Federal Bank Home Loan has been designed to provide housing loans to both residents and non-residents subject to fulfillment of certain criteria. 85% of the total project cost is offered as a housing loan by the bank. For residents the duration for repayment is 20 years whereas for the non-residents the duration is 15 years. The already existing borrowers are also entitled to a range of home plus loans.
Objectives of Federal Bank Home Loan-
Federal Bank has designed its home loan options to provide loan to its customers who aim to buy a new house or flat, who wish to renovate an already constructed house or flat, who want to purchase a land along with a house and also those who wish to purchase a land to construct a house.
Basic Requirements for Federal Bank Home Loan-
The applicants for the home loan in Federal Bank should preferably be below fifty-five years of age. Non-residents applying for Federal Bank Home Loan must be fifty-five or below that during the maturity period of the loan. An authenticated proof of income should be produced while applying for the loan. Federal Bank offers loan up to 85% of the project cost which includes the expenses included in stamp duty, registration and the like. Other areas such as compound wall, landscaping, water tank, etc. are also included in the project cost. A maximum of Rs. 3 crores are offered as housing loan by the bank. The maximum duration allotted for the repayment of the loan is twenty years for the residents and fifteen years for the non-residents. The housing property should be kept as a security against the home loan by the borrower. The interest rate charged on the home loan varies according to the market conditions.
The already existent home loan borrowers are also entitled to the following home plus loaning options offered by Federal Bank:
Up to Rs. 2 lacs as personal loan
Up to Rs. 50 lacs as car loan or bike loan
15% of the total home loan for furnishing and beautification works
50% of the housing loan as privilege personal loan subjected to the group with higher income
Up to Rs. 25 lacs as education loan (Vidya loan)
Benefits of Federal Bank Home Loans-
Federal Bank offers housing loans at low interest rates
The procedure for application is simple
