Federal bank is a major private sector bank operating throughout India. Established pre-independence in Kerala, Federal Bank currently ranks as the fourth largest bank in terms of capital base in India. The bank offers fixed deposit products of various tenors and interests, and are meant for all class of applicants.
You can check the latest interest rates from Federal Bank in the table given above. Fixed deposit rates are highly dynamic figures that tend to change according to the market or company policies. As such, you should be sure you have the latest rates before applying for a fixed deposit account.
The updated list of Federal Bank FD Rates, for Regular and Senior Citizen, is listed below:
|Interest Rate||9.75% to 10.00%|
|Processing Fees||1.00 % of the loan amount plus applicable tax ie., subject to minimum of Rs. 10,000 plus applicable tax|
|Loan Tenure||3 year to 20 years|
Housing is both a basic necessity and an investment. While first homes fulfil the need of shelter, second homes as well as renovation of homes have more to do with enhancement of status and investment for future. Building or buying a house also helps get tax deductions on both payment of principal and interest. Additionally, real estate is a hugely appreciating asset, adding to the enchantments of housing as an investment.
It is not possible for everyone to have enough money to buy or build a house in these times. An average 2-bedroom flat in a city costs anything between Rs. 35 lakh to Rs. 50 lakh. The best way for an average Indian family to own a house is to take a home loan from banks. Many banks offer loans at attractive interest rates. The biggest advantage of home loans is that the tenure of loans is large – 20 to 30 years – which helps reduce your monthly repayment burden.
Dhanlaxmi Bank offers home loans that can be used for any of the following purposes:
Dhanlaxmi Bank’s home loan is characterised by the following features:
Dhanlaxmi Bank home loan can be availed by salaried employees, professionals, businesspersons, agriculturists and NRIs/PIOs. Other eligibility criteria for the home loan are:
Persons who wish to get a home loan from Dhanlaxmi Bank need to produce the following documents:
Dhanlaxmi Bank in July 7, 2017 set its Marginal Cost of Funds-Based Lending Rate (MCLR) at 9.75% for a tenor of over 6 months to 1 year. Other applicable MCLR rates are as given below:
|Loan Tenor||MCLR Rate|
MCLR is the minimum lending rate, while the interest rate on loans comes with an addition of spread or margin. Lending rates based on MCLR will be available to new customers after 7th July, 2017. Existing customers will continue on the base rate-based interest rate, but will be allowed to shift to the MCLR format if approved by the bank.
Currently, the bank is offering home loans at a interest rate of 9.85% to 10.10% (1-year MCLR plus a spread of up to 0.25%).
The bank charges 1% of the loan amount as processing fees. Service tax is also applicable on the loan. Late payment charges of 3% per month also apply in case the EMI is not paid on time. If the bank approves transferring your loan from fixed rate to floating rate or vice versa, you will be charged 3% of the outstanding loan amount.
To determine whether you will be able to bear the EMI burden on a home loan, you need to know what EMI you will be paying per month for a home loan. To make the process of ascertaining EMIs simple, you can use any online home loan EMI calculator. This will give you the EMI based on the loan amount, tenure and interest rate. BankBazaar’s EMI Calculator is one of the most accurate options. Follow the steps given below:
Dhanlaxmi Bank does not charge any hidden fees on its home loan. All the applicable fees and charges will be disclosed to you at the time of discussion of loan particulars. Read the application form and loan agreement carefully to find out all the applicable charges.
When you avail a home loan from Dhanlaxmi Bank you are already mortgaging your house with the bank. So you do not have to provide any additional collateral security.
Interest rates on fixed deposits from Federal Bank start from 3.5% and on a very short-term holdings of 7 - 14 days and 4.5% for 15 days to 29 days. Interest rates become more attractive at 5% on deposits held beyond 30 days to 60 days. This is enhanced by 0.7% to 5.7% for the tenure 61 days to 90 days and 6% for deposit periods between 91 days to 119 days. The highest rate on short-term holdings is offered on deposit tenures of 120 days to 270 days at 6.25%.
For deposits held over a year, the bank offers the highest rate of 6.8% p.a.
The bank offers senior citizens an additional 0.5% p.a. on card rates across all tenures. Short-term FD rates for seniors are in the range of 4% to 7.3%.
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