Prospective home buyers can now avail Federal Bank housing loans up to Rs.15 crore at interest rates starting at 8.75% p.a. Extended tenures up to 30 years coupled with easy repayment options ensure a comfortable loan repayment period. The processing fee associated with these loans ranges from Rs.3,000 to Rs.7,500 plus applicable taxes depending on the type of employment.Â
Federal Bank offers various types of loans for purchasing plots, flats and even for renovation and housewarming ceremonies. Housing loans are offered at competitive interest rates and flexible tenure options.
Updated as per Latest Rates on 15 Oct 2019
MCLR
9.15% p.a.
Loan Amount
Based on Income
Processing Fees
Housing Loan:
0.50% of the loan amount –
Minimum – Rs.3,000 ,
Maximum – Rs.7,500 Property Power Loan:
1% of loan amount
Minimum – Rs.3,000
Penal Interest Rate
2% of overdue amount each month
Prepayment/Foreclosure Charges
Nil
Rate Packages Available
Floating
For information on other fees and charges such as switching fees, CERSAI charges, and issuance of duplicate documents, to name a few, visit the Processing Fees & Charges page on our website.
Federal Bank Home Loan Interest Rates
Given below are the interest rates for home loan schemes offered by the bank. The rates depend on whether you’re a salaried employee or self-employed individual.
Federal Bank Home Loan Scheme
Interest Rate for Salaried
Interest Rate for Self-Employed
Housing Loan
8.75% to 9.05% p.a.
8.75% to 9.15% p.a.
Property Power Loan
11.85% to 15.10% p.a.
11.85% to 15.10% p.a.
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.
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
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.
846 Seasoned Loans Sold By Federal Home Loan Mortgage
In a pilot structure sale, the Federal Home Loan Mortgage Corporation has decided to sell 846 seasoned loans. A binding commitment has been made by the company to sell these loans that were serviced by JP Morgan Chase Bank. According to the Federal Home Loan Mortgage Corporation, the transaction is predicted to be settled in October 2016.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
I availed home loan from Federal bank, I took Rs.30 lakhs principal for the duration of 15 years. The rate of interest was floating around 8.75% per annum, they taken some processing fee around Rs.20,000 but there is no stamp duty and insurance charges. The documentation was simple since I am a KYC customer.
I have a home loan with Federal Bank. They have provided me a sufficient loan amount but comparing to other banks, the operations are very slow. I have applied the loan through agency but the bank is doing okay. The loan tenure is 18 years. The interest rate is reasonable in the market. There was no processing fee.
Federal Bank was not up to the mark initially when I had taken the home loan from them. Not things have changed about a new chief manager had taken over. What ever was my requirement they met it. The rate of interest and processing charges are normal.
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3
VIJAY C ALAKURSIV
, secunderabad
Reviewed on Dec 13, 2018
I have a home loan in Federal Bank and its running till now. The total duration is 18 years and I have completed 3 years. The rate of interest and charges are normal. The customer service was good and they do respond properly. I am paying monthly around 10,000 rupees as a EMI.
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0
SHIBU KUMAR DAMODARAN
, chennai
Reviewed on Mar 01, 2018
Federal is providing lowest interest rate on home loan, they offered me 8.25% of interest for the home loan amount around Rs. 65 lakhs, they are best in interest rate. They do have part payment, foreclosure there is no charges as per govt of India. Federal processed my application on time, overall its good.
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1
DEEPTI RAGHAVAN
, bangalore
Reviewed on Feb 22, 2018
I have taken a home loan from Federal bank and it was a good loan experience. The loan amount was for Rs 16 lakhs with the rate of interest of 11.3% which is high when compared to all other banks. The process was quite lengthy and it took 1 month to receive the loan. Customer service was not up to the mark and their response was delayed. The tenure of this loan is 15 years and the processing fees are also high.
