Federal Bank Home Loan Interest Rate

Prospective home buyers can now apply for Federal Bank housing loans of up to Rs.15 crore at interest rates starting at 7.65% per annum. Loan terms of up to 30 years, along with simple repayment alternatives, offer a pleasant loan repayment time.

Depending on the type of work, the processing charge for these loans ranges from Rs.3,000 to Rs.7,500 plus applicable taxes.

A home loan is described as a cash obtained from a lender/bank by a borrower in order to: a) purchase a new house/flat/apartment, b) purchase land for the construction of a new house, or c) renovate an existing property. Essentially, when it comes to the Federal Bank Home Loan, the following are available-

• Funding for the construction of a new home, the purchase of new property, or the renovation of an existing home.
• Funding for the acquisition of residential plots on which a house will be built later.
• To meet personal financial responsibilities, take out a loan on your current property.
• House Warming Loan - Funds to cover the financial requirements associated with your new home's housewarming.

• This loan can be used to build a new house, purchase a new property for the prospective construction of a house, or renovate an existing house.
• The mortgage on the land and building will serve as loan security.
• Loan processing is quick, straightforward, and requires little paperwork.
• Get a home loan for up to 85% of the project cost, up to Rs.1500 lakhs.
• Loan payback terms might last up to 30 years.

Federal Bank home loan interest rates begin at 9.05% per annum. The final interest rates granted to home loan applicants are determined by their age, monthly income, work profile, employer profile, credit score, and other factors.

Federal Bank housing loan interest rate table-

Here are some of the different types of Federal Bank home loans-

This scheme is for home building, land acquisition and house construction, repair/renovation/extension/alteration of the existing house, debt repayment for purchase/construction/furnishing/plot purchase/balance transfers/supplementary housing loans for employees of well-established firms.

This scheme is for a tenure of 30 years, and in the case of NRI, it is for 20 years.

• The interest rate on home loans is decided by the amount borrowed from Federal Bank. The lower the interest rate - the greater the loan amount.
• The applicant's salary is one of the major criteria that will influence how much interest must be paid.
• The type of loan picked will also be considered, as interest rates for special or popular loan product offers will alter.
• If the applicant is a current customer, they will receive the best home loan rates.

• KYC Documents: Two passport-sized pictures of the applicant/co-obligate apiece. Passport/Voters ID/Driving License/PAN Card/Aadhaar Card are acceptable forms of identification.
• Passport / Voters ID / Driving License / Aadhaar Card as proof of address
• Passport/Birth Certificate/Driving License/SSLC/AISSE Certificate, Certified copy of Passport, Visa, Work Permit, ID card (Applicable for NRI customers).
• Property Documents: Sale and Construction Agreement, Allotment letter / NOC from Builder to mortgage the flat.