BAJAJ FINSERV DIRECT LIMITED

Federal Housing Loan

Get detailed information on the Federal Housing Loan interest rate, eligibility terms, and more before applying. Get up to 85% of the cost with ease from this lender. 

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

Federal Housing Loan Interest Rate and Charges

Knowing the interest rate and charges is key to estimating the cost of taking a home loan and helps you compare one loan against others. The following table shows the Federal Housing Loan interest rate and other primary applicable charges:

Particulars Details

Interest Rate

8.75% p.a. onwards

Processing Fees

0.50% of the loan amount (with a minimum limit of ₹10,000 and a maximum limit of ₹2 Lakhs)

Prepayment/Foreclosure Charges

  • NIL (for floating rate loans and term loans to individuals)

  • 3% of the outstanding loan amount (for fixed-rate, hybrid, and overdraft loans to non-individuals)

Late Fee for Delayed Payment

18% p.a. on the amount due (effective from the due date)

Disclaimer: The details mentioned above are subject to change at the lender’s discretion.



Other Fees and Charges of the Federal Housing Loan

Apart from the primary charges, there may be some other fees associated with a home loan from Federal Bank. These include the following:

Particulars Details

Charges for Switching Loan from Fixed to Floating Rates and Vice Versa

0.25% of the outstanding balance

Charge for CIBIL Report

Nil

CERSAI Registration Charges

Nil

Documentation Charges

Nil to ₹10,000 (based on the loan amount)

Disclaimer: The details mentioned above are subject to change at the lender’s discretion.



Key Features and Benefits of Home Loan From Federal Bank

High Loan Amount

The lender provides funds up to 85% of the project cost, which can go up to ₹15 Crores. With this loan amount, you can easily cover the cost of purchasing or renovating a residential property.

Competitive Interest Rates

This housing loan also offers lower interest rates, which start from as low as 8.75% p.a. Competitive rates translate into more savings on interest payments. 

Longer Repayment Tenure

Federal Bank also offers a longer repayment towards your housing finance, which can go up to 30 years.

Loan Moratorium

The bank also offers a moratorium of 3 years on loan repayment. It means that you can begin repaying the loan after the completion of this period from the disbursement of the loan.

Minimal Paperwork

Since you can get this house loan online, it requires you to submit minimal documents. It also makes the application process quick and seamless.

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Federal Housing Loan Eligibility Criteria

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

Documents Required for the Federal Housing Loan

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.

Types of Home Loans Offered by Federal Bank

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. 

How to Apply for a Federal Housing Loan Online

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. 

How to Check the Federal Housing Loan Status

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

How to Check the Federal Housing Loan Statement

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

Federal Housing Loan Customer Support Details

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)

Federal Housing Loan Repayment Options

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

Disclaimer

The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort. The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

Frequently Asked Questions

Does the Federal Bank check my CIBIL score for a home loan?

Yes, your credit score is a key factor in the loan approval process. A score over 750 will enhance your chances of getting a home loan from Federal Bank. 

Yes, you can club your spouse’s salary with yours in order to get a joint home loan from Federal Bank. 

You have to pay 0.50% of the loan amount as a processing fee. Here, the minimum limit is ₹10,000, and the maximum limit is ₹2 Lakhs. 

Yes, a loan from Federal Bank can help you with any of the following:

  • House construction

  • Land purchase with construction

  • Repairs, remodelling, renovation or extensions

  • Debt reimbursement for home-related expenses

  • Purchase of flats, villas, or plots

  • Purchase of house plots for future construction

There will be no charge if you go for a floating interest rate. However, for fixed-rate, hybrid, and overdraft loans to non-individuals, you have to pay 3% of the outstanding amount. 

The bank usually takes around 14 working days to process the loan from the date of the request. However, the timing will depend on the quality of your application. If you furnish all the information and documents, your application may be processed faster. 

Yes. You can add your parents, spouse, or children to join you as co-borrowers for a home loan.

Yes, to transfer your existing home loan to Federal Bank, you will have to apply for the Federal Housing Loan balance transfer facility.

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