Federal Bank Home Loan

Banks and Housing Loan Corporations (HCFs) now offer a variety of home loan options that you can avail of to purchase your dream house. Federal Bank Home Loan is one such lending option that provides you with funds at competitive interest rates for your housing needs.

The Federal Bank House Loan allows you to avail a maximum loan amount of ₹15 Crores or 85% cost of the project, whichever is higher. This loan assists you by covering the following expenses:

• Acquiring land for your home

• Purchasing a flat, villa, or any other property for residential purposes

• Renovation or extension of the house

Not just that, since home loan amounts can be huge, Federal Bank offers a longer repayment tenure ranging up to 30 years. Read on to know more about the Federal Bank Housing Loan and how you can avail of it.

The following table shows the Federal Bank Home Loan interest rate and other applicable charges:

Disclaimer: The interest rate and charges mentioned in the table above are indicative and might change depending on the applicant’s eligibility.

While Federal Bank Home Loan interest rates are very competitive, it is always better to compare them with other lenders. It allows you to choose a lending offer that best suits your financial requirements and capabilities.   

The following table shows the interest rates offered on housing loans by partner lenders of Bajaj Markets:

Disclaimer: The interest rates mentioned in the table can vary and are subject to policy changes of the partner.

Since taking a home loan is a long-term commitment, it is always better to plan your finances beforehand in order to avoid default payments. Using a Federal Bank Home Loan EMI calculator, you can determine the EMI that you will need to pay towards its repayment.

Having clarity about the amortisation schedule helps you plan your budget accordingly. To determine your monthly outflow towards loan repayment, use the Federal Bank Housing Loan EMI calculator provided below.

The following is a list of documents required for a Federal Bank Housing Loan:

1. KYC Documents:

• Identity Proof – Passport, Voters ID, Driving License, PAN Card, or Aadhaar Card

• Address Proof – Passport, Voters ID, Driving License, or Aadhaar Card

• Two passport-size photos of the applicant 

2. Income Proof (For Salaried):

• Salary slips for the last three months

• ITR or Form 16 of the last two years 

• Bank account statement for the last six months

3. Income Proof (For Self-Employed):

• Business Proof 

• Bank account statement for the last year

• ITR of the last two years supported by the balance sheet  

4. Property Documents:

• Agreement for Sale and Construction

• Allotment letter 

To avail of this loan facility, you will need to fulfil the following Federal Bank Home Loan eligibility requirements:

• You can avail of this loan facility if you are an Indian resident, PIO, or NRI

• If you are a PIO, you need a valid PIO card along with a foreign passport to apply for this loan

• If you are an NRI, your age must not be above 55 years, and your monthly income must not be lesser than ₹55,000

To cater to your different needs, Federal Bank offers four types of home loans, which include the following:

• Loan for Purchasing House Plots: As its name suggests, Federal Bank offers this loan to cover the cost of purchasing a house plot. With this lending option, you can avail of a loan amount of up to ₹40 Lakhs for a period of 10 years. 

• Property Power Loan: Property Power is a loan against a property facility that you can avail of by mortgaging any residential or commercial property. It allows you to avail of a loan amount of up to ₹5 Crores, which you can use for varied purposes. 

• Build Your Dream Home Loan: This lending option from Federal Bank allows you to purchase, build, or renovate your dream home. This loan facility offers a loan amount of up to ₹15 Crores that can be repaid over a tenure of 30 years.

• House Warming Loan: This lending option from Federal Bank offers loans to cover house warming and other expenses. Moreover, it allows you to repay the loan amount in a period of 10 years.

In order to apply for the Federal Bank Housing Loan online, all you have to do is follow these simple steps:

• Step 1: Visit the official website of the Federal Bank

• Step 2: Select the ‘Housing Loan’ category from the ‘Loans’ section

• Step 3: Choose your preferred loan option and click on the ‘Apply Now’ button

• Step 4: Fill out the application form with all the required details like your name, address, contact number, PAN details, etc

• Step 5: Once the form is filled, click on the submit button to take the application process forward

If you have any inquiries or complaints regarding the housing loan services, you can contact the following Federal Bank Home Loan customer care numbers:

• 1800 - 425 - 1199 

• 1800 - 420 – 1199

• 080-61991199 (For NRI customers)