Fullerton India

Fullerton India Home Loan

Apply Fullerton India Home Loan

About Fullerton India Home Loan

Fullerton India Credit Company Limited (popularly known as Fullerton India) is reckoned among India's leading non-banking financial companies (NBFCs). It has a widespread network of over 616 branches in 22 states and 3 union territories in India. Fullerton India offers various financial products to the customers including Home Loans. Fullerton India is an entirely owned subsidiary of Fullerton Financial Holdings, based in Singapore.

Building their own home is a common aspiration of many individuals. Fullerton India helps home buyers to turn this dream into reality through Grihashakti. Grihashakti is an entirely owned subsidiary of Fullerton India headquartered in Mumbai that offers loans to salaried as well as self-employed individuals and organisations.

Whether you wish to purchase a new home or a residential resale plot, Grihashakti has housing loans to cater to your needs. They also provide loans for other housing related needs like home improvement, home extension, home construction, purchase of new/ resale commercial property, commercial plot, construction of a commercial property, and loan against property.

Fullerton India Home Loan

Interest rate

8.75%

Loan tenure

30 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

 787 Per Lakh

Why Fullerton India Home Loan?

Here are some reasons why you should apply for Fullerton India Home Loan:

  • Assistance during the entire Home Loan process
  • A dedicated workforce
  • Simple and transparent loan process
  • Home loan based on each individual's requirement
  • Affordable interest rates and charges
  • No hidden charges
  • Easy repayment schedule
  • Tax benefits

Features and Benefits of Fullerton India Home Loan

  • Loans for various needs like the purchase of a new/resale house or plot, construction, improvement/extension of the existing house, and so on.
  • Loans available for all - Salaried and self-employed people
  • PMAY Home Loans also available
  • Hassle-free documentation process
  • Low interest rates, starting at 8.75% p.a.

Fullerton India Home Loan - Interest Rates

The current rates of Interest for Fullerton India Home Loans are as follows:

Type of Loan Interest Rate

Individual Housing

8.75% to 21%

Individual Non-Housing

8.99% to 18%

* Retail Prime Lending Rate (RPLR) w.e.f. December 1, 2018 is 18.75%.

Types of Home Loan Offered by Fullerton India

Fullerton India offers the following types of Home Loans:

Home Loan

Home Loan for Buying a Home: This loan can be availed to purchase a new or resale house at an attractive interest rate and for a longer tenure. These Home Loans involve a simple and easy process. Fullerton India assures you of a fair deal with complete transparency and flexibility.

Home Improvement Loan: Everyone wants their home to look the best. To improvise their home, people give it new paint, decorate with new furniture, renovate the walls, and so on. Home Improvement Loans by Fullerton India help you to fund the expenses of renovating your house.

Home Construction Loan: Not everyone loves to buy a resale house. Some people dream of a house constructed as per their liking. The joy of constructing your own dream home constructed is incomparable. Fullerton India provides Home Loans for the construction of a home on a plot owned by you.

Home Extension Loan: Your family and needs for some extra space grow with time. People need extra space in their house to accommodate all their family members comfortably. With Fullerton's Home Extension Loan, you can add a bedroom, enclose an open balcony, build an extra room on the terrace, and fund other house extension projects.

Commercial Property Loan

Buy New or Resale Commercial Property: These loans are for purchasing a space for your business. If you have already identified or are in the process of identifying a space for your office, Fullerton India can help you with the entire work, starting from choosing a property till the payment of loan amount in full. Fullerton India provides loan for new as well as resale properties.

Construction of Commercial Property: Grihashakti provides loans for purchasing a commercial plot and constructing property on the same. If you have identified the plot, then we can assist you with the purchase of your dream plot and construction of property on the same.

Pradhan Mantri Awas Yojana (PMAY)

PMAY is an interest subsidy Credit Linked Subsidy Scheme (CLSS). The government scheme aims at providing Housing for all (Urban). Home Loans are offered at a subsidised interest rate to the Economical Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Group (MIG) for the purpose of purchasing, constructing, extending and improving the house. The maximum subsidy that can be availed under PMAY is 2.67 Lakhs for a maximum tenure of 20 years.

