Fullerton Mortgage Loan Interest rates in Raipur
| 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 Raipur
| 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 Raipur
| 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 Raipur 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 Raipur
Raipur is a city in the Raipur district of the Indian state of Chhattisgarh. It is the capital city of the state of Chhattisgarh and is the administrative headquarters of Raipur district. It is also the largest city in Chhattisgarh. It was formerly a part of Madhya Pradesh before the state of Chhattisgarh was formed on 1 November 2000. Naya Raipur is the upcoming business hub in Chhattisgarh promoted by the state government.Raipur has been in existence since the 9th century; the old site and ruins of the fort can be seen in the southern part of the city. Raipur district is important historically and as a point of interest archaeologically. It is believed that King Ramachandra established the city of Raipur and subsequently made it the capital of his kingdom.
Another story about Raipur is that King Ramachandra's son Brahmdeo Rai had established Raipur. His capital was Khalwatika (now Khallari). This region had become the domain of Bhosle kings after Amarsingh Deo's death. With the death of Raghuji III, the territory was assumed by the British government from Bhonsla'a of Nagpur and Chhattisgarh was declared a separate division, the Chhattisgarh Division of the Central Provinces, with its headquarters at Raipur in 1852. At the time of the independence of India Raipur district was included in the Central Provinces and Berar.
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Places To Be Visited In Raipur
Mahant Ghasidas Memorial Museum
This museum is located near the D K Hospital in Raipur and was established by Raja Mahant Ghasidas of Rajnandgaon in the year1875. The museum has two floors featuring five galleries and features different sections including archaeology, anthropology and natural history. Besides, it also displays crafts, jewelry, paintings and terracotta belonging to tribal culture. The museum also has an interesting library.
Doodhadhari Monastery and Temple
The temple located in the southern region of Raipur. An ancient river called Maharajbandh flows by this landmark. This ancient temple was built by King Jaitsingh in mid-17th century and dedicated to Lord Rama. The temple feature stunning murals. There is also a monastery that was named after Swami Balbhadra Das who survived only on 'Doodh' (milk) as his food. You can also find the memorials of the ex- Mahants (ministers) here.
Mahamaya Temple
Located in the old fort area of Raipur on the banks of the river Khaaroon, this temple is a must visit for the pilgrims. It is dedicated to Mahamaya - a revered Hindu goddess believed to be a blend of the powers of Vishnu and Shiva. Durga and Mahishasura Mardini or Jagdambe are the other names by which this popular deity is known as.
Budhapara Lake
It is a magnificent lake and is also one of the prime tourist attractions in Raipur. The lake was built by the Kalchuri emperor King Brahmadeo around 1402 AD.
Vivekananda ashram
It is an important place of tourist interest for those who seek spiritual enlightenment and is a branch of the mission inaugurated by Swami Vivekananda in the year 1897. The organization works on the principles of ideologies that are based on renunciation and self-emancipation and attempts to achieve the overall well being of the world.
Shaheed Smarak Complex
It is a remarkably conceptualized structure designed by the architect Prasanna Kothari that should not be missed out on a tour to Raipur. It is a memorial dedicated to the Indian freedom fighters that consists of a massive auditorium, library, museum and an art gallery.