Federal Loan Against Property Interest Rate Calculator - Oct 2016

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Federal Bank Loan Against Property Interest Rates

Last Updated 18th Oct 16

Federal Bank Loan Against Property Interest Rate 12.22%
Check Special Offers
Lowest EMI Rs. 1,447 per lakh
Max Tenure 10 years
Processing Fee Upto 0.50%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 60 years for Salaried
Min 25 and Max 65 years for Self Employed
Apply Loan Against Property Online
 Salaried   Self Employed - Professional   Self Employed - Business 

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Federal Bank Loan Against Property

Federal Bank offers Loan Against Property to the customers if they need to expand their business or want money for personal use. The loan is given upto 50% of the market’s value for tenure of 18 years.

Loan Against Property Federal

Federal Bank Loan Against Property interest rate is the rate which you pay over the loan amount that you have borrowed from the bank. Loan Against Property interest rates offered by Federal Bank depends upon MCLR
  • Floating rates changes with a single change in Federal Bank 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 Property Loan based on 1 Year MCLR which is currently 9.52%
Federal Bank mortgage loan interest rate depends upon
  • Federal Bank Loan Against Property amount: Federal Bank mortgage loan rate 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 Loan Against Property. 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 Loan Against Property Charges

Federal Bank Loan Against Property 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 loan against property with 2% prepayment charges
Processing Fee - Federal Bank asks for a processing fee of 0.50% of loan amount with applicable service tax

Federal Loan Against Property EMI Calculator

Loan Against Property EMI of Federal Bank is a fixed amount that you pay each month towards the repayment of your Loan till the end of tenure
  • Federal Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on Loan Against Property
  • 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 Loan Against Property EMI?
  • Federal Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • Federal Bank EMI calculator for Loan Against Property 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 Loan Against Property Eligibility Calculator

Loan Against Property eligibility criteria Federal Bank
Eligibility of Loan Against Property 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: Federal Bank offers loan against property for a maximum tenure of 18 years if the borrower’s age does not exceed above 60 years for salaried and 65 years if you are self employed. Apply for loan at smaller age, higher will be the chances of loan approval
  • Value of the property: Federal Bank decides your loan amount based on the market value of the property which you place as your collateral for the loan. Federal Bank lends less than the market value of the property. As per RBI guidelines, the borrower also has to show some contribution. Ratio of loan amount to value of home is called Loan to Value (LTV) ratio. Federal Bank gives maximum LTV of 50% for property loans depending upon market value of the property
  • Repayment capacity of the borrower: Your eligibility to take loan against property depends upon the maximum EMI that you can pay. Federal Bank checks your past CIBIL history, repayment record of credit cards and existing loans that can impact your loan against property eligibility. If you have any other loan running whose EMI you are paying currently, then you are supposed to close your loan to get higher loan against property eligibility. Federal Bank does not specify any particular CIBIL score for being eligible for a property loan. However, it is observed that a score of 700 and above is desirable
    To reduce your burden of higher EMIs, Federal Bank gives you a maximum tenure of 18 years for a maximum loan amount of Rs.50,000,000 with a minimum spread of 2.70% over 1 Year MCLR. Opt for a loan tenure that suits you and higher the loan tenure, higher will be loan amount eligibility
  • Income: Loan against property are mostly taken by the people who are self employed in order to expand their business. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings
    Business person should be in business from the past 0 years and minimum ITR of last 2years is required as proof to Federal Bank

Federal Bank Floating Rate Home Loans

Federal Bank Loan Against Property Floating
Upto Rs. 3,000,000 - 12.22%
Rs. 3,000,001 - 7,500,000 - 12.22%
Rs. 7,500,001 - 10,000,000 - 12.22%
Above Rs. 10,000,000 - 12.22% linked to 1 Year MCLR

