Federal Bank Home Loan

Following are some important Federal Bank Home Loan Details:

Following are the features of Federal Bank Home Loan:

• Federal Bank Home loan interest rates start from 8.75%
• Federal Bank Housing Loan Top Up as well as special house warming party loan available for existing & new customers.
• Repayment tenure: Up to 30 years.
• Loan amount: Up to 15 Crores; Max up to 85% of property value
• Federal Bank Home Loan processing fees is nominal at max of 0.50% of the loan amount which may range from Rs 10000 to Rs 45000.
• Lowest EMI possible: Rs. 787 Per Lakh
• Tailored Federal Housing Loan for purchase, construction or renovation of villa, apartment, or residential plot.

Federal Bank Home loan interest rates for Floating Housing Loan linked with repo rate:

Current Repo Rate: 6.50% p.a

MCLR (overnight to 1 year): 9.15% to 9.40%

Here is the list of different types of Federal Bank Home Loan Offers & Schemes:

Federal Housing Loan

Federal Bank Housing Loan can be availed for purchase or construction of a housing plot, flat or villa. The loan can also be used for repairs, renovations, improvements, or extensions of existing housing units. It can be summarised as:

• Hassle free housing loan for a variety of purposes.
• Balance transfer available.
• Minimal paperwork.
• Speedy loan processing & approval.
• Loan available up to 85% of the project cost.
• Extended repayment period up to 30 years.
• Home Loan for up to 15 Crore.
• Residents and non-resident Indians are eligible.
• Salaried, self-employed, and business persons can apply.

Federal Bank Loan for Housing Plots

Federal Bank Home Loan for purchase of plots facilitates buying of a residential land and subsequent construction thereon.

• Margin for plot loan is 40% cost of the property.
• Minimal documentation requirement. 
• Maximum loan up to Rs 25 Lakh.
• You can include stamp duty and registration charges in the cost of project.
• The maximum repayment period is 60 months.
• Collateral is house plot to be purchased.

Federal Bank House Warming Loan

Federal Bank House Warming Loan is an innovative product for existing and new Home Loan customers. You can apply for a special Personal Loan Scheme as House Warming Loan and meet your expenses for house warming celebration and other related expenses. 

• Home Loan customers are eligible for Housing Warming Loan after completion of construction or acquisition of the house or flat.
• There is no lock-in period for this product.
• The maximum repayment tenure is 60 months.
• The rate of interest is Housing Loan rate plus 2%. 
• The maximum quantum of loan is 5% of the Home Loan amount, subject to a ceiling of Rs 2 Lakh. 
• Loan repayment should not exceed the remaining period of existing housing loan.

Federal Bank NRI Housing Loan

Federal Bank offers customised Federal Bank Home Loan schemes for Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs). They can apply for NRI Home Loan for the purchase of plots as well as Housewarming Personal Loans. The PIOs should fulfil following criteria:

• Immovable property in India as collateral.
• PIO should hold a valid PIO Card accompanied by a valid foreign passport.
• A close relative residing in India should join as a co-applicant to Home Loan.
• The borrower's age should be less than 55 years.
• The monthly income of the applicant should not be less than Rs 30,000.

Federal Bank Pradhan Mantri Awas Yojana (PMAY)

The eligibility criteria for Pradhan Mantri Awas Yojana or PMAY are the uniform for all banks and Housing Finance Companies (HFCs). It is Central Government’s pilot scheme for availing of credit subsidy for purchase of first pakka house. The Credit-Linked Subsidy is available for maximum of Rs 2.67 Lakhs per year.

The scheme is active for Economically Weaker Section (EWS) and Lower Income Group (LIG) till 31 March 2022. The beneficiary of Middle Income Group (MIG-I and MIG-II) are announced till 31 March 2021.

The maximum amount of loan is 4 times gross income with appropriate ceiling for each category. Repayment can extend to 30 years, but interest subsidy is available for a maximum of 20 years.

Documentation required for Federal Bank Home Loans include proof for identity, residence, income & property ownership. Primary applicant as well as co-applicants must submit the required documents.

Here is the list of Federal Bank Home Loan Documents:

Federal Bank Home Loan Eligibility criteria can be summed up as:

• Resident Indians & PIOs can apply.
• PIO should hold valid PIO card & make a residing Indian (close relative) as co-obligant.
• Both salaried and/or non-salaried individuals with regular income qualify.
• For NRIs, the maximum age restriction is 55 years.
• For resident Indians age limit is capped at 65 years.
• Margin is in the range of 15% to 20% for the Home Loan.
• Factors such as debt to income ratio & credit score will also be considered.

For any housing loan query, contact Federal Bank Home Loan Customer Care 24X7 at their following Toll-Free numbers:

1800-420-1199 and 1800-425-1199

NRI customers can call at 

+91-484-2630995 and +91-484-2630994   
(Non toll free)

You can write email at: contact@federalbank.co.in

Head office can be contacted at:

Registered Office

Federal Bank

Aluva, 2018