Highlights of Fullerton India Home Loan are as below:
|Loan amount||75 to 90% of the property cost|
|Rate of interest||7.99% to 12%|
|Tenure||Up to 30 years|
|Lowest EMI possible||Rs. 733 Per Lakh|
|Processing fee||Up to 0.25% of the loan amount onwards + GST|
Also Read - Home Loan Tax Benefits
Following are the features of Fullerton India Home Loan:
Tip - Check Cibil score before applying for a Home Loan.
Some benefits of signing up with Fullerton India Home Loan are:
You should meet following eligibility criteria to qualify for Fullerton India Home Loan-
Also Read - Documents Required for SBI Home Loan
The rates of interest for Fullerton India Home Loans vary greatly as per the loan amount and customer’s risk profile.
The interest rates are based on floating interest rate. Currently the rate starts from 7.99% p.a.
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|
|Fee for the conversion of the rate of interest||Up to 0.5% of the outstanding principal amount|
|Cheque/ DDM/ NACH/ ECS bounce charges||Rs. 500|
|Repayment mode swapping charges||Rs. 600 per swap|
|CERSAI charges (non-refundable)|
|Full/part prepayment charges|
|Part disbursal per tranche fee||Rs. 600|
|Charges for a duplicate statement of account/ NOC/ loan agreement||Rs. 300|
|Charges for getting a photocopy of original property title deeds||Rs. 1,000|
|Charges for the collection of cheque/ cash||Rs. 500 per collection|
Also Read - How to Apply for Home Loan with Low Income?
Fullerton India offers the following types of Home Loans:
Home Loan for Buying a Home: This loan can be availed of for purchasing a new or resale house at an attractive interest rate and for a longer tenure. These Home Loans involve simple and easy processing. 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.
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.
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.
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.
|Lender||Maximum Loan Amount||Maximum Tenure||Interest Rate||Processing Fee|
|Fullerton India Home Loan||Up to 90% of property||30 years||7.99% onwards||Up to 3% of the loan amount + GST|
|ICICI Bank Home Loan||Up to 90% of property||30 years||6.75%-7.55%||0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST|
|SBI Home Loan||Up to 90% of property cost||30 years||6.70% - 8.05%||Up to 0.50% + applicable GST|
|Axis Bank Home Loan||Rs. 5 Crores||30 years||6.90%-8.40%||Up to 1%, minimum Rs.10,000|
|HDFC Home Loan||Up to 90% of property cost||30 years||6.75%-7.65%||Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes|
A Home Loan is a secured loan where the property for which you are applying for the loan is considered as Loan Security or Collateral. So the value of the property along with the marketability is an important eligibility factor for the loan amount. Each lender provides a percentage of this property value for financing property purchase and this is called Loan to Value (LTV) ratio. The remaining amount needs to be paid by the applicant as margin or down payment.
Maximum LTV for Fullerton India Home Loans is 90% of the property's value. The broad LTV categorisation is as per following:
Also Read - 6 Home Loan Charges You Should Know
Calculating equated monthly instalment (EMI) for Fullerton India Home Loan is extremely easy and instant using MyMoneyMantra's online Fullerton India Home Loan 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:
The borrower can repay the Home Loan at Fullerton India in affordable EMIs with easy repayment options such as Post Dated Cheques (PDCs) and Electronic Clearance Service (ECS) facility.
ECS facility: ECS or Auto Debit is one of the easiest methods to pay the EMI. The borrower must sign and submit the auto debit form or ECS mandate to instruct the bank to directly deduct the monthly EMI amount on the fixed date of every month. This will automatically debit the EMI monthly from the borrower's account at Fullerton India.
PDC facility: In the cities where ECS facility is not available, the EMI payment can be done with the help of Post Dated Cheques (PDCs). The borrower has to submit 36 monthly cheques to the Fullerton India and submit fresh cheque prior to the expiry of old ones or when required by Fullerton India.
Also Read - Tax Benefits on the Second Home Loan
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:
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
Additional Info: Avail Fullerton India Business Loan online with Mymoneymantra.
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You can purchase a new or pre-owned residential or commercial property with Fullerton India Home Loans.
Yes, you can transfer the outstanding balance amount of Home Loan from another lender to Fullerton India through their Balance Transfer scheme.
The LTV for Fullerton India Home Loan is as follow:
Yes. You can add the income of your spouse and parents with yours to increase your Home Loan eligibility at Fullerton India.
Fullerton India considers following parameters to calculate your Home Loan eligibility:
For Salaried Applicants
For Self-Employed Applicants
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|
The Fullerton India Home Loan can be repaid in maximum tenure of up to 30 years.