Fullerton Mortgage Loan Interest rates in Kanpur
| 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 Kanpur
| 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 Kanpur
| 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 Kanpur 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 Kanpur
Kanpur is the 12th most populous city in India. It is the second largest industrial town in north India,Kanpur city has a population of 2,701,324. Kanpur is the most important industrial centre in Uttar Pradesh. It lies on the banks of Ganga. It is famous for leather and textile goods of fine quality, and leather industries, cotton, flour and vegetable oil mills, sugar refineries and chemical works.
History of Kanpur Believed to be founded by king Hindu Singh of the erstwhile state of Sachendi, Kanpur was originally known as 'Kanhpur'. Upto the 1st half of the 18th century Kanpur continued to survive as an insignificant village.Kanpur came under the British Rule by the treaty of 1801 with Nawab Saadat Ali Khan of Awadh. This forms a turning point in the history of Kanpur.The three strategic events of the 1857 war at Kanpur were the fight at `wheeler’s entrenchment’, the `massacre at Sati Chaura Ghat’ and the `Bibighar massacre’. Nana Sahib had declared independence on the 7th of June 1857 at Kanpur.
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Places To Be Visited In Kanpur
Green Park
This is the best and most famous playground of Kanpur. International Cricket matches are held here and it has one of the best pitches in the world.
Allen Forest Zoo
The Kanpur Zoo was opened in 1971 and ranks among one of the best zoos in the country. It is an ideal place for picnics in picturesque surroundings.
The Kanpur Memorial Church
This church in Kanpur is popularly known as the All soul's cathedral. It was built in memory of the British who lost their lives in the 1857 revolt. The most attractive feature of this church is that it was built in the Lombardic Gothic style. The cathedral also houses a memorial garden towards its east.
Massacre Ghat
Massacre Ghat near the bank of river Ganga is situated in the Kanpur Cantonment Area.History has got a lot to talk about this place for this is the location of Revolt of 1857, which is also popularly referred to as the Sepoy Mutiny of 1857 or the first war of Indian Independence took place.
Phool Bagh
Phool Bagh houses the Ganesh Shanker Vidyarthi Memorial building occupied by the Orthopaedic Rehabilitation Hospital popularly referred as Ganesh Udyan.This bagh is situated on the Mall road which is in the prime heart of the city.
Jain Glass Temple
This temple is mainly dedicated to Lord Mahavira and the 23 Jain Tirthankaras.Jain Glass Temple is one of the holy places for the Jains in Kanpur.It is located in the in Maheswari Mahal.The temple is known for its glass and enamel works.
Jajmau
Jajmau known as Siddhapuri is a very ancient mound located towards the east end of the city.This was supposed to the kingdom of Yayati dynasty.Many antiques were got after the excavations of this place in 1957.Now this place is become one of the most important site to be visited by the tourists for Jajmau houses the Siddhnath and Siddha Devi temples and the mausoleum of Makhdum Shah ala-ul-Haq, the famous Sufi saint, built by Firoz Shah Tughlaq in 1358 and a mosque built by Kulich Khan in 1679.