Federal Bank Home Loan
Federal Bank Limited is a large private sector Indian commercial bank with more than 1250 branches and 1800 ATMs/Recyclers distributed over India. The bank was one of the first banks in India to computerise all of its branches, making it a pioneer among conventional banks in India in terms of leveraging technology to leverage its operations. Prospective house owners can now apply for Federal Bank home loan for up to Rs.15 crore at interest rates as low as 7.65% per annum. Read on to learn more about the Federal Bank home loan scheme.
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Check Federal Bank Home Loan Eligibility
Features & Benefits of Federal Bank Home Loan
These are the key features and benefits of Federal Bank home loan online application:
- Enjoy speedy loan approval
- Get a loan for up to 85% of the project cost in as little as 30 days
- Repayment time is up to 30 years and can be done in simple EMIs
- The financing will be secured by a mortgage on the land and the house being purchased.
- Loan sums up to Rs. 1500 lakhs with a 15–20 percent loan margin
- As little paperwork as possible
- Both residents and non-residents can apply for a house loan, including salaried, self-employed, and businesspeople.
- A 0.5 percent processing fee is levied, with a minimum of Rs. 3000 and a maximum of Rs. 7500.
- The lowest EMI per lakh to be paid is Rs. 787.
Federal Bank Home Loan Overview
Federal Bank Limited is a large private sector Indian commercial bank with more than 1250 branches and 1800 ATMs/Recyclers distributed over India. The bank was one of the first banks in India to computerise all of its branches, making it a pioneer among conventional banks in India in terms of leveraging technology to leverage its operations.
Prospective house owners can now apply for Federal Bank home loan for up to Rs.15 crore at interest rates as low as 7.65% per annum. Read on to learn more about the Federal Bank home loan scheme.
Eligibility Criteria and Factors Affecting Federal Bank Home Loan Eligibility
The Federal Bank home loan eligibility criteria is as follows:
- The interest rate on a home loan is determined by the amount borrowed from Federal Bank. The interest rate will be reduced the larger the loan amount.
- The applicant's salary is one of the criteria that will influence the amount of interest that must be paid.
- The type of loan chosen will also be taken into account, as the rate of interest for special or popular loan product offers will fluctuate.
- If the applicant is already a customer, they will be offered the best home loan rates.
Federal Bank Home Loan Fees and charges
|Types of charges||Quantum of charges|
|Processing Fees/ Admin Fee||0.5% of sanctioned limit (Minimum: Rs 10,000, Maximum: Rs 45,000)|
|Prepayment/ Foreclosure Charges||Individuals - NIL in case of floating rate loans. For non-individuals, Overdraft A/c and Fixed Rate loans - 3% of the balance outstanding or drawing power whichever is higher.|
|Penal Charges for delay in payment||2% per month of the overdue amount|
|Conversion Charge (switching from fixed to floating home loan or vice versa)||0.25% of the balance outstanding or drawing power whichever is higher|
|Interest Reset Clause||Based on the linked Benchmark Rate|
Federal Bank Home Loan Interest Rates
|Loan Detail||Interest rate (spread + EBR)|
|Up to 30 lakh||6.90% (Repo Rate + 3.65)|
|Above 30 Lakh and up to 75 Lakhs||7.70% (Repo Rate+ 3.70)|
|Above 75 Lakh||7.75% (Repo Rate+ 3.75)|
|Home Loan – Self employed|
|Up to 30 Lakhs||7.75% (Repo Rate+ 3.75)|
|Above 30 Lakhs and up to 75 Lakhs||7.75% (Repo Rate + 3.75)|
|Above 75Lakhs||7.80% (Repo Rate + 3.80)|
Factors affecting Federal Bank Home Loan interest rates
A lot of factors determine the interest rate on Federal Bank home loans. The following are the primary elements that Federal Bank considers when determining an applicant's interest rate on a home loan.
