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Fullerton Mortgage Loan in Nashik

Interest Rate starts from 12.50%

Fullerton Mortgage Loan Interest rates in Nashik

Please Find the Detailed Fullerton Mortgage Loan Interest Rates

50,00,000 Aboveupto To 50,00,000
Commercial Properties13.50%14.00%
Industrial Properties14.50%15.00%
Residential Properties12.50%13.00%

Loan To Value (LTV) For Fullerton Mortgage Loan in Nashik

Please Find the Detailed Margin Money Details For Fullerton Mortgage Loan
50,00,000 Aboveupto To 50,00,000
Commercial Properties60.00%60.00%
Industrial Properties55.00%50.00%
Residential Properties85.00%80.00%

Features of Fullerton Mortgage Loan Nashik

Type Features
Processing FeeUpto 3.0%
Pre Closure Charges5.0%
Part Payment Charges5.0%
Min Tenure5 Years
Max Tenure15 Years
Min Age23 Years
Max Age65 Years
Min Loan AmountRs.15,00,000/-
Max Loan AmountRs.10,00,00,000/-

Fullerton Mortgage Loan Nashik Charges

Type Charges
Penal Interest25% Per Annum
Bounce Cheque ChargesRs.500/-
Charge For Exchanging E C S MandateRs.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

  • 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
  • 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
  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification 
  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)
  • 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) 
  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
  • 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 India launched commercial operations in January 2007. We have since established ourselves firmly in the country's financial landscape, with a network of over 361 branches across the country, serving over a million customers. Fullerton India Credit Company Limited is a wholly owned subsidiary of Fullerton Financial Holdings Pte. Ltd., which in turn is a wholly owned subsidiary of Temasek Holdings, Singapore.

Fullerton Financial Holdings invests in financial institutions in emerging markets with a focus on Business and Consumer banking.

Fullerton Highlights

Golden Peacock 'Innovative Product' Award, 2014
Asset Award - Best Electronic Banking Implementation, 2014
ABP News Global CSR Award for' Community Development' & 'CSR Leadership', 2014
Rural Marketing Award for 'Most Effective Use of Direct Marketing to Rural Consumer, 2014
ABP News BFSI Award for ‘Innovative Initiative in Social Sector’ & ‘Best Use of Mobile Technology in Financial Services’, 2014
Flame Award for 'Excellence in Rural Marketing & Communication', 2014

Mortgage Loan Can Be Used For Many Purposes Like Below

For Business Expansion

Accelerate the Business Growth

For Acquiring New Technology

For Construct a New Block

for setting up a new Factory

Setting up a new branch

To Pay off the other Loans

To Procure the More Stock

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

1) Residential Properties:
Properties are used for the residence purpose usually called as residential properties. Independent houses, flats, villas are commonly considered as residential properties. Financial institutions like these properties and offer more LTV (loan to value) offer to the borrower. Since at the time of loan default, residential properties are easy to liquidate in the market and recover the loan amount.
2) Commercial Properties
Properties using for commercial purpose called as commercial properties. Shopping malls, Market area properties and other properties which is located in commercial area is considered as commercial properties. After residential properties, banks will give preference to the commercial properties for loansanction to a borrower. Compare to residential properties, commercial properties are little difficult to liquidate in the market. Hence the LTV of the commercial properties are will in the range of 50%-60% of the property value.
3) Industrial Properties
Properties are located in the govt declared industrial area like SEZ, Industrial zone etc., and a property is having huge infrastructure setup like machinery, which can be used for the business trading, manufacturing or storage of goods considered as industrial properties. Industrial properties liquidity in the market is low, hence the banks provide LTV to these properties are 40%-50% based on the property amenities.

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

1) Type of Property offered as Mortgage:

Your property will decide the interest rate on your loan. A residential property will attract lesser rate of Interest compare to the Commercial and Industrial properties. Industrial properties will have comparatively higher rate of interest. This is due to the liquidity of the property, when default occurs.

2) Property Legal and Technical Clearance:

Banks will not finance all properties. Banks look into various aspects like locality, usage etc. Property must satisfied by the lender internal policies criteria. For example, sometimes commercial properties built by the borrower basis on the residential approvals from the govt authorities, however actual usage is for commercial purpose. This is a deviation from the lender perspective. These factors will have impact on your loan approvals.

