Federal Bank Home Loan

• Quick loan approval
• Avail loan up to 85% of project cost
• Hassle-free documentation
• Longer repayment tenure(Up to 30 years)
• Loan amount up to Rs. 15crore
• Margin of 15%– 20%
• Easy Loan EMIs to repay
• Home loans for residents, NRIs, salaried individuals, self-employed professionals, and businessmen.

Loans offered by Federal Bank are for the construction of your house, to purchase land, to renovate your house, to redecorate your house, for interiors, for further construction of your house, to purchase plot/apartment/flats/villas, etc.

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

MCLR Rate 2019 (per annum)

Overnight MCLR	8.75%
One Month MCLR	8.85%
Three Months MCLR	9.00%
Six Months MCLR	9.10%
One Year MCLR	9.20%

Loan scheme	Spread over MCLR (% p.a.)*	Rate of Interest (2019)
Housing Loan-Salaried Segment	Six Months MCLR  +  0.00%	8.75% to 9.10%
Housing Loan- Non Salaried Segment	Six Months MCLR  +  0.00%	8.75% to 9.20%
Property Power Loan	One Year MCLR  +  3.15%	11.90% to 15.15%

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. You have to contact your nearest branch for more precise rate of interest being offered to you.

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.

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.

To purchase plots: If you want to purchase a piece of land, then Federal bank loan for purchase a plot is a very wise choice. As this not only provide fastest loan approval but also save you from lots of paper work and documentation. You can avail home loan from Federal Bank at up to 60% of plot price. Maximum loan repayment period is up to 60 months. Maximum Federal home loan up to Rs. 25 lakhs can be availed, with a margin of 40%. Repayment of loan can be done in equated monthly instalments. Plot to be purchased can be kept as the security for loan.

Property power: Now you can also take a loan against your property. You can satisfy your need of money with your property power loan. If you need money for business expansion, your child education or marriage, to consolidate your debt, or any other such needs can be fulfilled with the help of Federal bank property power loan.

This loan is giving against your residential house property, land, or any commercial property. It depends upon your need and convenience. Loan Processing is very quick and prompt. Minimum amount of paper work is required. You can avail loan amount up to 5 crores with a lower rate of interest. Elongated repayment period of 15 years is provided and you can repay your loan in easy EMI.

You can keep mortgage of immovable property as a security. Property can be in your name or property in the name of your close relatives can also be accepted as a security. In the case of the person of Indian origin (PIOs), property has to be in their own name.

Any individual: Salaried, business owner, self-employed whether resident, Non-resident or person of Indian origin is eligible to avail property power loan.

House Warming Loan: This is Federal banks special personal loan schemes for their home loan customers, whether new or existing. You can avail this loan to meet your house warming expenses, or any other related expenses like renovation, interior, etc.

Home loan schemes are available at the attractive Federal Limited home loan interest rates of home – Housing loan interest + 2%.

This loan can be availed without any security deposit. Any new or existing home loan customers are eligible for this loan who has acquired their house/flat/villas or the construction has been completed.  Customer needs to visit the nearest Federal bank branch to apply for Federal Bank Home loans.

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 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.

Following documents for home loans are required for applying for Federal Housing Loan-

Know Your Customer (KYC) formalities:

• Identity Proof. One can give their PAN card, Driving License, passports or Voter Id card as a proof of their identity.
• Address Proof. Electricity bill not older than last 3 months, Ration card, Rent agreement, Lease agreement, passport, Trade licence, Sales tax certificate.
• Copy of your PAN card.
• Age Proof – Passport / Birth Certificate / Driving License
• Two passport size photographs of applicant / and co-applicant

Income Proof:

Income Proofs for Salaried applicant-

• Latest salary certificate of the applicant or last three months’salary slips.
• Income Tax returns of last two years.
• Form 16 of last 2 years
• Bank account statements of last 6 months

For Self-employed Professionals-

• Proof of existence of business.
• Income Tax returns of last two years along with audited balance sheet and profit & loss account statement.
• Income Tax returns of last two years along with tax paid challan.
• Bank account statements of self as well as of business for last one year.

Either of 1 option can be fulfilled

• Option 1
• NRE account statement with any bank for last one year
• Embassy / CRO certified Salary Certificate/
• Latest 3 months’ salary slips or Latest Salary Certificate /
• Slip (3 months) supported by 6 months’ Salary Crediting Statement
• Option 2
• Last 2years’ NRE account statement of the customer
• Resident accounts of spouse/parents in which remittance is made (Federal or another bank, whichever applicable).

