A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Federal Bank NRI Home Loan

    Federal Bank offers a range of NRI home loans to help Indian residents staying abroad to purchase a home in their own country. The Federal Bank NRI home loans come at an attractive interest rate starting at 8.75% p.a. with flexible repayment tenures of up to 20 years. The bank charges maximum Rs.10,000 as processing fee.

    Interest Rates for Salaried and Non-Salaried Individuals

    Description Salaried Non-Salaried
    NRI Home Loan Interest Rates 8.75% p.a. to 9.05% p.a. 8.75% p.a. to 9.15% p.a.
    Loan Tenure Up to 20 years Up to 20 years
    Loan Amount Up to Rs.15 crore Up to Rs.15 crore
    Processing Fees Rs.10,000 Rs.10,000

    *(including documentation charges)

    Additional Charges and Fees

    Type Charge
    Prepayment/pre-closure charges Nil to 3% of the outstanding amount/drawing power
    PF/Admin Fee Rs.3,000 - Rs.7,500 (0.50% of loan amount)
    Penalty for Delayed Repayment (more than 30 days) 2% p.m. of the outstanding amount
    Switching loan from fixed to floating rates and VV 0.25% of the unpaid balance/drawing power
    Documentation Charges Rs.10,000

    Eligibility

    Age Minimum is 18 years
    Employment Type Salaried individuals Self-employed individuals Business persons
    Resident Type Non-Resident Indians

    Documents Required for Salaried & Self-employed Applicants

    KYC Documents (copy of each)
    • Certified Copy of Passport
    • ID Card
    • Valid Visa for continuance of employment
    • Work Permit
    • Passport
    • Voters ID
    • Driving License
    • Aadhaar Card
    • 2 copies of passport-size photograph of the applicant and co-applicant
    Income Proof (Salaried individuals) Option 1 Last 1 year’s NRE account statement with any bank (mandatory) Any one of these -
    • Salary Certificate attested by Embassy/CRO/Last 3 months’ salary slip
    • Latest 3 months' Salary Certificate or slip supported by 6 months’ Salary Crediting Statement
    Option 2
    • Last 2 years’ NRE a/c statement of the customer with Federal Bank or other banks
    • Spouse/parents’ resident accounts with Federal Bank or another bank in which fund is transferred
    (Self-employed/Non-salaried individuals) Option 1
    • Proof of Business existence and Business Profile
    • Last 12 months’ bank account statements
    • Balance Sheet
    • Last 2 years’ Profit and Loss Account (mandatory)
    Option 2
    • 2 years’ NRE a/c statement of the customer
    • Spouse/parents’ resident accounts with Federal Bank or another bank in which fund is transferred
    Mandatory Documents For Purchase of Ready-Built House/Flat/Villas, House Construction, and Renovation or Extension
    • Agreement of Sale between seller and purchaser
    • Original Agreement for Sale and Construction
    • Latest Land and Building Tax Receipt
    • Letter of Allotment/No Objection Certificate from the Builder to mortgage the flat
    • Approved Plan
    • Title Deed
    • Prior Deed (in cases where the Title Deed does not contain recitals explaining derivation for past 30 Years)
    • Encumbrance Certificate (EC) for 13 years
    • Possession Certificate
    • Location Sketch
    Other Documents For Purchase of Unapproved Ready-Built Flats and Flats under Construction:
    • Tripartite Agreement (must be collected before loan disbursal)
    • Approval or Permission from Civic Authorities
    • Approved Plan and Building Permit
    • NOC from Environmental Department
    • NOC from Pollution Control Board
    • NOC from Aviation department, Navy, and Army, if applicable
    • Fire and Safety Clearance
    • Certificate from Coastal Zone Management Authority, if the plot is close to seas, bays, rivers, backwaters, etc.
    For Purchase of Land and Subsequent Construction of a House:
    • Tentative Construction Plan and Estimate
    For Construction of House in Pre-owned Land:
    • Approved Construction Plan and Estimate
    • Building Permit/NOC for Construction
    For Construction/Extension/Repairs and Renovation of House/Flat/Villa
    • Estimate report from Civil Engineer or Architect
    • Permission for construction from local authorities
    • Approved Construction Plan and Estimate
    • NOC for construction in the case of extension

    Note: Banks may ask for some other related documents to complete the documentation procedure.

    Features of the Loan

    • Federal Bank offers affordable housing loans to eligible salaried and self-employed NRIs who want to:
    • Purchase a house, flat, villa, or house plot
    • Construct a house
    • Purchase a residential plot of land and construct a house on the land subsequently
    • Repair/renovate/remodel/extend their house
    • Reimburse debt incurred for construction
    • Takeover housing loans
    • Finance house warming occasion
    • Supplementary housing loan for employees of well-managed companies
    • Attractive interest rates for eligible borrowers
    • Minimal processing fee
    • No hidden charges
    • Both fixed and floating interest rates are available
    • Speedy loan approval with minimal paperwork

    Federal NRI Housing Loan Features

    • Competitive rate of interest
    • Up to 85% of the cost of the project
    • Up to Rs.15 crore loan amount can be availed
    • Up to 20 years of repayment tenure
    • Available for purchase or construction of home

    Loan for Purchase of House Plots Features

    • Attractive interest rates
    • Up to 60% of land value as loan amount
    • Up to Rs.25 lakh loan amount offered
    • Available for purchasing residential house plot and subsequent construction
    • Repayment period of up to 60 months

    Home Warming Loan Features

    • Doesn’t require any security/collateral
    • Offered to meet housewarming needs of the borrowers
    • Can be availed for purchase or completion of house/flat
    • 2% extra interest rate over the rate of Housing Loan
    • Up to 60 months of repayment period
    • No lock-in period

    FAQ’s

    1. Do I have to be physically present in India while availing Federal Bank NRI home loan?

    No, it is not mandatory that you should be physically present while submitting your loan application or during the loan disbursal. You can appoint a power of attorney who can apply and avail the loan on your behalf.

    2. What should I mortgage against the loan amount?

    Your house/flat or plot purchased using the loan will be mortgaged against the loan.

    3. Can I apply for an NRI home loan from Federal Bank online?

    Yes, you can apply for an NRI home loan from Federal Bank online. Apply for the loan directly on the official website of the bank. Alternately, you can get in touch with the customer care centre of the bank to apply for the loan.

      

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