Fullerton Home Loan

This loan is Fullerton Rural Home Loan which is granted to rural applicants to meet their housing finance requirements. The relevant features of the home loan schemes include the following points:

• The Fullerton India Gram Shakti loan is offered to rural individuals for the purpose of purchase of a home, repairs to a home, new construction or revamping the residential units in a rural area
• The amount of loan ranges from Rs.50, 000 in the minimum value to Rs.10 lakhs as the maximum value.
• The Fullerton home loan repayment tenure granted under the loan can be extended to 10 years
• The home loan offers easy documentation, door-to-door service and a guided help in the loan application procedure
• The loan can also be used for carrying out home extensions for productive commercial uses
• The Fullerton India Home loan to value granted is a maximum of 70% of the fair market value of the ready house property which is purchased. If the loan is taken for self-construction purposes, the maximum loan to value percentage would be 80% of the estimated cost of construction. This estimated cost of construction would include the cost of the land under consideration, stamp duty paid, registration and any acquisition cost which is incurred only once
• Self-employed individuals seeking a home loan under this scheme can get the loan based on their surrogate income proof and filled investigations

Home Loan Eligibility

• The Fullerton India Home loan can be availed by salaried individuals, self-employed individuals as well as by agriculture and allied agri-workers
• The minimum gross annual income of the household should be at least Rs.1.2 lakhs, i.e. Rs.10, 000 every month

The interest rate may vary between 13.5% to 21% per annum on floating rate of interest. Floating rate of interest is linked to the FICCL retail prime lending rate which is currently at 17.80%”. The Rate of interest offered by Fullerton India Credit Company Ltd is as per the prevailing market trends, yet competitive compared to most of the market players. The interest rate is calculated on daily basis and charges in the monthly EMI proportionally. The interest rates are indicative only and the final rate being offered would vary and calculated on the basis of below mentioned points.

• Profile of Customers
• Loan tenure
• Geography of residence
• Nature of Collateral (If provided)
• Prior / existing relationship with Fullerton India.

*Interest rates are subject to change at any point of time at the sole discretion of FICCL

Charges & Fees

• Nil Charges applicable on pre-payment charges for partial or full pre-payments irrespective of the source.
• For any default in monthly EMI payments- An amount not exceeding (0.7) per cent per annum on the principal amounts outstanding under the loan payable from the relevant due date until the date of actual payment / rectification of default.
• A loan processing fee equal to 3% of the home loans sanctioned would be charged on the Fullerton home loan
• An application fee would also be payable by the borrower. For Fullerton Home loans up to Rs.10 lakhs, the fee is Rs.2500, for Fullerton Home loans exceeding Rs.10 lakhs and up to Rs.25 lakhs, the fee payable would be Rs.3500, for Fullerton Home loans above Rs.25 lakhs and up to Rs.50 lakhs, the application fee payable is Rs.4500 and for loans above Rs.50 lakhs, the application fee payable is Rs.6000
• Documentation fee of Rs.1500 is payable for loans up to Rs.25 lakhs and Rs.3000 for loans above Rs.25 lakhs
• Stamp fees and charges are payable as per the applicable tax laws
• The rate for converting the interest chargeable on the Fullerton Home loan is 0.50% of the outstanding amount of Fullerton Home loan
• Cheque, ECS, DDM or NACH bounce charges payable would be Rs.500
• Swap charges for modifying any repayment mode would be Rs.600 per instance of swapping
• CERSAI charges for loans up to Rs.5 lakhs would be Rs.110 and for loans above Rs.5 lakhs would be Rs.210
• Part disbursal or per tranche fee payable would be Rs.600
• For issuing a duplicate statement of account or a Fullerton Home loan agreement or an NOC would cost the borrower Rs.300
• Charges for copy of the original title deeds would be Rs.100
• Charges for each collection of cheque or cash would be Rs.500

The list of requisite documents is quite comprehensive and thus makes the whole process hassle free. For Any doubt or clarification, customers do have their relationship manager standing right beside them to assist at any point in time.

Salaried Person

• Duly Filled the Application form with a photograph.
• Age proof (PAN Card, Passport, any other certificate from a statutory authority)
• Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, any other certificate from a statutory authority)
• Salary slip of the last 3 months
• Form 16
• Last 3 years Income Tax returns
• Bank statements for the last 6 months
• Copy of Title Documents of the property, Approved Plan
• Loan Processing fee cheque

Self-Employed:

• Duly Filled the Application form with a photograph.
• Age proof (PAN Card, Passport, any other certificate from a statutory authority)
• Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, any other certificate from a statutory authority)
• Income Tax returns for the last 3 years duly certified by a CA
• Profit & Loss Account and Balance Sheet of the last 3 years
• Bank statements (self and business) of the last 6 months
• Copy of Title Documents of the property,
• Approved Plan Processing fee cheque

Security/Collateral

Security or generally referred as collateral in banking terns is normally the title deed of the property intended to be financed. However, there could be an additional requirement depending on the characteristics of the property. Customers should ensure the property they have proposed to buy should be free from any litigation or impediment. The ownership structure should be clear and no previous loan has been obtained on the same property from any lender.

