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

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

Read Also: Home Loan Eligibility Criteria

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:

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

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.

KYC Documents Required for Federal Bank Home Loan

• Two passport size photos
• Identity Proof
• Address Proof
• Age Proof
• Certified copy of Passport

Federal Bank Home Loan Property Proof

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

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.

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.

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)

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