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.
|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|
*(including documentation charges)
|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|
|Age||Minimum is 18 years|
|Employment Type||Salaried individuals Self-employed individuals Business persons|
|Resident Type||Non-Resident Indians|
|KYC Documents (copy of each)||
(Salaried individuals) Option 1
Last 1 year’s NRE account statement with any bank (mandatory)
Any one of these -
(Self-employed/Non-salaried individuals) Option 1
For Purchase of Ready-Built House/Flat/Villas, House Construction, and Renovation or Extension
For Purchase of Unapproved Ready-Built Flats and Flats under Construction:
Note: Banks may ask for some other related documents to complete the documentation procedure.
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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