Federal Bank Home Loan

Thousands of aspiring homeowners these days are choosing housing loans in Federal Bank. It is because Federal Bank is one of the most popular Indian banks with an attractive range of personal loan services. Federal Bank home loan rate of interest starts at 8.80% per annum. The bank charges 0.50% of the loan amount as its processing fee, which could be a minimum of Rs. 3000 + GST or a maximum of Rs. 7,500 + GST. One of the unique offerings from the house of Federal Home Loan Bank is the Housewarming loan. Apart from this, Plot Purchase and Regular Housing Loan are some other schemes offered by the Federal bank at low interest rates and a maximum loan repayment tenure of up to 30 years for Indian residents and 20 years for NRI borrowers. 

Federal Bank Home Loan EMI Calculator

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Break up of Total Payment

Your monthly EMI is

Total Amount Payable

  • Principal Amount

  • Total Interest

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Federal Bank Home Loan Key Highlights

Get the lowest interest rates with Federal Bank

Loan Amount Up to Rs. 15 crores
Rate of Interest Starts at 8.80% per annum
RPLR
Processing Fee

0.50% of the loan amount (Min: Rs. 3,000 + GST; Max: Rs. 7,500 + GST)

Maximum Tenure for Repayment Indian Resident: 30 years | NRI: 20 years
Penal Rate of Interest
Rate Packages Floater/ Fixed
Charges for Prepayment/Foreclosure Floater Loans to Individuals: Nil | Fixed/ Non-Individuals/ Overdraft: 3% on the outstanding loan amount or DP, whichever is higher

Federal Bank Home Loan Interest Rates in 2024

Banks earn their share of the profit by offering easy home loans to applicants through the interest rate on the loan amount. Federal Bank home loan rate of interest starts at a nominal 8.80% per annum. The bank offers both floater and fixed-rate packages to eligible applicants.

Loan Slab Interest Rate for Home Loan
Floater Plan (For Salaried) Starting at 8.80% per annum 
Floater Plan (For Self Employed) Starting at 8.80% per annum 
Fixed Plan (For Salaried) Starting at 8.80% per annum 
Fixed Plan (For Self Employed) Starting at 8.80% per annum 

Interest rates were last updated on 20th September 2023

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Federal Bank Home Loan Eligibility Criteria

Federal Bank offers attractive home loans for Indian Residents, NRIs and PIOs. Federal Bank home loan eligibility is based on the applicant's age, nationality, employment, work experience and CIBIL score.

Eligibility Parameters For Salaried Individuals For Self-Employed Individuals
Age Range (in years) 21 - 60 Years 21 - 60 Years
Nationality Indian Resident/ NRIs/ PIOs Indian Resident/ NRIs/ PIOs
Minimum Income Earned Rs. 25,000 per month Nothing Specific

Federal Bank Home Loan Processing Fee and Charges

Banks have to undergo a stringent procedure to process each home loan application. For this, they charge a processing fee and another set of fees from each applicant. The processing fee for a Federal Bank home loan is 0.50% of the loan amount, which is a minimum of Rs. 3000 + GST and a maximum of Rs. 7,500 + GST. The table below shows the processing fee and other charges levied by Federal Bank on home loans:

Processing Fee

0.50% of the loan amount (Min: Rs. 3,000 + GST; Max: Rs. 7,500 + GST)

Swapping Charges (Fixed to Floater and vice-versa)

0.25% of the outstanding balance/ Drawing power, whichever is higher

Delayed Repayment Charges

2.00% per month of the overdue portion + additional penal interest applicant for SMA accounts

CERSAI Charges

Nil

Foreclosure/ Prepayment Charges
  • Floater Loans to Individuals: Nil
  • Fixed/ Non-Individuals/ Overdraft: 3% on the outstanding loan amount or DP, whichever is higher
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Federal Bank Home Loan Schemes and Top Plans

Federal Bank offers 3 types of home loan schemes to borrowers in India, whether salaried or self-employed. Have a look at these 3 types of home loans offered by Federal Bank with minimum documentation and quick processing:

1. Federal Housing Loans

  • Ideal housing loan scheme to purchase an under-construction or ready-to-move-in home or construct a house, repair/ extend an existing home
  • Lower interest rates
  • Longer repayment period of up to 360 months
  • Flexible EMI repayment modes

2. Plot Purchase Loans

  • Best housing loan scheme to buy a plot where you wish to build a dream home
  • Maximum loan amount up to Rs. 25 lakhs
  • Maximum repayment period of up to 60 months
  • Easy EMIs for repayment

3. House Warming Home Loans

  • Special home loan scheme for existing and new borrowers to meet the expenses related to the housewarming
  • Maximum repayment tenure of up to 60 months
  • No lock-in period
  • Quick processing with minimum documentation 

Note: All of the above home loan plans are made available to applicants solely at the discretion of Federal Bank Home Loan, taking into consideration the earning and repayment capacity of the applicant.

