About Federal Bank Home Loan
Are you on a lookout for a lender that can give you a good deal on a home loan? Do you crave for reliable home loan service? If so, then you can trust upon Federal Bank that provides suitable housing loan schemes for purposes like-
- Construction of home
- Purchase of land to construct a house
- Repair, remodel, renovate, extend a flat or home
Federal Bank Home Loan Interest Rates
| Particulars | Description |
|---|---|
| Interest Rate | 10.15% - 10.30% |
| Loan Amount | Upto 85% of the project cost. Maximum - INR 15 Cr |
| Loan Tenure | Upto 30 Years |
| Processing Fee | 0.50% of the loan amount + GST Minimum - INR 3,000 + GST Maximum - INR 7,500+ GST |
| Margin | 15%-20% |
| Security | Mortgage of land & building |
| Age | 21-70 Years |
Federal Bank Home Loan Eligibility Calculator
It’s always good to be aware of the loan amount that you can expect to receive from the lender. But the question lies as to how and where to get the information. Well, if you are planning to make Federal Bank as your home loan partner, then you can take the bank’s eligibility calculator as a guide to figure out the lending amount. Initially, what you have to do is to calculate per lac EMI based on the tenure and existing interest rate of Federal Bank. Let’s compute per lac EMI below.
Amount- ₹1,00,000
Tenure- 30 years
Interest Rate- 8.90%-9.10% p.a.
Per Lac EMI- ₹797-812
Federal Bank Home Loan EMI Calculator
The repayment of a home loan will be in the form of Equated Monthly Installments (EMIs), a portion of interest and principal amount payable on the loan. When you know you are eligible for a particular amount of loan from Federal Bank, you should then look to calculate the EMIs that you will have to pay from your pocket. Being unaware of the EMIs could disrupt your financial life in a big way. So, calculate EMI and get assured of the payout. Have a look at the example given-below:
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 20,00,000 9.35% 1 ₹ 1,75,228 ₹ 1,02,733 ₹ 21,02,733 ₹ 20,00,000 9.35% 2 ₹ 91,691 ₹ 2,00,584 ₹ 22,00,584 ₹ 20,00,000 9.35% 3 ₹ 63,926 ₹ 3,01,327 ₹ 23,01,327 ₹ 20,00,000 9.35% 4 ₹ 50,103 ₹ 4,04,950 ₹ 24,04,950 ₹ 20,00,000 9.35% 5 ₹ 41,857 ₹ 5,11,436 ₹ 25,11,436 ₹ 20,00,000 9.35% 6 ₹ 36,399 ₹ 6,20,762 ₹ 26,20,762 ₹ 20,00,000 9.35% 7 ₹ 32,535 ₹ 7,32,901 ₹ 27,32,901 ₹ 20,00,000 9.35% 8 ₹ 29,665 ₹ 8,47,823 ₹ 28,47,823 ₹ 20,00,000 9.35% 9 ₹ 27,458 ₹ 9,65,490 ₹ 29,65,490 ₹ 20,00,000 9.35% 10 ₹ 25,716 ₹ 10,85,865 ₹ 30,85,865 ₹ 20,00,000 9.35% 11 ₹ 24,310 ₹ 12,08,903 ₹ 32,08,903 ₹ 20,00,000 9.35% 12 ₹ 23,157 ₹ 13,34,557 ₹ 33,34,557 ₹ 20,00,000 9.35% 13 ₹ 22,197 ₹ 14,62,776 ₹ 34,62,776 ₹ 20,00,000 9.35% 14 ₹ 21,390 ₹ 15,93,507 ₹ 35,93,507 ₹ 20,00,000 9.35% 15 ₹ 20,704 ₹ 17,26,693 ₹ 37,26,693
Year Principal Interest Balance Amount 1 ₹ 64,149 ₹ 1,84,297 ₹ 19,35,850 2 ₹ 70,410 ₹ 1,78,035 ₹ 18,65,440 3 ₹ 77,283 ₹ 1,71,162 ₹ 17,88,156 4 ₹ 84,827 ₹ 1,63,619 ₹ 17,03,328 5 ₹ 93,107 ₹ 1,55,338 ₹ 16,10,220 6 ₹ 1,02,196 ₹ 1,46,250 ₹ 15,08,024 7 ₹ 1,12,172 ₹ 1,36,274 ₹ 13,95,852 8 ₹ 1,23,121 ₹ 1,25,325 ₹ 12,72,730 9 ₹ 1,35,139 ₹ 1,13,306 ₹ 11,37,590 10 ₹ 1,48,331 ₹ 1,00,115 ₹ 9,89,259 11 ₹ 1,62,810 ₹ 85,636 ₹ 8,26,449 12 ₹ 1,78,702 ₹ 69,744 ₹ 6,47,746 13 ₹ 1,96,146 ₹ 52,300 ₹ 4,51,600 14 ₹ 2,15,292 ₹ 33,154 ₹ 2,36,307 15 ₹ 2,36,467 ₹ 12,138 ₹ 0
What are the documents required for Federal Bank Home Loan?
| Proofs | Salaried | Self-employed | |||
|---|---|---|---|---|---|
| Two Passport Size Photographs | Applicable | Applicable | |||
| Age Proof | Driving License/Passport/Birth Certificate/Educational Certificates | Driving License/Passport/Birth Certificate/Educational Certificates | |||
| Identity Proof | Voter ID/Passport/Aadhaar Card/PAN Card/Driving License | Voter ID/Passport/Aadhaar Card/PAN Card/Driving License | |||
| Address Proof | Voter ID/Passport/Aadhaar Card/Driving License | Voter ID/Passport/Aadhaar Card/Driving License | |||
| Income Proof | Last 3-month Salary Slip/Latest Salary Certificate, ITR or Form 16 for Last 2 Years, Last 6-month Bank Statement Showing Credit of Salary | Last 2-year ITR, Bank Statement for Last 12 Months, Balance Sheet and Profit & Loss Account for the Past 2 Years, Tax Challans | |||
| Property Documents | Agreement for Sale & Construction, Allotment letter / NOC from Builder for Mortgage of Flat | Agreement for Sale & Construction, Allotment letter / NOC from Builder for Mortgage of Flat | |||
| Duly Filled Application Form | Applicable | Applicable |