Fullerton Mortgage Loan Interest rates in Rourkela
| 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 Rourkela
| 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 Rourkela
| 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 Rourkela 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
Bajaj Finserv
ICICI Bank
Axis Bank
HDFC Bank
Magma Fincorp
DHFL
Citi Bank
Dcb Bank
IDBI Bank
IndusInd Bank
Kotak Mahindra Bank
RBL Bank
State Bank of India
Standard Chartered Bank
Avanse
LIC Housing Finance
TATA Capital
Credila
HDFC Limited
Aditya Birla Housing Finance
Capital First
Edelweiss
Indiabulls Housing Finance
Religare Finvest
Yes Bank
Canara Bank
Bank of Baroda
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 Rourkela
The city of Rourkela which is located in the erstwhile region of Gangpur State of the British era owes its emergence the Central Government's decision to locate India's first public sector steel plant there. The construction of the steel plant began in the late 1950s in collaboration with Krupp Demag of the then West Germany.The main Howrah-Bombayrailway line passes through the city.
The city is a part of Panposh sub-division of Sundergarh district in Orissa. It is situated in a valley formed by the intersecting of Koel and Sankh rivers.These two rivers meet each other at Vedavyas, Rourkela and form the river Brahmani, a tributary of river Mahanadi. The valley is at an altitude of 150 to 300 metres and is fairly flat and open, except for a few projecting ridges. These ridges were once qovered with green vegetation which provided a picturesque surrounding to the site of steel plant and township.
Other Cities Loan Offers
Places To Be Visited In Rourkela
Hanuman Vatika
Considered to be the gardens where the mighty ape god, Lord Hanuman dwelled in the ancient times. The site was renovated and was opened for public by the Orissa government. The garden contains several shrines dedicated to the various Hindu deities and a monolithic 22.8 meter tall statue of Lord Hanuman in the center attracts visitors from all across the country.
Darjeeng
Located on the banks of the Brahmani River,Darjeeng is a famous picnic spot near Rourkela. The place is characterized by lush green surroundings and the picturesque Deodhar George is especially during the hot and humid summer months.
Rani Sati Temple
:Also known as Jhun-Jhun Dham and is spread across an area of 2 acres. The origin of the temple site is unknown but the structure was constructed in 1967, and was renovated in 1992 and 2000.
Vaishno Devi Temple
The replica of the original Vaishno Devi Temple located in the Indian State of Jammu and Kashmir, this temple is located atop a hill that gives a panoramic view of the entire city of Rourkela. Vaishno Devi temple was opened for public in 2007 and is a ground to colorful celebrations during the Hindu festivals of Diwali, Holi and Dusshera.
Vedavyas Temple
Located on the banks of the River Brahmani, Vedavyas Temple marks the spot where one of the greatest Hindu epics, Mahabharatha was written. Vedavyas temple comprises of three major buildings, a school, a hermitage and the caves where the Mahabharatha was written by the legendary sage. The place is a popular tourist attraction and should be visited by everyone who would like an deep insight of the cultural history of India.