Fullerton Home Loan Interest rates in Karnal
Fullerton Home Loan Floating interest Rates
| Up To 25,00,000 | 25,00,000 Above | |
|---|---|---|
| Salaried | 8.99% | 10.89% |
| Self Employed | 9.00% | 13.00% |
Loan To Value (LTV) For Fullerton Home Loan in Karnal
| Up To 25,00,000 | 25,00,000 Above | |
|---|---|---|
| Salaried | 90.00% | 80.00% |
| Self Employed | 85.00% | 80.00% |
Features of Fullerton Home Loan Karnal
| Type | Features |
|---|---|
| Processing Fee | Upto 3.0% |
| Pre Closure Charges | Nil |
| Part Payment Charges | Nil |
| Min Tenure | 5 Years |
| Max Tenure | 30 Years |
| Min Age | 21 Years |
| Max Age | 60 Years |
Fullerton Home Loan Karnal Charges
| Type | Charges |
|---|---|
| E M I Bounce Charges | 2% per month |
| Duplicate Statement Charges | Rs.300/- |
| Insurance Cover | NA |
| Inspection Charges | NA |
| Legal Opinion Valuation Charges | NA |
| Validity Of Sanction | NA |
| Cheque Swapping Charges | Rs.600/- |
| Bounce Cheque Charges | Rs.500/- |
| Issue Duplicate Provisional Interest Certificate | NA |
| Issue Duplicate Interest Certificate | NA |
| Duplicate Balance Certificate | NA |
| Issue Amortization Schedule Duplicate | NA |
| Switch Variable To Fixed | NA |
| Switch Fixed To Variable | NA |
| Photocopy Documents | Rs.1000/- |
Documentation For Home Loan
For Salaried Persons
- Filled Application form
- Identity Proof (PAN CARD)
- Address Proof
- Latest 3 months Payslips
- Job Continuity Proof
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
For Self Employed/Professionals
- Filled Application form
- Identity Proof
- Address Proof
- Last 2 years Income Tax Returns
- Professional/Self employed existence proof for more than 3 years
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
Identity Proof For Home Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Home Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Income Proof For Home Loan
- Passport
- Telephone bill (BSNL/MTNL)
- Electricity bill
- Title deed of property
- Rental agreement
- Driving license
- Election ID card
- Photo-credit card (with last two month statements)
Address Proof For Home Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Job Continuity Proof For Home Loan
- Form 16
- Relieving letter
- Appointment Letter (for last two months)
- Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
Banking History For Home Loan
- Bank statements of latest 2 months
- 3 months bank passbook
Property Related Documents For Home Loan
- Min of 15 years of Link documents of Property
- Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
- Property Sanction plan
- BRS/LRS copies (if required, any)
Fullerton Home Loan FAQ's
What are the kinds of loans extended by FIHFC ?
"• Loan for home purchase • Loan for residential plot and self construction • Loan for home extension / Improvement • Balance transfer from banks, other Housing Finance companies and NBFCs • Loan for purchase of commercial property • Loan Against Property – Term loan against residential or commercial property "
When should one apply for a home loan ?
Loan can be applied before or after selection of property. You can apply for a home loan even before you have finalized the property. The loan amounts are sanctioned in principle to let buyers know what maximum loan amount they can afford as per their repaying capacity. The disbursements are done verification of required documents and completion of specific procedures.
What are the eligibility conditions for making an application ?
"• An Indian Resident • Minimum age of applicant -21 years (Salaried) and 25 years (Self Employed) • Maximum age of applicant on loan maturity to be 65 years Salaried or self employed • An Indian Resident • Minimum age of applicant -21 years (Salaried) and 25 years (Self Employed) • Maximum age of applicant on loan maturity to be 65 years Salaried or self employed "
What are the documents required ?
"• Duly signed Application form and Photographs • Know your customer documents : Identity, age and address proof of all applicants • Bank Statement • Income Tax returns / Form 16 • Salary slips • For Self Employed – Balance sheet and Profit and Loss account • Property documents "
Whether any guarantor is required. Who can be a co-applicant for the loan ?
No guarantor is required. One can have one or more co-applicants who can be spouse, parents, son and brother in case of joint business and residing together. A co-applicant is/are the co-oweners of the property which is being offered as collateral/security to the loan. However, all co-applicants need not be co-owners.
What is the period in which the application will be processed ?
About 15 working days subject to proper documentation provided by the applicant.
How is the interest charged/calculated ?
Both fixed and floating interest options are available which are calculated on the basis of monthly rest. The floating (variable) rates are based on prime lending rate (PLR) of Fulleton.
What are the maximum loan amount and tenure options ?
Fullerton offers home loans upto INR 5 crores and for a maximum tenure of 30 years
What is an EMI ?
EMI, which stands for equated monthly installment, is the monthly amount payments made towards a loan. EMI payments include contributions towards both principal and interest on the loan amount. The interest component constitutes the major portion of the EMI payment in the initial stages. As the loan progresses along the tenure, the portion of interest repayment reduces and contribution towards the principal repayment increases.
What is a pre-EMI ?
Pre-EMI is the interest paid on the loan amount availed in part and before the start of actual EMI. This mainly occurs in self contruction or construction stage linked disbursals. The EMI starts only post full disbursal and hence, interest is charged on partially disbursed loan amount which is called as pre-EMI.