3) Bank-Customer relationship:

If you approach the bank where you already have a bank account and you are a valued customer then banks may give you certain leeway. This mean you can negotiate with the bank for a cheaper interest rate. Most banks agree to give a concession of 0.5-1% on the interest rate.

4) Credit/CIBIL History:

If you have good credit/CIBIL record then banks will definitely award you with a better rate of interest. This means that if you have taken a loan previously and managed to pay it off without defaulting then you will have a high credit/CIBIL score. Apart from the loan the banks also take into account payment of your credit card bill record.

Expert Advice

Best Practices for Mortgage Loan

Try to get a mortgage first, if there are going to be multiple financial obligations popping up in the near future. If you are going to be applying for new credit cards, the inquiry alone can affect your credit score. This will affect your loan processing.
Search in the Market:Before applying the mortgage loan, search for the best lender as per your requirement such as low interest rate, maximum loan tenure and higher LTV etc., this can help you to avoid crucial time and money for the mortgage loan processing.
Get Clarified:Get Clarified on the all the mortgage terms and conditions before put up the application, few of the lender will provide additional option like “Nil Charges” for Pre/Part payments and few Lenders provide the top up on your existing loan based on the good loan track. Get this information clarified from your lender.
Make Timely Payments: Make timely payment on all current debt obligations, including any current mortgage, car, credit card and other bills on time, particularly around the months leading up to the time you get ready to apply for a mortgage. This will ensure that your credit score is at the best mark, scoring you an ideal loan!

Tell the Truth: It may seem unnecessary to be reminded of this, but be as thorough as possible on the loan application. An in-depth analysis of your history will take place during the loan process. Failing to report a debt or misrepresenting your income will raise red flags.
Maintain Your Credit Score: Make on-time payments and make sure your credit score is above average. For mortgage loan the optimum credit score is 720. If you doubt on your credit score, get it online and get rectified before applying for Mortgage Loan.
Be Prepare with the Property Documents: Make sure all the original documents and related link documents of the property to be available to you, this can help the loan processing faster. If anything is missing try to arrange the same before applying the loan. Since Mortgage loan process will happen only after the initial fee prescribed.

Continue to make your mortgage or rent payments on time.

Things not to do for Mortgage Loan

Don’t accept any mortgage documents until you are given a breakdown on costs associated with your mortgage and understand the terms of your loan.
Don’t assume that all mortgage products are the same.
Don’t borrow more than you can afford even if you qualify for more.
Don’t- Close or open any asset accounts or transfer funds between accounts without receiving the correct documentation required for your loan.
Don’t - Change your legal name if you are a self employed.
Don’t - Alter any documents in any way.
Don’t change the bank accounts or banks unless advised

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 Nashik

Nasik or Nashik is a religious city in Maharashtra located in the northwest part of the state of Maharashtra. Nasik has been called the “Wine Capital of India"" and is situated in the Western Ghats, on the banks of River Godavari. This city has proved to be the best ever rising metropolis in Maharashtra and has grown immensely in the past two decades.Legend Sri Rama with his brother Lakshmana and wife Sita spent 14 years of their exile at Tapovan near Nasik. At the very place Lord Lakshmana slashed off the nose of Surpanakha, with the blessings of Lord Rama and therefore this place is named as ""Nasik” which means nose. A number of references to the Ramayana era are related with Nasik, which include the Sita Gumpha caves in Panchvati.

Nasik around 150 BC was supposed to be the country's major market. The city was under the ruling power of Mughal’s in 16th century and was renamed Gulshanabad. It is also famous for its contribution in struggle of independence of India. This is the birth place of known independence fighters like Veer Savarkar and Anant Laxman Kanhere.

Places To Be Visited In Nashik

Trimbakeshwar Temple

    Trimbakeshwar is located in Nashik. People all across India visit Trimbakeshwar to express their faith and devotion. It is one amongst the twelve Jyotirlingas of Lord Shiva. The temple is located at the base of the Bramhagiri Mountain. It is considered holy as the sacred Godavari River originates from here. It is also said to be the birth place of Lord Ganesha.

Saptashrungi

    The Saptshrungi Garh is a holy place situated approximately at a distance of 60 KM from Nashik. According to the mythology it is an abode of Goddess Bhagawati. Innumerable The name Saptshrungi means seven mountain pinnacles. There are around 108 water reservoirs on this Mountain, which are known as Kundas.

