Federal Bank Home Loan Interest Rates – Updated in January 2024

Owning a dream home is now within reach with Federal Bank's competitive home loan interest rates, starting at 8.80% p.a. Explore the various schemes tailored to meet diverse needs and preferences.

Federal Bank facilitates homebuyers with attractive interest rates, extended repayment periods, and coverage of up to 85% of the property value. Let's delve into the specifics of their housing loan offerings.

Interest Rate Range and Schemes

Housing Loan

• Interest Rate: 8.80% – 10.25%
• Loan Amount: Up to INR 15 crores
• Tenure: Up to 30 years

Property Power Loan

• Interest Rate: 8.80% Onwards
• Loan Amount: Up to INR 10 crores
• Tenure: Up to 20 years

Women’s Dream Home Loan

• Interest Rate: 8.80% Onwards
• Loan Amount: Up to INR 10 crores
• Tenure: Up to 20 years

Senior Citizens’ Home Loan

• Interest Rate: 8.80% Onwards
• Loan Amount: Up to INR 10 crores
• Tenure: Up to 20 years

No Cost EMI Home Loan

• Interest Rate: 8.80% Onwards
• Loan Amount: Up to INR 10 crores
• Tenure: Up to 20 years
• Processing Fees: Nil

Flexi Home Loan

• Interest Rate: 8.80% Onwards
• Loan Amount: Up to INR 15 crores
• Tenure: Up to 30 years

Green Home Loan

• Interest Rate: 8.80% Onwards
• Loan Amount: Up to INR 15 crores
• Tenure: Up to 30 years

Eligibility Criteria

Housing Loan

• Applicant Type: Salaried and self-employed
• Age: 21 years – 70 years
• Monthly Income: INR 15,000 – INR 25,000
• Employment Type: Salaried or self-employed

Property Power Loan

• Applicant Type: Women borrowers
• Age: 21 years – 65 years
• Monthly Income: INR 15,000

Women’s Dream Home Loan

• Applicant Type: Women borrowers
• Age: 21 years – 65 years
• Monthly Income: INR 15,000

Senior Citizens’ Home Loan

• Applicant Type: Senior citizens
• Age: 60 years – 75 years
• Monthly Income: INR 15,000

No Cost EMI Home Loan

• Applicant Type: Salaried borrowers
• Age: 21 years – 65 years
• Monthly Income: INR 15,000
• Employment Type: Salaried

Flexi Home Loan

• Applicant Type: Salaried and self-employed
• Age: 21 years – 70 years
• Monthly Income: INR 15,000 – INR 25,000
• Employment Type: Salaried or self-employed

Green Home Loan

• Applicant Type: Salaried and self-employed
• Age: 21 years – 70 years
• Monthly Income: INR 15,000 – INR 25,000
• Employment Type: Salaried or self-employed

Benefits of Federal Bank Home Loans

1. Competitive Interest Rates: Enjoy attractive rates based on your CIBIL score, loan amount, and term.
2. Flexible Repayment Options: Choose from repayment terms up to 30 years with fixed or variable monthly payments.
3. No Prepayment Penalty: Repay your loan early without additional charges.
4. Loan Amount up to INR 15 Crores: Borrow a substantial amount to fulfill your dream of homeownership.
5. Home Loan Insurance: Protect your loan against unforeseen circumstances with Federal Bank’s home loan insurance.
6. Easy Documentation: Experience a streamlined documentation process for quick and convenient loan applications.

How to Apply for Federal Bank Home Loan?

1. Check Your Eligibility:
   • Utilize Federal Bank’s home loan eligibility checker to determine your eligibility.
2. Gather Your Documents:
   • Collect necessary documents, varying based on your circumstances.
3. Apply for a Loan:
   • Apply online or visit a Federal Bank branch, providing personal information, property details, and loan amount.
4. Application Processing:
   • Federal Bank will process your application within a few weeks.
5. Loan Approval:
   • Upon approval, receive a loan offer letter detailing terms.
6. Loan Disbursal:
   • Upon accepting the offer, the sanctioned amount will be disbursed.

Eligibility Criteria

To be eligible for a Federal Bank Home Loan, consider the following criteria:

• Income Criteria: Minimum monthly income of INR 15,000 for salaried and INR 25,000 for self-employed individuals.
• CIBIL Score: Minimum 700, but a higher score may lead to better terms.
• Age: 21 to 65 years, with exceptions for senior citizens.
• Employment Type: Stable income source for both salaried and self-employed.

Documents Required

• Proof of Identity, Residence, and Age: Passport, PAN card, Aadhaar card.
• Income Proof: Salary slips, business income statements, or rental income statements.
• Property-related Documents: Sale deed, building plan, or architect’s certificate.

Federal Bank Home Loans cater to diverse needs, providing financial solutions for aspiring homeowners. Check your eligibility and embark on your journey towards homeownership with Federal Bank. Don't forget to explore Propty for your dream home.