Property Loan Interest Rate Dec 2020

Mortgaging your property may seem like a hard call but it is actually one of your safest options. With Fullerton India Loan Against Property, get maximum value with affordable interest rates, flexible repayment options and tenures. We ensure the process is simple & seamless for you at every step of the way until you fulfil your needs – personal or professional. No matter what your goal, realising it is within reach with our loan against property solutions.

Interest rates for Loan against property depend on multiple factors. We offer a diverse set of mortgage loan products to meet various needs. It does not matter if you are salaried, self-employed, or a business entity – we have the perfect, tailored solution for everyone.

Loan against property interest rates also depend on the type of property you would like to mortgage, its current market value, available documentation, your income and so on.

The information below can help you estimate your interest rates. You can also connect with us at our nearest branch or on phone, mail or chat.

Please refer to the policy and charges before applying for a loan against property online.

Loan Against Property Fees & Charges

Here's a table of Fees and Charges to help you understand the same in detail. Please note that the below charges will be applicable with effect from 4th November, 2019

Documents Required for Property Loan

The process for availing loan against property at Fullerton India is fairly straightforward. We have kept the documents required for a loan against property to a minimal, and it may vary based on your source of income. You will have to furnish proof of identity, address and age along with the proof of income to support your application. You will also have to share the documents about the property that you are offering as collateral.

You will need to have the following documents handy to apply for Fullerton India's loan against property:

• Application form with a recent photograph
• Proof of Identity (Passport Copy /Voter ID card /Driving License /PAN Card)
• Address Proof (Ration card /Telephone Bill /Electricity Bill /Rental agreement /Passport copy /Bank Passbook or Statement /Driving License)
• Age proof (PAN Card /Passport /any other certificate from a statutory authority)
• Bank Statements (Bank statement /Bank Passbook for the last 6 months) OR Last 6 months salary slips
• Form 16
• Income Tax Returns for the last 3 years
• Processing fee cheque
• Documentation pertaining to the property offered as collateral

Additional documents for Loan Against Property for self-employed and SMEs

• For Self Employed: Income statements and other financials for the past 2 years attested by a CA
• For SMEs: Audited financials for the last 2 years

How to Apply for Loan against Property?

Before applying for a loan against property, we recommend using our loan against property EMI calculator to check the monthly EMI you may have to pay given a certain loan amount, interest rate and tenure. EMI amount should be one that you pay without stretching your resources thin. Once you have decided the loan amount and tenure you are comfortable with, click on the Apply Now button to apply for the loan.

1. Click on the “Apply Now” button on the top right of the page. You will be taken to another page, where you can select “Loan Against Property”. Select the appropriate option depending on whether you are salaried, self-employed or an SME.
2. Next, you will be taken to an online form. Enter your mobile number correctly. You will receive a 6 digit OTP - please enter this in the textbox provided on the website.
3. Please enter your personal details as requested on the online form page. Click “Next”.
4. Please enter your employment details as requested in the next step.
5. Please enter your bank details as requested in the next step.
6. Upload scanned copies of documents
7. Click “Submit”. Within a few seconds, you will be informed if you are approved for the loan.
8. Our customer care representative will get in touch with you for further information as your application goes through various checks.

Please note that the above list is indicative. More documents for loan against property application may be requested depending on your employment type, the type of mortgage loan you are applying for, and Fullerton India's policies at the time of application.

To know more on loan against property documents, get in touch with us or apply now!

Eligibility for Loan Against Property

At Fullerton India, you can avail customized property loan depending on your requirement. Regardless of whether you are salaried, self-employed or an SME – you will find a product that meets your requirements.

An individual may require funds for any purpose. Such a person can get funds by availing a loan against property. If the individual is willing to pledge a residential property, then a loan amount equivalent to 60% of the property’s value can be disbursed. If this individual is willing to pledge a commercial property, then a loan amount equivalent to 70% of the property would be disbursed.

Therefore, if your residential property is valued at Rs 50 lakhs, you can avail a maximum loan of Rs 30 lakhs and if your commercial property is valued at Rs 50 lakhs, you can avail a maximum loan of Rs 35 lakhs. However, the actual loan amount can depend on various other factors too. Some of these include the valuation of the property and the availability of documents. We assess your repayment potential based on factors such as your income, age, nature of work, other fixed obligations and your credit history. Read on for details loan against property eligibility criteria.

How is Loan Against Property Eligibility calculated?

We offer simple and transparent procedures to find your eligibility for a loan against property. Your repayment potential can be assessed based on factors such as your income, your net monthly obligations, location, CIBIL score, qualifications/job profile, etc. The loan amount will also depend on the valuation of the property you are pledging, and the availability of required documentation for the same. If you are looking for a loan against property, just go through the table below to understand your eligibility for the same.

How to Apply for Loan against Property

You can apply for a Loan against Property with Fullerton India by following these steps:

1. Click on the “Apply now” button on this page.
2. Select “Loan against Property”
3. Select “Salaried”, “Self Employed” or “SME” as applicable.
4. Enter your details as requested in the form. Please ensure that all the information is correct.
5. Enter your mobile number and email address correctly. Please remember, that all future communication will be at the details provided by you, and hence we advise you to provide a number and email ID that you are currently using.
6. Go through the “Terms and Conditions” carefully before clicking on “Submit”.
7. Our representative will get in touch with you to take the process further.

The loan against property eligibility depends on whether you are a salaried individual, self-employed or an SME. Your repayment potential is assessed based on factors such as your income, age, nature of work, other fixed obligations and your credit history. Towards this, along with the loan application, you will have to submit the documents required for loan against property. These include:

1. Application form with a recent photograph
2. Proof of Identity (Passport Copy /Voter ID card /Driving License /PAN Card)
3. Address Proof (Ration card /Telephone Bill /Electricity Bill /Rental agreement /Passport copy /Bank Passbook or Statement /Driving License)
4. Age proof (PAN Card /Passport /any other certificate from a statutory authority)
5. Bank Statements (Bank statement /Bank Passbook for the last 6 months) OR Last 6 months salary slips
6. Form 16
7. Income Tax Returns for the last 3 years
8. Processing fee cheque
9. Documentation pertaining to the property offered as collateral