Fullerton India Home Loan
Fullerton India Home loan products are worth considering for customers wishing to buy a new home or modify their current one. Customers can evaluate their eligibility for a Fullerton India home loan online for free without affecting their credit score. Customers can finish their applications more easily because the bank requires limited documentation. Fullerton India provides various home loan solutions to match customers’ demands, with flexible repayment options and affordable interest rates.
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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 Pluto 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
FAQs
Fullerton India provides home loans beginning from a 9.50% interest rate.
The interest rate of home loans in Fullerton India begins from 9.50% p.a.
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.
Fullerton India offers both fixed and floating rate of interest on a home loan. The rate of interest starts from 9.50% p.a.
To check your housing loan status in Fullerton India, you can contact customer care at (+91) 18001036001.
Yes, Fullerton India checks for CIBIL score for a home loan.
You can get the maximum housing loan amount from Fullerton India, which is INR 5 lakhs and INR 5 crores respectively.
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.
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.
A processing fee of up to 3% of the amount of the home loan is charged by Fullerton India.