Apply For Federal Bank Home Loan

 

Purpose: Federal Bank Home Loan

Acquisition of 'land' & 'construction of house', 'repairs' / 'renovation' / 'remodeling' / 'extension of house', 'reimbursement of debt incurred for construction' / 'purchase' / 'furnishing' / 'beautification' / 'purchase of flat' / 'villa' / 'house plots' / 'takeover of housing loans' / 'supplementary housing loan' to employees of well-run companies / 'purchase of house plot' for subsequent construction of house, etc.

 

'Loan Amount': 'Federal Bank Home Loan'

Maximum Rs 1500 Lakhs

Minimumof Rs 10 Lakhs for repairs, renovation or extension                                                                              

 

Eligibility: Federal Bank Home Loan

  1. For Resident Indians: End of the loan period shall not exceed the 'retirement-age', for 'salaried people' (max of 65 yrs). For others, age of the 'borrower'/ 'spouse' should not exceed 65 yrs at the end of loan tenure. Total deduction up to 55% of the 'net-income' subject to the condition that the min. take home-salary after meeting all mnthly loan commitment(s) should be more than Rs 7,500. Where 'net monthly income' is more than Rs 1 Lakh, total monthly deduction may go up to 65% of the 'net income'.
  2. For 'Non-Resident Indians': Age of the borrower should not exceed 55 years at the end of loan-tenure, he should be holding 'Indian-passport' Working / doing business for one year abroad Sufficient 'monthly income' subject to min of Rs 20,000 (Rs 15,000/- for loans up to Rs 5 Lakhs).                                                   

 

'Quantum of finance': Federal Bank Home Loan

Project cost (-) margin subject to re-payment capacity.
Project cost can also include 'registration fee' / 'stamp duty' and 'construction-cost' of 'compound wall' / 'gate', permanent fixtures / 'kitchen' cabinet, etc. subject to a max. of 10% of 'loan-amount'.

'Margin': 15 to 20%

'Period': 'Residents' - Max 20 yrs. 'NRIs' - Max 15 yrs.

'Cushion period': 'Federal Bank Home Loan'

For ready built house 3 months max. Other cases 3 months from last 'disbursement' - max 12 months 'Purchase of land' for subsequent construction - 24 months to start 'construction' and another 12 months for completion of 'construction' . 'Equal monthly installments' shall start by the 37th month of availing the loan.

 

Federal Bank Home Loan Interest Rates

Period

Less than Rs.15 Lakhs

Rs.15 Lakhs to less than Rs.100 Lakhs

7 days to 14 days

5.00%

5.00%

15 days to 45 days

5.00%

7.00%

46 days to 90 days

6.00%

6.00%

91days to 180 days

7.00%

7.00%

181 days to 332 days

8.50%

8.50%

333 days

10.00%

10.00%

334 days to less than 1 year

8.50%

8.50%

1 year only

9.80%

9.80%

Above 1 year to 554 days

9.50%

9.50%

555 days

9.90%

9.90%

556 days to less than 2 year

9.50%

9.50%

2 years to less than 3 years

9.25%

9.25%

3 years to less than 5 Years

9.25%

9.25%

5 years and above

10.00%

10.00%


 

Co-obligant: Federal Bank Home Loan

Spouse can join as 'co-obligant'. If income of major son or daughter is also taken, they will also join as 'co-obligants'. 'Co-owner' of property, if any, shall also join as 'co-obligant'.

 

'Security': Federal Bank Home Loan

'Primary': 'Mortgage' of the property financed including 'building',  'Ready-built house '/ 'flat'- 100 % interim security till 'primary security' is 'mortgaged- Construction' of flat- If the 'flat' is in a project which is not approved by the 'bank' - 100 % 'interim security' till primary security is mortgaged.

 

'Other conditions': Federal Bank Home Loan

'Outright purchase' with building: 'Value of building' shall be at least 35 % of the 'property-value'.Building's age shall not be more than 10 yrs. 'Re-imbursement of expenses Loan' can be considered within 6 months of 'construction' or 'purchase of house'.

 

'Personal Loan' ('Insurance')

1. To meet 'premium payment of Life' & 'General insurance of customers’ choice'

2. Existing home loan rate' (at the time of sanction of home plus) + 2% (floating).

 

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