Federal Home Loan Interest Rate Calculator - Mar 2017

Federal Bank Home Loan Interest Rates

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Last Updated 27th Mar 2017
Interest Rate 9.00% - 9.25%
Check Special Offer
Lowest EMI Rs. 805 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
Apply Home Loan Online @8.50%*
 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

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 8.95%.
Federal Bank home loan interest rate depends upon
  • 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

Home Loan Charges

  • 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
  • Home Loan EMI calculator of Federal Bank 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 helps you to calculate your monthly EMI at different rate of interest
  • Federal Bank Housing 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 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 status and 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 Eligibility Calculator.

    Federal Bank Floating Rate Home Loans

    Federal Bank Home Loan Floating
    Upto Rs. 2,500,000 - 9.00%
    Rs. 2,500,001 - 7,500,000 - 9.00%
    Rs. 7,500,001 - 50,000,000 - 9.00%
    Above Rs. 50,000,000 - 9.00% 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

    Why to take home loan from Federal Bank?
    Federal Bank offers home loan at lower rate of interest i.e. at 9.00% with the lowest EMI of Rs. 805 per lakh. 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 house 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 charges.
    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 housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.95%. So, when Federal Bank offers a home loan at 9.00%, it applies a premium of 0.05% 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.

    Federal Bank Home Loan in India

    Federal Bank Home Loan Customer Care Number, Email, Application Status, Branches

    City Customer Care Number
    Agra 1800-425-1199
    Ahmedabad 1800-425-1199
    Ambala 1800-425-1199
    Anand 1800-425-1199
    Aurangabad 1800-425-1199
    Bangalore 1800-425-1199
    Bhilai 1800-425-1199
    Bhilwara 1800-425-1199
    Bhiwadi 1800-425-1199
    Bhopal 1800-425-1199
    Bhubaneswar Cuttack 1800-425-1199
    Bikaner 1800-425-1199
    Chandigarh 1800-425-1199
    Chennai 1800-425-1199
    Cochin 1800-425-1199
    Coimbatore 1800-425-1199
    Dehradun 1800-425-1199
    Delhi 1800-425-1199
    Durg 1800-425-1199
    Faridabad 1800-425-1199
    Gandhinagar 1800-425-1199
    Ghaziabad 1800-425-1199
    Goa 1800-425-1199
    Greater Noida 1800-425-1199
    Gurgaon 1800-425-1199
    Guwahati 1800-425-1199
    Gwalior 1800-425-1199
    Hyderabad 1800-425-1199
    Indore 1800-425-1199
    Jabalpur 1800-425-1199
    Jaipur 1800-425-1199
    Jalandhar 1800-425-1199
    Jodhpur 1800-425-1199
    Kanpur 1800-425-1199
    Karnal 1800-425-1199
    Kolhapur 1800-425-1199
    Kolkata 1800-425-1199
    Kota 1800-425-1199
    Kozhikode 1800-425-1199
    Lucknow 1800-425-1199
    Ludhiana 1800-425-1199
    Madurai 1800-425-1199
    Meerut 1800-425-1199
    Mehsana 1800-425-1199
    Mohali Sas Nagar 1800-425-1199
    Mumbai 1800-425-1199
    Mussoorie 1800-425-1199
    Nagpur 1800-425-1199
    Nashik 1800-425-1199
    Noida 1800-425-1199
    Noida Extn. 1800-425-1199
    Panipat 1800-425-1199
    Patna 1800-425-1199
    Pondicherry 1800-425-1199
    Pune 1800-425-1199
    Raipur 1800-425-1199
    Rajkot 1800-425-1199
    Ranchi 1800-425-1199
    Rohtak 1800-425-1199
    Roorkee 1800-425-1199
    Salem 1800-425-1199
    Shimla 1800-425-1199
    Sonepat 1800-425-1199
    Surat 1800-425-1199
    Trichy 1800-425-1199
    Udaipur 1800-425-1199
    Vadodara 1800-425-1199
    Varanasi 1800-425-1199
    Vijaywada 1800-425-1199
    Vizag 1800-425-1199
Federal Home Loan Interest Rate News - Mar 2017
24th Mar 17 Stocks of housing finance companies rise on subsidy to MIG’s home loan applicants
Share price of leading housing finance company PNB Housing Finance rise by 1.1 percent on NSE soon after the government issued guidelines of interest subsidy for middle income group (MIG) home loan applicants on 23rd March, 2017. As per the guidelines, potential home loan borrowers with an annual income of Rs. 6 to 18 lakhs can now avail the benefit of up to 4 percent interest subsidy on home loans for the loan amount of Rs. 12 lakhs and above.
24th Mar 17 Indiabulls Housing Finance rises by 2.2 percent on NSE
Indiabulls Housing Finance has witnessed a rise in its stock price by 2.2 percent on New York Stock Exchange after the government issued guidelines in respect of interest subsidy for middle income group home loan applicants. Government has released new guidelines for the home loan borrowers of middle income group. Potential home loan borrowers with an annual income between Rs. 6 to 18 lakhs can now get an interest subsidy of up to 4 percent for home loan of Rs. 12 lakhs and above.
24th Mar 17 Assam government signed MoU with SBI to provide subsidized education and home loan
Assam government has signed memorandum of understanding with the leading public sector bank State Bank of India to provide subsidized education and home loan. As per the signed MoU, SBI will offer higher education loans and home loans to the state government employees at nominal rate of interest. Assam government will provide interest subsidy of 3.50 percent for housing loan and 4 percent for education loan.
24th Mar 17 Bajaj Finserv offers gift voucher of Rs. 15,000 for transferring home loan
Bajaj Finserv has come up with an exciting offer for existing home loan borrowers. The leading NBFC is offering a gift voucher of Rs. 15,000 from Tanishq, great rate of interest and 3 EMI holiday to the existing home loan borrowers on transferring their home loan to the lower rate of interest. As per the offer, existing home loan borrowers availing balance transfer scheme from 20th March to 26th March, 2017 are eligible for the offered gifts.
23rd Mar 17 HDFC Ltd to raise Rs. 1,498 crore via debentures
HDFC Ltd is planning to raise funds of Rs. 1,498 crore by issuing secured redeemable non-convertible debentures. The bonds in form of non convertible debentures with a maturity period of three years will carry a coupon rate of 7.78 percent payable annually. The NBFC is planning to utilize the funds for refinancing the housing business and to expand its capital resources.
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