Coin Museum

    Imagine visiting a museum which is amidst a mountainous region and that is endowed with an enticing panorama. Yes, the Coin Museum is located in close proximity of the Anjeri Hill in Nashik. It was established in the year 1980, in order to educate the common masses about Indian coins and their history.

Panchvati

    Holy land for the believers of Ramayana, Panchvati attracts a lot of pilgrims. A serene town located near Nasik, the site offers small sightings having a lot of significance in the epic of Ramayana.

Pandavleni Caves

    Pandavleni caves in Nashik these caves, as they are situated on a hummock. Located at a height of approximately 300 ft, amidst a thick green forest, these caves also make a perfect destination for peace lovers and nature admirers.

Vihigaon Waterfall

    The Vihigaon Waterfall is in Nashik. It is based in the in the heart of the forest, in the Western Ghats. It is so popular for its natural beauty that it has been utilised as a prominent location in several films, short as well as feature.

Total Number Of Branches In Nashik (834)

YES BANK (97 Branches)BANK OF MAHARASHTRA (88 Branches)STATE BANK OF INDIA (82 Branches)HDFC BANK (65 Branches)THE NASIK MER CO-OP BANK LTD (62 Branches)KOTAK MAHINDRA BANK LTD (44 Branches)DENA BANK (41 Branches)ICICI BANK LTD (33 Branches)BANK OF BARODA (28 Branches)IDBI BANK (26 Branches)UNION BANK OF INDIA (26 Branches)BANK OF INDIA (25 Branches)CENTRAL BANK OF INDIA (23 Branches)AXIS BANK (22 Branches)CORPORATION BANK (17 Branches)STATE BANK OF HYDERABAD (15 Branches)THE SHAMRAO VITHAL CO-OP BANK (13 Branches)CANARA BANK (12 Branches)PUNJAB NATIONAL BANK (11 Branches)SYNDICATE BANK (10 Branches)SARASWAT CO-OP BANK LTD (8 Branches)ORIENTAL BANK OF COMMERCE (7 Branches)TJSB SAHAKARI BANK LTD (7 Branches)UCO BANK (6 Branches)ABHYUDAYA CO-OP BANK LTD (5 Branches)INDIAN BANK (5 Branches)INDIAN OVERSEAS BANK (4 Branches)VIJAYA BANK (3 Branches)MAHANAGAR CO-OP BANK (3 Branches)ANDHRA BANK (3 Branches)BASSEIN CATHOLIC CO-OP BANK LTD (2 Branches)INDUSIND BANK (2 Branches)KALYAN JANATA SAHAKARI BANK (2 Branches)NAGAR CO OPERATIVE BANK (2 Branches)NKGSB CO-OP BANK LTD (2 Branches)PUNJAB & MAHARSHTRA CO-OP BANK (2 Branches)STATE BANK OF PATIALA (2 Branches)G P PARSIK BANK (2 Branches)STATE BANK OF BIKANER & JAIPUR (2 Branches)UNITED BANK OF INDIA (1 Branches)VASAI VIKAS SAHAKARI BANK LTD (1 Branches)THE HASTI COOP BANK LTD (1 Branches)TAMILNAD MERCANTILE BANK LTD (1 Branches)STATE BANK OF TRAVANCORE (1 Branches)SOUTH INDIAN BANK (1 Branches)RBL BANK LTD (1 Branches)PUNJAB & SIND BANK (1 Branches)LAKSHMI VILAS BANK (1 Branches)HSBC BANK (1 Branches)KARNATAKA BANK LTD (1 Branches)KARUR VYSYA BANK (1 Branches)JAMMU & KASHMIR BANK LTD (1 Branches)JANASEVA SAHAKARI BANK LTD (1 Branches)JANATA SAHAKARI BANK LTD (1 Branches)FEDERAL BANK (1 Branches)DEVELOPMENT BANK OF SINGAPORE (1 Branches)ING VYSYA BANK (1 Branches)BHARAT CO-OP BANK MUMBAI LTD (1 Branches)CATHOLIC SYRIAN BANK LTD (1 Branches)DCB BANK LTD (1 Branches)CITI BANK (1 Branches)CITY UNION BANK LTD (1 Branches)APNA SAHAKARI BANK LTD (1 Branches)BANDHAN BANK LTD (1 Branches)
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