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| Federal Bank Home Loan Highlights | |
| Interest Rate | 8.80% p.a. onwards |
| Loan Amount | Up to Rs 15 crore |
| Loan Tenure | Up to 30 years |
| Processing Charges | 0.50% (Rs 10,000- Rs 45,000) |
Note: Rates as of 28th September 2023
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Table of Contents
Federal Bank Home Loan Interest Rates
The interest rates for Federal Bank home loans start at 8.80% p.a. onwards. The final interest rates offered to Federal Bank housing loan applicant would depend upon the loan amount and occupation profile of their home loan applicants. Here are the Federal Bank Home Loan Interest Rates offered on the basis of loan amount and applicant’s occupation profile.
Compare Interest Rates of Home Loans for Top Banks and HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.40% - 10.15% | 8.40% - 10.05% | 8.40% - 10.05% |
| HDFC Bank Limited | 8.50% onwards | 8.50% onwards | 8.50% onwards |
| LIC Housing Finance | 8.50% – 10.35% | 8.50% – 10.55% | 8.50% – 10.75% |
| ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
| Kotak Mahindra Bank | 8.75% onwards | 8.75% onwards | 8.75% onwards |
| PNB Housing Finance | 8.50% - 14.50% | 8.50% - 11.45% | 8.50%-11.45% |
| Punjab National Bank | 8.55%-10.25% | 8.50%-10.15% | 8.50%-10.15% |
| Bank of Baroda | 8.40% - 10.65% | 8.40% - 10.65% | 8.40% - 10.90% |
| Union Bank of India | 8.35% – 10.80% | 8.35% – 10.95% | 8.35% – 10.95% |
| IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| L&T Finance Limited | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.45% onwards | 8.45% onwards | 8.45% onwards |
| Tata Capital Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Federal Bank | 8.80% onwards | 8.80% onwards | 8.80% onwards |
Know more about Home Loan Interest Rates Offered by Other Lenders
Compare Home Loan Schemes Offered by Top Lenders Compare Now
Federal Bank Home Loan Fees & Charges
| Particulars | Charges |
| Processing Fee/Admin Fee | 0.50% (Rs 10,000- Rs 45,000) |
| 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 Hybrid loans: Fixed Rate period- 3% on the balance outstanding or DP whichever is higher Floating Rate period-
|
| 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 |
| Charge for CIBIL report | Nil |
| CERSAI registration/ modification charges | Nil |
Also check the home loan processing fees of other home loan lenders
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Types of Federal Bank Home Loan
Federal Bank Housing Loan
Purpose: Federal Bank Housing Loan is a regular home loan facility offered for carrying out home construction, purchasing land and home construction thereon, renovating of existing home, altering/repairing existing house, and for extending existing home properties.
The bank also offers home loans for reimbursing the debt obtained for purchase of house, construction of a new house, furnishing of existing house, plot purchase, home loan balance transfer and supplementary housing loans for employees of well-established companies
Loan Amount: Up to Rs 15 crore
LTV Ratio: Up to 85% of project cost
Tenure: Up to 30 years (Up to 20 years for NRI applicants)
Plot Purchase Loan
Purpose: Federal Bank offers Plot Purchase Loan to its applicants for purchasing plot for building residential property thereon
Loan Amount: Up to Rs 25 lakh
LTV Ratio: Up to 60% of cost of land
Tenure: Up to 5 years
Eligibility Criteria for Federal Bank Home Loan
Federal Bank offers home loans to Indian residents, Non Resident Indians (NRI) and Person of Indian Origin (PIO). While the bank has not disclosed the home loan eligibility criteria for Indian residents, prospective applicants can visit the home loan eligibility criteria set by top banks & HFCs to get a fair idea about their home loan eligibility. However, Federal Bank has listed the following home loan 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 maturation
- Minimum monthly income of the applicant should be Rs 55,000
For PIOs:
- The PIO applying for home loan in India should hold a valid PIO card along with a valid foreign passport
- A close relative of the applicant living in India should act as a co-applicant to the home loan
- The home loan is covered by primary or collateral security of immovable property in India in the name of PIO
The lender may also consider the credit score, job profile, employer’s profile, etc. of its home loan applicants while setting the Federal Bank Home Loan eligibility, just like other lenders do while setting their home loan eligibility criteria.
