Federal Bank Home Loan Interest Rate, Apply, Eligibility 2024

Hi dear readers, hope you are doing well, today we will know about How to get Federal Bank Home Loan, Eligibility, Interest Rate, EMI Calculator, Minimum Salary, Civil Score and more details that we read in this article please read till the last.

Federal Bank If you want to take advantage of Federal Bank Home Loan then this article is for you. Home loan comes under the category of secured loan.

You can take advantage of home loan for building a house, buying a house or for home renovation. You can apply for Federal Bank Home Loan online and offline.

People who do not have their own house and do not have money to build a house can apply to Federal Bank Home Loan can apply for. In this article, you will know what is Federal Bank Home Loan, what is the interest rate, eligibility, documents etc. of the loan and how can we apply for this loan etc., so read this article till the end.

Federal Bank Home Loan

Federal Bank offers several types of home loans. You can apply for any loan as per your convenience. The interest rate of the loan starts from 9.55% per annum. Federal Bank Home Loan customer to take CIBIL Score must be good

If the customer has a high credit history and income, then the customer can get the home loan amount up to a higher loan amount. Federal Bank Housing Loan You can take this loan for a maximum loan tenure of up to 30 years. This loan tenure for NRI customers is up to 20 years.

You can take upto 15 crore under Federal Bank Home Loan. The processing charge on the loan is up to 0.50% of the loan amount subject to a minimum of Rs.10,000 and a maximum of Rs.45,000. No pre-payment fee is charged for the floating rate. You can also get subsidy on home loan under (PMAY).

If you want to take advantage of Federal Bank personal loan, then you can go through this link Federal Bank Personal loan You can apply for personal loan by clicking on

Key Features of Federal Bank Home Loan

• Loan Name: Federal Bank Home Loan 2024
• Lender Name : Federal Bank
• Loan Amount: Up to Rs.15 Crore
• Interest Rate: Starting from 9.55% pa
• Loan tenure: Up to 30 years
• Processing Fee: 0.50% of the loan amount, with a minimum of Rs.10,000 and a maximum of Rs.45,000
• Official Website : https://www.federalbank.co.in/

Interest Rate of Federal Bank Home Loan 2024

Federal Bank Home Loan interest rate starts from 9.55% p.a. This interest rate is subject to change from time to time, so for the latest interest rate information, you can get information from your nearest bank branch or by calling the home loan customer care number.

Just as Personal Loan before we take Personal Loan Interest Rate Similarly, before taking a home loan, we need to know about Home Loan Interest Rate It is necessary to have information about If you apply for that loan without knowing the exact interest rate of the home loan, then you may have to face difficulties at the time of repayment of the loan.

Variety Federal Bank Housing Loan Interest Rate is as follows:

Home Loan – Salaried
Loan Amount	Interest Rate
Upto 30 Lakhs	9.55 (Repo Rate + 3.65)
Above 30 Lakhs and upto 75Lakhs	9.60 (Repo Rate + 3.70)
Above 75 Lakhs	9.65 (Repo Rate + 3.75)
Home Loan – Self-employed
Loan Amount	Interest Rate
Upto 30 Lakhs	9.60 (Repo Rate + 3.70)
Above 30 Lakhs and upto 75Lakhs	9.65 (Repo Rate + 3.75)
Above 75 Lakhs	9.70 (Repo Rate + 3.80)

Types of Federal Bank Housing Loan

Federal Bank offers several types of home loans which are as follows:

• Federal Housing Loan
• for Purchase of House Plots
• Property Power Home Loan
• House Warming Loan

Federal Housing Loan:

Qualities:

• You can take this home loan to buy a house, to build or renovate it, to buy a plot to build a house.
• Quick Loan Approval |
• You can get loan up to 85% of the project cost under this home loan.
• Minimum paperwork |
• Long repayment period of 30 years.
• Rs.1500 lakh with 15-20% margin.
• You can easily EMI You can pay off your loan as
• The security for the loan would be the mortgage of the land and the building.
• All types of salaried and self employed persons, residents of India and non-resident can apply for Federal Bank Home Loan.

