Federal Bank Loan Against Property – Interest Rates 2016

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 11.22% p.a to 15.47% p.a.

Federal Bank Loan Against Property Details

ParticularsDetails
Interest Rate12.22% p.a to 15.47% p.a
Loan AmountRs. 5 Crores
TenureUp to 10 years
Processing Fees0.50% 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)
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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 Rs. 50,00,000 at the interest rate of 12.22% p.a for a tenure period of 10 years, your EMI per month will be Rs. 72,373/-.

Similarly, to know the further details of EMIs, total interest outgo and the total amount for the loan amount of Rs. 50,00,000 at different interest rates ranging from 12.22% to 15.47% p.a for the tenure period of 10 years, refer to the below given table:

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Table for EMI per month, Total Interest Outgo and Total Amount

Loan Amount
(in Rs.)
Interest Rate
(p.a.)
Tenure
(in years)
EMI
(in Rs.)
Total Interest Amount
(in Rs.)
Total Repayment Amount (Principal + Interest)
(in Rs.)
50,00,00012.22% - 15.47%14,44,759 - 4,52,4013,37,104 - 4,28,81453,37,104 - 54,28,814
50,00,00012.22% - 15.47%22,35,881 - 2,43,551 6,61,153 - 8,45,23056,61,153 - 58,45,230
50,00,00012.22% - 15.47%31,66,597 - 1,74,4809,97,507 - 12,81,26859,97,507 - 62,81,268
50,00,00012.22% - 15.47%41,32,210 - 1,40,34813,46,076 - 17,36,69863,46,076 - 67,36,698
50,00,00012.22% - 15.47%51,11,779 - 1,20,18717,06,734 - 22,11,20567,06,734 - 72,11,205
50,00,00012.22% - 15.47%698,324 -1,07,00520,79,323 -27,04,39170,79,323 - 77,04,391
50,00,00012.22% - 15.47%788,853 - 97,80724,63,652 - 32,15,78474,63,652 -
82,15,784
50,00,00012.22% - 15.47%881,870 - 91,09228,59,501 - 37,44,84478,59,501 - 87,44,844
50,00,00012.22% - 15.47%976,543 - 86,02832,66,620 - 42,90,97182,66,620 - 92,90,971
50,00,00012.22% - 15.47%1072,373 - 82,11336,84,736 - 48,53,51486,84,736 - 98,53,514

Amortization Table

YearPrincipal
(in Rs.)
Interest
(in Rs.)
Balance Amount
(in Rs.)
1 2,72,398 -2,27,5425,96,078 - 7,57,814 47,27,602 - 47,72,458
23,07,613 - 2,65,3495,60,863 - 7,20,00744,19,989 - 45,07,109
33,47,382 - 3,09,439 5,21,094 - 6,75,91740,72,607 - 41,97,670
4 3,92,291 - 3,60,8524,76,185 - 6,24,504 36,80,316 - 38,36,818
54,43,007 - 4,20,8104,25,469 - 5,64,54632,37,309 - 34,16,008
65,00,281 - 4,90,7303,68,195 - 4,94,62627,37,028 - 29,25,278
75,64,958 - 5,72,2663,03,518 - 4,13,09021,72,070 - 23,53,012
86,38,000 - 6,67,3492,30,476 - 3,18,00715,34,070 - 16,85,663
97,20,480 - 7,78,2321,47,996 - 2,07,1248,13,590 - 9,07,431
10 8,14,319 - 9,08,47554,849 - 77,817

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 = 9.52% (as on 1st October 2016) that is 12.22% p.a to 15.47% p.a.

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.

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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.