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Documents Required For Federal Bank Home Loan

The Federal Bank home loan documents required list is shared below. Gather all these documents before applying for a Federal Bank home loan.

Documents Required for Salaried Applicants

Proof of Income
  • Appointment Letter
  • Salary slips for the last 3 months
  • Form 16/ Latest Income Tax Returns for the last 2 years
  • Bank Statements for the last 6 months
Other Required Documents
  • Duly filled and signed application form with a passport-size photograph
  • A processing fee cheque in favor of Federal Bank 

Documents Required for Self-Employed Applicants

Proof of Income
  • Business Profile Proof
  • Profit and Loss Account Statements for the last 2 years 
  • Balance sheet for the past 2 years
  • Tax Paid Challans
  • ITR for the last 2 years
  • Bank Statements for the last 12 months (Self and business)
Other Required Documents
  • Duly filled and signed application form with a passport-size photograph
  • A processing fee cheque in favor of Federal Bank

Common Documents Required from Both Salaried and Self-Employed Applicants

Type of Document Documents Required
Identity & Address Proof

Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card

Documents Related to Property
  • Sale Deed, Allotment Letter
  • Certificate of Occupancy
  • Payment receipts for payments made to the builder
  • Permission to construct
  • Copy of approved plan
  • Registered Development Agreement of the builder
  • NOC (No Object Certificate from the builder or the housing society)

Interest rates were last updated on 15 July 2023

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How to Apply for a Federal Bank Home Loan?

If you are interested in applying for a Federal Bank home loan, then the procedure is quite simple and hassle-free. Mentioned below is the procedure for a Federal Bank home loan online apply:

  • Proceed to the APPLY NOW section on the website - BASIC Home Loan
  • Fill in the form by entering your Name and contact details and submit the form
  • The team from BASIC Home Loan will reach out to you to initiate a hassle-free Home Loan application process

Find Federal Bank Home Loan Offices Near You

If you are planning to visit one of the offices of Federal Bank Home Loans near you to understand the Federal Bank Home Loan Offer in detail and apply for the Home Loan, you can fill in the Free Consultation form, and the team of BASIC Home Loan will reach out to you for needful assistance in the process.

Disclaimer:

For the latest Home Loan Interest rates and updates in Eligibility criteria, Home Loan offers, Home Loan application Fee and Charges, Required Documents, and other FAQs related to Home Loans, please refer to the official website of Federal Bank.

FAQs

The current home loan interest rate in Federal Bank 2023 starts at 8.80% per annum. However, we recommend you verify the same by visiting the bank's official website.

No bank or NBFC offers a 100% home loan amount in India, not even Federal Bank. However, you can expect a loan to value up to 85% of the property cost from Federal Bank.

The maximum repayment period of a Federal Bank home loan is up to 30 years. But, it may vary from plan to plan, so make sure to verify the same from the bank officials.

To apply for a home loan from Federal Bank, you must first read the terms and conditions and then fill out the application form. Once this is done, submit the documents required along with a processing fee cheque in favor of Federal Bank. Alternatively, you can contact the BASIChomeloan team to assist you in applying for a Federal Bank home loan.

An applicant can fetch the following benefits by opting for a Federal Bank home loan:

  • Attractive rate of interest
  • Minimum processing fee
  • Special Housewarming loans
  • Quick loan processing with minimum documentation 
  • Flexible EMI repayment modes

Yes, Federal Bank is one of those banks in India that offers a unique Housewarming Loan to existing as well as new borrowers. It helps them to meet the expenses for a housewarming.

Eligible borrowers must have a decent CIBIL score of 750 or above to get a home loan approved by the Federal Bank.

Yes, the amount paid as repayment for a Federal Bank home loan is entitled to tax deductions under Section 80C of the Income Tax Act.