Are you looking to buy a home? If so, read on for information on the federal bank home loan. This type of loan is perfect for those who want to purchase a property with a low down payment and no mortgage insurance. In this article, we’ll go over some of the features of the federal bank home loan, as well as the interest rate and eligibility requirements. Once you’ve got all the information you need, it’s time to apply!
Federal Bank Home Loan Highlights
| Interest Rate | Starting from 9.05% p.a. |
| Loan Amount | Up to Rs 1500 Lakh |
| Loan Tenure | Up to 30 years |
| Processing Charges | 0.50% of the loan amount |
What is a Home Loan?
A home loan is a loan that you use to purchase or improve the property that you live in. The loan is usually given by a bank or other financial institution. You need to have good credit and a stable income to be approved for a home loan. The loan amount will depend on the property’s value, the down payment, and your credit score.
Federal Bank Home Loan
Federal Bank is one of the leading home loan providers in the country. The bank offers home loans at interest rates starting from 9.05% p.a. You can take a home loan of up to Rs 15 crore for a tenure of up to 30 years. Bank offers a wide range of products and services that can help you get the home loan you need. Their products are tailored to meet your specific needs and requirements, so you can be sure that you’re getting the best possible deal.
Read Also – Buddy Personal Loan
Federal Bank Home Loan Interest Rates
Federal banks offer competitive rates on home loans starting at 9.05% p.a., and they have a good reputation for being reliable. You should compare interest rates before making a decision, but be aware that the interest rate you’re offered may change depending on your credit score, monthly income, and job profile, Federal banks typically offer lower interest rates to people with good credit scores, so be sure to check for that as well.
For Salaried
| Loan Amount | Interest Rate |
| Up to 30Lakhs | 9.05% p.a. |
| Above 30Lakhs and up to 75Lakhs | 9.10% p.a. |
| Above 75Lakhs | 9.15% p.a. |
For Self-employed
| Loan Amount | Interest Rate |
| Up to 30 Lakhs | 9.10% p.a. |
| Above 30Lakhs and up to 75 Lakhs | 9.15% p.a. |
| Above 75 Lakhs | 9.20% p.a. |
Federal Bank Home Loan EMI Calculator
The Federal Bank Home Loan EMI Calculator can help you get an idea of your monthly loan payments based on your loan amount, interest rate and term. This calculator will also show you the estimated total cost of your loan, including interest, over the life of your loan. You can use this information to help you decide if a home loan is right for you.
Federal Bank Home Loan Scheme
There are many types of Federal bank home loans available. You can choose a loan that best suits your needs and budget. Some of the most common types of Federal bank home loans include:
1. Federal Housing Loan
If you are looking for a home loan that is suitable for your home construction, purchase of land, repair/renovation/expansion/transformation of an existing house, or purchase/construction/furnishing/purchase of plot/balance transfer/employees of well-established companies Supplementary housing loan, if you meet any of the requirements, then this scheme is for you.
| Loan Amount | Up to Rs 15 crore |
| LTV Ratio | Up to 85% of project cost. |
| Tenure | Up to 30 years |
| Repayment holiday | up to 36 months |
2. Plot Purchase Loan
You can avail this scheme for purchase of plot of land for residential purpose.
| Loan Amount | Up to Rs 25 lakh |
| LTV Ratio | Up to 60% of cost of land |
| Tenure | Up to 5 years |
| Repayment holiday | 40%(of cost of land as shown in sale deed. |
Read Also – ICICI Bank Gold Loan
Federal Bank Home Loan Features & Benefits
A Federal Bank home loan is a great option for those looking for an affordable loan that offers many features. With a Federal Bank loan, you can enjoy low-interest rates and flexible terms that make it easy to get the home you want. Here are some of the features of a Federal Bank home loan:
- Attractive interest rates: The bank offers home loans at attractive rates starting from 9.05%, making it an affordable option for those who are looking for a reliable loan.
- Loan amount: Bank offers loans up to 15 Crores and a maximum of 85% of your property’s value. This means that even if you have a large mortgage, federal bank can still provide you with the funding you need to purchase a home.
- Repayment tenure: If you’re looking for a long-term home loan, consider borrowing from a federal bank. These institutions offer home loans with repayment terms of up to 30 years, which is more than double the average length of a home loan. This means that you’ll have less worry about making payments and will be able to enjoy your home more sooner rather than later.