for Purchase of House Plots:

Qualities:

• You can take this loan to buy a plot for the house.
• Quick Loan Approval |
• Under this home loan, you can get loan up to 60% of the land.
• Get loan with minimum documentation.
• Under this loan, you can get loan amount up to Rs.25 lakh.
• This loan will be used to buy plots for house construction. can be obtained for
• Margin – 40%
• The repayment period of this loan is up to 60 months.
• Loan can be paid as EMI.
• The security for the loan will be 100% interim security of the plot of the house to be purchased and the loan amount.
• All salaried, self-employed and business persons can apply for this loan.

Property Power Home Loan :

Qualities:

• You can take this loan to take business to new heights, consolidate debt, arrange money for your children’s education or even marriage in the family.
• Property Power is a mortgage loan given by Federal Bank which provides loan against your property.
• You can take this home loan for any of your personal purposes like education, marriage, healthcare etc.
• Quick Loan Approval |
• All residents, non- residents, PIOs can apply for this Federal Bank Housing Loan.
• The maximum loan tenure of this loan is 15 years.
• Low Interest Rates and EMIs |
• Under this home loan, you can get a loan amount up to Rs 5 crore.
• Loan can be taken in the form of overdraft as well as term loan.
• Loan process with minimal paperwork.
• For Self Employed Category Available Surrogate Plans |
• Balance Transfer Program with Extra Finance |
• The property is offered against residential premises, a plot of land or commercial properties as per your convenience.

Terms & Conditions:

• Security:-
• mortgage of real estate
• Property in the name of close relatives will also be accepted
• To give property rights to the PIO, the property will be in his own name.

• Insurance:-
• Insurance Option for Property Power Loan at Attractive Premium
• Sum Assured may be included as a part of the loan component of the bank subject to satisfactory repayment capacity and availability of requisite safety margin as per norms.

• other conditions:-
• The Bank reserves the right to reject any application without assigning any reason.
• The applicant has to undertake to inform the Bank in case of change in address or employment.
• The terms and conditions mentioned above and elsewhere under this Home Loan are entirely at the discretion of the Bank, subject to revision from time to time.

House Warming Loan:

Qualities:

• Both existing customers and new customers of the bank can apply for this loan.
• this Federal Bank Home Loan to meet house warming and other related expenses.
• Personal Loan Without Security |
• Eligibility on acquisition or completion of house/flat.
• No lock in duration.
• Attractive interest rates |
• The maximum repayment period of this loan is 60 months.

Terms and Conditions for Loan:

• This loan customer can pay for his house warming and other related expenses. can take to complete.
• You can avail the loan amount up to 5% of the existing home loan limit (maximum Rs. 2 lakh).
• The maximum loan repayment period is up to 5 years.
• The tenure of this loan shall not exceed the remaining tenure of the existing Home Loan.
• EMI As you can pay off your loan.
• the prevailing home loan rate + 2%.

& Co- obligants :

• For resident customers – Nil
• For NRI customers – Existing Home loan security requires additional charges.
• existing All aspects of the home loan limit will be covered in the loan documents.
• If the borrower gets married after availing the HL, the spouse will be involved as a party in the loan documents, in addition to all the parties to the existing housing loan.

Home Loan Repayment Options

You can pay your loan as EMI (Equated Monthly Installment). Apart from EMI, you can also pay your loan through other options:

• checks
• Standing instructions in your branch
• Fednet – Internet Banking
• Automatic payment through ECS
• mobile banking

Federal Bank Home Loan Eligibility

Federal Bank Housing Loan Only those persons can apply for this, who are eligible for it. All types of residents of India and non -resident, salaried, Self-employed and business persons can apply for this home loan. As is known, Federal Bank offers many types of home loans. The eligibility for different types of home loans can also be different. The eligibility for different types of home loans are as follows:

Eligibility for Property Power Loan :

• Resident, Non- resident, PIO person can apply for this home loan.
• Sole Proprietorship, Family Partnership, Professional and Salaried where the end use is personal or commercial and where there is collateral in the name of individuals may apply.
• Applicant’s minimum age should be 24 years to apply.

