Following are some important Federal Bank Home Loan Details:
|Loan Amount||Up to 85% of the property cost|
|Rate of interest||9.55% - 9.70%|
|Tenure||Up to 30 Years|
|Lowest EMI possible||Rs. 845 Per Lakh|
|Processing fee||0.50% of loan amount|
|Prepayment/ Foreclosure Charges||Nil for floating home loan|
Following are the features of Federal Bank Home Loan:
Federal Bank Home loan interest rates for Floating Housing Loan linked with repo rate:
|Loan detail||Interest Rate (Spread+ EBR)|
|Home Loan - Salaried|
|Up to 30 Lakh||9.55% (Repo Rate + 3.65)|
|Above 30 Lakh and up to 75 Lakhs||9.60% (Repo Rate+ 3.70)|
|Above 75 Lakh||9.65% (Repo Rate+ 3.75)|
|Home Loan – Self-employed|
|Upto 30 Lakhs||9.60% (Repo Rate+ 3.70)|
|Above 30 Lakhs and up to 75 Lakhs||9.65% (Repo Rate + 3.75)|
|Above 75Lakhs||9.70% (Repo Rate + 3.80)|
Current Repo Rate: 5.90% p.a
MCLR (overnight to 1 year): 8.25% to 8.50%
|Lender||Maximum Loan Amount||Interest Rate||Processing Fee|
|Federal Bank Housing Loan||Up to 85% of the property||9.55% - 9.70%||0.50% of loan amount (Min. Rs. 10000)|
|ICICI Bank Home Loan||Up to 90% of property||8.60% - 9.60%||0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST|
|SBI Home Loan||Up to 90% of property cost||8.55% - 9.05%||Up to 0.50% + applicable GST|
|Axis Bank Home Loan||Rs. 5 Crores||8.60%-9.05%||Up to 1%, minimum Rs.10,000|
|HDFC Home Loan||Up to 90% of property cost||8.60%-12.70%||Up to 0.50% or Rs. 4,500 (whichever is higher) + applicable taxes|
Here is the list of different types of Federal Bank Home Loan Offers & Schemes:
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:
Federal Bank Home Loan for purchase of plots facilitates buying of a residential land and subsequent construction thereon.
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.
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:
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.
|Types of Charges||Quantum of Charges|
|Processing Fees/ Admin Fee||0.50% of sanctioned limit ( Minimum: Rs 10,000, Maximum: Rs 45,000)|
|Prepayment/ Foreclosure Charges|
Individuals - NIL in case of floating rate loans.
For non-individuals, Overdraft A/c and Fixed Rate loans - 3% of the balance outstanding or drawing power whichever is higher.
|Penal Charges for delay in payment||2% per month of the overdue amount|
|Conversion Charge (switching from fixed to floating home loan or vice versa)||0.25% of the balance outstanding or drawing power whichever is higher|
|Interest Reset Clause||Based on the linked Benchmark Rate|
Up to Rs. 2 Lakh – NIL
Above Rs. 2 Lakh and up to Rs. 10 Lakh - Rs.500
Above Rs. 10 Lakh and up to Rs. 30 Lakh - Rs.1000
Above Rs. 30 Lakh up to Rs.50 Lakh - Rs. 2,500
Above Rs. 50 Lakh to Rs. 1 Crore - Rs. 5,000
Above Rs. 1 Crore - Rs. 10,000
Additional Reading: How to calculate credit score?
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:
|Proof of Identity (any one)||Passport, Driving Licence, PAN Card, Aadhaar Card, and Voter's ID Card|
|Proof of residence (any one)||Passport, Driving Licence, Aadhaar Card, and Voter's ID Card|
|Age (any one)||Passport, Birth Certificate, Driving Licence, and SSLC/ AISSE certificate|
|Additional documents for NRI/ PIOs||Certified copy of Passport, VISA, ID Card (for NRIs) and Work Permit.|
Either of the following two options
|Non Resident Self-Employed|
Either of the following two options:
|For purchase & construction of approved flats & houses|
|For purchase of unapproved flats or houses under construction|
Regular documents as listed above + following:
|For repairs & renovations of house||Approved plan & estimate for construction + regular property document listed above.|
Federal Bank Home Loan Eligibility criteria can be summed up as:
You can use Home Loan EMI Calculator to determine monthly instalment for Federal Bank Home Loan. You need to feed in following information to get EMI as well as amortisation schedule from EMI calculator.
