Federal Home Loan Interest Rate Calculator - Oct 2016

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Federal Bank Home Loan Interest Rates

Last Updated 18th Oct 16

Federal Bank Home Loan Interest Rate 9.57%
Check Special Offers
Lowest EMI Rs. 846 per lakh
Max Tenure 30 years
Processing Fee Upto 0.50%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
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 Salaried   Self Employed - Professional   Self Employed - Business 

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Federal Bank Home Loan

Federal Bank offers home loan to the people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.

Home Loan Federal

Federal Bank home loan interest rate is the rate which you pay over the loan amount that you have borrowed from the bank. Home loan interest rates offered by Federal Bank depends upon MCLR.
  • Floating rates changes with a single change in MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates.
Federal Bank offers home loan based on 1 Year MCLR rates which is currently 9.52%.
Federal Bank home loan interest rate depends upon
  • Federal Bank home loan amount: Home loan rate in Federal Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: Federal Bank has a list of companies to which they lend Home loan. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. Federal Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

Federal Bank Home Loan Charges

  • Federal Bank Home Loan foreclosure charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Federal Bank allows prepayment of home loan with Nil prepayment charges
  • Processing Fee - Federal Bank asks for a processing fee of 0.50% of loan amount with applicable service tax

Federal Home Loan EMI Calculator

    Home Loan EMI of Federal Bank is a fixed amount that you pay each month towards the repayment of your home loan till the end of tenure
  • Federal Bank home loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on home loan.
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating Federal Bank Home Loan EMI?
  • EMI calculator of Federal Bank Home Loan helps you to calculate your monthly EMI at different rate of interest
  • Federal Bank Home Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Federal Home Loan Eligibility Calculator

Home Loan eligibility criteria Federal Bank
Eligibility of House loan in Federal Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: Age plays an important role to know your eligibility and repayment capacity. Federal Bank offers Home loan to salaried at the age of 21 to 60 years and self employed individuals at 21 to 65 years
  • Income: In case of salaried person, Federal Bank Home Loan eligibility significantly depends upon the income. Usually bank set minimum levels of income to apply for house loan. Salaried employee should be in government job or working with a reputed private company and getting regular salary in bank account with salary slip, form 16
  • Job stability and Profession: Job stability is important to improve your eligibility for Home loan from Federal Bank. Minimum turnover and minimum net income criteria may apply. Business must be registered with at least one government agency such as service tax, VAT, excise, shops and establishment registrar. Other than job stability, profession is also an important factor which can affect your Federal Bank eligibility. If you are working with a reputed company, probability of getting home loan from Federal Bank increases as the income is considered to be more stable
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your Home loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your Home loan eligibility
  • Loan Amount: Federal Bank gives you Home loan depending upon your income. Federal Bank gives you an amount ranging from Rs. 1,500,000 to Rs. 150,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service
  • Estimated eligibility online by using Federal Bank Home Loan Eligibility Calculator.

    Federal Bank Floating Rate Home Loans

    Federal Bank Home Loan Floating
    Upto Rs. 2,500,000 - 9.57%
    Rs. 2,500,001 - 7,500,000 - 9.57%
    Rs. 7,500,001 - 50,000,000 - 9.57%
    Above Rs. 50,000,000 - 9.57% linked to 1 Year MCLR

    Federal Bank Home Loan Top up, Transfer

    Transfer of Home Loan from another bank to Federal Bank?
    Federal Bank offers home loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Federal Bank
    You can avail additional top-up home loan from Federal Bank, subject to your eligibility

    Housing Loan Federal documents required

    Home Loan for Salaried employee Federal Bank documents required

    • Filled up loan application form
    • 2 Passport Size Photo
    • ITR of last 2 years
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

    Home Loan for Self-Employed Federal Bank documents required

    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • ITR of last 2 years
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

    Frequently Asked Questions – Federal Home Loan

    Why to take home loan from Federal Bank?
    Federal Bank offers home loan at lower rate of interest i.e. at % with the lowest EMI of Rs. 846 per lakh which is lesser than other banks. If you are paying EMI more than this then you can opt for balance transfer and relocate your home loan to Federal Bank.
    What is the maximum loan tenure I can opt under Federal Bank home loan?
    Federal Bank offers you a longer tenure of 30 years to repay your home loan with a benefit of paying less EMI per month.
    Do I get tax benefit on home loan from Federal Bank?
    As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.
    Can I foreclosure my home loan? What are the charges applicable?
    Yes, you can foreclose your home loan with Nil.
    Can I transfer my home loan from another bank to Federal Bank?
    Yes, Federal Bank gives you the facility to transfer your existing home loan with a hassle free process. Home loan balance transfer to Federal Bank offers you to pay lower EMIs and save money.
    Can I club the income of my spouse with mine and apply for joint home loan?
    You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.
    What is the benchmark applicable for home loan in Federal Bank?
    The benchmark applicable for home loan in Federal Bank is 1 Year MCLR.
    What is the effect of part payments on Federal Bank housing loan EMI ?
    Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.
    How to increase my eligibility on Federal Bank housing loan?
    If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.
    How will interest rate on Federal Bank housing loan change in future?
    • Floating interest rate on Federal Bank home loan is linked to its MCLR Rate, which is currently at 9.52%. So, when Federal Bank offers a home loan at 9.52%, it applies a 0.05 premium to its MCLR Rate to arrive at this home loan interest rate.
    • When RBI increases interest rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
    *My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.
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Federal Home Loan Interest Rate News - Oct 2016
19th Aug 16 Federal Bank starts new referral option in its mobile banking app
Federal Bank has come with a reward program to its customers who refer FedMobile to friends or relatives. FedMobile is a transaction app of Federal Bank. Now customers can share the app link with the friends by clicking Refer A Friend option given in the FedMobile app home page. This message can be shared using Whatsapp, mail, Facebook etc without any cost. Customer who referred will get Rs. 50 when the referred friend does his first transaction from the app. This app can be used for availing banking facilities, bill payments, Funds Transfer and also for making future payments in advance.
19th Aug 16 Federal Bank ties up with Chillr
Federal Bank has partnered with Chillr which is a mobile banking application that connects a person directly to its bank account and enables to make bill payments, transfer money and phone recharge. This facility will help customers to do cashless transactions at any time and manage their banking requirements at a single stage. Customer can initiate their transactions on Chillr with total security authenticated by a secure PIN provided by the bank. The app is available to all the customers of Federal Bank.
18th Aug 16 Federal Bank has tied up with MMTC for disbursement of Indian gold Coins
Federal Bank entered into partnership with MMTC to allow its customers to buy Indian Gold coins, that are a part of National Gold scheme launched by government in November 2015
22nd Jul 16 Federal Bank Q1 net grows 18% to Rs 167 crore
As per the results of Q1FY17 , Federal Bank reported a 18.3 percent increase in its Net Profit at Rs. 167.3 crore. Asset quality was stable in the current quarter, with Gross NPAs ratio of 2.92 percent in first quarter of FY17 compared to 2.59 percent as on FY16. Net NPAs increased by 0.98 percent to 1.68 percent in the June quarter when compared on yearly basis. Asset quality showed mild signs of weakening with Provisions for Bad Loans increasing by 10 percent yoy to Rs 168.48 crore
21st Jul 16 Federal Bank ties up with Reliance Jio Money
Federal bank has tied up with Reliance Jio Money to launch an one click payment service. Reliance Jio money is a mobile wallet application which will allow Federal bank customers to get an option to pay directly from their account without funding the wallet. The user does not need to maintain cash in the wallet and can complete transaction from their account in just one click.