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Federal Bank Home Loan Balance Transfer

Home Loan Transfer to Federal Bank

Last Updated 20th May 2021

Interest Rate7.65%
Processing Fee₹ 3,000
Lowest EMI per lakh₹ 710
Loan Tenure30 years
  • Federal Bank offers home loan balance transfer facility at low interest rates starting at 7.65% for a tenure of upto 30 years.
  • Transfer home loan to Federal Bank to reduce EMIs and save more on interest.
  • Avail top up from Federal Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Federal Home Loan Transfer

Federal, the largest Private Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Federal Bank at lowest interest rates. To transfer your housing loan to Federal Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of Federal.

Federal Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to Federal Bank, compare and calculate all the costs of loan transfer. The table below mentions Federal Bank home loan transfer interest rate and other home loan transfer charges of Federal Bank.

Home Loan Rates 6.75%
Processing Fees Upto 0.50% Minimum ₹ 3,000 and Maximum ₹ 7,500
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of Federal Bank Home Loan Transfer

To transfer your existing home loan to Federal Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Federal Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to Federal Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Federal Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to Federal Bank will be completed.

Eligibility for Federal Bank Home Loan Transfer

To transfer your home loan to Federal Bank, you must fulfil the following eligibility criteria:

  • You must have an existing home loan with any bank except for Federal.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Federal Bank.
  • You must be an Indian resident and fulfil the age criteria of Federal Bank. The minimum & maximum age to avail a Federal Bank home loan is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of Federal Bank Home Loan Transfer

Here are key features of Federal Bank Home Loan Transfer:

  • Lower Interest Rates: Federal Bank offers lower home loan rates starting at 6.75% along with ₹ 3,000 processing on home loans. Thus, you can save on your home loan by transferring your loan to Federal Bank.
  • Top-up Loans: If you have a good CIBIL score & fulfil the eligibility criteria of Federal Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With Federal Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the Federal Bank.

Document Required for Federal Home Loan Transfer

To avail of home loan balance transfer from Federal, you need to submit the following documents to Federal.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Aadhar Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to Federal?

Yes, transferring your home loan to Federal Bank is a good idea for home loan borrowers as Federal Bank provides lower home loan rates starting at 7.65%.

How can I transfer my Federal home loan from one branch to another?

To transfer your Federal Bank home loan from one branch to another, you can place your request through net banking/mobile banking. Federal Bank also allows the home loan transfer facility through phone banking by calling home loan customer care.

Are there any charges while applying for Federal home loan balance transfer?

Yes, Federal Bank charges home loan transfer fees such as ₹ 3,000 for Federal Bank home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

What are the benefits of taking a Federal home loan balance transfer?

If you apply for a home loan transfer to Federal Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, Federal Bank home loan balance transfer can also help you avail top-up on your existing home loan.

How can I check the status of my Federal Bank home loan balance transfer?

To know your Federal Bank home loan status, you can call Federal Bank home loan customer care number or visit Federal official website to check the status.


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Federal Home Loan News - Jun 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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