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Apply for Loan Against Property
Loan against your own property is a wonderful way of raising lump sum cash. You are free to use it for a family event, business expansion, etc. Utilizing the value of your property can meet most financial requirements. It is an excellent option. Lenders provide you the loan by mortgaging your residential or commercial property, providing you meet their required eligibility criteria.
Property loan rules can vary from person to person. It depends on each person’s profile. You need to assess your situation and financial goals.
Here are a few rules for loan against property you need to follow before you avail of such a loan.
You can begin by consolidating your total debt and total income. You may also want to factor in other obligations you may have such as insurance payments, rent, children’s school fees, etc. Once you arrive at a difference between the two, you will be able to understand your disposable income - that is, the amount you can afford to pay as EMI. Thus, the resulting EMI for the loan amount you need should be within your disposable income before you apply for a loan against property.
Fullerton India offers a LAP EMI calculator offering efficiency in understanding your EMI potential. It is an extremely easy-to-use tool. All you need to do is to enter your preferred, tenure, interest rate, and loan amount and you will get your monthly financial outflow.
You need to fix your repayment tenure judiciously. You may be tempted to choose longer repayment tenure and reduce the EMIs. However, you need to be aware that you will be paying higher interest, thereby making your loan against property costlier. Hence, keeping in mind your EMI capacity, you could minimize your loan tenure.
If you delay an EMI payment, you may be levied a penalty. This builds into your cost. Also, you need to keep in mind that delayed payments will affect your overall credit score. It is advisable to stick to timely payments and maintain your health score too.
Whenever you take a property loan, it is highly advisable to protect the risk with equal insurance coverage. This way you are protecting your family, in case there is an unfortunate event. Fullerton India is proud to be partnered with a few of India’s most prominent insurance providers and provides LAP customers with excellent choices so that they can secure their loan in case of any unfortunate events such as the demise of the primary borrower.
Time is an important factor in any loan related transaction. You should look at a lender who can provide you speedy service at your fingertips, rather than waste time at a branch standing in queues. Fullerton India offers an online application facility, which is one of the most convenient ways of applying for a loan against property. Just click on the “Apply Now” button on this page and select “Loan Against Property''. You can then enter the required details and submit. Representatives of Fullerton India will thereafter get in touch with you and take the process forward.
You must choose your lender after checking all the important parameters. Applying with multiple lenders at once can hamper your credit score and could also lead to loan rejections. So it is best to shortlist a lender based on their authenticity, offerings and eligibility criteria. Fullerton India is a reputed lender and is registered with the RBI. We offer transparency, smooth operation, and speedy processing. Fullerton India’s property loan brings to you flexibility in tenure (1 to 15 years) and competitive interest rates.
Must Read: How is a Loan Against Property Processed?
Fullerton India’s basic document list for a loan against property is as follows:
A) For Salaried Individuals:
B) For Self-Employed Individuals:
C) Property related documents will also be requested
Depending on your profile and our Fullerton India policy, additional documents may also be requested.
You are eligible for Fullerton loan against property as a salaried resident and as a self-employed resident. Below are the criteria:
Salaried |
Self-employed |
MNCs/Listed Public Ltd. Cos/Govt. |
Self Employed Individual businessmen/ Sole Proprietorship |
Organizations Private Ltd Cos / Closely held or unlisted companies / partnerships /proprietorship firms |
Self Employed Professional - Doctors /Architect's / CAs |
- |
Partnership Firms |
- |
Private Limited Companies/ Closely held/ Unlisted Companies |
Additionally:
*Terms and conditions applicable. Loans are sanctioned at the discretion of Fullerton India.