| Federal Bank Home Loan Highlights 2022 | |
| Interest Rate | 8.05% – 8.20% 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) |
Table of Contents
Federal Bank Home Loan Interest Rates
The interest rates for Federal Bank home loans start at 8.05% p.a. onwards. The final interest rates offered to the home loan applicants depend upon the age, monthly income, job profile, employer’s income, credit score, etc.
| Loan Amount | Interest Rate (p.a) | |
| For Salaried | For Self Employed | |
| Up to Rs. 30 Lakh | 8.05% | 8.10% |
| Above Rs. 30 Lakh and Up to Rs. 75 Lakh | 8.10% | 8.15% |
| Above Rs. 75 Lakh | 8.15% | 8.20% |
Compare Federal Bank Home Loan Interest Rates vs Other Lenders
| Interest Rates (% p.a.) | |||
| Name of Lender | Up to 30 Lakh | Above 30 Lakh & up to 75 Lakh | Above 75 Lakh |
| Federal Bank | 8.05 – 8.10 | 8.10 – 8.15 | 8.15 – 8.20 |
| State Bank of India | 6.65-7.65 | 6.65-7.65 | 6.65-7.65 |
| HDFC | 7.00-8.45 | 7.00-8.60 | 7.00-8.70 |
| Axis Bank | 7.00-11.90 | 7.00-11.90 | 7.00-11.90 |
| ICICI Bank | 7.10-7.95 | 7.10-7.95 | 7.10-7.95 |
| Kotak Mahindra Bank | 7.00 onwards | 7.00 onwards | 7.00 onwards |
| PNB Housing Finance | 6.75-12.00 | 6.75-12.00 | 6.90-9.75 |
| Punjab National Bank | 6.95-8.35 | 6.90-8.05 | 6.90-8.00 |
| Bank of Baroda | 6.90-8.40 | 6.90-8.40 | 6.90-8.65 |
| Union Bank of India | 6.90-8.65 | 6.90-8.85 | 6.90-8.85 |
| IDFC First Bank | 7.10 onwards | 7.10 onwards | 7.10 onwards |
| L&T Housing Finance | 6.75 – 7.75 | 6.75 – 7.75 | 6.75 – 7.75 |
| Bajaj Housing Finance | 6.65 onwards | 6.65 onwards | 6.65 onwards |
| Godrej Housing Finance | 6.94-9.99 | 6.94-9.99 | 6.94-9.99 |
| Tata Capital | 7.15 onwards | 7.15 onwards | 7.15 onwards |
| LIC Housing Finance | 6.90-8.00 | 6.90-8.20 | 6.90-8.40 |
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 |
|
| 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 |
Note: The figures given in the table are indicative and are subject to change without prior information. GST might be applicable on some of the above charges.
Types of Federal Bank Home Loan
Federal Housing Loan
Purpose: For home construction, purchase of land and construction of house, repair/renovation/extension/alteration of existing house, for reimbursing the debt obtained for purchase/construction/furnishing/plot purchase/balance transfers/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: For purchase of plot of land for residential purpose
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
- Indian residents, NRI and PIO
- Individuals and Person of Indian Origin with a valid PIO card and a valid foreign passport
- A close relative living in India should apply as a co-obligant
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
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
Apply for Federal Bank Home Loan at Attractive Interest Rates Click Here
FAQs
Do I require a guarantor to avail of a home loan?
No, you do not need a guarantor to avail a home loan.
Is it mandatory to have a co-applicant 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: What are the Benefits of taking a joint home loan?
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
