SMFG Fullerton India Loan Against Property

If the borrower has a property in his name then he can use the same for borrowing funds from the banks and NBFCs. The funds can be used for several professional and personal needs. Fullerton India offers Loan Against Property with various advantages. The NBFC provides a customized loan that could fit the financial requirements accordingly. There are several benefits of availing loan from Fullerton India including affordable and attractive interest rate and easy documentation.

You can also check how to apply for a Loan Against Property without Income Proof.

Loan Amount: The borrower can borrow a loan of minimum amount 10 Lakhs to the maximum amount of 10 Crores. However, the amount of loan will vary based on the market value of the property and the purpose of a loan.

Age: The minimum age for applying for Loan Against Property (LAP) is 21 years and above and the maximum age should be 65 years at the time of maturity.

Loan Tenure: LAP from Fullerton India can be taken for the longer tenure of 15 years. The longer tenure is beneficial for the borrowers as the longer tenure reduces the amount of EMI.

Loan To Value (LTV): The maximum LTV in case of residential property is typically 70% and 60% in case of commercial property.

Repayment Options: The loan can be repaid from the several available payment options that include Standing Instructions (SI), Post Dated Cheque (PDC) and Electronic Clearance System (ECS).

Pre-payment of a loan: The loan can be repaid anytime during the loan tenure. Pre-payment charges will be applicable.

Processing Fee: Fullerton India charges a minimal processing fee ranging from 1% to 3% of loan amount.

LAP Balance Transfer and Top-Up: The borrower can transfer his loan from another bank or NBFC to Fullerton India to avail the benefit of lower interest rate. Moreover, he can take additional finance over and above the amount of balance loan.

Pre-payment Charges: The NBFC charges pre-payment charges that ranges from 4 to 5% of the outstanding loan amount that is paid at the time of foreclosure.

Who can apply? Loan Against Property from Fullerton India can be applied by salaried individuals, self-employed professionals, and self-employed business man.

Age: The minimum age at the time of applying for a loan should be 21 years and above.

Credit Score: To avail LAP the borrower should have good repayment track and a good credit score. However, the minimum credit score should be 650 and above.

Salaried Employees: Bank statement of latest 6 months, Form 16 and Income Tax Return of latest 3 years

Self-employed: Bank statement of latest 6 months, Balance Sheet and P & L Statement of latest 3 years, Income Tax Returns of latest 3 years certified by CA.

Documents are crucial for applying for a loan. The following are the documents required for Loan Against Property from Fullerton India:

Following are the different fees charged by Fullerton India: