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Federal Bank provides interest rates ranging from 9% to 9.25% for home loans. Get loan tenure from 1 year to 30 years. Enjoy flexible repayment options. Transparent application processes and great tax benefits. Check eligibility on CreditMantri now!
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IThe Federal Bank Limited is a major private sector commercial bank headquartered at Aluva, Kochi, Kerala. As on 31 March 2016, Federal Bank has 1252 branches and 1680 ATMs across the country. Its balance-sheet stood at Rs. 1.37 trillion as of end March 2016 and its Net Profit stood at Rs. 475 crores for the fiscal year.
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt for either floating type of interest of fixed interest rate. Home loan provides tax benefits to the borrowers.
Being one of the largest bank in India, Federal Bank offers a wide range of services in the personal loan segment. It is one of the most preferred bank in India by all kinds of people for any financial service. Packed with exclusive benefits, Federal Bank Home Loans are tailor made catering to the needs of various customers.
The loan scheme assists borrowers for construction of house, acquisition of land & construction of house, repairs / renovation / remodelling / extension of house, reimbursement of debt incurred for construction / purchase / furnishing / beautification / purchase of flat / villa / house plots / takeover of housing loans / supplementary housing loan to employees of well-run companies / purchase of house plot for subsequent construction of house etc.
To avail the personal loan from Federal Bank, you need to have the following eligibility criteria.
Longer repayment period – up to 30 Years
Prepayment Charges: No prepayment charges
0.50% of the Loan amount with a minimum of Rs. 3000 plus applicable tax, maximum of 7500 plus applicable tax
Interest Rates: 9% to 9.25%
Documents Required to Apply for Federal Bank Home Loans
Important documents to be submitted while applying for personal loans with Federal Bank
Income Documents - For Resident Salaried
Income Documents - For Resident Self Employed
Income Documents - For Non- Resident Self Employed
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.
For purchase of approved Flats under construction
For purchase of unapproved Flats under construction
For acquisition of land and subsequent construction of a house in that land
For acquisition of approved Ready Built Flats
For acquisition of unapproved Ready Built Flats
For acquisition of Ready built House
For construction of house in the already owned land
For repair, renovation, remodeling, extension of existing house, flat, villa
Your Federal Bank personal loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Federal Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Federal Bank account you specify.
lectronic Clearing Service (ECS):
This mode can be used if you have a non-Federal Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Federal Bank account at your nearest Federal Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
You can either apply online or visit a nearby Federal Bank branch for the application. You can also download the home loan application form from the Federal Bank official website, complete the form and submit it the bank representative.
Alternatively you can also check your eligibility for a home loan through CreditMantri and apply for it.
This is probably the only bank that provides several home loan products in India. With attractive interest rates, the bank caters to the needs of various sections of people. You can also pre-close the home loan with the prepayment for which no penalty is levied. Overall, the bank offers the best deal on home loans.
1. What are processing fees on Federal Bank Home Loans?
0.50 % of the amount sanctioned with minimum of Rs.1000 and Maximum of Rs.20000
2. Is there penalty for prepaying the Federal Bank Home Loan?
No penalty is levied for prepaying the Federal Bank Home Loan?
3. Can I get Federal Bank Home Loan without a Guarantor?
Guarantor is required in some cases
4. What is the maximum loan repayment period for Federal Bank home loans?
The maximum repayment period is 30 years
5. How Can I apply for an Federal Bank home loan?
You can either apply online or visit a nearest Federal Bank branch and take the help of the bank’s representative.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.