If you are one of those who are new to house loans and want to build a new house, Indiabulls Home Loan, just like Federal is an ideal option for you. Federal Bank offers home loans starting at 10.15% p.a. onwards for a period of up to 30 years for loan amounts up to INR 15 crores.
| Federal Bank Home Loan Highlights | |
| Interest Rate | 10.15%-10.30% p.a. |
| Loan Amount | Up to Rs 15 crore |
| Loan Tenure | Up to 30 years |
| Processing Charges | 0.50% (Rs 10,000- Rs 45,000) |
Features of Federal Bank Home Loan
Below mentioned are the features of a Federal Bank Home Loan:
- Maximum funding for your dream house -85% of the project cost
- Loan amount up to INR 1500 Lakhs
- Longer repayment period of up to 360 months
- Repayment holiday up to 36 months
- A loan can be availed in overdraft format
- Minimal paperwork
- Speedy loan approval
- No pre-closure charges
- Low processing fees
- Optional funding for life insurance
- Easy top-up loans in the future
- Repayment of the loan is made as Equated Monthly Installments (EMI)
Documents Required
Below mentioned are the documents required to apply for Federal Bank Home Loan:
KYC Documents:
- Two passport-size photos each of the applicant/ and the co-obligant
- Identity Proof – Passport / Voters ID / Driving License/ PAN Card / Aadhaar Card
- Address Proof – Passport / Voters ID / Driving License / Aadhaar Card
- Age Proof – Passport / Birth Certificate / Driving License / SSLC or AISSE Certificate
- Certified copy of Passport, Visa, Work Permit, and ID card (Applicable for NRI customers)
Income Documents- For Resident Salaried:
- Latest Salary Certificate / Salary Slip (3 months)
- Copies of IT returns (2 years) or Form No.16 (2 years)
- Latest 6 month’s Bank Account statement evidencing the salary credits
Income Documents- For Resident Self-Employed:
- Proof of Business Existence & Business Profile
- Last 12 months’ bank a/c statements
- IT returns for 2 years supported by Balance Sheet, and P&L Account for the past two years. Where ever available, Tax paid challans may also be collected OR the Last 2 years IT returns supported by Tax calculation sheet & Tax paid challans
Income Documents- For Non-Resident Salaried:
Either Option 1 or Option 2 is required.
Option 1
- NRE account statement with any bank for the last one year
- Embassy / CRO certified Salary Certificate/ latest 3 months salary Slip OR Latest Salary Certificate / Slip (3 months) supported by 6 months Salary Crediting Statement
Option 2
- Two years NRE a/c statement of the customer and/or resident accounts of spouse/parents (with us/ other Bank) in which remittance is made.
Income Documents- For Non-Resident Self-Employed:
Either Option 1 or Option 2 is required:
Option 1
- Proof of Business existence & Business Profile
- Last 12 months bank a/c statements
- Balance Sheet, P&L Account for the past two years. Where ever available, Tax paid challans may also be collected
Option 2
Two years NRE a/c statement of the customer and/or resident accounts of spouse/parents (with us/ other Bank) in which remittance is made.
Property Documents:
- For purchase of approved Flats under construction
- Agreement for Sale & construction
- Allotment letter / NOC from Builder to mortgage the flat
- Tripartite Agreement( to be obtained before disbursal of loan)
For purchase of unapproved Flats under construction
- Agreement for Sale and Construction
- Allotment letter / NOC from Builder to mortgage the flat *
- Title Deed *
- Prior Deed (in cases where the Title Deed does not contain recitals explaining derivation for past 30 Years) *
- EC for 13 years (minimum) *
- Possession certificate *
- Location Sketch *
- Land Tax receipt (latest) *
- Tripartite Agreement (to be obtained before disbursal of loan) *
- Approval or permission from civic authorities *
- Approved Plan and building permit
- NOC from Environmental Department
- NOC from pollution control board
- Fire and safety Clearance
- NOC from aviation department (if applicable)
- NOC From Navy – Army (if applicable)
- Certificate from Coastal Zone management Authority (if near seas, bays, estuaries, creeks, rivers, backwaters etc.)
For acquisition of land and subsequent construction of a house in that land
- Agreement for Sale of Land
- Title deed *
- Prior Deed (in cases where the Title Deed does not contain recitals explaining derivation for past 30 Years) *
- EC for 13 years (minimum) *
- Possession Certificate
- Location sketch *
- Latest land tax receipt
- Tentative plan and estimate for construction
For acquisition of approved Ready Built Flats
- Agreement for Sale & construction
- Allotment letter / NOC from Builder to mortgage the flat
For acquisition of unapproved Ready Built Flats
- Agreement for Sale and Construction
- Allotment letter / NOC from Builder to mortgage the flat *
- Title Deed *
- Prior Deed (in cases where the Title Deed does not contain recitals explaining derivation for past 30 Years) *
- EC for 13 years (minimum) *
- Possession certificate *
- Location Sketch *
- Land Tax receipt (latest) *
- Tripartite Agreement (to be obtained before disbursal of loan) *
- Approval or permission from civic authorities *
- Approved Plan and building permit
- NOC from Environmental Department
- NOC from pollution control board
- Fire and safety Clearance
- NOC from aviation department (if applicable)
- NOC From Navy – Army (if applicable)
- Certificate from Coastal Zone management Authority (if near seas, bays, estuaries, creeks, rivers, backwaters etc.)
For acquisition of Ready built House
- Agreement for Sale
- Approved plan
- Title Deed
- Prior Deed (in cases where the Title Deed does not contain recitals explaining derivation for past 30 Years)
- EC for 13 years (minimum)
- Possession certificate
- Location Sketch
- Land & Building Tax receipt (latest)
For construction of house in the already owned land
- Approved plan and Estimate for construction
- Building Permit / NOC for construction *
- Title Deed *
- Prior Deed (in cases where the Title Deed does not contain recitals explaining derivation for past 30 Years) *
- EC for 13 years (minimum) *
- Possession certificate
- Location Sketch *
- Land Tax receipt (latest)
- For repair, renovation, remodeling, and extension of the existing house, flat, villa
- Approved plan and Estimate
- NOC for construction in the case of extension
- Title Deed
- Prior Deed (in cases where the Title Deed does not contain recitals explaining derivation for past 30 Years)
- EC for 13 years (minimum)
- Possession certificate
- Location Sketch
- Land & Building Tax receipt (latest)
Processing Fees & Charges
Below mentioned are the processing fees & charges to apply for Federal Bank Home Loan:
| Particulars | Charges |
| Processing Fee/Admin Fee | 0.50% (INR 10,000- INR 45,000) |
| Prepayment / Pre-closure charges |
|
| Penalty for delayed repayment | 2% per month of the overdue portion Additional penal interest applicable for SMA accounts |
| Charges for switching loans from fixed to floating rates and vice versa | 0.25% of the balance outstanding / Drawing power whichever is higher |
| Charge for CIBIL report | Nil |
| CERSAI registration/ modification charges | Nil |