To know about Grihashakti i.e. Fullerton India Home Loan eligibility, share your loan requirement online. Using Home Loan Eligibility Calculator, you can instantly check available home loan amount and EMI eligibility for your profile. Fullerton India offers highly customised home loans for salaried and self-employed business persons & professionals. The basic Fullerton India Home Loan Eligibility Criteria include age, income, existing liabilities, credit score, loan requirement, repayment tenure and property details.
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:
The following are the features of Fullerton India Home Loan.
You can avail a home loan from Fullerton India for the following home-related purposes.
A home loan can be availed under Pradhan Mantri Rozgar Yojana also.
The loan quantum depends on the value of the property, income and the repayment capacity of the applicant.
Facility to transfer the home loan availed at other banks/financial institutions is also available
|Interest:||The rate of interest ranges between 9.99% to 21% p.a. for residential property and between 9.99% to 24% p.a. for commercial property.|
|Security||Primary security by way of equitable mortgage of the property should be available. Apart from EMT, providing a co-applicant or guarantor is mandatory.|
|Repayment||The maximum repayment period is 30 years. If the loan is availed under PMAY Scheme, the maximum repayment period will be 20 years.|
|Processing charges||Processing charges at 3% of the loan amount will be collected.|
|Pre-closure/part pre-payment charges|
Pre-payment charges will be collected at 7% of the pre-paid amount if the pre-payment is done before 12 months from the date of availing the loan.
Pre-payment charges will be collected at 5% of the pre-paid amount if the pre-payment is done after 12 months from the date of availing the loan.
There are no pre-closure and part pre-payment charges for a loan availed by an individual at a floating rate of interest.
For a home loan at a floating rate of interest by non-individual borrowers, pre-payment charges of 210/- will be collected.
When the loan is availed at a semi-fixed rate by individual borrowers, pre-payment charges at 7% of the pre-paid amount will be collected till the fixed-rate tenure and there will no charges thereafter.
For a home loan availed at a semi-fixed rate by non-individual borrowers, pre-payment charges will be collected at 7% of the pre-paid amount till the fixed-rate tenure and at 5% of the pre-paid amount thereafter.
For a home loan availed at a fixed rate for the entire tenure, pre-payment charges at 7% of the pre-paid amount will be collected if the pre-payment is done before 5 years from the date of availing the loan.
Pre-payment charges will be collected at 5% of the pre-paid amount for a home loan at a fixed rate for the entire tenure if the pre-payment is done after 5 years from the date of availing the loan.
If the pre-payment is done out of own sources, then no charges will be collected.
Additional Info: Apply for fullerton personal loan with Mymoneymantra.
The list of documents required for Home Loan by Fullerton India is as detailed below
|Type of Document||Salaried||Self-Employed|
|KYC Documents||Electricity bill, Water bill, Telephone bill, Mobile post-paid bill, Aadhar card, Voter?s ID, Driving Licence, Pan Card, Passport, Employee Card for salaried individuals, etc.|
|Property Documents||Copies of all the property documents required for the creation of an equitable mortgage.|
|Photographs||Two passport size photographs of the applicant, co-applicant and the guarantor|
|Application||The application required for a home loan|
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.
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.
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.
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The factors that decide Fullerton India Home Loan eligibility are the income of the applicant, age, number of dependants, repayment capacity, credit score and the value of the property.
Processing charges will be collected at 3% of the loan amount.
Fullerton India provides for the purchase/construction/repurchase of both residential as well as commercial properties.
Yes. The home loans availed at other financial institutions will be taken over by Fullerton India at a lower rate of interest.
The maximum quantum of loan provided by Fullerton India is 85% of the value of the property.
No pre-payment charges will be collected if the loan is availed at a floating rate of interest by individuals. If the pre-payment is made by own sources, then there will be no pre-payment charges for a loan availed at a fixed rate by individuals.
For home loans availed at a floating rate by non-individuals, a pre-payment charge of 210/- will be collected.
If the home loan is availed at a semi-fixed rate, then pre-payment charges at 7% of the pre-paid amount will be collected till the fixed-rate tenure and no charges thereafter for individual borrowers and 7% of the pre-paid amount till the fixed-rate tenure and 5% of the pre-paid amount thereafter for non-individual borrowers.
If the loan is availed at a fixed rate by individuals, pre-payment charges at 7% of the pre-paid amount if the pre-payment is made before 5 years and 5% of the pre-paid amount if the pre-payment is made after 5 years. No pre-payment charges will be collected if the pre-payment is made out of own sources.
Yes. Fullerton India provides home loan under Pradhan Mantri Awas Yojana.