Fullerton India is considered as one of the most popular NBFCs in the country. Fullerton India is a wholly-owned subsidiary of Fullerton Financial Holdings that is established in Singapore. Home Loan is one of the many products offered by Fullerton India.
Grihashakthi a fully owned subsidiary of Fullerton India with its headquarters at Mumbai helps you fulfill your ambition of owning a home with the help of the home loan that is provided for both salaried as well as self-employed individuals.
Grihashakthi offers Home Loans for the purchase of a row house/flat/independent house and construction of a house or purchase of a plot and construction thereon. A loan will be given even for repair./remodelling/expansion of your existing home. Loans will be provided for the purchase/construction of commercial property also.
Additional Info: Also check SBI Home Loan EMI Calculator
Fullerton India offers home loans for the purchase of a flat/house, construction of a house, purchase of a plot and construction thereon and for repairs/renovation/expansion of the existing house. Home Loan Balance Transfer facility is also provided.
|Fullerton India Home Loan|
Salaried individuals/Self-employed individuals/
Professionals, businessmen, Proprietorship/
Partnership Companies, Closely held Companies and Unlisted Companies can avail the loan.
Employment should be in Government Organisations, MNCs, Closely held and Unlisted Companies and Reputed Companies.
Cibil score above 750.
Nobody in the family should own a pucca house anywhere in the country if loan availed under PMAY scheme
|Loan up to 85% of the market value of the property subject to adequate income and repayment capacity.||Interest linked to MCLR and starts at 9.99%.||Maximum repayment period of 30 years for regular home loan and 20 years if availed under PMAY Scheme||EMT of the property acquired out of the loan along with personal guarantee of a third-party who is creditworthy|
Processing charges will be at 3% of the loan amount.
No pre-payment charges if loan is availed at a floating rate by individuals and a pre-payment charge of 210/- if availed by non-individuals at a floating rate.
If loan is availed at a fixed rate pre-payment charges between 5% and 7% of the pre-paid amount will be collected.
For a loan at semi-fixed rate pre-payment charges at 7% of the pre-paid amount till the fixed rate tenure and no charges thereafter.
Additional Info: Looking for 25 Lakh Home Loan? Check EMI & Apply.
The lowest EMI as on date is Rs. 733 per lakh for Fullerton India Home Loan @ 7.99% p.a. The rate of interest for Fullerton India Home Loans starts at 7.99% p.a..
EMI for a loan at 7.99% p.a. interest:
|Loan amount||5 years||10 years||15 years||30 years|
|Rs. 10,00,000||Rs. 20,272||Rs. 12,127||Rs. 9,551||Rs. 7,331|
|Rs. 50,00,000||Rs. 1,01,358||Rs. 60,637||Rs. 47,754||Rs. 36,653|
|Rs. 75,00,000||Rs. 1,52,037||Rs. 90,956||Rs. 71,631||Rs. 54,980|
Additional Info: Looking for 10 Lakh Home Loan? Check EMI & Apply.
Even before availing a home loan it is essential to figure out your repayment capacity. You can land up in financial stress if you commit for an amount which is beyond your means. The home loan EMI Calculator will enable you to assess your eligibility. On knowing this you can probably look for a property that will be within your budget. If you have enough savings and are able to make a higher down payment, you can go for a lower loan amount. Home loan EMI will take away a major portion of your monthly income and it will be a commitment for a longer tenure. Keeping the loan amount low will be beneficial if you can bridge the gap with your own resources.
The formula for calculating the EMI is as given below:
P*r* (1+r) ^n/([(1+r) ^n]-1)
P stands for Principal
R stands for rate of interest
N stands for the loan tenure
Additional Info: Also check HDFC Home Loan EMI Calculator
Make it a point to use the EMI calculator before applying for a home loan as it has many benefits.
100% Accuracy: Calculating the home loan EMI is very crucial as your whole budget planning depends on the EMI so arrived. The calculations are very complex if it has to be done manually and there are chances of errors in the calculation. The erroneous EMI arrived may result in the wrong choice of a home loan. Instead of relying on the manual calculation, you should use the Home Loan EMI Calculator which will give you a 100% accurate result in a matter of a few seconds.
Saves time: You can arrive at the EMI by applying the formula provided for the EMI calculation. But the whole process is so tedious since it involves complex calculations. While calculating EMIs for various combinations there are chances of committing a mistake. The values arrived at manually are not 100% accurate. Whereas if you use an EMI calculator you can be assured of accurate results within few seconds. Using an EMI calculator for the complicated calculation will save your valuable time.
Helps plan your budget: Since there is no bar on the number of times the EMI calculator can be used, you can try various combinations as per the offers from different lenders till you arrive at an EMI that is comfortable on your pocket and which does not disrupt your monthly budget.
Enables comparison of quotes: A list of different quotes based on your eligibility and requirement will be displayed once you arrive at the affordable EMI using the EMI calculator. You can make the right home loan choice with the loan tenure, principal amount and the rate of interest featured specifically for each quote.
