Fullerton India Loan Against Property

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About Fullerton India

Fullerton India is India's one of the leading Non-Banking Finance Corporation (NBFC) that launched its operations in India in 2007. Fullerton India offers comprehensive financial services that primarily focus on SME financing among others including working capital loans, commercial vehicle loans, home improvement loans etc. 

The NBFC has a wide network of branches across the country. They also have a huge connection network with more than the million of satisfied customers.

About Fullerton India Loan Against Property (LAP)

If the borrower has a property in his name then he can use the same for borrowing funds from the banks and NBFCs. The funds can be used for several professional and personal needs. Fullerton India offers Loan Against Property with various advantages. The NBFC provides a customized loan that could fit the financial requirements accordingly. There are several benefits of availing loan from Fullerton India including affordable and attractive interest rate and easy documentation.

Fullerton India Features and Benefits

  • Loan Amount: The borrower can borrow a loan of minimum amount Rs. 10 lacs to the maximum amount of Rs. 10 crores. However, the amount of loan will vary based on the market value of the property and the purpose of a loan.
  • Age: The minimum age for applying for Loan Against Property (LAP) is 21 years and above and the maximum age should be 65 years at the time of maturity.
  • Loan Tenor: LAP from Fullerton India can be taken for the longer tenor of 15 years. The longer tenor is beneficial for the borrowers as the longer tenor reduces the amount of EMI.
  • Loan To Value (LTV): The maximum LTV in case of residential property is typically 70% and 60% in case of commercial property.
  • Repayment Options: The loan can be repaid from the several available payment options that include Standing Instructions (SI), Post Dated Cheque (PDC) and Electronic Clearance System (ECS).
  • Pre-payment of a loan: The loan can be repaid anytime during the loan tenor. Pre-payment charges will be applicable.
  • Processing Fee: Fullerton India charges a minimal processing fee ranging from 1% to 3% of loan amount.
  • LAP Balance Transfer and Top-Up: The borrower can transfer his loan from another bank or NBFC to Fullerton India to avail the benefit of lower interest rate. Moreover, he can take additional finance over and above the amount of balance loan.
  • Pre-payment Charges: The NBFC charges pre-payment charges that ranges from 4 to 5% of the outstanding loan amount that is paid at the time of foreclosure.

                                                               

Fullerton India LAP Eligibility Criteria

Who can apply?: Loan Against Property from Fullerton India can be applied by salaried individuals, self-employed professionals, and self-employed business man.

Age: The minimum age at the time of applying for a loan should be 21 years and above.

CIBIL Score: To avail LAP the borrower should have good repayment track and a good CIBIL Score. However, the minimum CIBIL Score should be 650 and above.

Financials:

  • Salaried Employees: Bank statement of latest 6 months, Form 16 and Income Tax Return of latest 3 years
  • Self ?Employed: Bank statement of latest 6 months, Balance Sheet and P & L Statement of latest 3 years, Income Tax Returns of latest 3 years certified by CA.

  • Interest Rate 9.75% - 11%
  • Loan Amount20L - 30Cr
  • Processing Fee 0.75% - 1%
  • TenorUpto 15 Years

  • Quick Apply

Documentation for Fullerton India LAP

Documents are crucial for applying for a loan. The following documents are required for a Loan Against Property from Fullerton India:

 Type of Document Salaried Employees  Self- Employed 
   Application Form   Application Form along with 2 passport size photos signed across    Application Form along with 2 passport size photos signed across
   Identity Proof 

    Any one of the following:

  • Aadhar Card
  • Passport
  • Voter ID
  • Driving License
  • PAN Card
 

    Any one of the following:

  • Aadhar Card
  • Passport
  • Voter ID
  • Driving License
  • PAN Card
   Address Proof 

  Any one of the following:

  • Aadhar Card
  • Ration Card
  • Telephone Bill
  • Electricity Bill
  • Bank Passbook
  • Driving License
  • Passport Copy
  • Rent Agreement
 

  Any one of the following:

  • Aadhar Card
  • Ration Card
  • Telephone Bill
  • Electricity Bill
  • Bank Passbook
  • Driving License
  • Passport Copy
  • Rent Agreement
   Age Proof 

  Any one of the following:

  • PAN Card
  • Passport
  • Any certificate of statutory authority
 

  Any one of the following:

  • PAN Card
  • Passport
  • Any certificate of statutory authority
   Bank Statement 
  • Salary Slips (Latest 3 months)
  • Bank Passbook (Latest 6 months)
 Bank Passbook (Latest 6 months)
   Financials  
  • Form 16
  • ITR of last 3 years
 
  • Balance Sheet (Last 3 years)
  • Profit and Loss Statement (Last 3 years)
  • ITR (Last 3 years)
   Other Documents   Property Documents (Copy of title of the property) 
  • Property Documents (Copy of title of the documents)
  • Proof of business existence 

Fees and Charges By Fullerton India

Following are the different fees charged by Fullerton India:

 Type of Fee 
   Processing Fee   1% to 3% of loan amount
   Foreclosure Charges/ Foreclosure Charges 
  • Within 6 months from Agreement Date- 5%
  • Between 25 months to 60 months- 4%
  • Between 61 months to 84 months- 3%

Other Loans offered by Fullerton India

  • SME Loans
  • Personal Loan
  • Business Loan
  • Home Loan

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