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Federal Home Loan

Federal Housing Loan 2021

Last Updated 07th Dec 2021

Federal Bank is a large Private Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 7.65% with quick approval and online process. Home Loan in Federal Bank is quite popular with its special features and attractive rates under various Federal Bank home loan schemes for different income and occupation groups. Some of the key features of Federal Bank housing loan are:

  • Federal Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Federal Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Federal Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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Federal Bank Home Loan Details

Federal offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Federal

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 7.65%
Interest Rate Linked To RLLR
Processing Fee Upto 0.50%, Minimum ₹ 3,000 and Maximum ₹ 7,500
Lowest EMI Per Lakh ₹ 710
  • Purpose of Loan: Federal house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Federal Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 85%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 7.65% to 7.75%.
    • Federal home loan EMI per lakh starts from ₹ 710. However, you can calculate your home loan EMI using Federal home loan calculator 2021.
  • Special schemes: Federal offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Federal Bank Home Loans

Some of the features and benefits of Federal Bank Home Loans are listed as follows:-

  • Federal Bank Home Loan Interest Rate starts from 6.70%.
  • Federal Bank charges a processing fees of Upto 0.50%, Minimum ₹ 3,000 and Maximum ₹ 7,500.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Federal Bank is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • Federal Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • Federal Bank has an average customer rating of 3.5/5.0 from customers who have taken a home loan from the bank.

How to Get Easy Home Loan from Federal Bank?

Getting a home loan from Federal is fairly easy with an online application process. 5 Steps for Federal Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Federal and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of Federal or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Federal’s representative will visit your home or office to collect your documents.
  • Step 4: Federal will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Federal and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Federal Bank Home Loan Documents Required

To apply for a home loan in Federal, the bank asks you to submit the following Federal Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Federal account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Federal Bank Home Loan EMI Calculator

Federal home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Federal Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Federal Bank Home Loan Eligibility Calculator

Federal Bank Home loan eligibility calculator is an online tool that helps the Federal home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Federal Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan Federal?

To apply for Federal Bank Home Loan, you will be required to submit Federal home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Federal Bank ?

Below-mentioned is the reason why you must avail a home loan from Federal

Can I apply for an Federal home loan online?

Yes, you can apply for a Federal home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Federal home loan scheme?

Choosing the best Federal home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Federal home loan scheme is based on one’s needs.

Is Federal good for a home loan?

Federal is one of the best home loan lenders in the country. Currently, Federal home loan interest rate 2021 starts at 6.50%.

How can I check my Federal home loan status?

One can check their Federal home loan status on Federal’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Federal mobile app

What is the eligibility for a Home Loan of Federal Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Federal Bank Home Loan procedure?

There are two methods to complete the application for Federal Bank Home Loan Process online:

  • Apply online at Federal Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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 loan with the benefit of paying less EMI per month.

Does Federal Bank check CIBIL for home loan?

Yes, to avail home loan from Federal Bank, you must fulfill Federal Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

Can I transfer my house loan from another bank to Federal Bank?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to Federal Bank can allow you to save interest, 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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Federal Bank is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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Federal Home Loan News - Dec 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.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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