Federal Bank Loan Against Property

Updated: 08-08-2022 09:05:18 AM

Federal Bank Loan Against Property Highlights 2022
Interest Rate	11.50% p.a
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 8th August 2022

Federal Bank Interest Rate for Loan Against Property

The Federal Bank LAP interest rates start from 11.50% p.a. Onwards.

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

Name of the Lender	Interest Rate (% p.a.)
State Bank of India	9.30-9.70
Bank of Baroda	9.65-15.30
PNB Housing Finance	7.99-11.00
IDFC First Bank	7.40-14.90
HDFC	8.50-11.40
L&T Housing Finance	10.30-10.90
LIC Housing Finance	8.35-11.10
Godrej Housing Finance	8.75-10.99
ICICI Bank	9.75-10.90
Tata Capital	10.10 onwards
Bajaj Housing Finance	7.00-18.00
Axis Bank	8.90-9.10
Kotak Mahindra Bank	9.50-11.70

Federal Bank Loan Against Property Fees and charges

Processing fee	1% of the limit sanctioned with a minimum of Rs.3000/-
Foreclosure charges	Floating rate loans to individuals: NIL   LAP offered to non-individuals, fixed rate LAP and LAP offered through overdraft facility: 3% on the balance outstanding or DP whichever is higher   In case of Hybrid loans:   During fixed rate period: 3% on the balance outstanding or DP, whichever is higher   During Floating rate period: a)     Term loans to individuals: NIL b)    Non-individuals overdraft loans: 3% on the balance outstanding or DP whichever is higher
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