Additional Info: Also Apply Home Renovation Loan
The variants that are required to calculate the EMI are the loan amount, loan tenure and the rate of interest and obviously, these are the three variants that affect the EMI.
Additional Info: You can also check Best Home Loan Interest Rates
Rate of interest: If you want to have a constant EMI throughout then you should opt for a fixed rate of interest. The EMI will remain constant for a period of 3 to 5 years. On resetting the rate of interest after 3 to 5 years the EMI will change. You can plan your monthly budget if you are certain about the EMI every month. In this case, at least for a period of 3 to 5 years there will be a fixed commitment towards the home loan.
In the case of a floating rate of interest, the EMI will change as and when the rate of interest changes. If the interest is high, the EMI will be high and if the interest is low, the EMI will be low.
Loan amount: The EMI will largely depend on the loan amount required. If the loan amount is higher the EMI will be higher and if the loan amount is lower the EMI will be higher. Once the EMI is arrived at you will know your eligibility. If the eligible loan amount is not adequate for your project, you can avail the loan in joint names. Income of the joint borrowers will be considered and so the affordable EMI will increase and so also the loan amount.
Tenure: Choose the tenure prudently since the cost of the loan depends on the tenure. The longer the tenure the higher will be the interest cost. If you are in the age bracket of 30 to 40 years, you go for a higher tenure at the time of availing the loan to improve your eligibility. Subsequently, if you have any surplus funds you can make periodical pre-payments along with the regular EMI to bring down the tenure and the cost of the loan.
Pre-payment: Use a pre-payment calculator before making any pre-payments to understand the effect of the pre-payment on the EMI. On the pre-payment of the loan, the outstanding principal balance will reduce to that extent. If you are making the pre-payments with an intention to pay off the loan earlier, then keep the EMI constant and go for a reduction in the tenure. But if you intend to lessen the burden on your monthly budget, you can go for resetting of the EMI which will reduce.
Step-up EMI: The EMI will gradually increase as the period progresses with the step-up EMI where the EMI will be kept low at the time of the disbursement of the loan.
Additional Info: Also check Rs. 1 Crore Home Loan EMI
You will have to consider a few things for deciding the right EMI
Additional Info: Looking for 40 Lakh Home Loan? Check EMI & Apply.
Additional Info: Also check ICICI Home Loan EMI Calculator
EMI largely depends on the rate of interest charged to the loan. There are various types of interest charged and the EMI will fluctuate depending on the type of interest you have chosen.
Additional Info: Looking for 50 Lakh Home Loan? Check EMI & Apply
Fixed-rate of interest where the interest will remain fixed till a certain period and thereafter will be reset at the prevailing rate. The EMI will remain constant until the interest is reset. At the time of resetting, if the rate of interest is lower than the earlier rate, then the EMI will also reduce. If the rate of interest is higher than the earlier rate, then the EMI will increase.
Floating rate of interest where the interest will change whenever a change in the rate of interest is announced. This fluctuation will happen several times during the loan tenure. Every time the rate of interest changes, the EMI also changes. If the rate of interest is low then the EMI will reduce and if the rate of interest is higher, then the EMI will be higher.
Semi-fixed rate where the interest will be fixed for a certain period and thereafter converted to a floating rate, the interest will be fixed for a certain period and thereafter it will be converted into a floating rate of interest. The EMI will be constant till the rate of interest is fixed and thereafter will fluctuate as per the rate of interest fluctuation.
Additional Info: Also Check Plot Loan
You can accurate EMI calculation with the simple and user-friendly EMI calculator of MyMoneyMantra. You will have to go through a few simple steps to make the calculation.
Additional Info: Also Check SBI Plot Loan
Additional Info: You can also Check Banglarbhumi West Bengal Land Record
The rate of interest charged for Fullerton India Home Loans starts at 7.99% p.a.
The pre-payment charges are stipulated for Fullerton India Home Loans based on the period when the pre-payments are made. Pre-payment charges will be collected at 7% of the pre-paid amount if the loan is pre-paid before 12 months from the date of availing the loan and at 5% of the pre-paid amount if the pre-payment is done after 12 months from the date of availing the loan
For home loans availed by individuals at a floating rate of interest, there will be no pre-payment charges. For home loans availed by non-individuals at a floating rate of interest, a pre-payment charge of Rs. 210/- will be collected.
For home loans availed at a fixed rate of interest for the entire tenure, then pre-payment charges will be collected at 7% of the pre-paid amount for the entire tenure 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 the entire tenure if the pre-payment is done after 5 years from the date of availing the loan.
If the loan is availed at a semi-fixed rate, then the pre-payment charges will be 7% of the pre-paid amount till the fixed-rate tenure and there will be no pre-payment charges thereafter.
There will be no pre-payment charges if the pre-payment is made out of own sources.
Processing charges will be collected at 3% of the loan amount.
If you opt for a step-up EMI, the EMI will be kept low initially at the time of availing the loan and will be increased periodically as the loan tenure progresses.
The maximum loan tenure provided by Fullerton India for Home Loans is 30 years.