Federal Home Loan 2023 Interest Rate, Eligibility, Processing Fee, Document

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Federal Bank Limited is an Indian private sector bank headquartered in Aluva, Kochi, Kerala, Federal Bank also known as Travancore Federal Bank was established under British rule, it also has representative offices abroad in Abu Dhabi, Qatar, Kuwait, Oman and Dubai, Federal Bank is the strongest and most stable Known as a bank with one of the foundations,

It offers rich and feature-laden housing loan products under the name of ‘Federal Housing Loan‘ on an existing house or property where funds for buying a new property or constructing a new house and renovating an existing house help meet any financial obligations. Express requirements can also be met.

Federal Home Loan, फेडरल बैंक होम लोन,

Federal Bank as one of the largest banks in India offers a wide range of services in the personal loan segment, home loans help you get your dream home or renovate an existing home, Federal is one of the most preferred banks in India by all types of people for any home loan, Federal Bank Home Loan packed with unique benefits caters to various customers. Made as per requirement.

Federal Housing Loan is offered to people who want to build or buy a house, the property purchased or to be built is secured by the house documents till the loan is repaid with full interest, the rate of interest on various home loan schemes of Federal Bank varies from one customer to another and generally depends on the profile of the applicant and the certificates provided. There will be loan approval.

Get Hassle-Free Home Loans from Federal Bank to make your dream home a reality Offering financing opportunities to people from various employment backgrounds, the Bank offers a standard home loan scheme for salaried and self-employed borrowers, Get your housing loan at competitive interest rates from Federal Bank, Federal Home Loan The tenure ranges between 5 to 30 years, the borrower can opt for a floating type of interest over a fixed interest rate, home loan also provides tax benefits to the borrowers.

Types of Federal Bank Home Loans

Federal Bank offers various types of home loans for construction of new houses, loans against properties for purchase of plots or land, Consumers or borrowers who want to build new houses can avail home loans from Federal Bank.

Anyone residing in India who is self-employed or salaried or running his own business is eligible for this loan, Similarly, the Federal Bank has introduced various schemes for its customers or borrowers to purchase plots as detailed below.

  • Housing Loan
  • Property Power Loan
  • Women’s Dream Home Loan
  • Senior Citizens’ Home Loan
  • No-Cost EMI Home Loan
  • Flexi Home Loan
  • Green Home Loan

Federal Home Loan Eligibility, फेडरल बैंक होम लोन पात्रता,

Federal Bank offers Home Loans to Indian Residents, Non-Resident Indians (NRI) and Person of Indian Origin (PIO) that everyone wants and has plans for their dream home Federal Bank, Nowadays, the cost of housing is so high that many people cannot pay the full cost of the house without home loans from banks like the Federal Bank, the government also understands that the cost of housing and the loan taken is a long-term liability.

It has provided tax benefits and subsidized housing through schemes like PMAY which make housing affordable, Home loan are a long-term investment and a huge amount is invested in the individual with the assurance that the home loan will be repaid with interest, it is important to check your Federal Home Loan Eligibility before you apply for a home loan.

Although the bank does not disclose home loan eligibility criteria for Indian residents, home loan applicants can visit the Federal home loan eligibility criteria set by other banks to get an accurate idea of their home loan eligibility.

To get a home loan from a federal bank, the borrower must be at least 21 years of age or older, and the borrower must not exceed 65 years of age, All borrowers who are salaried employees, businessmen or any other type of professionals are eligible to avail home loans from Federal Bank, the bank imposes age limit and various other criteria for the borrower to be eligible for home loan.

Eligibility CriteriaSalaried and Self-Employed
Income CriteriaMinimum salary for Federal Bank Home Loan Rs.25000
Age CriteriaMinimum: 21 years Maximum: 60 years
Loan TenureUp to 30 years
Loan AmountUp to 85% of project cost
Interest Rate9% to 9.25%
Processing Fees0.50% of the Loan amount with a minimum of Rs. 3000 plus applicable tax, maximum of 7500 plus applicable tax
Prepayment ChargesNil

Federal Home Loan Processing Fee, फेडरल बैंक होम लोन प्रोसेसिंग शुल्क

The fee charged on Federal bank home loans is called the processing fee, which is the fee you pay to the bank for processing your home loan application, which you pay to the bank out of your own pocket instead of being deducted from your loan amount.

Federal Bank Banks may have special charges for salaried individuals, Self-Employed Professionals (SEP) and Self-Employed Non-Professionals (SENP), the processing fee is usually 0.50% of the loan amount + GST.

Processing FeesHousing 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 Rate2% of overdue amount each month
Prepayment/Foreclosure ChargesNil

Documents Required for Federal Home Loan

There are certain procedures to be followed while applying for a Federal Bank Home Loan, these procedures are different for salaried individuals as compared to self-employed individuals, The federal bank also needs to provide certain documents before applying for home loans. Loans are approved only after verification of documents.

