Fullerton Mortgage Loan Interest rates in Baroda Vadodara
50,00,000 Above | upto To 50,00,000 | |
---|---|---|
Commercial Properties | 13.50% | 14.00% |
Industrial Properties | 14.50% | 15.00% |
Residential Properties | 12.50% | 13.00% |
Loan To Value (LTV) For Fullerton Mortgage Loan in Baroda Vadodara
50,00,000 Above | upto To 50,00,000 | |
---|---|---|
Commercial Properties | 60.00% | 60.00% |
Industrial Properties | 55.00% | 50.00% |
Residential Properties | 85.00% | 80.00% |
Features of Fullerton Mortgage Loan Baroda Vadodara
Type | Features |
---|---|
Processing Fee | Upto 3.0% |
Pre Closure Charges | 5.0% |
Part Payment Charges | 5.0% |
Min Tenure | 5 Years |
Max Tenure | 15 Years |
Min Age | 23 Years |
Max Age | 65 Years |
Min Loan Amount | Rs.15,00,000/- |
Max Loan Amount | Rs.10,00,00,000/- |
Fullerton Mortgage Loan Baroda Vadodara Charges
Type | Charges |
---|---|
Penal Interest | 25% Per Annum |
Bounce Cheque Charges | Rs.500/- |
Charge For Exchanging E C S Mandate | Rs.500/- |
C E R S A I Charges | "Rs 110/- For Loans up to 5 Lakhs, Rs 210/- For Loans above 5 Lakhs " |
Documentation For Mortgage 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 Mortgage Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Mortgage Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Address Proof For Mortgage 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)
Income Proof For Mortgage 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
- Form 16
- Relieving letter
- Appointment Letter (for last two months)
- Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
Fullerton Mortgage Loan FAQ's
What is the maximum loan I can get against my property?
You can get a Loan against Property up to a maximum of 70%* of the market value of your property for Residential Premises and up to a maximum of 60%* of the market value of your property for Commercial Premises. * Conditions apply
For what purpose can I avail a Loan against Property?
You can avail a Loan against Property for any personal or for business purposes provided the end use is not for any speculative or prohibitive reasons.
When will the repayment of the loan commence?
Repayment will commence in the month subsequent to the month in which the loan has been disbursed.
How can I repay my loan?
The repayment of loan is done through Equated Monthly Instalments (EMI). It can be paid through CTS compliant Post Dated Cheques (PDC) or through Electronic Clearance System (ECS).
What security will I have to provide?
The security for the loan will be the first mortgage of the property to be financed, normally by way of deposit of Title Deeds and/ or such other collateral security, as may be necessary. The title to the property has to be clear, marketable and free from encumbrance. In other words, there should not be any existing mortgage, loan or litigation which is likely to affect the title to the property adversely.
How will my loan eligibility be calculated?
Loan eligibility is usually calculated basis the repayment capacity of the borrower. Repayment capacity can be ascertained based on factors such as income, age, qualifications, spouse's income, etc. We recommend you to speak to your nearest Fullerton India Relationship Manager to understand the same.
How will the loan be disbursed?
The loan would be disbursed directly to your operating bank account.
What is the tenure of the Loan?
The loan can be for a maximum tenure of 15 Years or up to a maximum age of 65 at maturity of the loan.
When will the loan get disbursed into my account?
The loan is disbursed into your account post approval, compliance of the Loan Agreement and Legal formalities and after the property that is being mortgaged has been technically and legally appraised.
Can I repay my loan earlier than the due date?
Yes, you can repay your loan at any time during the loan tenure. However prepayment is not permitted within 12 months from loan disbursal date.
About Fullerton
Fullerton Financial Holdings invests in financial institutions in emerging markets with a focus on Business and Consumer banking.
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Things Keep In Mind While Avail a Mortgage Loan
A mortgage is actually made up of several parts – the collateral you used to secure the loan, your principal and interest payments and insurance.
Since most mortgages last 10 to 15 years of monthly payments, you should understand the how exactly it will works for you.
Type of Collateral You Are Offering
Principal And Interest
The principal is simply the sum of money you borrowed on mortgage.
Interest is what the lender charges you to use the money you borrowed, usually expressed as a percentage called the interest rate.
Principal and interest comprise your monthly payments in a process called amortization, which reduces your debt over a fixed period of time. With amortization, your monthly payments largely go toward paying off the interest in the early years, and gradually reduce the principal later on.
