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.
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.
|Loan Amount||Based on Income|
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|
|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.
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.|
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?
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-
The key features of the housing loan from Federal Bank are as follows-
Federal Housing Loan
Loan to Purchase House Plots
Loan against your Existing Property
House Warming Loan
Loan repayment tenure stretches up to 60 months.
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-
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-
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.
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