Federal Bank Loan Against Property
Last Updated : Sept. 7, 2019, 4:58 p.m.
About Federal Bank Loan Against Property
Federal Bank provides loan against property or mortgage loan with flexible repayment options and longer tenure period up to 120 months. For loan against property, the bank charges a processing fee of 0.50% with the rate of interest offered by Federal Bank ranges from 10.10% Onwards per annum.
Federal Bank Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rate | 10.10% Onwards |
| Loan Amount | ₹5 Crores |
| Tenure | Up to 10 years |
| Processing Fees | 0.50% of the loan amount |
| Repayment Mode | EMIs via cheque, ECS, Internet Banking, Mobile Banking or at the branch |
Features & Benefits of Federal Bank Loan Against Property
There are many benefits of Federal bank loan against property, some of them are mentioned below:
- Quick loan approval
- No stipulation of financial parameters
- Flexible repayment options
- Multi-purpose loan
- Higher loan amount
- Low processing fee of 0.50%
- Longer tenure period of up to 10 years
Federal Bank Loan Against Property Eligibility Criteria
To know who can apply for Federal Bank mortgage loan, refer to the below-given list:
- Individuals
- Self-employed professionals
- Firms/Companies
- Any other legal entity engaged in manufacturing/Service/Trading, excluding NBFCs/Chit Companies/Real Estate/Export Credit)
Documents Required for Federal Bank Loan Against Property
The documents that you need to apply for Federal Bank mortgage loan are as follows:
- Filled mortgage loan application form
- Identity Proof (Passport/Voters ID Card/Driving License/PAN Card)
- Address proof (Ration Card/Telephone bill/Electricity bill/Lease agreement/Passport/Trade License/Sales Tax certificate)
- Bank statement (latest 6 months bank)
- Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate)
- Income Tax/Sales Tax returns of proprietor/partners/firms/companies
- Last 2 years financial statements attested by CA
- Copy of license/NOC from local body or license from the competent authority for running the business
How to Apply for Federal Bank Loan Against Property
To apply for Federal Bank loan against property or mortgage loan, you have to submit the self-attested KYCs and the filled application form to at the nearest Federal bank branch. You also have to make sure that the details mentioned in your documents are genuine and there are no legal issues associated with the loan borrower.
Federal Bank Loan Against Property EMI Calculator
With the help of EMI calculator, you can know in advance the monthly EMI that you will have to pay every month against the loan amount you want to apply for. For eg. If you have taken a loan of ₹50,00,000 at the interest rate of 11.65% p.a for a tenure period of 10 years, your EMI per month will be ₹70,727/-.
Similarly, to know the further details of EMIs, total interest outgo and the total amount for the loan amount of ₹50,00,000 at different interest rates ranging from 11.65% p.a. for the tenure period of 10 years, refer to the below-given table:
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 2,80,915 | ₹ 5,67,814 | ₹ 47,19,084 |
| 2 | ₹ 3,15,447 | ₹ 5,33,282 | ₹ 44,03,637 |
| 3 | ₹ 3,54,224 | ₹ 4,94,505 | ₹ 40,49,412 |
| 4 | ₹ 3,97,767 | ₹ 4,50,962 | ₹ 36,51,644 |
| 5 | ₹ 4,46,663 | ₹ 4,02,066 | ₹ 32,04,981 |
| 6 | ₹ 5,01,570 | ₹ 3,47,159 | ₹ 27,03,410 |
| 7 | ₹ 5,63,226 | ₹ 2,85,503 | ₹ 21,40,183 |
| 8 | ₹ 6,32,462 | ₹ 2,16,267 | ₹ 15,07,720 |
| 9 | ₹ 7,10,208 | ₹ 1,38,521 | ₹ 7,97,512 |
| 10 | ₹ 7,98,192 | ₹ 51,218 | ₹ 0 |
Federal Bank Loan Against Property Interest Rate
The rate of interest for Federal Bank loan against property or mortgage loan ranges from 2.70% to 5.95% above 1 year MCLR which is 9% (as on 7 Septmber 2019) that is 10.10% Onwards per annum.
Federal Bank Mortgage Loan Processing Fees
The Federal bank has low processing fee on loan against property with just 0.50% of the loan amount.
Federal Bank Customer Care
For any further query related to loan against property or mortgage loan or any other loan, you can contact the Federal bank 24X7 phone banking service available for the customer on this toll-free no: 1800-420-1199.
