Fullerton India Home Loan Interest Rates

4.5

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
  • 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
  • 5 Lac
  • 20 Cr
Years
  • 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)
  • 7% of the amount prepaid upto 12 months
  • 5% of the amount prepaid on more than 12 months

Other Fees and Charges

Documentation charges (only for disbursed cases)
  • INR 1,500 on loan amount less than INR 25 Lakh
  • INR 3,000 on loan amount more than INR 25 Lakh
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
  • INR 110 on loans up to INR 5 Lakh
  • INR 210 on loans more than INR 5 Lakh
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.

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%.

Urban Money