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Federal Bank Loan Against Property

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Federal Bank Loan Against Property

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.

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Key Highlights of Federal Bank Loan Against Property

Loan AmountLoans up to Rs.5 crore
EligibilitySalaried or Self-employed
Loan TenureUp to 15 years
Interest RateMCLR + 2.70% to 5.95%

What is Loan Against Property?

Loan Against Property is taken to meet the financial needs of an individual using mortgage of property. This is also known as ‘Home Equity Loans’ as taken against the security of the house you own. The funds obtained from the mortgage can be used to expand your business, pursuing education in foreign universities, funding medical treatments, for consolidating debts etc.

Introduction to Federal Bank Loan Against Property

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.

Advantages of Federal Bank Loan Against Property

  • Long tenure with small EMIs
  • Attractive interest rates
  • Hassle-free documentation
  • Quick processing
  • Loans for both commercial and residential properties

Features of Federal Bank Loan Against Property

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.

Eligibility Criteria for Federal Bank Loan Against Property

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.

Federal Bank Loan Against Property Interest Rate 

The rate of interest for Federal Bank loan against property ranges between MCLR + 2.70% to 5.95%

Federal Bank Loan Against Property Balance Transfer

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.

Documents Required to get Federal Bank Loan Against Property

The documentation is easy and hassle free. The following documents are required to get Federal Bank loan against property along with the application.

For Salaried Individuals

Application form with photograph

Any one of the following as proof of residence

  • Aadhar card
  • Ration card
  • Telephone bill
  • Electricity bill
  • Voter ID card

Any one of the following as proof of identity

  • Voter ID
  • Driving Licence
  • Aadhar card
  • Employer’s ID

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

For Self-Employed Individuals

Certified financial statement for the previous 3 years

Any one of the following as proof of residence

  • Aadhar card
  • Ration card
  • Telephone bill
  • Electricity bill
  • Voter ID card

Any one of the following as proof of identity

  • Voter ID
  • Driving Licence
  • Aadhar card
  • Employer’s ID

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

Benefits of Federal Bank Loan Against Property

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.

How to Apply for Federal Bank Loan Against Property?

Applying for a Federal Bank loan against property is simple. You can either apply online or visit a nearby Federal Bank branch.

Applying Online

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.

Federal Bank Loan Against Property FAQ

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.

7. Can I get overdraft facility against my property?

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.

About Federal Bank

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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