The borrower is expected to fill all the relevant details required by the bank to process the home loan and submit the application form, these documents are suitable for different types of people to get home loans from the bank, if all the details match the given criteria, the bank approves the loan and informs via email.

KYC Documents

  • Two passport-size photos each of the applicant/ and the co obligate.
  • Identity Proof – Passport / Voters ID / Driving License/ PAN Card / Aadhaar Card.
  • Address Proof – Passport / Voters ID / Driving License / Aadhaar Card.
  • Age Proof – Passport / Birth Certificate / Driving License / SSLC or AISSE Certificate.
  • Applicable for NRI – Certified copy of Passport, Visa, Work Permit, ID card.

Income Document For Resident Salaried

  • Latest Salary Certificate /  Salary Slip (3 months)
  • Copies of IT returns (2 years) or Form No.16 (2 years) 
  • Latest 6 month’s Bank Account statement evidencing the salary credits

Income Documents For Resident Self Employed

  • Proof of Business existence & Business Profile
  • Last 12 months bank a/c statements
  • IT returns for 2 years supported by Balance Sheet, P&L Account for the past two years, Where ever available, Tax paid challans may also be collected OR Last 2 years IT returns supported by Tax calculation sheet & Tax paid challans.

Income Document For Non Resident Salaried

Option 1

  • NRE account statement with any bank for last one year.
  • Embassy / CRO certified Salary Certificate / latest 3 months salary Slip OR Latest Salary Certificate / Slip (3 months) supported by 6 months Salary Crediting Statement.

Option 2

  • Two years NRE a/c statement of the customer and/or resident accounts of spouse/parents (with us/ other Bank) in which remittance is made.

Income Document For Non Resident Self Employed

Option 1

  • Proof of Business existence & Business Profile
  • Last 12 months bank a/c statements
  • Balance Sheet, P&L Account for the past two years. Where ever available, Tax paid challans may also be collected 

Option 2

  • Two years NRE a/c statement of the customer and/or resident accounts of spouse/parents (with us/ other Bank) in which remittance is made.

Property Documents

  • Agreement for Sale
  • Approved plan
  • Title Deed
  • Prior Deed (in cases where the Title Deed does not contain recitals explaining derivation for past 30 Years)
  • EC for 13 years (minimum)
  • Possession certificate
  • Location Sketch
  • Land & Building Tax receipt (latest)

Federal Home Loan CIBIL Score, फेडरल बैंक होम लोन सिबिल स्कोर,

CIBIL score plays a vital role if you want to apply for a home loan or any type of loan or credit card, to get a home loan from a federal bank a borrower must have a good credit history and CIBIL score, a good CIBIL score will help you improve your loan eligibility.

CIBIL score indicates the creditworthiness of the borrower. Most lenders require a CIBIL score in the range of 700 to 900 for home loans Credit score for home loan calculation is based on the borrower’s past repayment track record

An excellent CIBIL score can get you a lower interest rate on a home loan, the CIBIL score required for a home loan is usually 700 or above. If you are applying for a home loan, having a good credit score is very important.

Processing ChargesUp to 1% of loan amount
Pre – Payment or Foreclosure chargesNIL if floating and 2 % for fixed

Federal Home Loan EMI Calculator, फेडरल बैंक होम लोन ईएमआई कैलकुलेटर,

When you want to take a Federal Home Loan click here Make an informed decision with Federal Bank Home Loan EMI Calculator, which helps you know the Federal Bank Home Loan Total Amount and Home Loan Interest Rates, Home Loan Tenure and many more important details.

Federal Home Loan Interest Rate, फ़ेडरल बैंक होम लोन की ब्याज दरें,

It is very important to know the interest rate when you apply for Federal home loans, the home loan interest rate affects the amount of home loan you borrow and the total EMI you have to pay, so it is good to keep the interest rate in mind whenever you apply for a Federal home loan, here is more Home Check the loan interest rate.

Loan scheme/ productInterest Rate (%) *
Home Loan   8.80 (Repo Rate+ 2.30) Onwards 
Car Loan – New  8.85 (Repo Rate+ 2.35) Onwards 
Car Loan – Used  16.30 (Repo Rate + 9.80)  
Property Power Loan (LAP)12.60 (Repo Rate + 6.10) Onwards
Education Loan12.55 (Repo Rate + 6.05) Onwards
Gold Loans 9.49  (Repo Rate + 2.99%)

NOTEFederal bank home loan rate vary according to the bank’s discretion, the information given here is only the current interest rates given by the bank, when you want to apply for a home loan in the bank, you should visit the https://www.federalbank.co.in/loan-rate bank’s official website and confirm.