Fullerton Mortgage Loan Interest rates in Kolhapur
| 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 Kolhapur
| 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 Kolhapur
| 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 Kolhapur 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 Kolhapur
The District of Kolhapur is a southern district in Maharashtra State and is one of the constituent districts of the Deccan Fertile Belt. Kolhapur is one of the oldest civilizations of the country. It Situated at the banks of River Panchganga, Kolhapur is called as Dakshin Kashi for its spiritual history.
Kolhapur is not different from the others, it has also seen and gone under the various regimes and since the emergence of the Marathas, the place was being ruled by the Bhonsle dynasty. Chhatrapati Shahu Maharaj was not among the male ancestor of this dynasty as he was born as the eldest son of Appasahed Ghatge on 26th June 1874 and was named as Yashwatrao Ghatge. Those were the days around the Holi in the year 1884, when Rani Shrimant Anandibai Raje Saheb decided to adopt him and made him Chhatrapati of the princely state of Kolhapur. After the Regin of Chhatrapati Shahu Maharaj, the Bhosale Dynasty has continued on the Throne of Kolhapur. Post Independence Princely State of Kolhapur became an integral part of Union of INDIA.
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Places To Be Visited In Kolhapur
Bahubali Hill Temple
This temple looks very beautiful and splendid. The scene of the forest and the village farms looks full of delight and beauty. People visiting these temples have to climb about 400 steps. A fair is held here on the 15th day of the bright half of the month of Kartak, on the 15th day of the bright half of the month Chaitra and on the 10th of day the dark half of the month of Magasar.
Bhavani Mandap
Bhavani Mandap is a historical building situated in the walled city center of Kolhapur in southern Maharashtra, India. It is located near the famous and mammoth Mahalaxmi Temple on the west. It is the glory of the city. Being the biggest and oldest building, it has historical importance. When Kolhapur became self-governed, this place was built. It has fine and sound construction with 14 squares.
Gaganbavada
Gaganbavada is a hill station nearby Kolhapur. Located at a pretty height from sea level, the hill station is a summer resort. The calm ambience and cool climate make this place a much sought tourist destination in Kolhapur. The hill station is aptly placed in the background of lush green woods and undulated hilly regions.
Maharaja's Palace
The Maharaja's Palace is an impressive palace in Kolhapur constructed in 1881 and it presently encloses the famous Shahaji Chhatrapati museum. The place was constructed in Indo-Saracenic colonial architectural style and was designed by the renowned British architect Charles Mant.
Jyotiba Temple
This temple is one of the 12 Jyotirlingas. This is also called Kedarnath and Wadi Ratnagiri. Mythology says, Jotiba helped Mahalaxmi in her fight with the demons. He founded his kingdom on this mountain. He belongs to the Nath cult. He was born in the hands of Vimalmbuja, the wife of the sage Pougand, on Chaitra Shukla 6. This God is avtaar of Guard (Bhairav). Jotiba killed demon Ratnasur who troubled civilians. With this incidence name of village was Wadi Ratnagiri. Instead of taking such long name public accepted this place as the name of God 'Jotiba' and this name became famous.
Kashi Vishveshwar Temple
It stands previous to the compilation of 'Karveer-Mahatmya'. It is in the premises of 'Ghati-Darvaja' to the north of Mahalaxrni Mandir. The 'Pinda' (round-oblong stone) is called Kashi Vishweshwar. The 'Karveer-Mahatmya' says that it was visited by sage Agasti, Lopamudra, King Pralhada and King Indrasen Formerly, before the Mandir there were two holy tanks-Kashi and Mani Kamika, of which Manikamika is completely drained, and upon it the corporation has started a garden (Mahalaxmi Udyana) since 1962, While the present condition of Kashi Kund is very pitiable.