Documents Need for Federal Bank Home Loan

Before applying for a home loan, you should keep all your documents together so that whenever the bank asks you for documents, you can show them all the documents immediately. To apply for Federal Bank Home Loan, you need to have the following documents:

KYC Documents:

• Two passport size photographs of each applicant and/or co-binding
• Identity Proof – Passport / Voter ID / Driving License / PAN Card / Aadhar Card
• Address Proof – Passport / Voter ID / Driving License / Aadhar Card
• Age Proof – Passport / Birth Certificate / Driving License / SSLC or AISSE Certificate
• copy of Passport, Visa, Work Permit, ID Card (Applicable for NRI customers)

For Resident Salaried – Income Document:

• Latest Salary Certificate / Salary Slip ( 3 Months)
• Copies of IT Returns ( 2 years) or Form No. 16 (2 years)
• 6 months bank account statement proof of salary credit

For Resident Self Employed – Income Document:

• Proof of business existence and business profile
• Bank account details of last 12 months
• IT Returns for 2 years backed by Balance Sheet, P&L Account for the last two years.
• Wherever available, tax paid challans can also be collected or IT returns for the last 2 years supported by tax calculation sheets and tax paid challans.

For Non-resident Salaried – Income Document:

• NRE account statement with any bank for the last one year
• Embassy / CRO certified salary certificate / latest 3 months salary slip or latest salary certificate / slip ( 3 months) backed by 6 months salary credit statement
• or –
• Two years NRE account statement of the customer and/or the resident account of the spouse/parent (in our/other bank) to which the remittance is made.

For Non-Resident Self Employed – Income Document:

• Proof of business existence and business profile
• Bank account details of last 12 months
• , P&L Account for the last two years. Tax payment challans can also be collected wherever available.
• or –
• Two years NRE account statement of the customer and/or the resident account of the spouse/parent (in our/other bank) to which the remittance is made.

Property Documents:

You have to submit property documents in the following ways:

For purchase of approved flats under construction:

• Agreement for sale and manufacture
• Allotment letter/NOC from builder for mortgage of flat
• Tripartite settlement (to be obtained before disbursement of loan)

For purchase of unclaimed flats under construction:

• Agreement for sale and manufacture
• Allotment letter/NOC from builder for mortgage of flat
• title deed
• Prior deed (in cases where title deed does not contain details explaining the derivation for the last 30 years)
• EC for 13 years (minimum)
• possession certificate
• location sketch
• Land Tax Receipt (Latest)
• Tripartite settlement (to be obtained before disbursement of loan)
• approval or permission from civil authorities
• Approved plan and building permit
• NOC from Environment Department
• NOC from pollution control board
• fire and safety clearance
• NOC from Aviation Department (if applicable)
• NOC from Navy – Army (if applicable)
• Certificate from Coastal Area Management Authority (if near sea, creek, estuary, creeks, rivers, backwater etc.)

For the acquisition of land and the subsequent construction of a house in that land:

• agreement for sale of land
• title deed
• Prior deed (in cases where title deed does not contain details explaining the derivation for the last 30 years)
• EC for 13 years (minimum)
• possession certificate
• location sketch
• latest land tax receipt
• Prospective plans and estimates for construction

For acquisition of approved ready built flats:

• Agreement for sale and manufacture
• Allotment letter/NOC from builder for mortgage of flat

For Acquisition of Rejected Ready Flats:

• Agreement for sale and manufacture
• Allotment letter/NOC from builder for mortgage of flat
• title deed
• Prior deed (in cases where title deed does not contain details explaining the derivation for the last 30 years)
• EC for 13 years (minimum)
• possession certificate
• location sketch
• Land Tax Receipt (Latest)
• Tripartite settlement (to be obtained before disbursement of loan)
• approval or permission from civil authorities
• Approved plan and building permit
• NOC from Environment Department
• NOC from pollution control board
• fire and safety clearance
• NOC from Aviation Department (if applicable)
• NOC from Navy – Army (if applicable)
• Certificate from Coastal Area Management Authority (if near sea, creek, estuary, creeks, rivers, backwater etc.)

