Federal Bank Home Loan

At least 21 years old

Less than 70 years old

Salaried or self-employed
with regular income

Earn more than the minimum
income required

Earn more than the minimum
income required

Loan capped @ 80% of property value

EMIs of other loans lower
your eligibility

Make your spouse a co-applicant,
and her income will add
to your eligibility

Choose longer tenure loan up to 30 years

Alternatively add your parents

About Federal Bank Home Loan:

In today’s competitive world, owning a home has emerged as a major life milestone that signifies financial independence and coming of age. Whilst the Indian market offers lots of very attractive home loan packages for the first time or repeat home buyer, none compare to the simplicity, all round features and quality as offered by Federal Bank Home Loans. Indeed, what less can be expected from a bank that has been a prominent fixture in the Indian banking scene for half a century, and knows its local audience at the grassroots level?

Home Loans from Federal Bank:

As mentioned above, Federal Bank, erstwhile known as the Travancore Federal Bank, was founded in the pre-independence era, and today is known as one of the most stable and strongest banks in India. Its home loan product, known as ‘Federal Housing Loans’ is feature rich, flexible and highly in tune with the express requirements of the average Indian home loan seeker. Being a veteran definitely helps!!

A home loan can be defined as funds that a borrower seeks from a lender/bank in order to- a) Buy a new house/flat/apartment, b) Purchase land for the construction of a new house or, c) Renovate an existing building. Essentially, when speaking of the Federal Bank Home Loan, the following are on offer-

• Funds to build a new house, purchase new property or renovate an existing house.
• Funds for purchase of residential plots wherein the house will be built later.
• Loan on your current property to meet personal financial obligations.
• House Warming Loan- Funds to take care of the financial obligations pertaining to the house warming of your new home.

Features of Federal Bank Home Loan:

The key features of the housing loan from Federal Bank are as follows-

Federal Housing Loan

• This loan can be used for the construction of a new house, purchase new property for the eventual building of a house or renovation of an existing house.
• The loan processing is fast, transparent and involves minimal paperwork.
• Get home loan amounts upto 85% of the project cost to a maximum of Rs.1500 lakhs.
• Loan repayment tenure stretches upto 30 years.
• Loan security will be the mortgage of land and building.

Loan to Purchase House Plots

• This loan is provided for the purchase of land wherein subsequently, a house will be built.
• Fast and transparent loan processing with minimal documentation.
• Get loan for upto 60% of the price of the land, amounting to a maximum of Rs.25 lakhs.
• Loan repayment tenure stretches up to 60 months.
• Security will be the house plot that will be purchased.

Loan against your Existing Property

• This loan is offered against residential houses, commercial properties or plot of land.
• Fast and transparent loan processing with minimal documentation.
• Loan repayment tenure stretches up to 15 years.
• Maximum available loan amount is Rs.5 Crore.
• This loan is available in both overdraft and term loan format.
• Federal home loan interest rate is very competitive and affordable.
• Surrogate Scheme is offered for Self Employed loan seekers.
• Avail balance transfer options with additional finance.

House Warming Loan

• This is a personal loan that doesn’t require security and doesn’t have a lock-in period.
• The purchase or completion of the house/flat/apartment serves as the eligibility for this loan.
• The attractive interest rate here amounts to= Federal home loan interest rate + 2%.

Loan repayment tenure stretches up to 60 months.

Why apply for a Federal Bank Home Loan through BankBazaar?

Applying for a Federal Bank home loan on BankBazaar.com offers the following unbeatable advantages-

• Massively Time Saving- From checking out the available features, confirming the eligibility, running down the list of required documents to marveling over the super appealing Federal Home Loan interest rate, everything happens quickly and smoothly- thanks to BankBazaar’s interactive and informative approach.
• Compare and Review- Compare the Federal Bank home loan against other available loan options. Read reviews from other borrowers and clear your queries by contacting BankBazaar’s expert customer support team.
• Know everything- BankBazaar.com is a complete treasure trove of information when it comes to any banking product. Know basic terms and conditions, do’s and don’ts, eligibility factors, documentation and tons of other big and small details concerning your upcoming Federal Bank Home Loan.
• Simple and Transparent Application Process- No hidden charges, no red-tape, robust help from the bank’s trained customer support team, and immense respect for your requirements and limitations.
• 100% Safe- Your personal information is treated with the maximum care, never shared with anyone other than Federal Bank and only circulated through robust, world-class, encrypted systems.

Federal Bank Home Loan Eligibility and Documentation:

The eligibility criteria set for the acquisition of a home loan from Federal Bank is as simple and customer centric as possible. Any Indian resident, with a verified and regular source of income, self-employed and businessmen can apply, provided the following documents be submitted at the inception of the loan-

• Completed application form with photographs (Passport sized- 2 copies- for applicant & co-applicants).
• Proof of identity- Passport, Voter’s ID, Driving License, PAN Card etc.
• Address Proof- Ration Card, Electricity or Telephone Bill, Passport, Trade License, Sales Tax certificate etc.
• Copy of PAN Card.
• Proof of Income for Salaried Applicants- Salary certificate or last 3 months salary slips, Income tax returns for the last 2 years or Form 16 and bank statements for the last 6 months.
• Proof of Income for Self Employed Professionals, Self Employed Non-Professionals and Business- Proof of business existence and education qualification certificate, Business profile, Tax returns for the last 2 years (attached with audited balance sheet and P&L), IT returns for last 2 years and bank statements for the last 12 months (both self and business). Aside from these, the Federal Bank can request you for additional documents and proof

New Federal Bank Home Loan Interest Rate:

Federal Bank aims to provide the lowest rate of interest on its housing loans. The bank currently offers a floating rate of interest that varies between 9.57% to 9.82% on Federal Bank housing loans. This rate of interest is applicable for all kinds of housing loans offered by the bank. The above mentioned rate is a floating interest rate type and can fluctuate with time based on the market.

Federal Bank Home Loan Calculator:

As the name so aptly suggests, a Home Loan Calculator (also called, Home Loan EMI Calculator) helps with the electronic computation of the Equated Monthly Installments (EMI) that applies to your home loan from Federal Bank. On BankBazaar.com, the friendly, time saving and highly interactive Home Loan EMI Calculator simplifies this often tedious task. Also, this calculating tool offers the following advantages-

• Super Speed- EMI calculations with varying inputs, done in mere seconds!
• All the Information- Gather any and all information with regards to your Federal Bank Home Loan, including applicable EMI amount, amortization details etc.
• 100% Free- Using this handy tool is completely free of cost.
• Experiment- Calculate applicable EMI for different Federal home loan interest rates and applicable tenures. Find the combination that works best for you.

A bank that has an intimate relationship with the average Indian customer for over half a century, a track record for quality and quick turn-around, deep adherence to emerging technologies while staying true to its traditional heritage, Federal Bank is all this and much more. Thus, their home loan product carries all the hints of a complete and customer centric approach. Definitely worth your time.