Federal Bank Loan Against Property

Updated: 05-06-2023 11:18:07 AM

Federal Bank Loan Against Property Highlights 2023
Interest Rate	12.60% p.a. onwards
Loan tenure	Up to 15 years
Loan amount	Up to Rs 5 Crores
Minimum age	24 years
Processing fee	1% of the limit sanctioned with a minimum of Rs.3000/-

Note: Interest rates as of 5th June 2023

Federal Bank Interest Rate for Loan Against Property

Federal Bank offers loan against property at interest rates starting from 12.60% p.a. The final loan against property interest rates offered to the loan applicant would vary according to the credit score, monthly income, job profile, employer’s profile, etc. of the loan applicant.

Compare Interest Rates on Loan Against Property for Top Banks & HFCs

Name of the Lender	Interest Rate (% p.a.)
State Bank of India	10.60-11.30
Bank of Baroda	10.85-16.50
PNB Housing Finance	9.65-13.00
IDFC First Bank	9.00-16.50
HDFC	8.95-10.25
L&T Housing Finance	9.50 onwards
LIC Housing Finance	9.50-11.55
Godrej Housing Finance	9.75 onwards
ICICI Bank	10.85-12.50
Tata Capital	10.10 onwards
Bajaj Housing Finance	8.50-18.00
Axis Bank	9.90-10.35
Kotak Mahindra Bank	9.15 onwards

Federal Bank Loan Against Property Fees and charges

Processing fee	1% of the limit sanctioned with a minimum of Rs.3000/-
Foreclosure charges/Part payment charges	NIL
Charges for switching loan from fixed to floating rates and vice versa	0.25% of the outstanding balance or drawing power (whichever is higher)
CERSAI registration charges	NIL

LAP Balance Transfer Facility offered by Federal Bank

Federal Bank offers balance transfer programs along with top-up loans to the existing borrowers of other banks and NBFCs.

Federal Bank Property Power Loan Eligibility Criteria

• Individuals (Residents, Non-residents and PIOs)
• Sole-proprietorships, family partnerships, professionals and salaried where end use is personal or business and where the collateral is in the name of individuals.
• Minimum age of the borrower should be 24 years.

Documents Required for Federal Bank’s Loan Against Property

KYC documents

• Two passport size photos each of the applicant/ and the co obligant
• Identity Proof – Passport / Voters ID / Driving License/ PAN Card / Aadhaar Card Address Proof – Passport / Voters ID / Driving License / Aadhaar Card
• Age Proof – Passport / Birth Certificate / Driving License / SSLC or AISSE Certificate

Additionally, non-resident applicants will have to submit certified copy of Passport, Visa, Work Permit and ID card

Income Documents

For Resident Salaried

• Latest Salary Certificate / Salary Slip (3 months)
• Copies of IT returns (2 years) or Form No.16 (2 years)
• Latest 6 month’s Bank Account statement evidencing the salary credits

For Resident Self Employed

• 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. Where ever available, Tax paid challans may also be collected OR Last 2 years IT returns supported by Tax calculation sheet & Tax paid challans

For Non Resident Salaried (either of option1 or option 2)

Option 1

• NRE account statement with any bank for last one year
• Embassy / CRO certified Salary Certificate/ latest 3 months salary Slip OR Latest Salary Certificate / Slip (3 months) supported by 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.

Non Resident Self Employed (either of option1 or option 2)

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. Wherever available, Tax paid challans may also be collected

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.

Property Documents

• Documents of title
• EC for 13 years
• Possession certificate
• Location sketch
• Land tax receipt Building tax receipt ( if applicable )
• Approved Plan

The bank may also ask for additional loan against property documents based on the applicant’s profile.