against Property Interest Rates
If you’re planning to apply for Fullerton India Loan Against Property, check below some of its major features and benefits:
- The application of a Loan Against Property in Fullerton India is a convenient and transparent process.
- You get an attractive interest rate starting at 9% p.a.
- FICCL offers a long repayment tenure of up to 15 years.
- The organisation offers Loan Against Property Rs. 5 Crore.
- Fullerton India accepts residential as well as commercial properties as collateral.
- FICCL offers personalised products to match individual needs.
Eligibility Criteria and Factors Affecting Fullerton India Loan Against Property Eligibility
There are some basic parameters Fullerton India follows while offering a loan against property. Check below the Fullerton India Loan Against Property eligibility criteria:
|Age||21-60 Years||25-65 Years||At least 2 Years Old|
|Nature of Work||Working in an MNC/Pvt. Co./Public Sector||Should have a steady source of income||-|
|Geography||Resident Indian||Resident Indian||Indian SME|
|CIBIL Score||700+||700+||Financials should show a steady source of profits over the past 2 years and should be audited by a Chartered Accountant|
Fullerton India Loan Against Property Fees and Charges
Check below the table for fees and charges to have a clear understanding of the same:
|Delayed EMI Payment Interest (per month of delay)||24% per annum on outstanding balance which is overdue, calculated daily|
|Processing Fees||Up to 3% of the Loan Amount|
|Collection of Cheque/Cash (per collection)||Rs. 300|
|Cheque/ECS/NACH dishonoured charges (per dishonour of cheque/ECS/NACH per presentation)||Rs. 300|
|Swap Charges - for replacement of Post-dated cheques to ECS (per instance)||Rs. 500|
|Swap Charges - for replacement of ECS to ECS (per instance)||Rs. 500|
|Loan Cancellation Charges (loan cancelled before first EMI)||Rs. 5,000|
|Rate of Interest Conversion Fee||An amount not exceeding 1% of the loan amount sanctioned (SME loans / Loan Against Property & LRD)|
Fullerton India Loan Against Property Interest Rates
Mortgaging a property might seem a daunting task but it is a safe and secured option to take a loan. You will get maximum value with reasonable interest rates, flexible repayment options and tenures. Interest rates for Loan Against Property in Fullerton India depend on various factors and you have a range of mortgage loan products to choose from as per your needs. FICCL has tailored solutions for everyone - be it salaried, self-employed or a business entity.
Moreover, a loan against property depends on multiple factors such as type of property, its current market value, your income, available documentation and more.
Fullerton India Loan Against Property Interest rates vary from 9% to 24% depending on factors like employment or business stability, net income, repayment capacity, credit history, existing monthly obligations and LAP product type.
Factors Affecting Fullerton India Loan Against Property Interest Rates
Here are several factors that affect Fullerton India Loan Against Property Interest Rates:
- Your nature of work
- Type of property
- The current market value of the property
- Your income
- Credit history
- Available documentation
There are some of the major Fullerton India loans against property requirements.
Documents Required for Fullerton India Loan Against Property
Here is the list of documents required for Fullerton India loan against property:
- Duly filled and signed Fullerton Loan Against Property Application form
- Passport Size Photographs
- Identity Proof (Voter ID / Passport Copy / Driving Licence / PAN Card)
- Residence Proof (Ration Card / Electricity Bill / Telephone Bill / Passport Copy / Rental Agreement / Driving Licence / Bank Passbook or Statement)
- Age Proof (Passport / PAN Card / any other certificate from a statutory authority)
- Bank Statements (for the last 6 months) OR Last 6 months salary slips
- Processing Fee Cheque
- Form 16
- Income Tax Returns for the last 3 years
- Documentation about the property offered as collateral
Additional Documents for Self-Employed and SMEs
- For Self Employed: Income statements and other financials for the last 2 years attested by a Chartered Accountant
- For SMEs: Audited financials for the last 2 years
How Does the EMI Calculation Work for Fullerton India’s Loan Against Property?
Fullerton India’s Loan Against Property EMI Calculator helps you know the approximate value of the instalments of the loan that you need to pay monthly for servicing your loan against property. Check below the easy steps that help you determine your EMI amount in seconds:
- First, select the loan amount. You can select up to Rs. 5 Crore.
- The next step is to choose the tenure for the loan. You can select a repayment tenure of up to 15 years for a Loan Against Property.
- Go to the “Rate of Interest” tab to select a rate of up to 24%
You can see the EMI amount on the right-hand side of the screen. And in case you find EMI on the higher side, you can change the tenure and amount to make adjustments to the result.
For instance: If you require a loan against property for Rs. 50 lakh with a 5-year repayment tenure, go to the “Loan Amount” section and set the slider at Rs. 50 Lakh. Now go to the “Loan Tenure” section and choose “5” years. Then, choose the rate of interest in the “Rate of Interest” box. Remember, you can use the EMI calculator as many times as you wish to reach your best option.
How Does Fullerton India Compare with Other Lenders?
You can avail several benefits while applying for a loan against property from Fullerton India. Check below the comparison of Fullerton India Loan Against Property with SBI Loan Against Property and HDFC Loan Against Property:
|Interest Rate||9.00% - 24.00%||8.45% - 10.00%||8.00% - 8.95%|
|Maximum Loan Amount||Rs. 5 Crore||Rs. 7.5 Crore||Rs. 5 Crore|
|Maximum Loan Tenure||15 Years||15 Years||15 Years|
|Processing Fee||Up to 3% of the loan amount||1% of the loan amount plus service tax||1% of the loan amount|
|Eligible Age||21-60 Years for Salaried and 25-65 Years for Self-Employed||18-70 Years for Salaried, Non-salaried business people or professionals||24-60 for Salaried and 24-65 for Self-employed Professionals and Non-Professionals|
Fullerton India Loan Against Property Customer Care Number
- Toll-Free No. - 1800 103 6001
- Timings: 9.00 a.m. to 7.00 p.m. (Monday to Saturday excluding fourth Saturday of every month and public holidays)
From refinancing to reducing your interest, we have the answers right here.
Is there an application fee for Loan Against Property from Fullerton India?
Yes. You need to pay a processing fee of up to 3% of the loan amount for a loan against property from Fullerton India.
What is the maximum loan amount that I can avail against a property from Fullerton India?
You can take a maximum loan of up to Rs. 5 crores against the property.
Can I get a loan against the plot?
What is LTV?
The LTV or Loan-to-Value ratio is a measure used to compare the mortgage amount with the value of a property purchased.
What is the maximum loan against the property amount I can get from Fullerton India?
You can get a loan of up to 70% of the residential property’s market value or up to 60% of the commercial property’s market value. We would suggest speaking with a customer care representative to know more details about the maximum loan amount against the property.
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