All About Federal Bank Loan Against Property
Purpose: Federal Bank Loan Against Property
Personal needs of lawful nature.
Loan Amount: Federal Bank Loan Against Property
Rs 2 Lakhs to Rs 150 Lakhs
Eligibility: Federal Bank Loan Against Property
Monthly-installments for the payment of loan, including the installments for proposed loan. It should not be more than 50% of ‘gross-salary’ or re-payment towards loan should not be greater than 50 % of the last-year’s annual-income. ‘Spouse’s income’ can be clubbed.
Margin: 50% of security value
Period: Maximum 60 months
Federal Bank Loan Against Property Interest Rates
|Mortgage loan||0.50% of the limit|
sanctioned with a
minimum of 1000/-.
|50% of Normal PF||2% on the balance outstanding or DP|
whichever is higher for limits above Rs.2L.
Repayment: “Equated Monthly Installments”
Co-obligant: Spouse must join as his/her co-obligant but, In the case of ‘spinsters’ and ‘bachelors’, their parents would join as co-obligant.
Security: Federal Bank Loan Against Property: ‘Un-encumbered property’ in the name of borrower or their close relatives but in case of NRIs, their property should be in the name of ‘NRI borrower’.