Federal Bank Home Loan
- Loans starting at 8.15% interest
- Loan Amount of up to Rs.15 Crores
- Tenure of up to 30 years
- Processing charge 1% of loan amount + GST (up to Rs.7500)
Federal Bank, earlier known as Travancore Federal Bank was founded before India’s independence and has a strong reputation of being a reliable and stable bank. Federal Bank Home Loans are known to be flexible and come with numerous benefits.
Federal Bank offers home loans at interest rates starting from 8.15% for up to a tenure of 30 years. Borrowers can avail of loans for home construction, plot purchase, home renovation/extension, etc.
|Federal Bank Home Loan Summary|
|Interest Rate||8.15% onwards|
|Loan Amount||Up to 85% of property value|
|Loan Tenure||Up to 30 years|
|Processing Charges||1% of loan amount + GST (up to Rs.7500)|
Note : The above rates are subject to change at the discretion of the banks or on the basis of RBI directives.
Federal Bank Home Loan Eligibility Criteria
Here are some criteria you have to meet to be eligible for a Federal Bank Home Loan.
- An Indian Resident/NRI/PIO
- Salaried or self-employed
- Between 21 and 65 years of age.
- Good credit score and good credit history
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Federal Bank Home Loan Interest Rate (2020)
Federal Bank Home Loans are linked to External Benchmarks like the repo rate; the total interest rate is a combination of the repo rate and spread. The bank will however evaluate certain factors such as the applicant’s risk profile, credit risk premium, tenor premium and count in other charges related to scheme related loan overhead costs before deciding on the final interest rate. These rates are revised every quarter by the bank.
Federal Bank Home Loan EMI Calculation
Make sure to check your monthly EMI for each home loan scheme before you decide. Use the Fincity Home Loan EMI calculator - enter required details in seconds and find out!
Federal Bank Home Loan Documents
Here are the main documents applicants will need to submit while applying for a Federal Bank Home Loan.
- Two passport size photos
- Identity Proof
- Address Proof
- Age Proof
- Certified copy of Passport
Property Proof Documents:
- Agreement for Sale and Construction
- Allotment letter/NOC from Builder to mortgage the flat
- Title Deed
- Land & Building Tax receipt
Proof of Income:
Salaried Resident –
- Latest Salary Slip (3 months)
- Copies of IT returns (2 years) or Form No.16 (2 years)
- Latest 6 months’ Bank Account statement showing the salary credits
Self-Employed Resident –
- Proof of Business existence & Business Profile
- Last 12 months’ bank a/c statements
- IT returns for 2 years supported by Balance Sheet, P&L Account for the past two years
Note : Required documents must be self-attested and may slightly differ.
Federal Bank Home Loan Schemes
This can be used to fund your home construction or renovation and even to buy a new property. You can get funding for up to 85% of the project cost (up to a maximum of Rs.15 crores) and the repayment tenure goes up to 30 years. The loan processing is fast with minimum paperwork required.
This was created to help people buy a plot of land to build a house from scratch. You can get a loan for up to 60% of the land’s cost (maximum Rs.25 lakhs) with the tenure going up to 60 months (or 5 years). Loan processing is fast with minimal paperwork.
This does not come with a lock-in period and does not require you to pledge your property. Your home construction or property purchase needs to be complete in order to be eligible for this type of loan. While the interest rate in this case is 2% over the Federal Home Loan interest rate, the repayment tenure can go up to 60 months (or 5 years).
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