- Low Processing fees: Federal bank offers home loans with processing fees of 0.50% of the loan amount.
- No pre-closure charges: federal bank offer home loans that don’t have any preclosure charges.
- Flexible terms: With a Federal Bank home loan, you can enjoy Terms That Fit Your Life. This means that you can have your loan term adjusted as needed to fit your needs and budget.
- Easy application process: The application process for a Federal Bank home loan is simple and straightforward, making it easy for anyone to apply. You will need to provide a few documents and information, but the application process is relatively short and easy.
Federal Bank Home Loan Eligibility
Federal Bank is a great bank for home loans. They have many eligibility requirements that make sure you’re a good candidate for a home loan.
- Age: 21 – 60 years
- Indian residents, as well as non-resident Indians and overseas Indians, can qualify for a federal bank home loan.
- If you are an eligible individual and person of Indian origin, you may be able to obtain a Federal Home Loan. You must have a valid PIO card & foreign passport.
- You should apply to be a co-obliged if your relative lives in India and has sufficient income.
Federal Bank Home Loan Documents Required
If you’re applying for a home loan from a federal bank, you’ll need to provide some documentation. Here’s what you’ll need to bring when you go to the bank:
- you will need to provide Federal Bank with two passport-size photos. These photos must show your face clearly.
- you will need to provide identification proof. This document may be in the form of an Adhar card, PAN, driver’s license, identification card, passport, or military ID.
- you will need to provide proof of age. This proof can come in the form of a PAN card, driver’s license, or passport.
- you need to provide proof of your address. This can be in the form of an ID, lease, or utility bill
- if you are an NRI (non-resident Indian) will need to provide copies of your passport, visa, ID card or work permit.
For Salaried
- Salary Slip/Salary Certificate for last 3 months, ITR Copy/Form 16 for past 2 years, Bank Account Statement with salary credits for last 6 months.
For Self-Employed
- Business existence and business profile proof, Bank account statement for last 12 months, ITR for 2 years with a balance sheet, P&L account for last 2 years, Tax paid challans.
Note: Click here to see the list of documents required for property-related or NRI.
Federal Bank Home Loan Online Apply
If you are looking for a way to apply for a home loan online, Federal Bank is the perfect place to start. online application process is easy to use and takes just a few minutes to complete. Here are some of the steps you will need to take if you want to apply for a home loan online with Federal Bank:
- Log into your account at www.federalbank.co.in and click on the “Apply for a Home Loan” button.
- On the “Apply for a Home Loan” page, enter your contact information and select your preferred loan type from the dropdown menu.
- Next, provide your required financial information by completing the fields on the next page. We strongly recommend that you review our lending criteria before filling out this form, as certain information may be required in order to qualify for a home loan with us.
- Click on the “Next” button to continue with the online application process. You will be asked to provide additional verification information, such as your Social Security number or driver’s license number, which you can find on our website under “Verification Information.” If everything looks correct and you meet all of our lending criteria
Federal Bank Home Loan Customer Care Number
If you have a question about your home loan, Federal Bank can help. They have a customer care number that you can use to get in touch with them. You can also find information on their website about home loans.
| Toll-Free Number | 18004201199 18004251199 |
| Chargeable Customer Care Number | 914842630994 914842630995 |
| Contact via Email | contact@federalbank.co.in |
Conclusion
Federal bank home loans can be an excellent way to get started in the home-buying process. With a variety of loan products and flexible terms, federal bank home loans are perfect for first-time buyers or those looking to make slight modifications to their current home. You’ll also find federal bank home loans to be very competitive in terms of interest rates, so you can be sure that you’re getting the best deal possible. So if you’re thinking about buying a house, consider checking out a federal bank’s mortgage offerings!
Q. Can I prepay my federal bank housing loan?
Ans. Yes, you can make your prepayment in either part or full. you have both options available so that you can find the perfect plan for your needs.
Q. What is the interest rate on a Federal Bank home loan?
Ans. Federal banks offer competitive rates on home loans starting at 9.05% p.a.
Q. What is a Fixed interest rate?
Ans. Fixed interest rates mean that interest doesn’t change throughout the loan, which is good because it leads to better accuracy.
Q. What is the Floating interest rate?
Ans. Floating-interest rate means the rate fluctuates depending on the changes in RBI Repo Rate.
