Banks and Housing Loan Corporations (HCFs) now offer a variety of home loan options that you can avail of to purchase your dream house. Federal Bank Home Loan is one such lending option that provides you with funds at competitive interest rates for your housing needs.
The Federal Bank House Loan allows you to avail a maximum loan amount of ₹15 Crores or 85% cost of the project, whichever is higher. This loan assists you by covering the following expenses:
Acquiring land for your home
Purchasing a flat, villa, or any other property for residential purposes
Renovation or extension of the house
Not just that, since home loan amounts can be huge, Federal Bank offers a longer repayment tenure ranging up to 30 years. Read on to know more about the Federal Bank Housing Loan and how you can avail of it.
The following table shows the Federal Bank Home Loan interest rate and other applicable charges:
Federal Bank Housing Loan Interest Rate and Charges |
|
Interest Rate |
1. For Salaried:
2. For Self-employed:
|
Processing Fees |
0.50% of the loan amount (with a minimum limit of ₹10,000 and a maximum limit of ₹45,000) |
Prepayment/Foreclosure Charges |
NIL (for floating rate loans and term loans to individuals) |
Late Fee for Delayed Payment |
2% of the overdue amount |
Disclaimer: The interest rate and charges mentioned in the table above are indicative and might change depending on the applicant’s eligibility.
While Federal Bank Home Loan interest rates are very competitive, it is always better to compare them with other lenders. It allows you to choose a lending offer that best suits your financial requirements and capabilities.
The following table shows the interest rates offered on housing loans by partner lenders of Bajaj Markets:
Home Loan Providers |
Interest Rates |
8.50% p.a. onwards |
|
9.50% p.a. onwards |
|
9.00% p.a. onwards |
|
10.50% p.a. onwards |
|
9.00% p.a. onwards |
|
8.65% p.a. onwards |
|
8.50% p.a. onwards |
|
11.50% p.a. onwards |
|
10.90% p.a. onwards |
|
8.50% p.a. onwards |
Disclaimer: The interest rates mentioned in the table can vary and are subject to policy changes of the partner.
Year | Principal | Interest | Balance |
---|
Since taking a home loan is a long-term commitment, it is always better to plan your finances beforehand in order to avoid default payments. Using a Federal Bank Home Loan EMI calculator, you can determine the EMI that you will need to pay towards its repayment.
Having clarity about the amortisation schedule helps you plan your budget accordingly. To determine your monthly outflow towards loan repayment, use the Federal Bank Housing Loan EMI calculator provided below.
The following is a list of documents required for a Federal Bank Housing Loan:
Identity Proof – Passport, Voters ID, Driving License, PAN Card, or Aadhaar Card
Address Proof – Passport, Voters ID, Driving License, or Aadhaar Card
Two passport-size photos of the applicant
Salary slips for the last three months
ITR or Form 16 of the last two years
Bank account statement for the last six months
Business Proof
Bank account statement for the last year
ITR of the last two years supported by the balance sheet
Agreement for Sale and Construction
Allotment letter
To avail of this loan facility, you will need to fulfil the following Federal Bank Home Loan eligibility requirements:
You can avail of this loan facility if you are an Indian resident, PIO, or NRI
If you are a PIO, you need a valid PIO card along with a foreign passport to apply for this loan
If you are an NRI, your age must not be above 55 years, and your monthly income must not be lesser than ₹55,000
To cater to your 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 lending option, you can avail of a loan amount of up to ₹40 Lakhs for a period of 10 years.
Property Power Loan: Property Power is a loan against a property facility that you can avail of by mortgaging any residential or commercial property. It allows you to avail of a loan amount of up to ₹5 Crores, which you can use for varied purposes.
Build Your Dream Home Loan: This lending option from Federal Bank 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.
House Warming Loan: This lending option from Federal Bank offers loans to cover house warming and other expenses. Moreover, it allows you to repay the loan amount in a period of 10 years.
In order to apply for the Federal Bank Housing Loan online, all you have to do is follow these simple steps:
Step 1: Visit the official website of the Federal Bank
Step 2: Select the ‘Housing Loan’ category from the ‘Loans’ section
Step 3: Choose your preferred loan option and click on the ‘Apply Now’ button
Step 4: Fill out the application form with all the required details like your name, address, contact number, PAN details, etc
Step 5: Once the form is filled, click on the submit button to take the application process forward
If you have any inquiries or complaints regarding the housing loan services, you can contact the following Federal Bank Home Loan customer care numbers:
1800 - 425 - 1199
1800 - 420 – 1199
080-61991199 (For NRI customers)
Yes, your minimum CIBIL score needs to be 750 if you wish to avail of the Federal Bank Housing Loan.
The maximum loan tenure for a Federal Bank House Loan is 30 years.
Yes, to transfer your existing home loan to Federal Bank, you will have to apply for the Federal Bank home loan balance transfer facility.
Yes, you can club your spouse’s salary with yours in order to avail of a Federal Bank joint home loan.
You can repay your Federal Bank home loan using various payment methods like Cheques, FedNet - Internet Banking, or Automated Payment through ECS.
The maximum limit for a Federal Bank Home Loan is ₹15 Crores.