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Federal Bank Home Loan for an amount between Rs 10 lacs to Rs 75 lacs is available for both self-employed and salaried individuals. Federal Bank has flexible eligibility criteria to make it more accessible for applicants. Moreover, the bank requires minimal documentation like proof of identification, such as a driver’s license or PAN card. You can attain up to 85% of the project value as home loan financing to make your dream home a reality.
In the present unique property market, the mission for the ideal home is a thrilling excursion, however, one that frequently requires a strong financial arrangement. Enter Federal Bank, a believed name in the domain of banking and money, offering a scope of fitted answers to assist you with transforming your homeownership dreams into the real world. We are providing the fundamental information about Federal Bank Home Loans so you can understand the complexities and benefits that allow you to make a top decision for imminent purchase. Federal Bank grasps the significance of the feeling of homeownership. With a tradition of greatness going back quite a few years, Federal Bank has reliably developed to take care of the different financial necessities of its clients. Their Home Loan contributions mirror this obligation to greatness, consolidating serious financing costs, adaptable repayment choices, and a consistent application process.
We will investigate the different aspects of Federal Bank Home Loans, including their eligibility criteria, the variety of loan items accessible, and the simplicity of applying for one. Whether you’re a first-time homebuyer or hoping to put resources into extra property, Federal Bank’s Home Loans offer the financial help and direction you want.
Federal Bank’s Home Loan offers several features and benefits; do keep in mind that specific details may change over time. Here are some potential features and benefits of Federal Bank Home Loans:
The Federal Bank home loan eligibility criteria is as follows:
| Fees and Charges | Amount |
| Processing fees | 0.50% of the limit sanctioned with a min of Rs.10000/- and a maximum of Rs.45000/- |
| Charges for late payment of EMI | 2% per month of the overdue portion. Additional penal interest applicable for SMA accounts |
| Charges for CIBIL report | NIL |
| Charges for changing from fixed to floating interest rates | 0.25% of the balance outstanding / Drawing power, whichever is higher |
| Charges for changing from floating to fixed interest rates | 0.25% of the balance outstanding / Drawing power, whichever is higher |
| Pre-payment Charges | No prepayment charge up to 15% of principal outstanding in one financial year. |
| Modification Charges | NIL |
Individuals are required to submit some documents to get a home loan from the Federal Bank. These documents are necessary for the background verification of the applicant.
Application Form: A duly filled and signed home loan application form provided by the bank is a necessary document.
Photographs: Passport-sized photographs of the applicant are required for the application process.
Identity Proof: Any one of the following documents for identity verification is required:
Address Proof: Any one of the following documents for address verification is required:
Income Proof: To make sure your ability to repay the loan, you need to provide income-related documents, which may include:
Property Documents: Documents related to the property you intend to purchase, these documents include:
Employment/Business Proof: If you are self-employed, you need to provide additional documents, such as business registration certificates, balance sheets, and profit and loss statements.
Guarantor Documents: If a guarantor is involved, their identity and address proof, as well as income documents, may be required.
Any Other Specific Documents: The bank may request additional documents based on your individual circumstances or the specific loan product you are applying for.
As an EMI is an Equated Monthly Instalment, it involves precise inclusion of all the necessary charges and money numbers to calculate the accurate EMIs. The EMI calculation for the Federal Bank home loan works with a formula that has been in use to calculate EMIs for ages now. The EMI calculation formula is:
P x R x (1+R)^N / [(1+R)^N-1]
Here,
A digital EMI calculator runs on the algorithm that uses this formula to calculate the EMIs of Federal Bank home loans.
The Federal Bank housing loan balance transfer is a beneficial alternative that is provided to home loan borrowers. Balance transfer is a feature where a borrower can transfer the home loan to a new lender. In any case, where the borrower finds a more attractive interest rate or other benefits on the home loan, a balance transfer to a new lender is possible.
Borrowers can opt for a Federal Bank home loan, where they can find impressive interest rates and can choose to transfer the home loan to a Federal Bank home loan. Now, transferring your home loan to a new lender is a quite simple process. Below are the instructions for the balance transfer process:
Yes, you can have two home loans at a time, as there is no such law which barriers to servicing one loan at a time.
Loan repayment period starts from the very next month when your loan amount gets disbursed in your loan account.
Yes, Federal bank is known to provide attractive interest rates depending on the loan amount.
Prospective house owners can now apply for Federal Bank housing loans for up to Rs.15 crore at interest rates as low as 7.65% per annum
Yes, Federal Bank takes CIBIL score into consideration to determine the best possible rate of interest for the loan applicant.
Following are the Federal Bank home loan requirements: