Fullerton India Home Loan Eligibility

Fullerton India is reckoned as the most renowned NBFCs in the country. It caters to both retail and rural segments and offers unsecured personal loans, business loans and also group loans. It also caters to the MSME Sector. It operates through 628 branches in the country with its headquarters at Mumbai.

Fullerton offers loans for a various home related purpose like construction/purchase of a house, repurchase of a house, renovation/extension of the existing house, purchase/construction of commercial property, etc. The home loan process is simple and hassle-free. Fullerton assures you a fair deal and transparency as far as the home loan is concerned.

The criteria to qualify for Fullerton India Home Loan are:

• Salaried/self-employed individuals are eligible for the home loan.
• A home loan can be availed by self-employed professionals, businessmen, proprietorship/partnership firms, Private Limited Companies, and unlisted and closely- held companies.
• Salaried individuals should be employed in Government Organisations/MNCs/Reputed Companies or Closely held and unlisted Companies.
• The credit score of the applicant should be good and should be above the benchmark level of 750.
• If the loan is availed under the PMAY scheme, the applicant or any other member of the family should not be owning a pucca house anywhere in the country.

The following are the features of Fullerton India Home Loan.

Additional Info: Apply for fullerton personal loan with Mymoneymantra.

The list of documents required for Home Loan by Fullerton India  is as detailed below

Factors affecting home loan eligibility are many. But some of the major factors affecting the home eligibility are as mentioned below:

Age: Buying a home loan will be normally an investment one does think of after fulfilling all the other commitments in the order of priority. By doing so, you will have lived a major part of your life without making this valuable decision. But planning to invest in a house property when you are close to retirement is not a prudent step. The number of years of stable income will have dwindled and the lenders will be apprehensive to accept the proposal.

Instead, if you make an investment in a house property the top priority, and plan for one in the prime of your career, there are chances of getting the sanction without much hassle.

If you are living in rented accommodation, you might as well invest the rent towards the EMI and end up owning the property after completing the loan tenure.  If you plan to own a house property at a younger age, you will get a higher repayment tenure with an affordable EMI which you can pay easily without compromising on your existing lifestyle.

Credit Score: Go in for short term loans of small value if you have to create a credit score as a part of the preparation to head towards investment in a house property by availing a home loan. A good score will fetch a higher loan amount as the lenders will be convinced about your creditworthiness and responsibility to pay back the loan promptly.

Check your credit score before applying for a home loan and if there are long pending dues, clear the same before going in for the loan. If you feel that there are entries in the credit report which do not pertain to you and has brought down the score, get the same rectified before applying for the loan.

The credit decision of the lenders depends on the individual credit score. The credit score also determines the interest rate and will also provide relaxations in other loan terms as well.

Current loans: The surplus amount available after providing for all the existing commitments is the factor that decides the home loan eligibility. The higher the percentage of amount available for the proposed EMI out of the monthly income, the higher will be the loan eligibility.

To keep the surplus amount at the required level to get a loan as per your budget, you should have a control on the current loans and you should aim at keeping the loans at the lowest level.

Income: The income and the repayment capacity are the two factors that decide the home loan eligibility. If you are planning for a high budget property, your income also should be at a level which will fetch you the required quantum of loan. If you are planning for a home loan, refrain from creating new loan accounts. Too many loan accounts will bring down the income available to provide for the EMI and will also reduce the credit score.

Property and LTV Ratio: The quantum of Fullerton home loan is 85% of the property value subject to availability of adequate income. If you choose a property with a good market value, the loan eligibility will also be higher. The security offered to the lenders should be such that there is a considerable escalation in value. The only recourse for the lenders in case the credit fails is the liquidation of the property. So, the lenders will prefer a property with good market value in the future.

Employment: Before taking a credit decision, the lenders will gauge the risk attached to the applicant's employment. A government job or a job in a reputed Company, MNCs, etc are considered less risky as a stable income is assured. Whereas self-employment, where the income is fluctuating or rather volatile is considered riskier.

It is easier for a person employed in a government organization/PSU/MNC to get loan approval than a person who is self-employed.

The following are some of the tips to increase the home loan eligibility

If you want to own a dream house, you should also be aware that the entire project cost will not be provided by the bank/lending institution. You will also have to make a down payment which may range from 10% to 25% depending on the lender you choose and the amount you require.

Before applying for the loan, plan your budget for owning the house. Build the fund for the down payment by saving in a uniform savings plan or by setting aside the periodical incentives that you get etc.

Technically up to 40% of your monthly income will be considered as the available amount to provide for the home loan EMI and the loan quantum will be assessed accordingly. Calculate the eligible loan amount and budget your buy or estimate for construction as per the available amount.

• A credit score check should be conducted before applying for the home loan. Aim at keeping the score over 750 since a score over and above the benchmark level will enhance your home loan eligibility.
• You can keep the EMI at an affordable level by opting for a longer tenure.
• You should always plan for a property that would not cost more than 3 times your annual income. Sometimes, though your budgeting is good, the available income may not be sufficient to fetch the required loan quantum due to the existing commitments that have mounted in the course of time.
   

In such cases, you can avail the home loan in joint names so that the income of the joint borrowers will also be included while assessing the loan eligibility. If the property is in joint names, then it is mandatory for all the joint owners to be joint borrowers and by default, the eligibility will be higher. But it is not mandatory for joint borrowers to be joint owners. Close family members who are not joint owners can be joint borrowers.

• If your regular income cannot fetch you the required loan quantum, you can disclose other sources of income like interest on fixed deposit, rental income, dividends, etc while applying for the loan which will be considered for assessing the quantum of the loan.
• Buying a home is an experience in itself. Before deciding on the kind of property and the associated budget you will have consulted your friends, relatives, acquaintances and would seek their suggestions. This is an investment which has to be made after a lot of thought and research. The amount being involved is so huge, that even a small miscalculation can prove very expensive.

Understand the offers that are available in the market in respect of the interest rates and other associated charges and work out the cost of the loan. Short-list the preferred deals and choose the most feasible one.

If you have to check your eligibility before applying for a home loan you will have to use the EMI Calculator.

• You consolidate all your current liabilities and understand the quantum of loan that will be available with the surplus income so arrived at. This will enable you to budget your buy.
• Being aware of the EMI that would be payable for the loan that is required, can enable you to plan your monthly expenses to accommodate the EMI without compromising on the present lifestyle.