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Fullerton India Loan Against Property - Frequently Asked Questions

Fullerton India Loan Against Property FAQs

What are the five things to check before applying for loan against property in Fullerton India?

  • Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and it’s approved building plan with the loan application.
  • Your existing EMI’s on all loans and credit cards (from Fullerton India and other banks) are no more than 60 - 70% of your net monthly income
  • You have not defaulted on loans or credit card dues to Fullerton India and other banks and all EMI's have been paid. Note that Fullerton India can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to Fullerton India in your CIBIL report. Estimate your CIBIL score for free by using CIBIL score estimate calculator
  • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan application
  • If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available

Will Fullerton mortgage loan interest rate remain fixed or will it change in future?

  • Floating interest rate on Fullerton India loan against property is linked to its, which is currently %. So, when Fullerton India offers a loan against property at %, it applies a 0% discount to its PLR to arrive at this rate
  • In case the interest rates in the market move up by 0.50%, Fullerton India may increase its PLR by 0.50% to 0.5%, thereby increasing the applicable rate for both old customers and new customers to 0.5%
  • In case the interest rates in the market trend down by 0.50%, it may do one of the following. It may choose to reduce the PLR by 0.50% from % to -0.5%, thereby reducing the applicable interest rate for both new and old customers to -0.5%. Alternatively, it may choose to keep the PLR unchanged at % and increase the discount for new customers to 0.5% instead of 0% for old customers. So, the old customers will continue to pay the old interest of % while the new customers will get loan against property at -0.5%. The decision whether to pass on the benefit on lower rates to both new and old customers or only to new customers is that of the lender and cannot be predicted in case of PLR benchmarked loans
  • It has been observed that customers often complain that applicable rate of interest on PLR benchmarked loans tends to go up in line with market rates but rarely goes down when rates go down. However, since there is no prepayment or foreclosure charge on floating rate loan against property, customers may choose to transfer the loan to a new lender and thus save interest cost. Base rate benchmarked loans offer a more transparent mechanism for transmission of interest rates and appear to be more favorable option for the borrowers
  • Current of Fullerton India, its past trend and comparison with RBI repo rate are given here for your reference

Are prepayment or foreclosure charges applicable on Fullerton loan against property?

You can prepay loan against property (LAP) without any penalty or charges in case:-

  • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
  • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

Fullerton India Loan Against Property in Delhi NCR through LoanMoney

Apply for Personal Loan, Home Loan, Business Loan & Loan Against Property in Delhi & NCR through LoanMoney

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Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.

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Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.

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Loan Against Property in Delhi/NCR through LoanMoney

A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.

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Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.

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It is a type of unsecured loan and helps to meet your current financial needs. You don't need any security/collateral while availing it. Personal Loan is your solution for instant cash and can be used for travelling, wedding, medical emergency, home renovation, or anything else.

 

Home Loan is a Secured loan offered against the security of a house/property which is funded by the banks and NBFCs the property could be a personal property or a commercial one. Home loans consist of an adjustable or fixed interest rate and payment terms.

 

Loan Against Property belongs to the secured loan category where the borrower gives a guarantee by using his property as security. Banks and financial institutions offer this LAP, which can either be a residential/commercial building or a piece of land.

 

A Business Loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. Banks and other financial institutions are there to provide you with suitable lending assistance.

Different Purposes for Personal Loan through LoanMoney

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Home is the place where your story generates. Home Renovation Loans are designed for the purpose of renovating a house and can be taken by a person who owns the property to be renovated.
A Medical Loan is extended by a bank or a financial institution under the category of personal loans. A medical loan can be used for multiple emergency purposes such as an operation, surgery, procedure, therapy or for any concern related to health.
The Education Loanaims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. Students enrolled in career-oriented courses e.g. medicine, engineering, management etc, can avail this.
Balance transfer is the process where a customer transfers his outstanding principal amount to another bank or financial institute primarily for a better rate of interest and also for better features. Balance transfer reduces your interest rates and finally ensure saving.
Travel loan is a kind of Personal Loan that you can apply while planning a travel. It can help to cover the costs associated with your holiday, such as airfares, accommodation, hotel fares, tour packages, travel gears/accessories, or any other type of expenses associated with your travel.
The Credit Card Payment Loan is designed to allow you to take control of your finances and pay your credit cards off faster. This is made possible by consolidating your high-interest card balances into one monthly payment at a fixed rate and term.

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