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Fullerton India Home Loan Interest Rates
Fullerton India offers home loans under the name Fullerton Grihashakti. Fullerton India home loan interest rates start from 9.50% p.a. for loan amounts up to 90% of the property value and repayment terms of up to 30 years. NBFC provides low-interest home loans to working women. NBFC claims the loan will be disbursed within 72 hours of the application being approved.
Home Loan offer for You
9.5% - 10.5%
Interest Rate (p.a.)Up to ₹5Cr
Tenure(1 - 30 Years)₹2,100 - ₹2,149
EMI Per Lakh
- Home Loan offer for You
9.5% - 10.5%
Interest Rate (p.a.)Up to ₹5Cr
Tenure(1 - 30 Years)6.00%
Processing Fee
Compare Fullerton India Home Loan Interest Rates with Other Lenders
A comparison has been made between the current Fullerton India home loan interest rate and other lenders. A borrower must go through the following table to analyse and choose the best.
- Starting Interest Rate (p.a)
- Processing Fee
- Rating
- Min. Loan Amount
Clix Capital HL Interest Rate
15% - 25%
Up to 10% of loan sanctioned
4.5
₹2L - ₹2Cr
Tenure(1 - 25 Years)
Hero Housing Finance HL Interest Rate
15%
Initial Processing Fees- Up to Rs 5,000 Processing Fees including initial processing fee Up to 1% for cheque salaried Up to 3% for others
4.5
₹1L - ₹3Cr
Tenure(Up to 30 Years)
Hero FinCorp HL Interest Rate
13.22%
2.5% of the loan amount + applicable taxes
4.5
₹10L - ₹3Cr
Tenure(1 - 30 Years)
Vastu Housing Finance HL Interest Rate
12.5% - 19.5%
Up to 3% of the loan amount
4.5
Up to ₹50L
Tenure(Up to 20 Years)
- 5 Lac
- 20 Cr
- 5
- 30
- 6
- 20
Monthly Loan EMI
Payment Breakdown:
Principal Amount
₹10,00,000
Interest Payable
Total Amount Payable
Fullerton India Home Loan Interest Rates 2024
We offer competitive interest rates on home loans based on the individual’s profile and the eligibility of each applicant. The final interest rate offered to an applicant is determined by a number of factors, including credit score, history, repayment capacity, property type, value, income, employment type, and so on.
Loan Slab | Home Loan Interest Rates (p.a.) |
Salaried | 9.50% Onwards |
Self-Employed | 10.50% Onwards |
Note: The above-mentioned interest rates may differ at the time of applying for a home loan.
Fullerton India Home Loan Highlight
The highlights of Fullerton India home loan are mentioned below:
- Interest rates start at 9.50% and go up from there.
- Repayment terms of up to 30 years are available.
- Existing customers will benefit from quick approval and distribution of funds.
- Prepayment penalties do not apply to variable-rate mortgages.
- Balance transfer home loans are available to anyone who wants to benefit from lower interest rates.
- Door-to-door services
Fullerton India Home Interest for Salaried and Self-Employed
The following table lists the Fullerton India home loan interest rate salaried employee and self-employed borrowers.
Loan Slab | Home Loan Interest Rates (p.a.) |
Salaried | 9.50% Onwards |
Self-Employed | 10.50% Onwards |
Note: The above-mentioned interest rates may differ at the time of applying for a home loan.
Fullerton India Home Loan Interest Rate and Other Charges
A potential borrower can go through the following tables to better understand the Fullerton India home loan rate of interest and other charges.
Processing Fee
Fullerton India charges a processing fee of up to 3% of the home loan amount.
Application Fee
Loan Amount | Charge |
Less than or equal to INR 10 Lakh | INR 2,500 |
INR 10 Lakh – INR 25 Lakh | INR 3,500 |
INR 25 Lakh – INR 50 Lakh | INR 4,500 |
More than INR 50 Lakh | INR 6,500 |
Foreclosure/Prepayment Charges
Individual borrowers on Floating rate (home should be on individual name and end use of home loan should be for home purchase, construction, plot + construction, extension, improvement or renovation) | NIL |
Non-individual borrowers on Floating rate (home should be on a non-individual name) | NIL |
Fixed rate (own funds) |
|
Other Fees and Charges
Documentation charges (only for disbursed cases) |
|
Stamp fees and charges | As per state laws + 5% stamping amount |
Rate of interest conversion fee | Up to 1% of the outstanding principal amount |
Cheque/ECS/NACH bounce charges | INR 500 per instance |
Swap charges | INR 600 per swap instance |
CERSAI Charges |
|
Penal interest | Up to 2% per month of overdue EMI from the relevant due date until the date of actual payment |
Part disbursal/per tranche fee | INR 600 per tranche |
Disbursement cheque cancellation and re-issuance charges | INR 1,000 per instance |
Collection of cheque/cash (per collection) | INR 500 |
Application fees/IMD fees for rural cases | INR 2,000 |
Note: The fees and charges mentioned above are dated January 9, 2023.
