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Federal Bank India Home Loans
Federal Bank India has a lot to offer those people who are looking for home loans at affordable rates. Federal bank India home loans come with attractive interest rates and terms and have been designed to suit all the needs of the borrowers.
About Federal Bank India home loans
Federal Bank India home loans are available with flexible repayment terms. Given below are the three types of home loans that are offered by Federal Bank India:
- Federal Housing Loans
- Financing Purchasing of Residential Plots
- Home Term Loan
Both resident and non-resident Indians can qualify for Federal Bank India home loans.
Federal Bank India home loans – Some important details
The principal purpose of availing a loan for financing purchase of residential plots is to purchase residential plots for ensuing construction of house. Given below are other purposes for which you can use a Federal Bank India home loan:
- Construction of house
- Acquiring land & construction of house thereon
- Modification/maintenance/renovation/extension of house.
- Repayment of debt acquired for purchase/construction/decoration/beautification
- Purchasing flat/villa/dwelling units
- Taking over of home loans/additional home loans to employees of reputed companies
Given below are the eligibility criteria for Federal Bank India home loans:
- For salaried individuals, end of loan repayment term shall not surpass the age of retirement, subject to a maximum of 65 years. For other individuals, age of the borrower/spouse shall not be over 65 years at the close of loan repayment term.
- For Non resident Indians, the age of the borrower shall not be more than 55 years at the close of loan term (if primary source of income taken into account is that of resident spouse, loan repayment term may exceed 55 years.)
- The borrower should have valid Indian passport and be working/running business for one year overseas
- The borrower should have adequate monthly income conditional on at least Rs. 20,000
- Deduction from loan shall not surpass 50% of net income
Amount of loan
For Federal Bank Housing Loan Scheme, the maximum loan amount for purchase/construction is Rs 300 Lakhs.
For renovation/maintenance/extension – the maximum loan amount is Rs 10 Lakhs
For Federal Bank financing for purchase of house plots, the maximum loan amount is 60% (of cost of land as mentioned in sale deed along with registration charges and stamp duty) subject to a maximum amount of Rs.25 Lakhs.
Margin for Federal Bank India home loans
- For purchase of plot and construction of house thereon or for purchase of plot with house - 25%
- Loan on repayment basis - 25%
- For construction of house or purchasing a flat/flat under construction - 25 %
- Purchase of plot for subsequent construction - 60% of the project cost or 50% of land price (house+land) whichever is higher
For Federal Bank financing for purchase of house plots, the margin is 40% (of cost of land as mentioned in sale deed along with registration charges and stamp duty)
The maximum repayment period for resident Indians is 20 years and for Non Resident Indians, it is 15 years. For financing schemes for purchase of house plots, the maximum repayment term is five years.
The Federal Home Term Loan Scheme has been designed to fulfill any individual, household or business needs. Both residents and non resident Indians can qualify for this loan. Maximum loan amount is Rs. 300 Lakhs and margin is 50% of security value. Maximum repayment term is 84 months or 7 years.
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