SMFG India Credit Limited
Home Loan

Highlights of Fullerton India Home Loan are as below:

Also Read - Home Loan Tax Benefits

Following are the features of Fullerton India Home Loan:

• Loan amount: Up to 90% of the property; Rs 5 Lakhs to Rs 5 Crores
• Fullerton India Home Loan interest rates are levied 10.50% p.a. onwards
• Repayment tenure: Up to 30 years
• Fullerton India Home Loan Processing Fees is nominal, starting from 0.25% of the loan amount
• Lowest EMI possible: Rs. 841 Per Lakh

Tip - Check Cibil score before applying for a Home Loan.

Some benefits of signing up with Fullerton India Home Loan are:

• Loans for various needs like purchase of a new/ resale house or plot, construction, improvement/ extension of the existing house and so on.
• Loans available for all - salaried and self-employed people.
• PMAY Home Loans subsidy for eligible customers
• Hassle-free documentation process
• Home Low interest rates, starting at 10.50% p.a.

The rates of interest for Fullerton India Home Loans vary greatly as per the loan amount and customer’s risk profile. 

The interest rates are based on floating interest rate. Currently the rate starts from 10.50% p.a.

You should meet following eligibility criteria to qualify for Fullerton India Home Loan-

Eligibility Criteria for Salaried Applicants

• The applicants must be employed with multinational companies/ listed public limited companies/ government/ organisations private limited companies/ partnership or proprietorship firms/ closely held or unlisted companies.
• Co-applicant/ guarantor is mandatory

Eligibility Criteria for Self-Employed Applicants

• The applicant must be self-employed individual/ businessperson/ sole proprietorship/ self-employed professional (doctor/architect/CA)/ partnership firm/ private limited companies/ closely held or unlisted companies.
• Co-applicant/ guarantor is mandatory

Factors That Affect Eligibility for Fullerton India Home Loan

• A regular source of income
• Repayment capacity of the borrower
• Age of the applicant
• Good CIBIL score (preferably 650 or above) and clean repayment history
• Availability of eligible co-applicant

Ways to Improve Your Eligibility for Fullerton India Loan

• Choose a longer tenure to reduce the EMI (equated monthly instalment) amount
• Apply for the home loan with an eligible co-applicant having a steady income to increase your eligibility
• Close your existing short-term loans (if any) to get better Fixed Obligations to Income ratio (FOIR).

Also Read - How does Your Salary Impact the Home Loan Eligibility?

Documents for Salaried Applicants

• Identity Proof: PAN Card/ Driving License/ Employee Card/ Voter's ID
• Residence Proof: Aadhaar Card/ Ration Card/ Property Tax/ Latest Water Bill/ Latest Piped GAS Bill/ Latest Electricity Bill.
• Income Proof:
  • Salary slips of last 3 months
  • Last 2 years Form 16
  • Bank statement of last 6 months showing salary credit

Documents for Self-employed Applicants

• Identity Proof: PAN Card/ Driving License/ Voter's ID
• Residence Proof: Aadhaar Card/ Ration Card/ Property Tax/ Latest Water Bill/ Latest Piped GAS Bill/ Latest Electricity Bill.
• Income Proof:
  • ITR of last 2 years with computation
  • Primary bank statement of last 6 months
  • Financials audited by CA wherever applicable

Also Read - Documents Required for SBI Home Loan

Apart from interest rates, Fullerton India Home Loans also involve following fees and charges:

Fullerton India offers the following types of Home Loans:

Home Loan

Home Loan for Buying a Home: This loan can be availed of for purchasing a new or resale house at an attractive interest rate and for a longer tenure. These Home Loans involve simple and easy processing. Fullerton India assures you of a fair deal with complete transparency and flexibility.

Home Improvement Loan: Everyone wants their home to look the best. To improvise their home, people give it new paint, decorate with new furniture, renovate the walls, and so on. Home Improvement Loans by Fullerton India help you to fund the expenses of renovating your house.

Home Construction Loan: Not everyone loves to buy a resale house. Some people dream of a house constructed as per their liking. The joy of constructing your own dream home constructed is incomparable. Fullerton India provides Home Loans for the construction of a home on a plot owned by you.

Home Extension Loan: Your family and needs for some extra space grow with time. People need extra space in their house to accommodate all their family members comfortably. With Fullerton's Home Extension Loan, you can add a bedroom, enclose an open balcony, build an extra room on the terrace, and fund other house extension projects.

