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.
|Salaried / Self Employed / SMEs||
FICCL Retail Prime Lending Rate (RPLR) is 20.40% w.e.f 8th December, 2022
Lowest Interest Rate (depending on several factors including net income, employment or business stability, existing monthly obligations, type of LAP product, etc.)
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
|Fee Type||Applicable Charges|
|Delayed EMI Payment Interest||24% per annum on outstanding balance which is overdue, calculated on day to day basis|
|Collection of Cheque/Cash (per collection)||NIL|
|Cheque /ECS/NACH dishonoured Charges (per dishonour of cheque/ECS/NACH per presentation)||300|
|Swap Charges- for replacement of Post-dated cheques to ECS (per instance)||500|
|Swap Charges- for replacement of ECS to ECS (per instance)||500|
|Loan Cancellation charges (loan cancelled before first EMI)||5,000|
|Processing Fees||Up to 3% of the Loan Amount|
|Rate of interest conversion fee||An amount not exceeding 1% of the loan amount sanctioned (SME loans / Loan against Property & LRD)|
You are eligible for Loan Against Property as a salaried resident between 21 years and 60 years of age, a self-employed resident of India between 25 years and 65 years of age, or an SME. If the applicant is an SME (small and medium enterprise), then the SME has to be 2 years old. You also need to be the owner of residential or commercial property, and the property should be free of all mortgage claims / legal disputes.
CIBIL score of 700 and above is required to be eligible for Loan Against Property. CIBIL score reflects your creditworthiness. CIBIL score is arrived at based on your payment history, credit exposure type, credit duration, etc.
Yes, there are few other charges. You need to pay a processing fee of upto 3% of the loan, interest rate conversion fee upto 1%, INR 5,000 if the loan is cancelled before the first EMI, INR 500 swap charges for replacement of ECS, post-dated cheques, INR 300 for cheque dishonour, and 24% per annum on outstanding balance calculated on day to day basis for delayed EMI.
The interest rate offered to you will depend on a variety of factors, including your eligibility and the policy of Fullerton India at the time of loan application. You can estimate your monthly EMI that will be applicable to your loan based on our EMI calculator.
You can reduce your Loan Against Property interest rate by following some habits regularly. They include paying all your EMIs on time, selecting shorter tenures, making higher down payment whenever possible, and by maintaining a healthy CIBIL score.
* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.
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