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1
SIBI POULOSE CHETHALAN
, mumbai
Reviewed on Jan 17, 2018
I have a home loan with Federal bank for around 8 years. Intially they offered the loan with the rate of interest 9.5% for the 1st year then they increased after 2nd year 10.75% to 11.75% down the line as per RBI rules, but never decrease the rate of interest when the RBI reduces, even after meeting the bank executives they will reduce for namesake like 0.5%. Whenever.
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3
SEBASTIAN JESUDAS
, coimbatore
Reviewed on Nov 21, 2017
I will complete the home loan in one and a half years. It took this loan from federal about eight to nine years ago. The interest rate is 9.30%. I got good service during the loan process, even now their services are as same as earlier. I am happy with Federal.
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0
GOPAKUMAR VIJAY MENAN
, pune
Reviewed on Aug 23, 2017
I got the home loan with the Federal bank by 2015 and the rate of interest was around 8.75%, which is floating, also its reduced one. By very next month RBI repo rate will be applicable to the customer EMI. I got around 80% of the cost of home as loan and the collateral is a primary security.
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1
VIJAY RAJKUMAR VIJJAN
, ahmednagar
Reviewed on May 23, 2017
I earlier had my home loan with Federal bank and the process with the bank was good and I had no hassles as long as I was banking with them for this product. When I transferred my loan I was not charged any processing fees as well. It was smooth and easy.
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0
SONU SATHYADHARMAN VALAYIL
, pune
Reviewed on May 16, 2017
I got the housing loan from the Federal bank and my entire family is having good relationship with Federal bank because of their good customer service. Interest rate was huge at that time and the customer service was good one with them and their charges were a kind of okay for me.
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0
KANNERI HARIDAS NAIR
, mumbai
Reviewed on Apr 11, 2017
I would describe Federal bank as an average bank probably because their online service is not good. Each time I had to go the bank to change the password. For every single activity I had to visit the branch. Recently, I visited the Branch for getting my Certificate of Interest as I had issues with my online banking. As I had forgotten my online banking password.
I already closed the housing loan with Federal bank and the interest rate was around 10.5%, which was floating based one. They don't have top up facility but while it comes to services, they are really up to the mark. While I took the housing loan, they only have done every help for me. I would like to suggest that they need to give competitive property value for providing loans and also they need to include the top up facility.
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0
KAMALA KANNAN
, bangalore
Reviewed on Aug 25, 2016
One of my friend is working with federal bank and due to this, the loan process was pretty easy for me. Interest rate was .25% higher with Fedaral bank for home loan, when compared to other banks. Processing time was very very quick from the banker.
My home loan is from Federal Bank. The services are good from them. But they have been offering a high rate of interest. I have also requested them to reduce it. And also submitted a letter for it. They are yet to reply back. The charges are normal.
There was smooth process from federal bank for the home loan application. We had all the required documents available. The bank executive and manger helped out of the documentation as the property was in different location. They charged the competitive interest rate.
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0
YOGESH PRABAHAKARAN
, mumbai
Reviewed on Feb 23, 2016
10 years back I purchased a home loan from Federal bank. At that time they processed my loan with minimum rate of interest. According to me a home loan in federal back is mush faster and easier to avail, compared to any other banks. I would surely recommend this bank.
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0
JAYARAMAN GANESH
, mumbai
Reviewed on Jan 21, 2016
Federal bank is good and they have good customer service. I had applied for the home loan with Federal bank but the property is not A-khata so it is not doable and the plan was stopped. According to me I am happy with the service of bank. No idea about charge.
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0
MANI MAHENDRAN
, bangalore
Reviewed on Dec 08, 2015
Federal bank was providing less amount comparing with other bank and that was my problem so I could not take the home loan. My expectation was high and asked to sanction high amount but they had some limitations. Interest rate is bit high here in Federal bank.
Federal bank came forward to give several offers. They contacted me and they were ready to sanction the home loan whereas I postponed my decision. Comparatively the charge is competitive for the home loan. They were detailing about the information and that looks very impressive.
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