Property Documents
Title deeds & Prior deeds	Encumbrance Certificates of 13 years from sub- Registrar office
Latest Land Tax Receipt	Certificate of Possession
Approved Building plan	Sketch of the property

Additional property documents:

For purchase of already built house or flats	For construction of house/Extension of house/ renovation or repair of house
Sales Agreement	Estimate Report (It has to be from the civil engineer or the architect).
· Latest receipt of Building Tax	Construction permission from local authorities.
In case of villas/flats:
Original Sales & Construction Agreement
Allotment letter from the builder
If the flat is under construction & no immediate possession:
Tripartite Agreement

 

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

• Passport copy as ID proof
• A valid VISA copy to prove continued employment
• Address proof
• 2 passport sized photographs
• Income proof like NRE account statement held with any bank of the last 2 years
• Embassy attested Salary Certificate or Salary Slip for salaried applicants
• Balance Sheet and Profit & Loss Account of the last 2 years for self-employed individuals
• Title Deed and Prior Deed
• Encumbrance Certificate from Sub. Registrar Office
• Latest land tax receipts
• Possession Certificate
• Property sketch
• Sale agreement
• Building Tax receipt and other documents for buying a ready flat or house
• Sale & Construction Agreement
• Letter of allotment from builder,
• Tripartite agreement for house and villas

Federal bank has various pre-approved Housing projects across the country. Customer can save their precious time and money, if they opt to purchase pre-approved housing projects by Federal bank. Loan Processing fees spend on approval process will be saved, which in turns make the house loan more affordable and pocket-friendly for the customers. You can get information about various pre-approved projects on the website of Federal bank. There you can get all the required information like, builder’s name, project’s name, location of project, estimate date of completion, and property type, area, size, etc.

Pre–Approved Proposals of Federal Bank: (State-wise)

Andhra Pradesh

1. Janapriya SyndicatePvt Ltd. (Builder), Himayat Nagar- Hyderabad
2. Lodha Healthy Construction and Developers Pvt L, Balangar Mangal., RR District, Telangana

Gujarat

1. Ridhi Realtors, Ahmedabad
2. Murlidhar Corporation., Ahmedabad
3. Tithi Developrs, Ahmedabad
4. Organiser Pvt Ltd, Ahmedabad
5. Sairang Estates Pvt Ltd., Vadodara
6. P Iscon Limited, Vadodara
7. M/s Swastik Developers., Sanand

Haryana

1. RPS Infrastructures, Sec 88 Faridabad
2. Raheja Developers., Sec 78, Gurgaon
3. Raheja Developers., Sec 92 & Sec 95, Gurgaon

New Delhi

1. BCC Infrastructure Pvt L, Indraprastha yojna, Ghaziabad

Karnataka

1. M/s Puravankara Projects L, KR puram, hobli, Bengaluru
2. M/s Provident Housing Ltd., Hesarghatta hobli,Bengaluru
3. M/s Arattukulam Developers., Begur Hobli,Bengaluru
4. M/s Adithi Builders & Developers, KR puram Hobli, Bengaluru
5. M/s Goel Ganga Realty Pvt Ltd, Bengaluru
6. Valmark Homes, Begur Hobli, Bengaluru

Kerala

• Crescent Builders, Calicut
• Galaxy Builders, Calicut
• PVS Apartments, Kannur
• Queens Habitats P Ltd, Calicut
• Travancore Builders, Ayyappankavu
• Classic Villas and Appartments, Kangarapady
• Kalpaka Homes, Edapally
• Sobha Developers Ltd, Bengaluru
• Valmark Homes, Begaluru

Maharashtra

1. M/s S.A Magdum (promoters & builders),Kolhapur
2. M/s Vishwakarma Builders And Developers Pvt Ltd, Kolhapur
3. Dayanad Gurav and associates, Gadhinglaj
4. Shedji Builders, Miraj
5. MPS Developers, Miraj
6. Kharde Patil, Kothrud
7. Paramount Properties, Katraj
8. Sobha Developers Ltd, Bengaluru
9. Ambiience Developments, Ghorpadi

Tamil Nadu

1. Purvankara Projects Ltd, singanallur, Coimbatore
2. Marutham Group, MettupalyamRoad, Coimbatore
3. Shriram properties (CBE) Pvt Ltd, Saravanmpatti, Coimbatore
4. RR Construction, Vadavalli, Coimbatore
5. R.Kaliru Housing India (P) Ltd, Coimbatore
6. Appaswamy Real Estate Ltd, Coimbatore
7. Saroj Shelters (P) Ltd, Coimbatore

Uttar Pradesh

1. Stellar Constellation Projects Pvt Ltd, Sector 1 Greater Noida
2. Gardenia India Ltd, Sector 75, Noida
3. M/s Futec shelters Pvt Ltd, Sector 75, Noida

Paisabazaar offers 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. One may know how much saddle the upcoming loan EMI is going to put on their monthly budget.

Interested applicants may login to www.paisabazaar.com. The applicant may select the EMI calculator and fill up the requisite details accordingly. Post-filling up the details, such as loan amount, rate of Interest and loan tenure, the results would be prompt and the applicant may know the forthcoming EMI amount in case he/she applies for the 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.