Federal Bank - 7.70% for Home Loan - Takeover Loan

Federal Bank Home Loans

Federal bank home loans are largely private sector banks with the lowest home loan percentage rate in India.

Currently, the bank offers home loans starting from 7.70% p.a.* onwards with quick approval.

Home loan in a federal bank is quite popular with their special features and attractive rates under the various federal bank home loan schemes for different income and occupation groups.

 

Some of the key features of the Federal bank home loan:

1. Loan Available to both salaried and self-employed.

2. Special rates for women borrowers.

3. Borrowers within the age group of 21 and 60 years.

4. Security: Mortgage of property you are planning to purchase, renovate or construct.

5. Loan value ratio of 85%.

6. Loan Tenure can range from 5 to 30 years.

 

Purpose of loan:

A federal house loan is taken to purchase, construct a home, or renovate your existing loan.

Age

Min 21 and Max 60 years for Salaried

Min 21 and Max 65 years for self- employed

Repayment Tenure

30 years

Interest Rate

7.70% p.a.* onwards

Interest rate Linked To

RLLR

Processing fee

 Rs 10,000- Rs 2 lakh

 

Federal bank home loan interest rate depends upon the loan amount, salary and occupation of the borrower, nature of the property, and type of home loan scheme.

1. Loan amount: 

Federal Bank home loan rate depends upon the loan amount you apply for.

 

2. Occupation: 

Federal Bank offers lower rates for salaried borrowers as compared to self-employed borrowers.

 

3. Salary:

 Income helps in identifying the amount of loan that you can be eligible for. Bank's rate varies with your monthly income.

The higher the income, the lesser will be the rate and the higher will be the loan amount.

 

4. Gender:

Federal Bank also offers discounted or special rates for women borrowers to ensure that women own a house and become financially independent.

If you are planning to take a loan, adding a women co-applicant can help you get the lowest rates from Federal Bank.

 

5. Type of loan: 

Federal Bank runs several special schemes for its borrowers.

So for example, if you opt for an overdraft scheme or a plot loan, you may require to pay a higher rate of interest vis-à-vis its regular home loan scheme.

 

6. Existing customers:

 Federal Bank offers lower home loan rates to its existing bank account customers as compared to new bank customers,

as it understands the past banking history of the customer and hence, is comfortable in sanctioning loans.

 

Federal Bank Home Loan Processing Fee and Other Charges:

In addition to interest rates, home loans from Federal banks also carry some other charges which include:

Processing Fee –

The federal bank applies processing charges to account for the expenses incurred for conducting a credit appraisal and completing the lending process.

 

Technical and Legal Charges -

Federal also charges technical and legal charges which are explained to the customer during the loan process.

Once you go through the loan application process, you will need to pay these charges based on Federal bank rules.

 

Prepayment Charge- 

If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Federal Bank.

As per RBI rules, banks are not allowed to charge prepayment penalties on floating-rate home loans. Hence, you can prepay your home loan with a Federal bank.

 

Federal Bank Home Loan:

Apply:

Apply for an  Federal Bank Home Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare Federal Bank Home Loan rates with other banks before choosing the best deal for your home loan needs.

 

Federal Bank Home Loan Documents:

For Salaried employees:

1. Filled up the loan application form.

2. Two Passport Size Photo

3. ITR of last 2 years

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

6. Income Documents – 6 months pay lip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

 

For Self-Employed:

1. Filled up the loan application form.

2. Two Passport Size Photo.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed

and proof of business existence and business profile

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

Federal Bank Home Loan Schemes:

 

1. Federal Bank Housing Loan:

Purpose: 

For home construction, purchase of land and construction of house, repair/renovation/extension/alteration of the existing house, for reimbursing the debt obtained for purchase/construction/furnishing/plot purchase/balance transfers/supplementary housing loans for employees of well-established companies

Key features:

1. This loan can be used for the construction of a new house, the purchase of new property for the eventual building of a house, or the renovation of an existing house.

2. The loan processing is fast, transparent, and involves minimal paperwork.

3. Loan repayment tenure stretches up to 30 years.

4. Loan security will be the mortgage of land and building.

Loan Amount: 

Up to Rs 15 crore

Tenure: 

Up to 30 years (Up to 20 years for NRI applicants)

 
2. Plot Purchase Loan:

Purpose:  For purchase of a plot of land for residential purpose

Loan Amount: Up to Rs 25 lakh

Tenure: Up to 5 years

Key features:

1. This loan is provided for the purchase of land wherein subsequently, a house will be built.

2. Fast and transparent loan processing with minimal documentation.

3. Loan repayment tenure stretches up to 60 months.

4. Security will be the house plot that will be purchased.

 

Frequently Asked Questions:

 

Q. What are the documents required for a home loan Federal bank?

Ans. To apply for Federal Bank Home Loan, you will be required to submit federal home loan documents such as a home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers, and loan account statements if any.

 

Q. Which Is the Best Federal home loan scheme?

Ans. Choosing the best Federal home loan scheme is subjective to the requirement of the home loan applicant.

For instance, there are different home loan offers for the purchase, construction, or renovation of a home.

Thereby, choosing the best Federal Home loan scheme is based on one's needs.

 

Q.Is the federal good for Home loans?

Ans. Federal is one of the best home loan lenders in the country.

Currently Federal; home loan interest rate starts from 8.50% – 10.05% p.a.* onwards.