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Federal Bank Home Loan @ Lowest Rates

  • Interest Rate: 8.55% onwards
  • Loan Amount: Upto Rs. 15 Crore
  • Loan Tenure: Upto 30 years
  • Processing Fees: Up to Rs. 7500

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I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :18/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CIBIL TERMS AND
CONDITIONS

To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

E. I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company.

F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

J. I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Company . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.

K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :18/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EQUIFAX TERMS AND
CONDITIONS

I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

I hereby confirm that all the powers hereby conferred may be exercised by officer(s) or manager(s) / agent(s) / employees of the Paisabazaar who is duly authorized by the Paisabazaar.

I hereby confirm, agree, undertake and accept that I shall at all times be solely responsible for all the above actions and omissions of the Paisabazaar shall be binding on me as though such actions had been carried out by me directly. I further confirm that my CIR shall be used only for the purpose as mentioned in the attached standard terms and conditions and I shall be solely liable for, and indemnify and hold harmless Equifax for and against, any and all third party claims or damages or proceedings of any kind, arising from or in connection with (a) any misrepresentations, incorrect information or omission of any critical information in my application, or (b) furnishing my CIR based on this authorization letter, and shall not at any time hold Equifax or its affiliates and their respective officers, directors, employees or representatives liable in this respect.

I hereby also confirm that I have only appointed Paisabazaar to be my authorized agent/representative for collection of my CIR.

I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

I shall at all times co-operate with Equifax and execute and deliver to Equifax such instruments and documents and take such other actions as may be required by Equifax from time to time in connection with this authority letter.

By signing on this authorization letter, I hereby acknowledge and accept the Standard Terms and Conditions mentioned above.

Date : 18/02/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :18/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EXPERIAN TERMS AND
CONDITIONS

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 18/02/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :18/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CRIF HIGH MARK TERMS
AND CONDITIONS

This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

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Date :18/02/2020

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Updated: 06-01-2020 12:11:12 PM

Federal Bank extends home loan at competitive interest rates, starting from 8.55% p.a. Federal Bank specializes in providing a wide variety of home loan products to its customers for various home-related purposes, such as construction of the house, acquisition of land, repairs/renovation/remodelling/extension of the house.

Federal Bank Home Loan 2020

Interest Rate8.55% onwards
Loan AmountUp to 85% of property value
Loan TenureUp to 30 years
Processing Charges0.50% of the sanctioned amount(Min: Rs.3000 & Max: Rs. 7500)

Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI.GST and service tax shall be levied extra on the mentioned charges.

Features and Benefits of Federal Bank Home Loan
Federal Bank Home Loan Eligibility Criteria
Interest rate for all Federal Bank Home Loan Schemes
Types of Federal Bank Housing Loans
Federal Bank Housing Loan Documents Required
Federal Bank NRI Home Loan
Federal Bank Housing Loan EMI Calculator
Applying for Federal Home Loan
Federal Bank Home Loan Customer Care Details
FAQs

Features and Benefits of Federal Bank Home Loan

  • Speedy loan approval
  • Avail loan up to 85% of project cost
  • Minimal paperwork
  • Longer repayment period of up to 30 years
  • Loan amount up to Rs. 15 crore
  • Both resident & non-resident individuals can apply
  • Easy Loan EMIs to repay
  • Attractive interest rates
  • Multiple plans for varied requirements

Check Also: Home Loan Tax Benefits

Federal Bank Home Loan Eligibility Criteria

You need to be 21 years or more to get the Federal home loans sanctioned. Maximum age limit is 65 years. Any person either salaried, self-employed, business owner, or professional is eligible for Federal Limited home loan with required annual income.

