Federal Housing Loan

The Federal Housing Loan comes at competitive interest rates. The lender allows you to obtain a maximum loan amount of ₹15 Crores or 85% of the project's cost, whichever is higher, with an interest rate starting from 8.75% p.a. onwards, and offers flexible repayment tenure up to 30 years

You can use the amount to cover any of the following expenses:

• Acquiring land for your home

• Purchasing a flat, villa, or any other property for residential purposes

• Renovation or extension of an existing house

To secure this loan, you will need to fulfil the following Federal Housing Loan eligibility requirements:

• You can get this loan if you are an Indian resident, PIO, or NRI

• Salaried residents are eligible up to retirement age

• Self-employed residents are eligible up to 65 years of age

• Applicants up to 80 years of age allowed with a co-obligant who is a business successor, with the following conditions:

  • Co-obligant age must not exceed 65 years or 60 years/retirement age for salaried applicants

  • At least 50% of the repayment must come from the co-obligant’s income

Keep the following documents handy when applying for this housing loan:

KYC Documents

• Identity Proof – Passport, Voter's ID, Driving Licence, PAN Card, or Aadhaar Card

• Address Proof – Passport, Voter's ID, Driving Licence, or Aadhaar Card

• Two passport-size photos of the applicant 

Income Proof (For Salaried)

• Salary slips for the last three months

• ITR or Form 16 for the last two years 

• Bank account statement for the last six months

Income Proof (For Self-Employed)

• Proof of existing business

• Bank account statement for the last year

• ITR of the last two years supported by the balance sheet and P&L account statement

Property Documents

• Agreement for Sale and Construction

• Allotment letter / No Objection Certificate (NOC) from the builder permitting mortgage of the flat

• Tripartite Agreement (to be executed prior to loan disbursement)

Note: The documentation requirements vary based on the type of housing loan you want, so check the official website before applying.

To cater to different needs, Federal Bank offers four types of home loans, which include the following:

• Loan for Purchasing House Plots: As its name suggests, Federal Bank offers this loan to cover the cost of purchasing a house plot. With this option, you can get a loan amount of up to ₹25 Lakhs for a period of 5 years. 

• Property Power Loan: This facility offers a loan against a property that you can get by mortgaging any residential or commercial property. It allows you to get a loan amount of up to ₹5 Crores, which you can use for varied purposes. 

• Federal Housing Loan: This lending option allows you to purchase, build, or renovate your dream home. This loan facility offers a loan amount of up to ₹15 Crores that can be repaid over a tenure of 30 years.

• Housewarming Loan: Federal Bank offers this loan to cover housewarming and other expenses. It allows you to repay the loan amount in a period of 5 years.

• NRI Housing Loan: This loan is designed for individuals residing outside India who aspire to purchase or invest in a home within the country. Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) are eligible to apply. 

All you have to do is follow these simple steps to apply for a Federal Housing Loan digitally:

1. Download and log in to the FedMobile App

2. Select the ‘Request Loans’ category from the ‘Loans’ section

3. Select ‘Home’ on the next screen

4. Answer a few questions about the loan requirement and continue

5. Enter your MPIN and submit the loan request

You can save your application at any stage, and once you submit it, the bank’s officials will contact you to take your request further. 

To check your application’s current status, the following options are available:

Online Methods

• FedMobile App: Log in to the app and go to the loan section for an update

• Official Website: Register and log in to Federal Bank’s internet banking through the official website to track the status

Offline Methods

• Branch Visit: Visit the nearest Federal Bank branch with your application reference number and registered mobile number to enquire

• Customer Care: Call Federal Bank’s toll-free numbers 1800 425 1199 or 1800 420 1199 to get information about the status

• Email: Send your loan application details to contact@federalbank.co.in, requesting a status update

You can also check and download your active loan statement online via three modes as follows: 

Through the FedNet Portal

1. Log in to FedNet, the internet banking portal of Federal Bank

2. Select the 'Accounts' menu from the left pane

3. Click on 'Accounts Info' to view available account types

4. Choose 'Operative Accounts' and select 'My Operative Accounts'

5. Pick an account and click on 'Statement of Accounts'

6. Use 'More Actions' to download the statement in your preferred format

Through the FedMobile App

1. Log in to the FedMobile App

2. Tap the side bar on the home screen and go to ‘Service Requests’

3. Tap on ‘Statements’ to view the account summary screen

4. Select an account and choose to download or email the statement

5. Select the duration and proceed

6. Enter the password, which is the first four capital letters of your name/firm followed by your date of birth/incorporation in DDMM format

Through the Dedicated Certificate Download Portal

1. Visit the Federal Bank website and in the footer under 'Useful Links', click 'Certificate Download Portal'

2. Enter your 14-digit account number and click 'Continue'

3. Enter the 6-digit OTP sent to your registered mobile number, then enter the captcha and click 'Continue'

4. Click 'Deposit Section' and then click the 'Get Statement' button next to 'Account Statement'

5. Select the account number, enter the statement period (From date and To date), and click 'Download'

6. A password-protected PDF of your account statement will be saved to your system

If you have any enquiries or complaints regarding the housing loan services, you can contact the following Federal Housing Loan customer care numbers:

• 1800 - 425 - 1199 

• 1800 - 420 – 1199

• 080-61991199 or 0484 - 2630994 (For NRI customers)

You can repay your home loan in Equated Monthly Instalments (EMIs). You can choose any of the following methods for comfortable repayment:

• Issue cheques

• Give standing instructions at your branch

• Use FedNet (Internet Banking)

• Make automated payments through ECS

• Use mobile banking

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