Fullerton Mortgage Loan Interest rates in Korba
| 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 Korba
| 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 Korba
| 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 Korba 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 Korba
Korba is the power capital of Chhattisgarh State. It was accorded a full-fledged revenue district with effect from 25th May, 1998. The district comes under Bilaspur Division and is inhabited mainly by tribals including the protected tribe Korwas. Korba district situated about 200 km. from the capital city Raipur.
Korba is known for its coal mines such as Gevra Area which is one of the biggest coal mines of Asia as well as Kusmunda Area and Dipka Area, all located in Korba Coalfield.
Other Cities Loan Offers
Places To Be Visited In Korba
Chaithurgarh Fort
Chaithurgarh fort is about 70 km away from the heart of the city. This fort stands tall at a height of 3060 ft from the sea level. The credit for the construction of this great fort goes the vision of Raja Pratwidev. Every year many archeologists and tourists hit this place to get astonished by this beautiful construction. This place also has mythological importance, as Mahishasur Mardini temple is present here. Right on the top of the hill,
Sitamani
Sitamani is yet another archeological wonder. Three caves have been formed by cutting the rocks. Each cave is the abode for Ram, Sita, and Laxman respectively. This place holds great amount of tourist attraction. In fact, all the local residents have many religious beliefs with respect to this holy place. According to the folklore, this place is regarded as the place where Lord Rama stayed during his vanavas (exile). Footprints that are found near these caves provide strong evidence for the belief of the people. A big temple is situated just beside these caves.
Kendai Waterfalls
A tiny village called Kendai proudly hosts one of the gorgeous waterfalls of the state. It is about 85 kms away from the center of the city. Over the years this place has turned out to be the best picnic spot for the tourists as well as the local residents. These waterfalls are pretty lovely to watch in the early mornings and the late evenings. Kendai waterfalls is about 75 feet tall.
Lafagarh
The distance of this place called Lafagarh from Korba is 19 Kms. This place is famous for the presence of a natural fort, which is considered as one of the strongest natural forts of India.
Kanki
The distance of the renowned Shiva Temple is 20 Kms. Kankeshwar Mahadev Temple is another name given to this temple.
Pali
Pali is known as the worship place of the great Emperor, Raja Vikramaditya, who was the key ruler of Banna dynasty. You can see a large Shiva mandir right beside the large pond. The architecture of this temple is pretty fascinating and has ignited the interest of many young architects and even inspired many to choose architecture as their career. Even the pond near the temple is so well constructed that it has 9 edges and has a special symmetry. These constructions depict the creative minds of the people of those days and can really amaze you with their beauty.