Click Here for Detailed Eligibility Criteria of Federal Bank Home Loan

Eligible ProfilesSalaried and self-employed professionals
Non-resident salaried and self-employed professionals
Loan AmountUp to Rs. 15 crore
Other ConditionsGood credit rating score
Clear record in terms of past loans and statutory payments

Read Also: Home Loan Eligibility Criteria

Interest rate for all Federal Bank Home Loan Schemes

The home loan interest rates offered by Federal Bank is directly linked to RBI Repo Rate, which at present, stands at  5.15%. The total interest rate applicable on the home loan is a combination of RBI Repo Rate and spread. Mentioned below are the interest rates as per the loan amount and the nature of the applicant’s work:

Loan AmountFederal Bank Home Loan Interest Rate(2019)
For SalariedFor Self-employed
Up to Rs. 30 lakh8.55% (Repo Rate + 3.40)8.60% (Repo Rate+ 3.45)
Above Rs. 30 lakh and up to Rs. 75 lakh8.60% (Repo Rate+ 3.45)8.65% (Repo Rate + 3.50)
Above Rs. 75 lakh8.65% (Repo Rate+ 3.50)8.70% (Repo Rate + 3.55)

Note*: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.

Rate of interest is generally based on the risk profile of the applicant and facility offered to him. Final rate of interest proposed to customer is vary from customer to customer depends upon type of scheme related charges like overhead cost related to loan, credit risk premium, tenor premium etc. All the rates including base rates and final rates will be reviewed and revised by the bank on quarterly basis.

Check Also: Home Loan Interest Rates from Top Providers

Types of Federal Bank Housing Loans

  1. To construct a new house: Customers can avail home loan from Federal Bank for the construction of new house/flat/villa. You can get up to 85% loan of total project cost. Maximum loan up to Rs. 15 crore can be availed with a margin of 15% to 20%. Loan repayment period can be extended maximum up to 30 years. Mortgage of land and building can be kept as a security. Any self-employed, salaried or business owner who is a resident individual can apply for a Federal home loan.
  2. Loan for Purchase of House Plots: This loan is meant for customers looking to purchase a piece of land/plot. The maximum loan amount offered is of up to Rs. 25 lakh or 60% of the plot price, whichever is lower. Maximum loan repayment period is up to 60 months.
  3. House Warming Loan: This loan helps to meet house warming expenses, or any other related expenses like renovation, interior, etc. It is available at an attractive interest rate – housing loan interest rate + 2%. The maximum loan amount available under this scheme is Rs. 2 lakh, for a tenure of up to 5 years.

There is no lock-in period in this scheme and repayment period of up to 5 years will be provided. But it should not exceed the remaining period of existing housing loan term. Repayment of home loan can be made through EMI. For resident customers no security is required. In case of non-resident customers some additional fees shall be levied on their existing home loan security.

Federal Bank Housing Loan Documents Required

KYC Documents Required for Federal Bank Home Loan

  • Two passport size photos
  • Identity Proof
  • Address Proof
  • Age Proof
  • Certified copy of Passport
Federak Bank Home Loan DocumentsSalaried Resident Self-Employed Resident Salaried NRISelf-Employed NRI
Proof of Income
  • Latest Salary Slip (3 months)
  • Copies of IT returns (2 years) or Form No.16 (2 years)
  • Latest 6 months’ Bank Account statement showing the salary credits
  • Proof of Business existence & Business Profile
  • Last 12 months’ bank a/c statements
  • IT returns for 2 years supported by Balance Sheet, P&L Account for the past two years
Option 1
NRE account statement with any bank for last one year
Embassy / CRO certified Salary Certificate/ latest 3 months salary Slip OR 6 months’ Salary Crediting Statement
Option 2
Two years’ NRE a/c statement of the customer and/or resident accounts of spouse/parents (with us/ other Bank) in which remittance is made		Option 1
Proof of Business existence & Business Profile
Last 12 months bank a/c statements
Balance Sheet, P&L Account for the past two years
Option 2
Two years’ NRE a/c statement of the customer and/or resident accounts of spouse/parents (with us/ other Bank) in which remittance is made

Federal Bank Home Loan Property Proof

  • Agreement for Sale and Construction
  • Allotment letter/NOC from Builder to mortgage the flat
  • Title Deed
  • Land & Building Tax receipt

 Note: This list is non-exhaustive. Further documentation may be required basis the purpose of  the loan and the type of property.

