Fullerton Home Loan Interest rates in Siliguri
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 Siliguri
| 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 Siliguri
| 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 Siliguri 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 Siliguri
The second largest city in West Bengal, Siliguri lies in the shadows of the mighty Himalayas, in a narrow strip of land just 40 km wide at its broadest section often referred to as the Chicken's Neck. Its strategic location makes it the main gateway to the north-eastern states, the city also boasts lush green environs, interspersed with tea plantations, rolling hills and meandering rivers, as well as a pleasant climate through most of the year.
Siliguri's modern history began in the 19th century when the British East India Company constructed a railway line linking the city with Kolkata, which was extended to Darjeeling in 1881. With the establishment of a rail link, the area's economy began to grow and Siliguri became known for the four ‘T's: tea, timber, tourism and transport.
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Places To Be Visited In Siliguri
Coronation Bridge
One of the most important bridges of all the others, Coronation bridge is a magnificent British architecture named after the coronation of King George V. The Coronation bridge is also known as Sevoke bridge. This bridge links Siliguri with rest of the north eastern territory. The lush forest and the Teesta river flowing below the bridge gives travelers a beautiful view of this bridge.
Kali Mandir
Located near the Sevoke bridge, the Kali mandir is a Hindu temple positioning the shrine of Goddess Kali. The temple is crowded with the devotees during the festivals of Durga puja and Navratri.
Jaldapara Wildlife Sanctuary
Situated at the foothills of the Eastern Himalayas, the Jaldapara Wildlife Sanctuary was established in 1941 to protect the Indian one-horned rhinoceros. It was declared a National park in May 2012. Apart from the one-horned rhinoceros, other attractions of the park include leopards, elephants, sambhars, barking deers and several birds like Bengal florican, crested eagle, Pallah’s fish eagle, Finn’s weaver and many others.
Salugara Monastery
Established by Tibetan Buddhist Monks and followers of Dalai Lama, the monastery is famous for the 100 feet stupa founded by the Tibetan Lama, Kalu Rinpoche.This monastery also known as The Great International Tashi Gomang Stupa and is situated just 6 km away from the main town. This monastery also contains five kinds of Buddhist relics.