✓ Home Loan from ₹2 Lakhs to ₹15 Crores ✓ Interest Rates Starting @ 8.50% Apply Now

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.

Federal Bank Home Loan Interest Rates & Charges 2024

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:

  • 10.15% p.a. onwards (Up to ₹30 Lakhs)

  • 10.20% p.a. onwards (Above ₹30 Lakhs and up to ₹75 Lakhs)

  • 10.25% p.a. onwards (Above ₹75 Lakhs)

2. For Self-employed:

  • 10.20% p.a. onwards (Up to ₹30 Lakhs)
  • 10.25% p.a. onwards (Above ₹30 Lakhs and up to ₹75 Lakhs)

  • 10.30% p.a. onwards (Above ₹75 Lakhs)

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)
3% of the remaining loan amount (for fixed rate, hybrid, and overdraft loans to non-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.

Compare Federal Bank Home Loan with Other Banks/NBFCs

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

Bajaj Housing Finance Limited

8.50% p.a. onwards

Home First Finance Company

9.50% p.a. onwards

ICICI Bank

9.00% p.a. onwards

India Shelter

10.50% p.a. onwards

Kotak Mahindra Bank

9.00% p.a. onwards 

LIC Housing Finance

8.65% p.a. onwards

PNB Housing Finance Limited

8.50% p.a. onwards

Shriram Housing Finance

11.50% p.a. onwards

Shubham Housing Finance

10.90% p.a. onwards

Union Bank of India

8.50% p.a. onwards

Disclaimer: The interest rates mentioned in the table can vary and are subject to policy changes of the partner.

Federal Bank Home Loan EMI Calculator

Loan Amount
Tenure
  • Months
  • Years
Rate of Interest
%

Monthly EMI

at % interest rate for months

Total Amount Payable
Principal Amount
Total Interest Amount
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.

Documents Required for Federal Bank Home Loan

The following is a list of documents required for a Federal Bank Housing Loan:

1. KYC Documents:

  • 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 

2. Income Proof (For Salaried):

  • Salary slips for the last three months

  • ITR or Form 16 of the last two years 

  • Bank account statement for the last six months

3. Income Proof (For Self-Employed):

  • Business Proof 

  • Bank account statement for the last year

  • ITR of the last two years supported by the balance sheet  

4. Property Documents:

  • Agreement for Sale and Construction

  • Allotment letter 

Federal Bank Home Loan Eligibility

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

Features and Benefits of Federal Bank Home Loan

The following are some of the features and benefits of the Federal Bank Home Loan:

High Loan Amount

The Federal Bank Housing Loan funds up to 85% of the project cost, which can go up ₹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 10.15% p.a. The lower interest rates translate into more savings on interest payments.

Longer Repayment Tenure

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

Loan Moratorium

The bank also offers a moratorium of 3 years on loan repayments. 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 avail of a Federal Bank Home Loan online, it requires you to submit minimal paperwork. In addition, it also makes the application process quick and seamless.

Types of Home Loan Schemes Offered by Federal Bank

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.

How to Apply for Federal Bank Housing Loan Online

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

Federal Bank Customer Care

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)

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.

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FAQs for Federal Bank Home Loan

Does a Federal Bank check CIBIL for a home loan?

Yes, your minimum CIBIL score needs to be 750 if you wish to avail of the Federal Bank Housing Loan.

What is the maximum loan tenure I can opt for under Federal House Loan?

The maximum loan tenure for a Federal Bank House Loan is 30 years.

Can I transfer my house loan from another bank to Federal Bank?

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

Can I club the income of my spouse with mine and apply for a Federal Bank joint Home Loan?

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

How do I repay my Federal Bank home loan?

You can repay your Federal Bank home loan using various payment methods like Cheques, FedNet - Internet Banking, or Automated Payment through ECS.

What is the maximum limit of a Federal Bank Home Loan?

The maximum limit for a Federal Bank Home Loan is ₹15 Crores.

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