Federal Bank NRI Home Loan

NRIs are also given financial assistance for fulfilling their housing requirements in the form of a Federal Bank Housing Loan scheme. The features of the Federal Bank NRI home loan scheme include:

  • Federal Home Loans under this scheme can be availed to finance 85% of the housing project cost
  • The paperwork involved is minimal in nature and the loan approval process is quick
  • The loan can be utilized for constructing a house, purchasing a plot and construction thereon, repairs or renovations carried out on an existing house, etc
  • The maximum amount of loan one can avail is up to Rs.1500 lakhs and the bank retains a margin of 15% to 20% of the total project cost
  • The loan can be repaid within a maximum tenure of 20 years through EMIs
  • This is a secured loan and the security required by the bank to offer the loan is the mortgage of the land or building purchased with the loan

Federal Bank Housing Loan EMI Calculator

Paisabazaar offers home loan EMI calculator for the convenience of its applicants. The EMI calculator is a simple and handy tool that makes the financial planning of the applicant really easy. It allows easy calculation of monthly instalments to be paid towards the repayment of the availed loan amount within the selected tenure. Knowing the EMI in advance helps to plan the finances better. Some of the points that affect the EMI are interest rate, loan tenure, principal amount or the amount to be borrowed and the credit score.

Applying for Federal Home Loan

The bank offers Home Loan application through paisabazaar.com. Any customer wanting to avail of any of the Home Loans offered by Federal Bank can visit the mentioned website, fill up the required details and apply for the home loan.

Customers can apply online for Federal Bank Home Loan through Paisabazaar.com by following the below-mentioned steps.

  • Follow the link https://www.paisabazaar.com/home-loan/
  • Fill the form by providing details like the loan amount, city of the property, tenure, etc.
  • On filling all the required details, click on the ‘Proceed’ button

Soon, one of the Paisabazaar representatives will contact you on the provided contact number to process the application.

Federal Bank Home Loan Customer Care Details

Customers can reach out to Federal Bank on the below-mentioned details to get their home loan-related queries addressed.

  • Write to contact@federalbank.co.in
  • Give a call to 1800 – 425 – 1199 or 1800 – 420 – 1199 (For residents)
  • Give a call to 080-61991199 (For customers staying abroad)

FAQs

Q1. What all purposes does Federal Bank Housing Loan serve?

The loan scheme can be used for construction of house, acquisition of land & construction of house, repairs/renovation/remodelling/extension of house, reimbursement of debt incurred for construction/purchase/furnishing/beautification/purchase of flat/villa/house plots/takeover of housing loans/supplementary housing loan to employees of well-run companies/purchase of house plot for subsequent construction of house, etc.

Q2. Do I require a guarantor to avail a home loa

No, you do not need a guarantor to avail a home loan.

Q3. Is it mandatory to have a co-applicant to apply for a home loan?

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.

Also Read: Joint Home Loan

Q4. How do I repay my Federal home loan?

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

Did you find this article helpful? Rate it.

Federal Bank Home Loan
(4.8/5 ) 40 Reviews
Write a review
May 27 , 2019
5/5
High loam amount

the Federal home loan amount is high for all applications making it feasible for all.

May 27 , 2019
5/5
No bank charges

I did not pay any Federal bank charges for foreclosures with floating schemes.

May 27 , 2019
4/5
Low floating rate

I applied for a Federal home loan at 11.25% in floating scheme.

May 27 , 2019
5/5
Loan holiday

I got a Federal home loan holiday of 12 months on emergency basis.

May 27 , 2019
4/5
Loan on property value

I got a Federal home loan of 85% on the total property value.

May 27 , 2019
5/5
No prepayments charge

there was no prepayments on my Federal home loan with floating rates.

View All Reviews
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