Fullerton Mortgage Loan Interest rates in Tirupati
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 Tirupati
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 Tirupati
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 Tirupati 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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About Other Banks
Bajaj Finserv
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DHFL
Citi Bank
Dcb Bank
IDBI Bank
IndusInd Bank
Kotak Mahindra Bank
RBL Bank
State Bank of India
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 Tirupati
Tirupati is a city in Chittoor district of the Indian state of Andhra Pradesh. It is a municipal corporation and the headquarters of Tirupati (urban) mandal, and of the Tirupati revenue division.As of 2011 census, it had a population of 287,035, making it the ninth most populous city.
It is the seventh most urban agglomerated city in the state, with a population of 459,985. Tirupati is one of the holiest Hindu pilgrimage site because of Tirumala Venkateswara Temple, besides other historical temples, and is referred to as the "Spiritual Capital of Andhra Pradesh".
Places To Be Visited In Tirupati
Swami Pushkarni Lake
Swami Pushkarni Lake lies within the sacred premises of Thirumala Venkateswara Temple. A place of utmost reverence and religious significance, it’s believed that Lord Venkateswara himself bathed in this lake along with his consorts. In fact, the lake is considered to be as holy as the mighty River Ganges.
Thirumala Venkateswara Temple
One of the holiest and most sacred Hindu pilgrimage temples in the world, the Thirumala Venkateswara Temple stands tall in full glory on the seventh peak, the Venkatachala, of the majestic Tirupati Hills.
Chandragiri Palaces and Fort
Chandragiri was the fourth capital of Vijayanagar Empire and is most famous for its historical fort built in the 11th century as well as the Raja and Rani Palaces found within it. It was in the year 1646 when the fort was won over by the Golkonda territory and then came under Mysore rule. The Raja Mahal is now an archeological museum and is a brilliant example of Indo-Saracenic architecture of Vijayanagar period. The three-storeyed palace with its tall towers standing for certain Hindu architectural elements, was made of stone, brick and lime mortar. The Queen’s Palace or the Rani Mahal is just like the King’s Palace in terms of architecture.
Silathoranam
Silathoranam is one of the few natural bridges or arches to be found in Asia. It’s a natural rock formation and has the peculiar shape that appears to be the hood of a serpent and a conch. This is perhaps why it is believed that the idol of Lord Venkateswara at the Tirumala Venkateswara Temple is exactly of the same height as the Silathoranam.
Talakona Waterfalls
With a 270 feet-fall, Talakona is the highest waterfall in Andhra Pradesh. The region has a serne quality and it was declared as a biosphere reserve in 1989-90 because of the rich variety of flora and fauna here. The forests here are home to some rare and endangered species of animals such as Slender Loris, Indian Giant Squirrel, Mouse Deer, Golden Gecko, Panther, Porcupine, Chital and Sambar. The forest has a large cover of sandalwood trees and medicinal plants.
Sri Padmavathi Ammavari Temple
This is the temple of Sri Padmavathi Devi, the consort of Lord Sri Venkateswara.The temple is about 5 kilometres away from Tirupati, and there’s a reason why it is located away from the Lord’s temple. Legend has it that the Lord (Sri Maha Vishnu, who later took on the incarnation of Sri Venkateswara) expressed his worship towards the sage, Bhrigu Maharshi, even though the sage had insulted Vishnu. This enraged his consort, Sri Maha Lakshmi, who went to Patala Loka, where she heard a divine voice stating that a pushkarini was dug on the banks of the river Swarnamukhi. So, she immersed herself here in penance for 12 years. In the 13th year Sri Padmavathi emerged from a golden lotus. It is also said that Goddess Mahalakshmi herself emerged as Sri Padmavathi.