- CIBIL/Credit Score: Any bank loan is built on the three-digit CIBIL/Credit score. A good credit score can assist you in obtaining a low-interest Federal Bank home loan, but a low credit score might result in you paying a high interest rate or having your loan application denied.
- Loan Repayment Tenure: Because a house loan is a long-term investment, it's important to talk to the officials about the interest rate. The longer the payback period is, the higher the EMI and the lower the interest rate will be. Longer repayment terms result in cheaper EMIs and higher interest rates.
- Type of Interest Rate: For a home loan, there are three types of Federal Bank home loan interest rate: variable, fixed, and blended. A variable rate of interest swings in response to changes in the policy rate set by the Reserve Bank of India. Federal Bank provides you with cheap home loans with a flexible rate.
- Loan-to-Value Ratio: The proportion of the loan given on the property is referred to as the LTV ratio. The greater the percentage, the larger the loan that the bank is willing to provide the applicant. Bank home loan interest rates will be higher due to the added risk associated with lending. You may decrease the loan amount and receive the best home loan interest rate by making a large down payment.
- Location of the Property: A home in a prime location with all of the required amenities has a greater resale value than one on the outskirts of town. As a result, banks charge lower interest rates on loans for properties with higher resale value, while charging higher interest rates on loans for homes with lower resale value.
Documents Required for Federal Bank Home Loan
The documents required for Federal Bank home loan are:
|2 passport size photos each of the applicant and the co-applicant||Age proof of any of the following:|
|Identity proof and address proof of any of the following:||Passport|
|Voters ID||Driving License|
|Driving License||SSLC or AISSE Certificate|
|PAN Card||Certified copy of Passport, Visa, Work Permit, ID Card (Applicable for NRI customers)|
Income Documents – For Resident Salaried
|Latest salary certificate or salary slip for the latest 3 months||Latest 6 month’s bank account statements that can be taken as evidence for the salary credits.|
|Copies of IT returns or Form No.16 of 2 years|
Income Documents – For Resident Self Employed
|Proof of business existence and business profile||IT returns for 2 years|
|Last 12 months bank account statements|
Income Documents- For Non-Resident Salaried
Either option 1 or option 2 is required
|Option 1||NRE account statement with any bank for last one year.|
|Option 2||2 years NRE account statement of customer|
|Income Documents- For Non-Resident Self Employed|
Either option1 or option2 is required
|Option 1||Proof of business existence and business profile|
|Last 12-month bank account statements|
|Option 2||2 years NRE account statement of customer|
How the EMI calculation works for Federal Bank Home Loan?
The repayment of a home loan will be in the form of Equated Monthly Instalments (EMIs), a portion of interest and principal amount payable on the loan. When you know you are eligible for a particular amount of loan from Federal Bank, you should then look to calculate the EMIs that you will have to pay. As the name so aptly suggests, a Home Loan Calculator (also called, Home Loan EMI Calculator) helps with the electronic computation of the Equated Monthly Instalments (EMI) that applies to your home loan from Federal Bank.
How Federal Bank compares with other lenders?
