Federal Bank Home Loan
In the present aggressive world, owning a home has developed as a noteworthy life breakthrough that implies monetary autonomy and transitioning. While the Indian market offers loads of exceptionally appealing home credit bundles out of the blue or rehash home purchaser, none contrast with the effortlessness, all round highlights and quality as offered by Federal Bank Home Loans. To be sure, what less can be normal from a bank that has been a conspicuous apparatus in the Indian keeping money scene for 50 years, and knows its nearby group of onlookers at the grassroots level?
As specified above, Federal Bank, recent known as the Travancore Federal Bank, was established in the pre-freedom period, and today is known as a standout amongst the most steady and most grounded banks in India. Its home advance item, known as ‘Government Housing Loans’ is highlight rich, adaptable and profoundly tuned in to the express necessities of the normal Indian home advance searcher. Being a veteran unquestionably makes a difference!!
A home loan can be defined as funds that a borrower seeks from a lender/bank in order to- a) Buy a new house/flat/apartment, b) Purchase land for the construction of a new house or, c) Renovate an existing building. Essentially, when speaking of the Federal Bank Home Loan, the following are on offer-
- Funds to build a new house, purchase new property or renovate an existing house.
- Funds for purchase of residential plots wherein the house will be built later.
- Loan on your current property to meet personal financial obligations.
- House Warming Loan- Funds to take care of the financial obligations pertaining to the house warming of your new home.
Features of Federal Bank Home Loan:
The key features of the housing loan from Federal Bank are as follows-
Federal Housing Loan
- This loan can be used for the construction of a new house, purchase new property for the eventual building of a house or renovation of an existing house.
- The loan processing is fast, transparent and involves minimal paperwork.
- Get home loan amounts upto 85% of the project cost to a maximum of Rs.1500 lakhs.
- Loan repayment tenure stretches upto 30 years.
- Loan security will be the mortgage of land and building.
Loan to Purchase House Plots
- This loan is provided for the purchase of land wherein subsequently, a house will be built.
- Fast and transparent loan processing with minimal documentation.
- Get loan for upto 60% of the price of the land, amounting to a maximum of Rs.25 lakhs.
- Loan repayment tenure stretches up to 60 months.
- Security will be the house plot that will be purchased.
Loan against your Existing Property
- This loan is offered against residential houses, commercial properties or plot of land.
- Fast and transparent loan processing with minimal documentation.
- Loan repayment tenure stretches up to 15 years.
- Maximum available loan amount is Rs.5 Crore.
- This loan is available in both overdraft and term loan format.
- Federal home loan interest rate is very competitive and affordable.
- Surrogate Scheme is offered for Self Employed loan seekers.
- Avail balance transfer options with additional finance.
House Warming Loan
- This is a personal loan that doesn’t require security and doesn’t have a lock-in period.
- The purchase or completion of the house/flat/apartment serves as the eligibility for this loan.
- The attractive interest rate here amounts to= Federal home loan interest rate + 2%.
Federal Bank Home Loan Eligibility and Documentation:
The eligibility criteria set for the acquisition of a home loan from Federal Bank is as simple and customer centric as possible. Any Indian resident, with a verified and regular source of income, self-employed and businessmen can apply, provided the following documents be submitted at the inception of the loan-
- Completed application form with photographs (Passport sized- 2 copies- for applicant & co-applicants).
- Proof of identity- Passport, Voter’s ID, Driving License, PAN Card etc.
- Address Proof- Ration Card, Electricity or Telephone Bill, Passport, Trade License, Sales Tax certificate etc.
- Copy of PAN Card.
- Proof of Income for Salaried Applicants- Salary certificate or last 3 months salary slips, Income tax returns for the last 2 years or Form 16 and bank statements for the last 6 months.
- Proof of Income for Self Employed Professionals, Self Employed Non-Professionals and Business- Proof of business existence and education qualification certificate, Business profile, Tax returns for the last 2 years (attached with audited balance sheet and P&L), IT returns for last 2 years and bank statements for the last 12 months (both self and business). Aside from these, the Federal Bank can request you for additional documents and proof
Federal Bank Home Loan Interest Rate:
Federal Bank aims to provide the lowest rate of interest on its housing loans. The bank currently offers a floating rate of interest that varies between 9.57% to 9.82% on Federal Bank housing loans. This rate of interest is applicable for all kinds of housing loans offered by the bank. The above mentioned rate is a floating interest rate type and can fluctuate with time based on the market
