Federal Bank Home Loan

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All About Federal Bank Home Loan

Apply For Federal Bank Home Loan

 

 

Purpose: Federal Bank Home Loan

Federal Bank Home LoanAcquisition 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

PeriodLess than Rs.15 LakhsRs.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).

 

                          Leading Home Loan Providers (Click to Apply)

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