Fullerton India offers Loan Against Property (LAP) as a financing option for individuals who own a property and require funds for personal or business purposes. LAP is a type of secured loan where the borrower pledges their property (residential or commercial) as collateral against the loan.
The loan amount offered by Fullerton India for LAP is determined by the value of the property being pledged and the borrower's repayment capacity. The bank typically offers up to 75% of the market value of the property as the loan amount, and the repayment tenure can range from 5 to 15 years.
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Q: What is a Loan Against Property?
A: A Loan Against Property (LAP) is a type of secured loan where the borrower pledges their property (residential or commercial) as collateral against the loan.
Q: What is the eligibility criteria for a Loan Against Property from Fullerton India?
A: The eligibility criteria for a Loan Against Property from Fullerton India include:
Q: What is the loan amount offered by Fullerton India for a Loan Against Property?
A: The loan amount offered by Fullerton India for a Loan Against Property depends on various factors such as the value of the property being pledged, the borrower's income and repayment capacity, and the purpose of the loan. The bank typically offers up to 75% of the market value of the property as the loan amount.
Q: What is the interest rate charged by Fullerton India for a Loan Against Property?
A: The interest rate charged by Fullerton India for a Loan Against Property depends on various factors such as the loan amount, the repayment tenure, the borrower's credit score, and the market conditions. The interest rate can range from 8.75% to 12.25% per annum.
Q: What is the repayment tenure offered by Fullerton India for a Loan Against Property?
A: The repayment tenure offered by Fullerton India for a Loan Against Property can range from 5 to 15 years depending on the borrower's repayment capacity and the purpose of the loan.
Q: Can I prepay my Loan Against Property from Fullerton India?
A: Yes, you can prepay your Loan Against Property from Fullerton India. However, the bank may charge a prepayment penalty depending on the terms and conditions of the loan agreement.
Q: What are the documents required to apply for a Loan Against Property from Fullerton India?
A: The documents required to apply for a Loan Against Property from Fullerton India include: