Federal Bank offers home loans starting at 8.80% per annum onwards for tenures of up to 30 years, catering to loan amounts of up to Rs 15 crore. For further details on the features of Federal Bank Home Loan, continue reading below.
Federal Bank Home Loan Highlights |
|
|---|---|
| Interest Rate | 8.80% p.a. onwards |
| Processing Charges | 0.50% (Rs 10,000- Rs 45,000) |
| Loan Amount | Up to Rs 15 crore |
| Loan Tenure | Up to 30 years |
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
|---|---|---|---|---|
| SBI Bank | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. | Apply Now |
| HDFC Bank Limited | 8.40% p.a. onwards | 8.40% p.a. onwards | 8.40% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards | Apply Now |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.35% - 10.35% p.a. | 8.35% - 10.55% p.a. | 8.35% - 10.75% p.a. | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50% - 11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| Axis Bank | 8.70% - 13.30% p.a | 8.70% - 13.30% p.a | 8.70% - 9.10% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Also read: Best Home Loan in India
The interest rates for Federal Bank home loans begin at 8.80% per annum. However, the final interest rates offered to applicants depend on their loan amount and occupation profile. Below are the Federal Bank Home Loan Interest Rates based on the loan amount and applicant’s occupation profile.
Federal Bank Housing Loan
- Purpose: Federal Bank Housing Loan is a versatile facility catering to various needs such as home construction, land purchase with subsequent construction, home renovation, alterations, repairs, and home extensions. Additionally, the bank extends home loans for reimbursing debts related to house purchase, new construction, home furnishing, plot acquisition, home loan balance transfers, and supplementary housing loans for employees of reputable companies.
- Loan Amount: Up to Rs 15 crore
- LTV Ratio: Up to 85% of project cost
- Loan Tenure: Up to 30 years (Up to 20 years for NRI applicants)
Federal Bank House Warming Loan
- Purpose: Federal Bank offers a House Warming Loan, which is a top-up facility provided to both existing and new home loan borrowers. This loan is designed to cover personal expenses associated with housewarming.
- Loan Amount: Up to Rs 2 lakh
- Loan Tenure: Up to 5 years
Federal Bank Plot Purchase Loan
- Purpose: Federal Bank provides Plot Purchase Loans to applicants intending to purchase a plot for building a residential property.
- Loan Amount: Up to Rs 25 lakh
- LTV Ratio: Up to 60% of cost of land
- Tenure: Up to 5 years
Also Read : Best Home Loan EMI Calculator
| Particulars | Charges |
|---|---|
| Processing Fee/Admin Fee | 0.50% (Rs 10,000- Rs 45,000) |
| Charge for CIBIL report | NIL |
| CERSAI registration/ modification charges | NIL |
| Penalty for delayed repayment | 2% per month of the overdue portion Additional penal interest applicable for SMA accounts |
| Charges for switching loans from fixed to floating rates and vice versa | 0.25% of the balance outstanding / Drawing power whichever is higher |
| Prepayment / Pre-closure charges |
Floating rate loans to Individuals – Nil Non Individuals, Fixed-rate, Overdraft – 3% on the balance outstanding or DP whichever is higher Floating Rate period -
Hybrid loans -
|
Also read: Best Home Loan Fees and Charges
Federal Bank offers home loans to Indian residents, Non-Resident Indians (NRI), and Persons of Indian Origin (PIO). While the bank hasn't revealed specific eligibility criteria for Indian residents, prospective applicants can refer to the eligibility criteria set by other top banks and HFCs to gauge their eligibility. However, Federal Bank has outlined the following eligibility criteria for its NRI and PIO applicants:
For NRIs:
- The maximum age of the applicant should be 55 years at the time of loan maturity.
- The applicant should have a minimum monthly income of Rs 55,000.
For PIOs:
- The PIO must possess a valid PIO card along with a valid foreign passport.
- A close relative of the applicant residing in India should act as a co-applicant for the home loan.
- The home loan must be covered by primary or collateral security of immovable property in India under the name of the PIO.
Also Read : Best Home Loan Eligibility
KYC Documents
- 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)
- Passport size photographs of the applicant and co-applicant
For Resident Self-Employed
- Proof of business existence and business profile.
- Bank account statements for the last 12 months.
- Income Tax Returns (ITR) for the past 2 years, along with balance sheet and profit & loss account for the same period.
- Tax paid challans.
- Income Tax Returns for the past 2 years, including tax calculation sheets and tax paid challans.
For Resident Salaried
- ITR Copy/Form 16 for past 2 years
- Salary Slip/Salary Certificate for last 3 months
- Bank Account Statement with salary credits for last 6 months
For Non-Resident Self-Employed
- Proof of business existence.
- Evidence of business profile.
- Bank statements for the last 12 months.
- Balance Sheet and Profit & Loss account statements for the past 2 years.
- Tax Paid Challans.
- 2 years NRE account statements or resident account statements of parents/spouse with Federal Bank/other bank where repayments are made.
For Non-Resident Salaried
- Last 1-year NRE account statement with any bank.
- Embassy or Consulate certified salary certificate or the last 3 months salary slips, along with bank account statements for the last 6 months showing salary credits.
- NRE account statements for the last 2 years or the resident account statements of parents/spouse with Federal Bank/other bank where remittances are made.
Also Read : Best Home Loan Documents Required
1. What is the current Federal bank home Loan Interest rate?
Federal Bank provides home loans with interest rates starting from 8.80% per annum, depending on the credit profile of its home loan applicants.
2. Do I require a guarantor to avail of a Federal Bank home loan?
No, You do not require a guarantor to avail a home loan.
Also read: Best Home Loan Balance Transfer
3. Is it mandatory to have a co-applicant apply for a Federal Bank home loan?
A co-applicant is not mandatory to apply for a Federal Bank home loan. However, if there are other co-owners of the property for which you are availing the home loan, then it is compulsory to include them as co-applicants.
4. How do I check the total interest cost for my Federal Bank home loan?
You can calculate the total interest cost for a Federal Bank home loan using the Home Loan EMI Calculator provided by mybankingtips.com.
5. What is the minimum credit score required to avail home loans from Federal Bank?
While Federal Bank has not specified a cut-off credit score for home loan applicants, individuals with credit scores of 750 and above generally have better chances of securing home loans at lower interest rates.