The consumer has to repay the loan as EMI or 'Equated Monthly Installment' until the loan amount is fully paid off. The EMI is calculated basis the amount sanctioned, loan tenure and interest rate offered. In a nutshell, the EMI is nothing else but the sum of interest amount per month and the portion of the principal amount being paid. Since the Fullerton India Limited Home Loan interest rates are calculated on reducing balance methodology hence the interest component of the EMI would be larger during the initial months and gradually reduce with each payment. The proportion of interest amount would gradually go down and the principal amount would go up. This however, doesn’t mean there would be any change in the EMI amount.  Post-sanction of the loan, customers are provided with the indicative chart which is called as Amortization Schedule which reflects the proportion of Interest amount and principal amount in each month EMI.

The interest rate applied is derived basis various financial structures involved in the loan. This ranges from cost of borrowed funds, market liquidity, and market competition

Important Terms and Conditions

• The interest rate and yield for each of the Fullerton India Home loan product would be decided by the Asset Liability Management Committee (Empowered Committee) from time to time.
• The rate of interest shall be determined based on the cost of borrowed funds, matching tenor cost, market liquidity, refinance avenues, offerings by competition, the tenure of the customer relationship, the cost of disbursements( Cost of Fund). In addition to the cost of fund, the rate of interest shall further be determined based on inherent credit and default risk in the products and customer per se arising from customer segment, profile of the customers, professional qualifications, stability in earning and employment and repayment ability, overall customer yield, risk premium, nature and value of primary and collateral securities, past repayment track record of the customers, external ratings of the customers , industry trends, etc.
• The company may adopt an interest rate model The company may adopt an interest rate model whereby the rate of interest for same product and tenor availed during same period by customers would be different from customer to customer depending upon consideration of any or combination of a few or all factors listed out in point (b) above . Hence, the interest rate applied would be different from customer to customer and his/ her Fullerton Home loans.
• The annualized rate of interest would be intimated to the customer. The interest rates would be offered on fixed, floating, variable basis. The prime lending rate for the floating rates would be reviewed at quarterly intervals. In the case of floating rate of interest, the interest rate would be reviewed and reset on a quarterly basis. The interest rate would be computed on daily balances basis and charged on monthly rest or such other rest as the empowered committee decide in accordance with applicable rules and regulations.
• Interest rates shall be intimated to the customers at the time of sanction/ availing of the Fullerton India Home loan and the equated installments apportionment towards interest and principal dues shall be made available to the customer.
• Interest changes would be prospective in effect and intimation of change of interest, if any, or other charges would be communicated to customers.
• In case deemed fit, the Company may consider a necessary moratorium for interest payment and repayment of principal with properly built in pricing.
• In the case of staggered disbursements, the rate of interest would be subjected to review and the same may vary according to the prevailing rate at the time of disbursement or as may be decided by the Company.
• The interest rate, benchmark prime lending rate and other charges applicable from the time would be hosted on a website and updated from time to time.
• Besides normal interest, the Company may collect penal interest / late payment charges for any delay or default in making payments of any dues. These penal interest / late payment charges for different products or facilities would be decided by the Company from time to time.
• No claims for refund or waiver of such charges/ penal interest / additional interest would normally be entertained by the company and it is the sole discretion of the company to deal with such requests if any.
• All processing / documentation and other charges recovered are expressly stated in the Loan documents. They vary based on the Fullerton India Home loan product, exposure limit, customer segment, geographical location and generally, represent the cost incurred in rendering the services to the customers. The practices followed by other competitors in the market would also be taken into consideration while deciding the charges.
• The interest rate models, benchmark prime lending rate (BPLR) and other charges applicable shall be reviewed by the Empowered Committee periodically and suitable recommendations will be made to the Board.
• All charges mentioned above are exclusive of Service Tax and the borrower shall be liable to pay Service Tax as applicable. Fullerton India Credit Company Ltd ("FICCL") reserves the right to revise the above charges from time to time and any change in the rates/charges etc. would be displayed on the company website and intimated under "Loan Charges".
• Any unbanked/unused cheques of the Borrower(S) as issued in favor of FICCL with regard to the Fullerton India Home loan and presently in custody of FICCL will be cancelled and/or destroyed immediately after closure of the Fullerton Housing loans either by way of maturity or prepayment of Fullerton India Home loan and/or otherwise without any further notice.
• Refunds towards any excess monies paid will only be applicable if the refund amount is greater than INR 250/-. Further, if the refund is required to be effected by means of a cheque, processing charges of INR 100 shall be payable.
• All payments made towards  Fullerton Housing Loans account via cheque/DD, to be made payable to
  'Fullerton India Credit Company Limited'
• Any payment received (other than Foreclosure) would be appropriated in the following order of priority;

1. Installment

2. Bounce charges

3. Penal interest

Applicants wanting to obtain a Fullerton India Housing Loan scheme can visit Paisabazaar.com website and apply for Fullerton India home loans online. The process can be completed by following some simple steps and is simple. To calculate the Home loan EMI, the website provides the required assistance wherein the EMI can be calculated to check the affordability factor.