What kind of tax benefits available to an individual while taking a home loan ?
"A resident individual can avail tax benefit on both the interest and principal amount of loan repaid during the year. Under the Income Tax Act, the applicable maximum exemption limits are as follows: For interest Component – INR 200,000 under section 24(b) For principal component – INR 150,000 under section 80C "
Will the IT certificate be issued in the name of both applicant and co-applicant separately ?
As per Income Tax rules, only one certificate can be issued for a home loan. Hence, one certificate can be issued in the name of both the applicant and co-applicant.
When is the IT certificate issued ?
IT certificate will be issued at the end of a financial year.
How can one get the tax benefit during the year ?
You can request for a provisional income tax ceritifcate that can be issued during the course of the year.
How to apply for the loan ?
One can either apply on a website and we will get back to you or visit any of Fullerton branches.
About Fullerton
Fullerton Financial Holdings invests in financial institutions in emerging markets with a focus on Business and Consumer banking.
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Home Loan Can Be Used For Many Purposes Like Below
Why Home Loans?
Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.
Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.
In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.
Expert Advice
Best Practices for Home Loan
Things not to do for Home Loan
Interest Rates
Other Benefits
Facts about Home Loans
The Banks/Financial Institutes takes care about the following, when you apply for a Home Loan.
Home Loan Vs Mortgage Loans
| Home Loans | Mortgage Loan |
|---|---|
| Home loan can be availed for own/purchase of new property (Home or Flat). | Mortgage loans will be provided based on already owned property. |
| Under Home Loan, loan can be availed only for purchase of new property. | There is no restriction on mortgage loan usage. It can be used for any purpose. |
| Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also. | Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India. |
| Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition. | Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans. |
| Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000. | If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines. |
| Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite. | Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms. |
| There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds. | There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines. |
| Part pre Payments will be allowed in Housing Loans. | There were no part prepayment will be allowed for Mortgage loans. |
| Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives. | Mortgage loans also avail with the joint eligibility as company and director or blood relatives. |
| You can avail max of 80% of the property value as a home loan as per your eligibility criteria. | In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property. |
| You can avail a top loan facility on your home loan. | Top up facility will be vary from bank to bank internal guidelines. |
About Karnal
Karnal is an important city located in the state of Haryana. The city accounts for a major share of the country’s agricultural implements and shares. It is also well known for being the starting point of Liberty shoes manufacturing. Liberty shoes have one of the biggest manufacturing facilities in Karnal. According to Hindu mythology, Karnal is believed to have been founded by Karna, a character from the epic, Mahabharata.
Historically, Kot Mohalla is a fort, is inhabited by the Ror clan. They are credited with building the present Karnal.Karnal’s significant period in history started in 1739 with the Battle of Karnal. In this battle, the Mughal Emperor Muhammad Shah was defeated by Nadir Shah and took over the city. In the subsequent years, Karnal came to be ruled by Raja Gopal Singh, the Marathas, the Sikhs and the British.Karnal is also the birthplace of Pakistan’s first Prime Minister, Liaquat Ali Khan, who was born here on 1st October, 1895. Other people of note who were born in Karnal include Kalpana Chawla and ID Swami. Kalpana Chawla was an astronaut and the first Indian woman to go to outer space.
Other Cities Loan Offers
Places To Be Visited In Karnal
Pukka Pul
The Pukka Pul is located at a distance of 7 Kms from the Karnal city. This beautiful place is also known as the Sayad’s Shrine and is situated near the Mughal Bridge. The tomb is considered to have mythological powers of sending away the ghosts and curing disease.
Karnal Fort
The Karnal Fort is an old fort situated in the district of Karnal. This fort was constructed by Raja Gajpat Singh of Jind in 1764 AD. However, now this fort has been turned into an accommodation for official and residential purposes of the Tehsildar.
Cantonment Church Tower
Cantonment Church Tower is an ancient tower which is located in the city itself. The height of the tower is 35 meters and is bordered by a big cross. This Church has been named after St. James. In 1841 AD, it was demolished after the shifting of the cantonment to Ambala.
Alamgir Miran Sahib's Tomb
The tomb of Alamgir Miran Sahib is situated in the southern part of Karnal town. This tomb was built in the memory and honour of a saint Sayad Mohammed. Sayad Mohammed died in 899 AD while rescuing a Brahmin girl from the custody of a Raja in a pitched battle. The premises of this tomb also have a small mosque along with cemeteries of several members of the Mandal family.
Kalander Shah's Tomb
The tomb of Kalander Shah is situated at a few km from the district of Karnal. This tomb was built by Ghias-ud-din, who was the emperor of Delhi, in the memory of Bo-Ali-Qualander Shah, who was a famous Muslim sage. There is a grave placed inside this tomb, which is made out of marble and decorated with carved sculptures. Just outside this tomb, there is a mosque with a fountain and reservoir in its premises. This mosque was built by Emperor Alamgir.
Karnal Lake
Just 10 Kms from Karnal, Karnal Lake is basically an artificial lake having an island in centre. It is a dwelling place for many birds like geese, kingfishers, swans and ducks etc. The exotic and refreshing surrounding nearby lake lures.