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Federal bank provides loans against property for long tenure periods with small EMIs. No hidden charges are levied on processing the loan. Attractive interest rates and quick processing. Check eligibility now and check offers exclusively on CreditMantri.
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For any major requirements such as funds for business plans, higher education or medical treatment etc, getting a loan against property could be a feasible option to manage the situation. Understanding the scenario, Federal Bank, one of the leading banks in India, allows you to pledge your property to meet the goals or requirements.
Obtaining a Federal Bank loan against property is simple as the process is quicker and approvals are done faster. With flexible repayments, this loan is preferable and affordable by all.
Federal Bank, one of the leading private banks in India, offers loans against your residential or commercial property. The borrowers can get funds up to 60% value of the property from Federal Bank loan against property. With customised loan options, Federal Bank provides competitive interest rates and flexible repayment options.Federal Bank loan against your home could be the perfect solution for all your financial needs as the approvals are done in 3 days. Door-step services are offered, and the loan processing is done quickly and easily.
Purpose: The main objective of Federal Bank loan against property is to provide finance to individuals who have various financials goals and requirements. Both residential and commercial properties are accepted by the bank as collateral.
Loan Amount: The borrowers can get up to Rs.5 crores at attractive interest rates.
Repayment Options: The customers can opt for low EMIs and longer tenure or overdraft facility on Federal Bank loan against property.
Loan Processing: No hidden charges are levied on processing the loan and all the charges are communicated up front.
Customised Loan: One of the major benefits is that self-employed professionals can get their loans customised based on their needs. This is to facilitate better easy repayment and manage their business as well.
Prepayment charges: Are levied for outstanding loan amount and it can be done only after six months of taking the loan.
Processing Fee: 1% of the loan amount are levied for processing the loan and all the charges are communicated up front
Overdraft Facility: You can avail overdraft facility against property which allows you to use the loan amount up to an approved limit and pay interest only to the amount you have used.
To apply for a Federal Bank loan against property, you must be either a self-employed professional or a salaried employee working in a reputed private company or government organisations.
The rate of interest for Federal Bank loan against property ranges between MCLR + 2.70% to 5.95%
The customers can transfer the loan against property from another bank to Federal Bank for lower interest rate.This can significantly reduce the loan burden and monthly outgo on EMIs.
The documentation is easy and hassle free. The following documents are required to get Federal Bank loan against property along with the application.
Application form with photograph
Any one of the following as proof of residence
Any one of the following as proof of identity
Bank statement of last 6 months where you can show your salary or income details
Salary slip of last 6 months
Photocopies of all documents related to the property that you are going to pledge for the loan
From 16 for the past 2 years
Certified financial statement for the previous 3 years
Using the funds acquired from Federal Bank loan against property, you can fulfil your immediate and long-term needs such as business needs, marriage, medical expenses and other personal needs. The repayment is easy as you can get long tenure with small EMIs at attractive interest rates. The documentation is easy and hassle free and processed quickly. With the overdraft facility, the customers can pay interest to the amount you have used. The customers can avail the services from anywhere in India.
Applying for a Federal Bank loan against property is simple. You can either apply online or visit a nearby Federal Bank branch.
You can visit the official website of Federal Bank and select ‘Apply Now’ option under ‘Loan Against Property’ page. It will be directed to another page where you need to fill up the personal and income details. After completing the application form, you can submit it which will be validated by the lender. A representative from the bank will call you for documentation following which it will be sent for approval.
1. What are that properties that can be considered as collateral for Federal Bank loan against property?
Self-occupied residential properties and commercial properties such as shops and offices are considered collateral.
2. What is the maximum loan amount I can get from Federal Bank loan against property?
You can get up to Rs.5 crores as the loan amount.
3. Can I pre-close my loan against property account?
Yes, you can. You need to submit a written request to the nearest Federal Bank branch to close your account. You may have to pay a small fee as penalty while prepaying. However, it differs based on the loan amount and interest type.
4. Can I make part-prepayment on Federal Bank loan against property?
Yes, you can make part-prepayment and no charges are levied on floating interest type.
5. How can apply for Federal Bank loan against property?
You can either apply online or visit the nearby Federal Bank branch or through CreditMantri official website.
6. Will I be charged a penalty for not paying my EMI on Federal Bank loan against property?
Yes, you will be charged 2% of the EMI amount as penalty.
Yes, you can avail overdraft facility against your property as a term loan.
8. What is the interest rate range to avail Federal Bank loan against property?
The interest rate ranges between MCLR + 2.70% to 5.95%
9. What is the processing fee on Federal Bank loan against property?
The processing fee is up to 1% of the loan amount are levied for processing the loan and all the charges are communicated up front
10. Can I top up the Federal Bank loan against property?
Yes, you can top up loans under adjustable rate which is linked to Federal Bank’s retail prime lending rate.
11. Can I get Federal Bank loan against property without any income proof?
No, you cannot get it without showing income proof.
12. In what cities Federal Bank loan against home and land available?
Federal Bank loan against property is available in pune, Mumbai, Bangalore, Kolkata, Pune etc. The loan can be availed after submitting land or home documents to the bank as collateral.
The 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.
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