How to Calculate Fullerton India Home Loan Interest?
An applicant can use a Fullerton India home loan interest rate calculator to calculate the EMI they will be paying on the home loan. However, if an applicant wishes to calculate the current Fullerton India home loan interest rate manually, they can use the formula below.
EMI = (P × r × (1+r)^n)/((1+r)^n-1)
Here,
- ‘P’ depicts the principal amount
- ‘r’ depicts the interest rate
- ‘n’ depicts the tenure of the loan
Why are Fullerton India Home Loan Interest Rates the Best for Customers?
Fullerton India is a well-known lending house in India for home loans. It offers several housing finance schemes to meet a wide range of customer needs, with home loan interest rates ranging from 9.5% to 10.5% per annum. Furthermore, housing finance is available based on eligibility criteria for salaried employees, self-employed individuals, business professionals, and farmers, with flexible repayment terms of up to 30 years. When you apply for Fullerton India home loans, you get lower interest rates than other lenders and save a lot on processing fees and other fees.
Factors that affect Fullerton India Home Loan Interest Rate and EMI
The factors affecting Fullerton India home loan interest rate and EMI are explained below:
Credit Score
Your credit score reflects your repayment history, financial discipline or habits, and creditworthiness. A lower credit score indicates a high credit risk, which would require lenders to charge a higher rate of interest to cover their risks. A higher score, on the other hand, indicates a lower credit-risk individual, making lenders more willing to offer lower interest rates.
Loan-to-Value Ratio (LTV)
The percentage of the property value that can be financed through the loan is referred to as the LTV. A larger loan amount attracts a higher interest rate because it is a higher credit risk. A larger down payment can help reduce the loan amount, lowering the interest rate.
Occupation
Individuals with a stable income are considered low-risk, whereas those with an unstable income are considered high-risk. Lower interest rates are thus offered to those with a stable income, such as salaried professionals, PSU, government employees and leading private sector firms employees. Doctors and chartered accountants are considered low-risk self-employed professionals.
Tenure
If you choose a longer repayment term for your home loan, be prepared to pay a higher interest rate because the lender assumes more risks with a longer repayment term than a shorter repayment term. You can use the Fullerton India home loan interest rate calculator to determine the best repayment period for your financial situation.
Location of the Property
When applying for a home loan and determining interest rates, the location of the property is extremely important. House properties in a good location with good road connectivity, near a market, railway station, and educational institutes, for example, will always command a higher resale value. As a result of the lower level of risk, lenders charge a lower interest rate on such properties. If the borrower defaults, the lender may sell the property to recoup its losses. In addition, the lender looks at the property’s age to see if it was recently built or if you are purchasing an older home. Newer properties are more stable and therefore have a higher resale value.
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Financial Calculators
Frequently Asked Questions (FAQs)
What's the interest rate for Fullerton India?
Fullerton India home loan interest rate starts from 9.50% p.a. for salaried employees and 10.50% pa for self-employed borrowers.
What is the current rate of interest on the Fullerton India home loan?
The current Fullerton India home loan interest rate starts from 9.50% pa for salaried employees and 10.50% pa for self-employed borrowers. This interest rate is dated January 9, 2023.
Does Fullerton India provide 90% of a home loan?
Yes, Fullerton India provides 90% of a home loan up to INR 5 crores. The loan tenure is flexible and extends up to 30 years.
What is the EMI for 30 lakhs home loan for 20 years?
The EMI for an INR 30 lakhs home loan for 20 years at an interest rate of 11% is INR 32,561.
How can I reduce my Fullerton India home loan interest rate?
Applicants can lengthen their repayment tenure, opt for a down payment and consolidate their loans in order to reduce the home loan Fullerton India interest rate.
What is the average rate of interest for a home loan in Fullerton India?
The average rate of interest for a home loan in Fullerton India is 10.50%.