You can use different interest rate combinations and check the loan affordability before signing the final papers. MyMonyMantra Home Loan EMI calculator can also be used as Federal Bank Home Loan EMI Calculator thus.
|Loan Amount||10 years||20 years||30 years|
|Rs. 20 lakh||Rs. 25,934||Rs. 18,708||Rs. 16,890|
|Rs. 30 lakh||Rs. 38,901||Rs. 28,062||Rs. 25,335|
|Rs. 40 lakh||Rs. 51,869||Rs. 37,416||Rs. 33,780|
|Rs. 50 lakh||Rs. 64,836||Rs. 46,770||Rs. 42,225|
|Rs. 60 lakh||Rs. 77,803||Rs. 56,124||Rs. 50,670|
*For EMI calculation purpose, flat rate of Interest @ 9.55% p.a. is considered. The calculation is indicative only. Your EMI schedule will vary as per rate of interest offered to you.
Additional Reading: How to increase cibil score?
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: email@example.com
Head office can be contacted at:
Apply for instant home loan online at Interest Rate starting from as low as 7.90% p.a. Pay EMI of just Rs. 727 per Lakh. Loan can be repaid in flexible tenure of up to 30 years. Apply now with minimal documentation. Check eligibility & get instant approval here.
To check Federal Bank home loan status, you can use online or offline methods. If you are already a bank customer, you can simply log on to customer portal and check the Federal Bank Home Loan Application Status. Alternatively use customer care toll free numbers and check the status online. You can also visit the bank branch to check the status. Do carry loan application details along when checking the loan application status.
Please note that it is convenient to start federal bank home loan tracking online.
Yes, Federal Bank offers home loan moratorium on loans for construction of house or purchase of houses under construction. The moratorium provision is available for 18 to 30 months depending on the stage of construction.
Yes, you have to pay the interest amount accrued during the moratorium period. It is known as the pre EMI interest. But regular EMIs start only after the end of the moratorium period.
No, additional collateral is not required for home loan. The house you purchase or construct with Federal Bank Home Loan is the prime security or collateral for the mortgage.
Yes. It is recommended to opt for home insurance, though it is not mandatory. The insurance guards your house against disasters like floods, earthquakes, tsunamis, fire, and so on.
Yes, Federal Bank has approved housing projects in Andhra Pradesh, Gujarat, Haryana, New Delhi, Karnataka, Kerala, Maharashtra, Tamil Nadu, and Uttar Pradesh.
Yes, you get income tax concessions under Sec 24 and Sec 80C of the Income Tax Act, 1961 for your Home Loan interest and principal repayments respectively. Section 24 and Section 80C allows you a separate deduction on repayment of interest and principal amounts respectively subject to a ceiling of 2 Lakhs and 1.50 Lakhs respectively. You can also claim tax deductions on payment of stamp duty and registration even if you have not availed any Home Loan. First-time home buyers get additional rebates in income tax.
Yes, any change in the RBI repo rate affects the bank's benchmark lending rate MCLR & RRLR. The loans linked to repo rate will effectuate change in the rate swiftly, however MCLR linked loans will change as per the switch date of the loan.
Federal Bank has a pan India presence and particularly has an extensive network of branches in the states of Tamil Nadu and Kerala. You can also apply for your Federal Bank Home Loan through MyMoneyMantra. It provides you with an opportunity to compare different products on a single screen. You can locate the best deals on Home Loan using the free loan assistance service from MyMoneyMantra.
You can apply for Federal Bank Home Loan online as well as offline. The online application will faster and can be accessed from choice of your location. To Apply for Federal bank Home Loan online, share your personal details and attach proof of identity, income and address. The application is processed instantly and a loan representative will call you to take further in the process.
To reduce home loan tenure, you can either contact the lender and request for the change in the loan schedule, or prepay your EMIs and effectuate shorter tenure. There is no prepayment charge for floating base product and thus it is most convenient to reduce tenor of home loan by prepaying loan principal amount.
You can calculate Federal Bank Home Loan EMI simply by sharing loan amount, tenure and interest rate in the free online emi calculator for home loan. Instantly you will get EMI, total repayment amount and amortization schedule.
Federal Bank offers Home Loans up to 85% of the project cost. However, the margin depends on your credit score, loan amount, purpose of loan and alike. The margin will vary from 15-20% depending on your eligibility and credit policy.