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Federal Bank Home Loan- Turn your Dream Home into Reality

Updated on June 14, 2024 , 8630 views

Federal Bank is a private sector bank and commercial bank with a base of 10 million customers. The bank has a large network of remittance partners around the world. It provides customers with a wide Range of products and services, out of which, Home Loan is one of their popular offerings. Federal bank home loan fulfils your dream of buying a home. You can purchase a new home, Land or also take a funding help for renovating your existing house.

Federal Bank Home Loan

You can take a credit line with an attractive interest rate of 7.90% to 8.05% p.a. Also, the repayment isn’t complicated at all. You get a flexible repayment option with an easy EMI Facility. Federal Bank home loan schemes come in various options so that you can pick the right credit as per your requirement.

Types of Federal Bank Home Loan

1. Federal Housing Loan

The loan helps you to construct a house, renovate or even buy a plot.. Housing loans are offered at competitive interest rates and flexible repayment options.

Features

  • Get a speedy loan approval
  • Minimal paperwork with a longer repayment period up to 30 years
  • The security of the loan will be a mortgage of land and building
  • Avail loan up to Rs. 1500 lakhs with a margin of 15 to 20%
  • Get loan up to 85% of the project cost

Federal Bank Home Loan Interest Rates

The Federal Bank Home Loan interest rates are spread in the range of EBR (External Benchmark Based Rate).

The interest rate for salaried and self-employed are as follows:

Loan Amount Salaried Interest Rates Self- Employed Interest Rate
Up to Rs. 30 lakh 7.90% p.a (Repo rate + 3.90%) 7.95% (Repo rate + 3.95% )
Above Rs. 30 lakh and up to Rs. 75 lakh 7.95% (Repo rate + 3.95%) 8% (Repo rate +4%)
Above Rs. 75 lakh 8% (Repo rate + 4%) 8.05% (Repo rate + 4.05%)

Federal Housing Loan Documentation

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

Income Proof for Salaried Employees

  • Latest Salary Certificate, Salary Slip (3 months)
  • Latest 6 month's Bank Account statement showing the salary credits

Income Proof for Self-Employed

  • Proof of Business Profile & Business existence
  • Last 12 months bank Account Statement
  • IT returns for 2 years supported by Balance Sheet, P&L Account for the past two years

Income Proof for Non-Resident Salaried

For the documentation, one can choose any one of the following options

The first options for the documents are as follows:

  • NRE account statement of last one year of any bank
  • Certified Salary Certificate, latest 3 months salary slip

The second option for the documents are as follows:

  • Two years of NRE account statement.
  • Parents or spouse account in which payment is credited.

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Income Proof of Non-Resident Self Employed

For the documentation, one can choose any of the following options

The first options for the documents are as follows:

  • Proof of business profile and existence.
  • Last 12 months bank account statements.
  • Balance sheet, profit and loss for the last two years

The second options of the documents are as follows;

  • Two years of NRE account statement.
  • Parents or spouse account in which payment is credited.

2. Purchase of House Plots

Purchasing a plot is a good idea whether it is for property purpose or building a home. Federal Bank fulfils the wishlist too.

Features & Benefits

  • Quick loan approval
  • Minimal documentation with a loan amount up to Rs. 25 lakh
  • Get loan up to 60% of the land with a repayment period of 60 months

Documentation

  • Proof of Identity- Passport, Voters ID card. Driving License, PAN Card
  • Address Proof- Ration card, Electricity Bill, Lease agreement, Passport
  • bank statement of the last 6 months
  • Any other documents as required by the bank

3. Loan Against Existing Property

Build your home, commercial land or plot of land with Federal Bank Home Loan. This scheme offers quick loan processing with minimal documentation and a longer repayment period.

Features & Benefits

  • Get a loan amount of Rs. 5 crores with a repayment period up to 15 years
  • Quick loan processing with lower interest rates and EMIs
  • Minimal documentation is required for the loan
  • You can get Balance Transfer programs with additional finance
  • Overdraft and term loan options are available under this scheme

Documentation

  • Two passport size photos each of the applicant and the co-applicant
  • 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

Income Proof for Salaried Employees

  • Latest three months salary slip
  • Latest six-month bank account statement
  • Copies of 2 years ITR or Form no 16

Income Proof for Self Employed

  • Proof of Business Profile and Business existence
  • Last 1-year bank account statement, ITR of 2 years, Profit & Loss Account of the past two years

Non- Resident Salaried Employees

For the documentation, you can choose any one of the following options. The first options are:

  • NRE account statement of last one year of any bank
  • Certified Salary Certificate, latest 3 months salary slip

The second option for the documents are as follows:

  • Two years of NRE account statement
  • Parents or spouse account in which payment is made.

Non- Resident Self-Employed

For the documentation, one can choose any of the following options:

  • Proof of business profile and existence
  • Last 1 year of bank account statements
  • Balance sheet, profit and loss for the last two years

The second options of the documents are as follows;

  • Two years of NRE account statement
  • Parents or spouse account in which payment is made.

4. House Warming Loan

Under this scheme, the Federal Bank offers a special personal loan scheme to the home loan customers. This scheme doesn’t require any security and doesn’t have any lock-in period.

Features & Benefits

  • You can get a personal loan without any security
  • Get an attractive interest rate at housing loan rate +2%
  • No lock-in period and repayment tenor up to 5 years
  • You can get loan up to 5% of the existing housing loan (maximum Rs. 2 lakh)

Federal Bank customer care

Federal Bank has good customer service support for its customers. The customers can get in touch with the customer service team for any of the queries related to Federal Bank products. Call the customer care representative on the following toll-free numbers:

  • 1800 4251199
  • 18004201199
Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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