Factors That Affect your Loan Interest Rates
Expert Advice
Best Practices for Mortgage Loan
Things not to do for Mortgage Loan
Mortgage Loans Vs Lease Rental Discounting
Lease Rental Discounting | Mortgage Loan |
---|---|
Lease Rental Discounting (LRD) will be based on the actual rental you are receiving on the property. | Mortgage loans will be provided based on already owned property. |
There is no restriction on LRD loan usage. It can be used for any purpose. | There is no restriction on mortgage loan usage. It can be used for any purpose. |
Lease Rental Discounting (LRD) will be provided for max of 10 years, However it depends on the rental agreement Tenure. | Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India. |
Interest rate will be very from 11.00% to max of 15.00% based on the bank to bank. Generally Lease Rental Discounting (LRD) will be fixed interest loans. | Interest rate will be very from 10.5 % to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans. |
The money received from the LRD will be used for any purpose. There is no end use restriction on the amount. | 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. |
Loan can be availed up to max of Rs. 20.0 Cr under Lease Rental Discounting (LRD). | Mortgage Loans can be avail up to Rs. 30.0 Cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms. |
There will be pre payment changes will be applicable for Lease Rental Discounting (LRD). This will be vary from 1% to 4% as per bank internal guidelines. | 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 based on the internal policies of the banks for Lease Rental Discounting (LRD). | Part/Prepayment will be allowed as per bank internal policies for Mortgage loans. |
Lease Rental Discounting (LRD) eligibility depends on the type of tenant and credibility of tenant. | Mortgage loans also avail with the joint eligibility as company and director or blood relatives. |
Banks can consider 90% of the Lease Rental value as repayment for loan under the Lease Rental Discounting (LRD) . | 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 Lease Rental Discounting (LRD). | Top up facility will be varying from bank to bank internal guidelines. |
About Baroda Vadodara
Baroda is also known as Vadodara the Cultural Capital of Gujarat, is the third largest city in the Western Indian State of Gujarat, after Ahmedabad and Surat. and is located on the banks of the Vishwamitri river.
Baroda State has a rich historical background. The ardent historian can trace Baroda’s history over 2000 years and more. The first noted history of the city was of the early trader settlers who settled in the region in 812 A.D. The province was mainly Hindu-dominated with Hindu kings ruling till the year 1297.
The Gupta Dynasty was the first power rulers of the region. After fierce battles, the region was taken over by the Chalukya Dynasty. Finally, the kingdom was annexed by the Solankis. By this time the Muslim rule had spread across India, and the reins of power were then snatched by the Delhi Sultans. The city was ruled for a long time by these Sultans, until they were easily overthrown by the grand Mughal emperors.
The Mughals biggest problem were the mighty Marathas who slowly but eventually took over the region. It became the capital of the Maratha Gaekwads. Sayaji Rao III was the most able ruler of them, and he made many public and bureaucratic implementations in the region. The British had a major influence on the region but Vadodara remained a princely state till Independence and like all other princely states, Vadodara also joined the Republic of India in 1947.
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Places To Be Visited In Baroda Vadodara
Laxmi Vilas Place
The former residence of the erstwhile royal family, this grand palace was commissioned by Sayajirao Gaekwad III in 1890, and designed by British architects Major Charles Mant and RF Chisolm. Tickets include a free audio guide—essential to get a historical background of the palace's rich architectural and artistic heritage. Designed in the Indo-Saracenic style, Laxmi Vilas blends Hindu, Islamic and European elements. The highlights include the grand Durbar Hall, which has a Venetian mosaic floor, Belgian stained glass windows and Italian sculptures, and an art museum. Dotted with sculptures, the palace's sprawling grounds are home to the Gaekwad Baroda Golf Club and a miniature railway line. There's also a pretty baoli or step-well, located at a distance of 50 metres from the palace.
Champaner-Pavagadh Archaeological Park
Located 47 kilometres away from Baroda, this UNESCO World Heritage Site consists of the historical cities of Champaner and Pavagadh. The site's star attractions are its beautiful mosques of which unquestionably the most striking is the massive Jama Masjid. Also strewn about are remnants of several palaces, fortifications, gateways, cemeteries, step wells and water tanks, all built between the 8th and 14th centuries. Nearby, the Pavagadh hill has an ancient fort, the medieval Hindu Lakulisha temple, the tiny but popular Kali Mata temple and a few Jain shrines. Make sure you take the cable car to the top for views and thrills.
Maharaja Sayajirao University Of Baroda
Long known as the centre of learning for fine arts, this reputed university traces its origins to the Baroda College, which was founded by the city's rulers in 1881. Its campus has several historic buildings, and small museums of archaeology, botany, musical instruments and geology. For instance, the Premanand Hall in the Arts Faculty is built in the Indo-Saracenic style and boasts of a massive dome that rises to a height of 144 feet. Other heritage structures include Kalabhavan, White House, DN Hall and the Science Observatory. Check out the archaeology department's museum, which has several Buddhist relics sourced from the Buddhist site of Dev Ni Mori in the northern part Gujarat.
Maharaja Fateh Singh Museum
Established in 1961, this museum located inside the Lakshmi Vilas Palace displays paintings from the collection of the Gaekwad family. Its star attractions include paintings by European artists such as Raphael, Titian, Rembrandt, and portraits by the 19th century Indian artist Raja Ravi Verma. There are also sections dedicated to the Rococo period, Chinese and Japanese porcelain objects. Don't miss the toy train which was gifted by Pratapsinhrao Gaekwad to his son Ranjitsinh Gaekwad.
Sayaji Baug
In the heart of the city and on the banks of the Vishwamitri River, this green space encloses the Vadodara Museum and Picture Gallery, the History of Health Museum, a zoo, a planetarium, and a toy train. Originally named after Sayajirao III who got it built in 1879, the park is commonly referred to as Kamati Baug. You'll need a few hours to explore the entire sprawl spread over no less than 45 acres.
Tambekar Wada
This four-storey wooden mansion was the residence of Bhau Tambekar, the Diwan of Baroda(1849-54) and draws visitors for its beautiful wall murals. These feature the Hindu god Krishna, scenes from the epic Mahabharata, the Anglo-Maratha war, and European subjects.