For acquisition of ready built house:

• agreement for sale
• approved plan
• title deed
• Prior deed (in cases where title deed does not contain details explaining the derivation for the last 30 years)
• EC for 13 years (minimum)
• possession certificate
• location sketch
• Land and Building Tax Receipt (Latest)

For construction of house in already owned land:

• Approved plan and construction estimate
• Building Permit / No Objection Certificate for Construction
• title deed
• Prior deed (in cases where title deed does not contain details explaining the derivation for the last 30 years)
• EC for 13 years (minimum)
• possession certificate
• location sketch
• Land Tax Receipt (Latest)

repair, renovation, remodeling, extension of existing house, flat, villa:

• Approved plan and estimate
• NOC for construction in case of extension
• title deed
• Prior deed (in cases where title deed does not contain details explaining the derivation for the last 30 years)
• EC for 13 years (minimum)
• possession certificate
• location sketch
• Land and Building Tax Receipt (Latest)

Federal Bank Home Loan Apply

If you fulfill all the conditions of this home loan then you can apply for this loan both online and offline. Information about the process of applying is given below.

Federal Bank Home Loan Online Apply

• To apply online, first you have to visit the official website of the bank. federalbank.co.in .
• On the home page of the website Personal > Products > loans > Housing Loan Click on this option will appear.

• On the next page, all the home loan schemes will come in front of you.
• Click on the loan you wish to apply for.
• After clicking, all the information related to that home loan will come in front of you.
• To apply, you have to click on the option of Apply Now.
• An application form will open in front of you.
• Enter the requested information in the form and submit the form.
• After that the bank employees will contact you and the loan process will be continued further.

How to apply offline ?

• First of all you have to go to your nearest bank branch.
• You have to contact the bank employee by going to the bank branch.
• The bank employee will provide you all the information related to the home loan.
• After that your documents will be verified.
• You will be given a form, you will have to fill that form correctly.
• Attach your documents with the form and submit it to the bank there.
• If your loan is approved then the loan amount will be transferred to your bank account.

Home Loan Fees and Charges

processing charge	0.50% of loan amount, Minimum – Rs.10,000 Maximum – Rs.45,000
Prepayment / Pre-closure charges	Individuals : Floating rate on Loan – Nil For Non Individuals : Fixed rate, Overdraft – 3% on outstanding amount or DP whichever is higher
Penalty for delayed repayment	2% of the overdue portion per month Additional penal interest applicable for SMA accounts
Charges for converting loan from fixed to floating rate and vice versa	0.25% of the outstanding amount
Charges for CIBIL Report	Zero
Cersai Registration / Modification Fee	Zero

Federal Bank Home Loan EMI Calculator

Before applying for a home loan, you should do the EMI (Equated Monthly Installment) of your loan so that you can get an idea of how much installment you will have to pay at the time of repayment of the loan.

You can go to the official website of the bank Home Loan EMI Calculator With the help of this you can calculate the EMI of your loan. The EMI of the loan depends on many factors such as the loan amount, interest rate and loan tenure. If you do not calculate the EMI before applying for the loan, then you may have to face problems at the time of loan repayment.

Federal Bank Home Loan Customer Care Number

If you have any other type of information regarding this loan, then you can get information by calling Federal Bank Home Loan Customer Care Number.

• Toll free number : 1800 – 425 – 1199 Or 1800 – 420 – 1199
• Email : [email protected]

Conclusion:

In this article we have trying to give complete information about Federal Bank Home Loan. If you want to join Federal Bank ‘s Housing Loan to fulfill your dream of home, then you can get information about the complete process of applying by reading this article.

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FAQs on Federal Bank Home Loan