Fullerton Mortgage Loan Interest rates in Patna
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 Patna
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 Patna
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 Patna 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.
Fullerton Highlights
About Other Banks
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DHFL
Citi Bank
Dcb Bank
IDBI Bank
IndusInd Bank
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RBL Bank
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Standard Chartered Bank
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HDFC Limited
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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 Patna
"Patna is the capital and largest city of the state of Bihar in India. Patna is the second-largest city in eastern India after Kolkata. It had an estimated population of 1.68 million in 2011, making it the 19th largest city in India. With over 2 million people, its urban agglomeration is the 18th largest in India. Patna also serves as the seat of Patna High Court.
The city is located at an altitude of 53 metres. Patna has one of the world’s longest bridges in the world, the Mahatma Gandhi Setu on the River Ganga. In terms of population, Patna is the second largest city of eastern India. Patna was founded in 490 BCE, when a king of the Magadha empire, Ajathashatru, fortified the then called Pataligrama. His son, Udayi continued the dynasty and developed the village into a town and thus, Pataliputra was formed."
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Places To Be Visited In Patna
Kumrahar
Kumrahar stands proof of the cultural excellence of ancient Pataliputra. Located 5 kms from Patna, Kumrahar gives you an insight into the rich history of Patna. The site now contains archaeological remains of Mauryan palace. Excavations conducted at Kumrahar between 1912 and 1915 brought to light Mauryan pillared hall. Further excavations have unearthed more pillars and now the site is referred to as ‘Eighty Pillared Hall’.
Golghar
Golghar is a fine specimen of the architectural splendor of the land. Captain John Garstin built Golghar in the year 1786 to use as a granary to store grain when famine hit the city. The architecture bears resemblance of the Stupa style. With 125 meters width and 3.6 meters thick, the granary has steps to lead you to the top. The view from the top is spectacular as you can see the majestic Ganges gushing beneath. Golghar also owned the pride of being the tallest building in Patna at that time. Though built to store grains, Golghar was never used to the maximum capacity. Owing to oversight while designing and constructing, Golghar could be opened only from inside and hence if filled to its full capacity, opening the doors would not be possible.
Patna Museum
Situated at city’s centre, Patna Museum is sure to make your mind travel to the ancient times. It was constructed in the year 1917 and it is the oldest museum in the city. Influences of Mughal and Rajput style of architecture are evident in the construction of the museum. Though the museum possesses over 45000 artefacts, owing to space restraint, a minor percentage of the possessions are on display. Both the floors of the museums are dedicated to galleries including Natural History Gallery, Stone Sculpture Gallery, Indian Stone Art Tradition, Orissa Stone Sculpture, Buddha Relic Gallery and Painting Gallery.
Sanjay Gandhi Botanical Garden
Popularly referred to as Patna Zoo, Sanjay Gandhi Botanical Garden covers a sprawling 153 acre of land and finds a place among the largest zoos in the country. It was established in the year 1969. The zoo is home to 110 species of wild animals adding up to 800 animals. Some of the animals found here include tigers, white tigers, hippopotamus, lions, monkeys and many more. The place is a delight for bird watchers as a wide range of birds are seen here. Some of the museums in the garden include snake museum, bat museum and fish museum. Toy train in Sanjay Gandhi Botanical Garden takes you through the important places in the garden. There are battery-operated cars as well. For the adventurous lot, elephants wait to take them round the zoo. The pond situated at the centre of the garden has boating facilities.
Nalanda University
Nalanda is one of the most important tourist destinations that attracts people from all parts of the world. Nalanda ranks amongst the first few residential universities in the world. It was established in 5th century AD and during its prime time, it had scholars and students visiting from various parts of the world including Korea, Turkey, Indonesia, China and Persia. Excavations have brought to light some of the marvelous structures here. Many temples and monasteries were built here. One of the temples offers spectacular view of the area around. Statues of Buddha in various sizes are seen here. Famous Chinese traveler Hieun Tsang had stayed in Nalanda during 7th century.
Mahavir Mandir
Mahavir Mandir is dedicated to Hanuman. It is believed that this temple was built in the year 1730 AD. The temple underwent modifications in the years 1983 and 1985. It is considered amongst the holiest temples by followers of Hindu faith. With over million pilgrims visiting the temple every year, it is named as the second most frequented shrine in Northern India.