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Federal Home Loan Interest Rates 2021

Federal Bank Housing Loan Interest Rate -Today

Last Updated 25th Jun 2021

Current Federal Bank Home Loan interest rates Jul 2021 starts at 7.65% p.a. for a maximum tenure of 30 years. The processing fee on its housing loans is Upto 0.50%, Minimum ₹ 3,000 Maximum ₹ 7,500.

Loan AmountFederal Bank Repo Rate Home Loan RateHome Saver
Upto ₹ 30 Lakh7.65%8.80%
₹ 30 Lakh - ₹ 75 Lakh7.70%8.80%
₹ 75 Lakh - ₹ 5 Cr7.75%8.80%
Above ₹ 5 Cr7.75%8.80%
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Current Federal Bank Home Loan Rate

Today Federal Bank home loan interest rates are in the range of 7.65% to 7.75%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 7.65%.

Below-mentioned are Federal Bank home loan rates for multiple housing schemes.

Federal Bank Home Loan Scheme Interest Rates
Federal Bank Repo Rate Home Loan 7.65% - 7.75%

Federal Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in Federal for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 30 Lakh 7.65%
₹ 30 Lakh - ₹ 75 Lakh 7.70%
₹ 75 Lakh - 5 Cr 7.75%
Above ₹ 5 Cr 7.75%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 30 Lakh 7.70%
₹ 30 Lakh - ₹ 75 Lakh 7.75%
₹ 75 Lakh - 5 Cr 7.80%
Above ₹ 5 Cr 7.80%

Federal Bank Home Loan Processing Fee and Other Charges

Federal Bank home loan processing charges are upto 0.50% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. Federal Bank charges a minimum processing of ₹ 3,000 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Processing Fees Upto 0.50% of the loan amount; minimum processing fee of ₹ 3,000 to maximum fee of ₹ 7,500
Foreclosure Charges Nil for floating rate home loans

Federal Home Loan Balance Transfer Interest Rates

Federal Bank home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Federal Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, Federal Bank offers the lowest home loan balance transfer rate of 7.65%.

Illustration on Home Loan Interest Rate Federal Bank
Maximum Annual Percentage Rate (APR) 7.67% to 7.77%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 30 Years
  • Federal Bank Home Loan Interest Rate: 7.65% to 7.75%
  • Processing Fee payable to: Upto ₹ 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 710 for 30 Years ₹ 1,00,000 loan at 7.65% (lowest rate, longest time period) to ₹ 2,016 for 5 Years ₹ 1,00,000 loan at 7.75% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 7.67% to 7.77%
  • Total cost payable over loan tenure: ₹ 1,21,156 for 5 Years loan to ₹ 2,55,924 for 30 Years loan

FAQs

What is Federal Home Loan Interest Rate?

Federal Home Loan interest rate ranges between 7.65% to 7.75%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has Federal reduced home loan rates?

Presently, Federal offers personal loans at an interest rate starting at 7.65%. There has been no change in personal loan rates of Federal for a long time and continue to stand at 7.65%.

Why should I opt for balance transfer to Federal Bank?

Federal Bank offers lowest Home Loan EMI of ₹ 710 per lakh availed at the lowest interest rate 7.65% for a maximum tenure of 30 years. you are paying an EMI more than ₹ 710 per lakh, you should consider the option for a loan transfer to Federal Bank from your existing bank.

  • Federal Bank offers RBI Repo Rate linked Home Loan which starts at 7.65%. Current Repo Rate of RBI is 4.00%. The Bank adds a mark up on RBI’s repo rate which is called Federal Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 3.65% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the Federal Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from the 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then Federal Bank Repo Rate linked Home Loan rate will cut from 7.65% to 7.5%.

What is the current Federal Bank Home Loan rate?

The current Federal Home Loan rate starts from 7.65% with a processing fee of Upto 0.50%, Minimum ₹ 3,000 and Maximum ₹ 7,500.Federal housing loan rate varies across the applicant’s eligibility and the scheme they opt for. Federal offers different home loan rates for different home loan products.

Can Federal Bank housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with Federal to lower the home loan rates.

What are the interest rates of home improvement loans in Federal?

You can avail of Federal home loans for home improvement at regular home loan rates starting at 6.65%.

Can Federal revise the home loan interest rates for their existing customers?

Federal home loan rates change for the existing customers if they have availed home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does Federal offer a concessional home loan interest rate for women?

Yes, Federal offers special home loan interest rates for women. As against Federal home loan rates for male which is 7.65%, the home loan interest rate for women starts at %.

What is the Federal home loan rate of ₹ 25 Lakh for 15 years?

Federal home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, Federal provides home loan interest rate starting at 6.65%.

At what interest rate does an Federal employee get a home loan?

Federal offers concessional home loan rates of about 1% than the current home loan rates to Federal employees.

Is Federal Bank home loan a floating rate loan or fixed-rate loan?

Federal home loan is offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


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Federal Bank Home Loan News - Jul 2021
  • 2021-05-20 : Federal Bank revised its Marginal cost of lending rates
    With effect from 16 May 2021, Federal Bank changed its MCLR. The overnight and one-month MCLR is 7.65% and 7.75%, respectively. The MCLR for three months stands at 7.80%. Further, the MCLR for six months and one year is 7.85% and 7.90%, respectively. The revised rates will impact MCLR based home loans.
  • 2021-01-06 : Federal Bank’s gross advances rise 6% YoY in Q3
    Federal Bank reported a 12% increase in total deposits which includes fixed and recurring deposits for the third quarter of the fiscal. Further the bank reported an increase of 6% rise in gross advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans. CASA ratio stood at 34.48% at the end of December 31, 2020, from 33.38% as on September 30, 2020.
  • 2020-07-16 : Federal Bank Q1 net profit up 4.3%
    Federal Bank net profit backed by retail loans like home, personal, gold, car and two-wheeler along with business and mudra loans rose by 4.3% to Rs 400.77 crore in Q1 June 2020 over Q1 June 2019. Further, The Bank total deposits which include fixed and recurring deposits reached Rs 1,54,937.74 crore in Q1 June 2020, registering a 16.9% growth from Q1 June 2019.
  • 2020-05-29 : Federal Bank reported a Q4 net profit of Rs. 301.23 crores
    Federal Bank reported a 21.04% fall in its profits to Rs. 301.23 crores in the fourth quarter of 2019-20 with a sharp rise in provisions. Its net profit was ₹381.51 crores in the same period a year ago. Further, For the quarter ended March 31, 2020, the bank reported a 19.27% increase in total income to ₹4,107.95 crores from ₹3,444.04 crores a year ago backed by retail loans like home and personal loans along with business, car and mudra loans.
  • 2019-07-17 : Federal Bank net profit rises by 46% to Rs. 384 crores during FY19-20
    Private sector lender, Federal Bank’s net profit has witnessed a 46% growth to Rs. 384 crores in the first quarter of FY 19-20. Previous year the profit stood at Rs. 262 crores. The growth is driven by stable asset quality and robust non-core income. Also, the lender has plans to achieve significant growth across its retail loan segment, including home loans and mortgage loans this year.
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