| Federal Bank Home Loan Highlights | |
| Interest Rate | 10.15%-10.30% p.a. |
| 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 March 2023
Table of Contents
Federal Bank Home Loan Interest Rates
The interest rates for Federal Bank home loans start at 10.15% p.a. onwards. The final interest rates offered to Federal Bank home loan applicant would depend upon the loan amount and occupation profile of their home loan applicants. Here is the Federal Bank Home Loan Interest Rates offered on the basis of loan amount and applicant’s occupation profile.
Home Loan Interest Rates for Other Locations
For Salaried
| Loan Amount | Interest Rate (p.a.) |
| Up to Rs 30 lakh | 10.15% |
| Rs 30 lakh-Rs 75 lakh | 10.20% |
| Above Rs 75 lakh | 10.25% |
For Self-employed
| Loan Amount | Interest Rate (p.a.) |
| Up to Rs 30 lakh | 10.20% |
| Rs 30 lakh-Rs 75 lakh | 10.25% |
| Above Rs 75 lakh | 10.30% |
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 | 8.50% - 10.15% | 8.50% - 10.05% | 8.50% - 10.05% |
| HDFC | 8.50% - 10.35% | 8.50% - 10.60% | 8.50% - 10.70% |
| LIC Housing Finance | 8.45% – 10.10% | 8.45% – 10.30% | 8.45% – 10.50% |
| ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
| Kotak Mahindra Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| PNB Housing Finance | 8.50% - 14.50% | 8.50% - 13.00% | 8.50%-10.85% |
| Punjab National Bank | 8.65%-9.60% | 8.60%-9.50% | 8.60%-9.50% |
| Bank of Baroda | 8.50% - 10.65% | 8.50% - 10.65% | 8.50% - 10.90% |
| Union Bank of India | 8.75% – 10.75% | 8.75% – 10.95% | 8.75% – 10.95% |
| IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| L&T Housing Finance | 8.65%-8.75% | 8.65%-8.75% | 8.65%-8.75% |
| Bajaj Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Tata Capital | 8.95% onwards | 8.95% onwards | 8.95% onwards |
| Federal Bank | 10.15%-10.20% | 10.20%-10.25% | 10.25%-10.30% |
Know more about Home Loan Interest Rates Offered by Other Lenders
Federal Bank Home Loan Fees & Charges
| Particulars | Charges |
| Processing Fee/Admin Fee | 0.50% (Rs 10,000- Rs 45,000) |
| Prepayment / Pre-closure charges |
|
| 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
Types of Federal Bank Home Loan
Federal Housing Loan
Purpose: Federal 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: Plot loan is a financing facility offered 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 Home Loans can be availed by Indian residents, NRIs and PIOs
- Individuals and Person of Indian Origin with a valid PIO card and a valid foreign passport are eligible for home loans from Federal Bank
- A close relative living in India should apply as a co-obligant
- Federal Bank Home Loan eligibility may also depend on the age, credit score, job profile, employer’s profile, monthly income, etc. of its home loan applicants, just like other lenders do.
Also know the home loan eligibility of top 10 banks and HFCs
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
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
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