Federal Bank Loan Against Property Top up, Transfer

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

Loan Against Property Federal documents required

Loan Against Property 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

Loan Against Property 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

Property documents for Loan Against Property from Federal Bank

  • Registered Sale Deed/ Conveyance/ Lease Deed
  • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
  • Latest House Tax Return/ Receipt
  • Approved Building Plan from Municipal Corporation
Past trends of MCLR of Federal Bank
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
02nd Dec 15 9.63% decreased by 0.32%
29th Sep 15: 0.5% repo cut by RBI
18th Jun 15 9.95% decreased by 0.25%
02nd Jun 15: 0.25% repo cut by RBI
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
16th Jun 14 10.20%
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
21st Feb 13 10.20% decreased by 0.25%
29th Jan 13: 0.25% repo cut by RBI
02nd May 12 10.45% decreased by 0.2%
17th Apr 12: 0.5% repo cut by RBI
05th Mar 12 10.65% decreased by 0.1%
07th Nov 11 10.75% increased by 0.25%
25th Oct 11: 0.25% repo hike by RBI
10th Oct 11 10.50% increased by 0.25%
16th Sep 11: 0.25% repo hike by RBI
01st Aug 11 10.25% increased by 0.28%
26th Jul 11: 0.5% repo hike by RBI
20th Jun 11 9.97% increased by 0.25%
16th Jun 11: 0.25% repo hike by RBI
10th May 11 9.72% increased by 0.47%
03rd May 11: 0.5% repo hike by RBI
04th Apr 11 9.25% increased by 0.25%
17th Mar 11: 0.25% repo hike by RBI
10th Feb 11 9.00% increased by 0.5%
25th Jan 11: 0.25% repo hike by RBI
01st Jan 11 8.50% increased by 0.5%
02nd Nov 10: 0.25% repo hike by RBI
01st Oct 10 8.00% increased by 0.25%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 7.75%

Federal MCLR Vs. RBI Repo Rate Trend

Frequently Asked Questions – Federal Loan Against Property

What are the five things to check before applying for loan against property in Federal ?

  • Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
  • Your existing EMI’s on all loans and credit cards (from Federal Bank and other banks) are no more than 60 - 70% of your net monthly income
  • You have not defaulted on loans or credit card dues to Federal Bank and other banks and all EMI's have been paid. Note that Federal Bank can see record of your EMI defaults to all banks and NBFC’s in India and not just to Federal Bank in your CIBIL report. Estimate your CIBIL score for free by using CIBIL score estimate calculator
  • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan applicantion
  • If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available

Will Federal loan against property interest rate remain fixed or will it change in future?

  • Floating interest rate on Federal Bank property loan is linked to its MCLR, which is currently 9.52%. So, when Federal Bank offers a loan against property at 12.22%, it applies a 2.7% premium to its MCLR to arrive at this rate
  • When market interest rates go up, the bank increases its base rate and the applicable rate for all existing loans goes up. When interest rates trend downwards, the bank has to reduce the base rate as it is not allowed to lend below the base rate. Thus, any benefit of lower rates will have to be passed to both old borrowers and new borrowers
  • Base rate benchmarked loans provide a better and more transparent interest rate transmission for the borrower compare to PLR benchmarked loans
  • Current MCLR of Federal Bank, its past trend and comparison with RBI repo rate are given here for your reference

Are prepayment or foreclosure charges applicable on Federal loan against property?

    You can prepay loan against property (LAP) without any penalty or charges in case:
  • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
  • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

For loans from Housing Finance Companies, refer to NHB circulars NHB(ND)-DRS-Policy-Circular-63-14-15 dated Aug 14, 2014 and NHB-ND-DRS-Policy-Circular-No-66-2014-15 dated Sep 03, 2014 for more details.

Please contact myloancare at 0124 426 4004 or care@myloancare.in in case you need any assistance or clarification on this subject.

Federal Bank Loan Against Property Customer Care Number, Email, Application Status

Contact Details of Federal Bank Loan Against Property 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
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Loan Against Property @ 10.60%* Cashback Upto Rs. 5,000

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Federal Loan Against Property 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.