Eligibility criteria for PMAY scheme

  • The beneficiary family shouldn't own a pucca house in their name or in the name of any family member in any part of India.
  • If the applicants are a married couple, then both the spouses together (in joint ownership) or either of them is eligible for a single subsidy.
  • The beneficiary family shouldn't have availed of any benefit under any scheme in PMAY or central assistance under any housing-related scheme before from Government of India.
  • Women applicants (including widow and single working woman), transgender, SC/ST/OBC individuals, and individuals with disabilities are given preference.
  • Any adult earning member irrespective of their marital status is treated as a separate household.

Balance Transfer

With Fullerton India's Balance Transfer loan, you can lower your loan payment by transferring your outstanding balances of existing Home Loan to Fullerton India's Grihashakti. You can get an additional top-up on balance transfer.

Fullerton India Home Loan Eligibility Criteria

To avail Fullerton India Home Loan, you have to meet the following eligibility criteria:

Eligibility Criteria for Salaried Applicants

  • Applicant must be an employee of multinational companies/ listed public limited companies/ government/ organisations private limited companies/ partnership or proprietorship firms/ closely held or unlisted companies.
  • Co-applicant/ guarantor is mandatory 

Eligibility Criteria for Self-Employed Applicants

  • Applicant must be self-employed individual/ businessperson/ sole proprietorship/ self-employed professional (doctor/architect/CA)/ partnership firm/ private limited companies/ closely held or unlisted companies.
  • Co-applicant/ guarantor is mandatory

Factors That Affect Eligibility for Fullerton India Home Loan

  • A regular source of income
  • Repayment capacity of the borrower
  • Age of the applicant
  • Good CIBIL score (preferably 650 or above) and clean repayment history
  • Availability of eligible co-applicant

Ways to Improve Your Eligibility for Fullerton India Loan

  • Choose a longer tenure to reduce the EMI (equated monthly instalment) amount
  • Apply for the loan with an eligible co-applicant having a steady income to increase your eligibility
  • Close your existing short-term loans (if any) to get better Fixed Obligations to Income ratio (FOIR).

Documents Required for Fullerton India Home Loan

Documents for Salaried Applicants

  • Identity Proof: PAN Card/ Driving License/ Employee Card/ Voter's ID
  • Residence Proof: Aadhaar Card/ Ration Card/ Property Tax/ Latest Water Bill/ Latest Piped GAS Bill/ Latest Electricity Bill.
  • Income Proof:
    • Salary slips of last 3 months
    • Last 2 years Form 16
    • Bank statement of last 6 months showing salary credit

Documents for Self-employed Applicants

  • Identity Proof: PAN Card/ Driving License/ Voter's ID
  • Residence Proof: Aadhaar Card/ Ration Card/ Property Tax/ Latest Water Bill/ Latest Piped GAS Bill/ Latest Electricity Bill.
  • Income Proof:
    • ITR of last 2 years with computation
    • Primary bank statement of last 6 months
    • Financials audited by CA wherever applicable 

Other Products by Fullerton India

In addition to Home Loans, Fullerton India also offers the following products and services:

Personal Loan

Personal Loan for Women

Personal Loan for Elite

Personal Loan for Wedding

Personal Loan for Holiday

Personal Loan for Doctors

Personal Loan for Home Improvement

Personal Loan for Emergency

Consumer Durable Loans

Garima Loan

Growing Enterprise Loan

Livestock Loan

Loan Against Property (25 Lakhs & Above)

Loan Against Property

Loan Against Property for Doctors

Loan Against Property for Engineers

Loan Against Property Chartered Accountants

Hypothecation Loan

Loan Against Property (1.5 Lakhs to 1 Lakhs)

Loan Against Property for Traders

Loan Against Property for Manufacturers

Merchandise Loan

Samriddhi Loan

Solidarity Group Loan

Life Insurance

Group Insurance

Health Insurance

General Insurance

IHO Services

SME Loan

Business Loan for Women

Business Loan for Doctors

Business Loan for Chartered Accountants

Business Loan

Two Wheeler Loan

Commercial Vehicle

How to Calculate Fullerton India Home Loan EMI?