|Lender||Maximum loan amount||Interest rate||Processing fee|
|Federal bank||Up to 85% of the property||6.90% - 7.80%||0.50% of loan amount (Min. Rs. 10000)|
|ICICI||Up to 90% of property||6.75% - 7.55%||0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST|
|SBI||Up to 90% of property cost||6.75% - 8.05%||Up to 0.50% + applicable GST|
|Axis||Rs. 5 Crores||6.90% - 8.40%||Up to 1%, minimum Rs.10,000|
|HDFC||Up to 90% of property cost||6.75% -7.65%||Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes|
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Federal Bank's Other Products
Federal Bank's IFSC Codes
- Federal Bank Andhra Pradesh
- Federal Bank Assam
- Federal Bank Bihar
- Federal Bank Chandigarh
- Federal Bank Chhattisgarh
- Federal Bank Gujarat
- Federal Bank Haryana
- Federal Bank Jammu and Kashmir
- Federal Bank Jharkhand
- Federal Bank Karnataka
- Federal Bank Kerala
- Federal Bank Madhya Pradesh
- Federal Bank Maharashtra
- Federal Bank Meghalaya
- Federal Bank Mizoram
- Federal Bank Nagaland
- Federal Bank Odisha
- Federal Bank Puducherry
- Federal Bank Punjab
- Federal Bank Rajasthan
- Federal Bank Tamil Nadu
- Federal Bank Telangana
- Federal Bank Uttarakhand
- Federal Bank Uttar Pradesh
- Federal Bank West Bengal
Home Loan By Other Banks
- Axis Bank Home Loan
- Bank of Baroda Home Loan
- ICICI Bank Home Loan
- HDFC Bank Home Loan
- Bajaj Finserv Home Loan
- IndiaBulls Home Loan
- Canara Bank Home Loan
- Union Bank of India Home Loan
- CITI Bank Home Loan
- YES Bank Home Loan
- DHFL Home Loan
- IndusInd Bank Home Loan
- State Bank of India Home Loan
- Punjab National Bank Home Loan
- IDFC FIRST Bank Home Loan
- Hero FinCorp Home Loan
- IDBI Bank Home Loan
- Kotak Bank Home Loan
- Poonawalla Fincorp Limited Home Loan
- Ujjivan Small Finance Bank Home Loan
- Muthoot Finance Ltd Home Loan
- Piramal Housing Finance Home Loan
- Fullerton India Home Loan
- Punjab National Bank Housing Finance Home Loan
- Reliance Bank Home Loan
- RBL Bank Home Loan
- Standard Chartered Bank Home Loan
- Tata Capital Housing Finance Limited Home Loan
- Housing Development Finance Corporation Home Loan
- IIFL Finance Home Loan
- Godrej Housing Finance Home Loan
- Home First Finance Company Home Loan
- DCB Bank Home Loan
- Edelweiss Financial Services Home Loan
- Vastu Housing Finance Home Loan
- Indian bank Home Loan
- Bank of India Home Loan
- Aditya Birla Finance Limited Home Loan
- HDFC Sales Home Loan
- Aadhar housing Finance Home Loan
- Capri Global Home Loan
- Capital First Ltd. Home Loan
- L&T Finance Home Loan
- Bank of Maharashtra Home Loan
- LIC Housing Finance Home Loan
- Punjab & Sind Bank Home Loan
- Cholamandalam Finance Home Loan
- Deutsche Bank Home Loan
- Clix Capital Home Loan
- HSBC Home Loan
- Hero Housing Finance Home Loan
From refinancing to reducing your interest, we have the answers right here.
Can I Take Two Home Loans at A Time?
Yes, you can have two home loans at a time, as there is no such law which barriers to servicing one loan at a time.
When Does the Loan Repayment Period Start?
Loan repayment period starts from the very next month when your loan amount gets disbursed in your loan account.
Does Federal Bank Provide Home Loan at the best rate?
Yes, Federal bank is known to provide attractive interest rates depending on the loan amount.
What is the interest rate of Home Loan in Federal Bank?
Prospective house owners can now apply for Federal Bank housing loans for up to Rs.15 crore at interest rates as low as 7.65% per annum
Does Federal Bank Checks for CIBIL Score for Home Loan?
Yes, Federal Bank takes CIBIL score into consideration to determine the best possible rate of interest for the loan applicant.
What are the KYC documents I will have to submit to apply for a home loan from Federal Bank?
Following are the Federal Bank home loan requirements:
- Passport size photographs of the applicant and co-applicant
- ID Proof/Address Proof: PAN, Aadhaar, Driving License, Passport, Voter ID
- Proof of Age: Birth Certificate, Passport, Driving License, SSLC/AISSE Certificate
- Passport copy, VISA, ID Card, Work Permit (for NRI applicants)
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