Commercial Property Loan

Buy New or Resale Commercial Property: These loans are for purchasing a space for your business. If you have already identified or are in the process of identifying a space for your office, Fullerton India can help you with the entire work, starting from choosing a property till the payment of loan amount in full. Fullerton India provides loan for new as well as resale properties.

Construction of Commercial Property: Grihashakti provides loans for purchasing a commercial plot and constructing property on the same. If you have identified the plot, then we can assist you with the purchase of your dream plot and construction of property on the same.

Fullerton India Pradhan Mantri Awas Yojana (PMAY) 2024

PMAY is an interest subsidy Credit Linked Subsidy Scheme (CLSS). The government scheme aims at providing Housing for all (Urban). Home Loans are offered at a subsidised interest rate to the Economical Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Group (MIG) for the purpose of purchasing, constructing, extending and improving the house. The maximum subsidy that can be availed under PMAY is  2.67 Lakhs for a maximum tenure of 20 years.

Eligibility criteria for PMAY scheme

• The beneficiary family shouldn't own a pucca house in their name or in the name of any family member in any part of India.
• If the applicants are a married couple, then both the spouses together (in joint ownership) or either of them is eligible for a single subsidy.
• The beneficiary family shouldn't have availed of any benefit under any scheme in PMAY or central assistance under any housing-related scheme before from Government of India.
• Women applicants (including widow and single working woman), transgender, SC/ST/OBC individuals, and individuals with disabilities are given preference.
• Any adult earning member irrespective of their marital status is treated as a separate household.

Balance Transfer

With Fullerton India's Balance Transfer loan, you can lower your loan payment by transferring your outstanding balances of existing Home Loan to Fullerton India's Grihashakti. You can get an additional top-up on balance transfer.

A Home Loan is a secured loan where the property for which you are applying for the loan is considered as Loan Security or Collateral. So the value of the property along with the marketability is an important eligibility factor for the loan amount. Each lender provides a percentage of this property value for financing property purchase and this is called Loan to Value (LTV) ratio. The remaining amount needs to be paid by the applicant as margin or down payment.  

Maximum LTV for Fullerton India Home Loans is 90% of the property's value. The broad LTV categorisation is as per following:

• 90% of the cost of the property: For loan amount up to  20 Lakhs
• 80% of the cost of the property: For loans between  20 Lakhs and  75 Lakhs
• 75% of the cost of the property: For loans above  75 Lakhs

Also Read - 6 Home Loan Charges You Should Know

Calculating equated monthly instalment (EMI) for Fullerton India Home Loan is extremely easy and instant using MyMoneyMantra's online Fullerton India Home Loan EMI Calculator. This calculator can help you in determining the most suitable EMI for the prospective loan.

You just have to follow three simple steps mentioned below to get the complete amortisation schedule:

• Go to Financial Tools tab on MyMoneyMantra and click on EMI Calculator
• Enter the Loan Amount, Rate of Interest, and Tenure (in months or years)
• Click the Calculate button to get the result

The borrower can repay the Home Loan at Fullerton India in affordable EMIs with easy repayment options such as Post Dated Cheques (PDCs) and Electronic Clearance Service (ECS) facility.

ECS facility: ECS or Auto Debit is one of the easiest methods to pay the EMI. The borrower must sign and submit the auto debit form or ECS mandate to instruct the bank to directly deduct the monthly EMI amount on the fixed date of every month. This will automatically debit the EMI monthly from the borrower's account at Fullerton India.

PDC facility: In the cities where ECS facility is not available, the EMI payment can be done with the help of Post Dated Cheques (PDCs). The borrower has to submit 36 monthly cheques to the Fullerton India and submit fresh cheque prior to the expiry of old ones or when required by Fullerton India.

Also Read - Tax Benefits on the Second Home Loan

For any Housing Loan query, you can contact Fullerton India Customer Care at their following Toll-Free numbers:

+1800 102 1003

Timings: 9.30 a.m. - 6.30 p.m. (from Monday to Friday) and 9.30 a.m. - 3.00 p.m. (on Saturday)

*Excluding public holidays

You can also email at:

grihashakti@fullertonindia.com

Corporate Office Address:

Fullerton India Home Finance Company Ltd.

Supreme Business Park, Floors 5 & 6, B Wing,

Powai, Mumbai 400 076

Tel: +91 22 6749 1234

Additional Info: Avail Fullerton India Business Loan online with Mymoneymantra.