Calculating equated monthly instalment (EMI) for Fullerton India Home Loan is extremely easy and instant using MyMoneyMantra's online EMI Calculator. This calculator can help you in determining the most suitable EMI for the prospective loan.

You just have to follow three simple steps mentioned below to get the complete amortisation schedule:

  • Go to Financial Tools tab on MyMoneyMantra and click on EMI Calculator
  • Enter the Loan Amount, Rate of Interest, and Tenure (in months or years)
  • Click the Calculate button to get the result

Fullerton India Home Loan - Processing Fees and Other Charges

Apart from interest rates, Fullerton India Home Loans also involve following fees and charges:

Type of Charges Details of Charges

Processing fees

Up to 3% of the loan amount

Application fees

  • For loan amount equal to or below 10 Lakhs: 2,500
  • For loan amount above 10 Lakhs to 25 Lakhs: 3,500
  • For loan amount above 25 Lakhs to 50 Lakhs: 4,500
  • For loan amount above 50 Lakhs: 6,000

Documentation fees

  • For loan amount equal to or below 25 Lakhs: 1,500
  • For loan amount above 25 Lakhs: 3,000

Stamp fees

  • As applicable by state laws
  • If stamping is done by FIHFC: Additional 5% of the stamping amount will be levied

Fee for the conversion of the rate of interest

Up to 0.5% of the outstanding principal amount

Cheque/ DDM/ NACH/ ECS bounce charges

500

Repayment mode swapping charges

600 per swap

CERSAI charges (non-refundable)

  • For Loans up to 5 Lakhs: 110
  • For Loans above 5 Lakhs: 210

Full/part prepayment charges

  • Within 12 months: 7% of the prepaid amount
  • After 12 months: 5% of the prepaid amount
  • Individual borrowers (primary & co-borrowers) under the floating interest rate: NIL
  • Non-individual borrowers (primary & co-borrowers) under the floating interest rate: 210
  • Semi-fixed interest rate loan:
    • 7% of the prepaid amount (For primary individual borrowers and co-borrowers) till the fixed rate tenure and no charges thereafter
    • 7% of the prepaid amount (For primary non-individual borrowers and co-borrowers) till the fixed rate tenure and 5% of the prepaid amount thereafter
  • Fixed rate for full tenure (except for individuals who make pre-payment out of their own sources):
    • Up to 60 months: 7% of the prepaid amount
    • After 60 months: 5% of the prepaid amount

Part disbursal per tranche fee

600

Charges for a duplicate statement of account/ NOC/ loan agreement

300

Charges for getting a photocopy of original property title deeds

1,000

Charges for the collection of cheque/ cash

500 per collection

Fullerton India Home Loan - Customer Care

For any Housing Loan query, you can contact Fullerton India Customer Care at their following Toll-Free numbers:

+1800 102 1003

Timings: 9.30 a.m. - 6.30 p.m. (from Monday to Friday) and 9.30 a.m. - 3.00 p.m. (on Saturday)

*Excluding public holidays

You can also email at:

grihashakti@fullertonindia.com

Corporate Office Address:

Fullerton India Home Finance Company Ltd.

Supreme Business Park, Floors 5 & 6, B Wing,

Powai, Mumbai 400 076

Tel: +91 22 6749 1234

Fullerton India Home Loan Latest News

Qbera extends credit to underserved segments in the country by partnering with Fullerton India

- 12.12.2018

One of the leading digital lending platforms in India, Qbera is partnering with Fullerton India, a leading non-banking financial company (NBFC). Qbera aims at reaching out to a larger segment of underserved consumers and providing them access to its retail lending products through this partnership. Qbera will be assessing risk and creditworthiness of the prospective borrowers based on their financial, personal, and professional profiles and will be offering loans through Fullerton India.

Fullerton India commences rural business operations in West Bengal

- 20.09.2018

Fullerton India, a leading NBFC having a strong pan-India presence, is planning to drive financial inclusion in the state of West Bengal by commencing its rural business operations there. The company operates its rural business by the brand name of "Gramshakti". It has launched three branches in West Bengal in Kalyani, Tarkeshwar, and Burdwan. The Company will be offering a diversified product portfolio including personal loans for salaried and self-employed individuals.