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Documents Required for Federal Bank Home Loan
KYC Documents
- 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)
For Resident 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 Resident Self-Employed
- Business existence and business profile proof
- Bank account statement for last 12 months
- ITR for 2 years with balance sheet, P&L account for last 2 years
- Tax paid challans
- ITR for past 2 years along with tax calculation sheet and tax paid challans
For Non-Resident Salaried
- Last 1 year NRE account statement with any bank
- Embassy or CRO certified salary certificate/last 3 months salary slip along with bank account statement for last 6 months showing salary credits
- NRE account statement for 2 years or resident account of parents/spouse with Federal Bank/other bank in which remittance is made
For Non-Resident Self-Employed
- Business existence proof
- Evidence of business profile
- Bank statement for last 12 months
- Balance Sheet, P&L account statement for past 2 years
- Tax Paid Challans
- 2 years NRE account statement or resident account statement of parents/spouse with Federal Bank/other bank in which repayment is done
Property Documents
For Purchase of Approved Flats under Construction
- Sale and construction agreement
- Tripartite agreement (to be obtained before loan disbursal)
- Allotment letter/NOC from builder to mortgage the flat
For Purchase of Unapproved Flats under Construction
- Sale and construction agreement
- Title deed
- Allotment letter/NOC from builder to mortgage the flat
- Possession certificate
- Sketch of the location
- EC for 13 years
- Prior deed
- Latest receipt of land tax
- Tripartite agreement
- NOC from Environmental Department and Pollution Control Board
- Approval or permission from civic authorities
- Approved plan and building permit
- Fire and Safety Clearance
- NOC from aviation department and navy-army
- Certificate from Coastal Zone Management Authority
For Acquisition of Ready Built House
- Sale agreement
- Approved plan
- Possession certificate
- EC for 13 years
- Prior deed
- Title deed
- Location Sketch
- Tax receipt of land and building
For Home Construction in already owned Land
- Build permit or NOC for construction
- Approved plan and construction estimate
- Title deed
- EC for 13 years
- Receipt of land tax
- Prior deed
- Location Sketch
- Possession certificate
For Repair/Renovation/Extension of existing house, flat or villa
- Approved plan and estimate
- Prior deed and Title deed
- Location Sketch
- Possession certificate
- EC for 13 years
- Land and building receipt
- NOC for construction in case of extension
Know more about the documents required for home loan during loan application
Federal Bank Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQs
1. Do I require a guarantor to avail of a home loan?
Ans. No, you do not need a guarantor to avail a home loan.
2. Is it mandatory to have a co-applicant apply for a home loan?
Ans. A co-applicant is not required to apply for a home loan. However, if there are other co-owners of the property for which you are availing the home loan, then it is mandatory to include them as co-applicants.
3. How do I check the total interest cost for my home loan?
Ans. You can determine the total interest cost with the help of Home Loan EMI Calculator provided by Paisabazaar.com
4. How do I repay my Federal home loan?
Ans. Repayment of the loan is to be made in the form of Equated Monthly Installments (EMI) through any one of the below-mentioned options:
- Cheques
- Standing instructions at your branch
- FedNet – Internet Banking
- Automated Payment through ECS
- Mobile Banking
5. What is the minimum credit score required to avail home loans from Federal Bank?
Ans. Federal Bank has not specified the cut-off credit score for home loan applicants. However, applicants with credit scores of 750 and above usually have higher chances of availing home loans at lower interest rates.
Click Here:- To know more about Credit Score based Interest Rates of Home Loan