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Fullerton India Loan Against Property Detail

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.

Features and Benefits of Fullerton India LAP

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.

Additional Reading: Online cibil score check by pan number

Fullerton India LAP Eligibility Criteria

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.

Financials:

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.

Documentation for Fullerton India LAP

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

Type of DocumentSalaried EmployeesSelf- Employed
Application FormApplication Form along with 2 passport size photos signed acrossApplication Form along with 2 passport size photos signed across
Identity Proof

Any one of the following:

  • Aadhar Card
  • Passport
  • Voter ID
  • Driving License
  • PAN Card

Any one of the following:

  • Aadhar Card
  • Passport
  • Voter ID
  • Driving License
  • PAN Card
Address Proof

Any one of the following:

  • Aadhar Card
  • Ration Card
  • Telephone Bill
  • Electricity Bill
  • Bank Passbook
  • Driving License
  • Passport Copy
  • Rent Agreement

Any one of the following:

  • Aadhar Card
  • Ration Card
  • Telephone Bill
  • Electricity Bill
  • Bank Passbook
  • Driving License
  • Passport Copy
  • Rent Agreement
Age Proof

Any one of the following:

  • PAN Card
  • Passport

Any certificate of statutory authority

Any one of the following:

  • PAN Card
  • Passport

Any certificate of statutory authority

Bank Statement

Salary Slips (Latest 3 months)

Bank Passbook (Latest 6 months)

Bank Passbook (Latest 6 months)
Financials
  • Form 16
  • ITR of last 3 years
  • Balance Sheet (Last 3 years)

Profit and Loss Statement (Last 3 years)

  • ITR (Last 3 years)
Other DocumentsProperty Documents (Copy of title of the property)

Property Documents (Copy of title of the documents)

  • Proof of business existence

Additional Reading: Top Credit rating agencies in India

Fees and Charges By Fullerton India

Following are the different fees charged by Fullerton India:

Type of Fee
Processing Fee1% to 3% of loan amount
Foreclosure Charges/ Foreclosure Charges

Within 6 months from Agreement Date- 5%

Between 25 months to 60 months- 4%

Between 61 months to 84 months- 3%

Follow the link for: Cibil Login Registration

Other Loans offered by Fullerton India

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Pre-Approved ICICI Loan Against Property @8.35% p.a 

ICICI bank loan against property up to Rs. 5 Crore can be availed of online as well as offline by salaried and self-employed applicants. The LAP can be for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers. 

FAQ for Fullerton India LAP

Who can take fullerton India loan against property?

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Following categorized people can avail the loan against property:

  • Salaried residents of India aged between 21-60 years.
  • All Indian SMEs
  • Self-employed residents of India aged between 25-65 years.