Fullerton India to promote sanitation in rural India by offering Garima loan

- 02.08.2018

Fullerton India, a leading NBF in India has booked more than 150 Garima Loans, a toilet construction loan, in its pilot phase. The scheme will be benefitting over 1,000 lives in 35 locations in rural India. Garima Loans will be offered under the rural business arm of Fullerton India called Gramshakti and aims at encouraging rural people to lead a hygienic lifestyle and improve their standard of living by building toilets. Garima Loans can be availed by any homeowner from any of the 35 branches of Gramshakti in the states of Rajasthan, Tamil Nadu, Madhya Pradesh, Chhattisgarh, Gujarat, Karnataka, and Maharashtra. The loan amount ranges from 10,000 to 50,000, and can be repaid in EMIs within the tenure of 6 to 24 months. Borrowers can also avail the subsidies under the Swachh Bharat Mission scheme while applying for the loan.

Fullerton India launches rural business operations in Bihar

- 08.08.2018

Fullerton India, a leading NBFC in India is expanding its rural business by entering the State of Bihar. The company operates by the brand name of "Gramshakti" for its rural business. It has launched 10 branches in Bihar at Muzaffarpur, Begusarai, Samastipur, Madhubani, Siwan, Chapra, Darbhanga, Bettiah, Gopalganj, and Motihari. These branches will be offering Livelihood Advancement Loans for Women Groups, to drive the idea of empowering the rural population for the enhancement of livelihood.

Fullerton India offers payment solutions by partnering with Paytm

- 26.06.2018

Fullerton India, a leading non-banking financial company (NBFC), having a strong pan-India presence, partners with Paytm for offering a hassle-free payment solution to its customers. The partnership aims at improving customer experience by enabling users to pay EMIs or their past dues through Paytm, with just one click. Customers can now repay their loan EMIs safely and conveniently through Fullerton India's official website or through Paytm App. This paperless and secured platform will encourage customers to make the payments in a swift and timely manner, thus enhancing their creditworthiness.

Frequently Asked Questions

Which type of property can I purchase with Fullerton India Home Loans?

You can purchase a new/resale residential or commercial property with Fullerton India Home Loans.

Can I transfer the outstanding balance of my existing Home Loan from another bank to Fullerton India?

Yes, you can transfer the outstanding balance amount of Home Loan from another lender to Fullerton India through their Balance Transfer scheme.

What is the maximum loan to value (LTV) offer by the Fullerton India?

The LTV for Fullerton India Home Loan is as follow:

  • 90% of the cost of the property: For loan amount up to 20 Lakhs
  • 80% of the cost of the property: For loans between 20 Lakhs and 75 Lakhs
  • 75% of the cost of the property: For loans above 75 Lakhs

Can I add my spouse's income with mine to avail Fullerton India Home Loan?

Yes. You can add the income of your spouse and parents with yours to increase your Home Loan eligibility at Fullerton India.

What are the parameters considered by the Fullerton India to calculate my Home Loan eligibility?

 Fullerton India considers the following parameters to calculate your Home Loan eligibility:

  • Income: Your monthly salary at the current job or income from the business is an important factor to calculate your loan eligibility.
  • Profession:

For Salaried Applicants

  • Applicant must be an employee of multinational companies/ listed public limited companies/ government/ organisations private limited companies/ partnership or proprietorship firms/ closely held or unlisted companies.
  • Co-applicant/ guarantor is mandatory

 For Self-Employed Applicants

  • Applicant must be self-employed individual/ businessperson/ sole proprietorship/ self-employed professional (doctor/architect/CA)/ partnership firm/ private limited companies/ closely held or unlisted companies.
  • Co-applicant/ guarantor is mandatory
  • Age: The age of the applicant must fall under the mentioned age criteria by the lender
  • Decent CIBIL score of 650 or above and good repayment history
  • Availability of an eligible co-applicant (spouse/parents/other acceptable relations)

Can I prepay my Fullerton India Home Loans?

Yes, it is possible to opt for prepayment of your Fullerton India Home Loan. Here are the applicable charges for the same:

Full/part prepayment charges

  • Within 12 months: 7% of the prepaid amount
  • After 12 months: 5% of the prepaid amount
  • Individual borrowers (primary & co-borrowers) under the floating interest rate: NIL
  • Non-individual borrowers (primary & co-borrowers) under the floating interest rate: 210
  • Semi-fixed interest rate loan:
    • 7% of the prepaid amount (For primary individual borrowers and co-borrowers) till the fixed rate tenure and no charges thereafter
    • 7% of the prepaid amount (For primary non-individual borrowers and co-borrowers) till the fixed rate tenure and 5% of the prepaid amount thereafter
  • Fixed rate for full tenure (except for individuals who make pre-payment out of their own sources):
    • Up to 60 months: 7% of the prepaid amount
    • After 60 months: 5% of the prepaid amount

What is the maximum tenure available for the repayment of Fullerton India Home Loan?

The Fullerton India Home Loan can be repaid in maximum tenure of up to 30 years.

What are the different Home Loan schemes available at Fullerton India?

 Fullerton India offers the following housing loan schemes:

 1.Home Loan

  • Home Loan for Buying a Home
  • Home Improvement Loan
  • Home Construction Loan
  • Home Extension Loan

2. Commercial Property Loan

  • Buy New or Resale Commercial Property
  • Construction of Commercial Property

3. Pradhan Mantri Awas Yojana (PMAY)

4. Balance Transfer

Why Apply for Fullerton India Home Loan on MyMoneyMantra?

If you wish to apply for Fullerton India Home Loan, MyMoneyMantra is a right platform. You can apply directly online for any of our partner's loan scheme through our website.

Here are some of the main reasons to apply for a Home Loan through MyMoneyMantra:

  • You can find details of various housing loan offers (their interest rates, processing fee and other associated charges, eligibility, documentation requirement, terms & conditions, and so on) on our pages and compare them to get the best deal.
  • We are partnered with 70+ leading banks and non-banking financial companies (NBFCs)
  • Once you fill in your details online with us, our Mortgage Loan Specialists assess your profile to assist you in choosing the best product depending on your requirement and eligibility.
  • Applying online through us is easy and the decision on your application is provided instantly
  • You can calculate the prospective EMI for any loan through our EMI Calculator
  • We offer free documents pick-up service. You don't have to worry regarding documents submission to the lender.
  • You will get end-to-end support from our loan experts throughout the entire loan process

How to Apply for Fullerton India Home Loan on MyMoneyMantra?

Follow the easy steps mentioned below to apply for Fullerton India Home Loan through MyMoneyMantra:

  • Visit MyMoneyMantra's official website
  • Go to Loans tab and Click Home Loan
  • Follow the give instructions and enter the required details to complete your loan application
  • You will receive an OTP on your mobile number which is available with us
  • Enter the OTP at the given space to verify your request
  • You will then be directed to the Home Loan products page where you can choose Fullerton India as your Home Loan provider.

Role of MyMoneyMantra

After your loan application is approved our representatives will help you with arranging and submitting the necessary documentation. Our representatives will visit at your doorstep to pick-up the required documents. Keep your documents ready for verification.

Role of Fullerton India

The officials of Fullerton India will contact you after receiving your documents via us. They will visit you for the verification process. This process involves three important stages:

  • Inspection: Fullerton India's officials will visit your residence, office, and the property you wish to purchase for inspection.
  • The authenticity of the Title Deed & Valuation: Fullerton India's advocates and engineers will verify the title of the property you wish to purchase and will also carry out the valuation of the property.
  • Appraisal: The officials of Fullerton India will take a look at your credit rating following its credit policies for appraising your application. If your request is approved, the lender will then deliver the sanction letter at your address with the terms & conditions for the sanction.

Role of Applicant

You will have to accept the terms & conditions mentioned in the sanction letter to get the loan amount. On signing the agreement, the loan amount will be disbursed to your account within a few days' time.

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