Range of Interest Rate
9.25 % Onwards
Processing Fee Range
1 % Onwards
Loan Amount
Maximum Loan amount of up to Rs 5 crore
Range of Loan Tenure
1-15 years
Key Salient Features
- Balance Transfer
- Loan Top-Up
- Lowest Interest Rates
Documentation
- KYC– Aadhar Card and PAN Cardd
- Financial– Bank statement, Salary slips, latest form 16
- Property– Allotment Letter and Registered Sale Deed
Trivia
- The total number of branches of Federal Bank in India is 1504+
- Average loan approval time is about 2-7 working days
USP’s
Doorstep Service
Dedicated Relationship Manager
Minimum Documentation
Fastest Sanction Process
Fee and Charges Details
- Part prepayment and Foreclosure charges: NIL
Disclaimer
- All intellectual property including trademarks, logos belong to the owner
Particulars | Salaried | Self-Employed |
---|---|---|
Age | 24 to 62 Years | 24 to 62 Years |
Prepayment Charges/Foreclosure | Zero | Zero |
FAQs
When you apply for a Bajaj Finance Mortgage Loan then you need to take the following steps:
- To begin you need to fill in the digital application form completely for a mortgage loan.
- It is necessary that you submit a few important documents such as KYC, Financial, and Property
- This bank then initiates the mortgage loan process that includes legal and technical verification
- It is then that the Federal Bank determines your loan eligibility. The bank then provides you with a sanction letter. It includes the following details: sanctioned loan amount, interest rate, loan tenure, type of interest rate applicable, EMI payable, validity of sanction letter, special conditions (if any), and other terms and conditions
- Finally, once all the documents are verified, a mortgage loan disbursement is raised, and a disbursement cheque is issued.
A few important documents that you need to submit while applying for a Federal Bank Mortgage Loan are given in a tabular form below:
KYC Documents
KYC Documents
- The previous three months’ salary slips and
the Latest Form-16 - Latest 2 years Form 16
- IT Returns for the last three years
-
Business Profile of the Applicant
Latest 3 years ITR with Computation of Income - Balance Sheet, Profit, and Loss Account, and respective schedules
- GST Registration Certificate, GSTR-3B Returns of
latest 1 Year, and GSTR-3B Returns of latest 1 Year
Company Udhyam certificate
Property Documents
Federal Bank mainly provides a mortgage loan with attractive lowest minimum interest rates. Besides, it also provides you with flexible repayment options and quick loan approval. These are a couple of major reasons why you should select a Federal Bank Mortgage Loan.
Once the submission of the necessary documents is done, the Federal Bank should not take more than 7 – 15 working days to get the loan sanctioned.
It is necessary to have a minimum CIBIL score of 750 and above to secure a Federal Bank Mortgage Loan.
The minimum mortgage loan amount sanctioned by Federal Bank is 10 Lakh and 5 Crore
Normally, many banks or other financial institutions like Federal Bank require only a co-owner to be a co-applicant for a mortgage loan. However, it is not necessary that you have a co-applicant to apply for a Federal Bank Mortgage Loan. Although, if you do have one it only helps in significantly improving your loan eligibility and proving to your lender your ‘Creditworthiness’.
The rate of interest for Federal Bank Mortgage Loan is floating interest rate which is linked to RLLR ( REPO LINKED LANDING RATE )
Therefore it will reused by the change every time the repo rates gets reused by the regulator
If you have IT returns of three financial years to show, the chances of you securing a Federal Bank Mortgage Loan increases significantly. However, you can secure it even if you do not have IT returns of three financial years, if you are looking for a small mortgage loan amount and you have a good CIBIL score to prove that you are ‘Creditworthy’.
After applying and submitting all the necessary documents for a Federal Bank Mortgage loan, this bank provides you with disbursal in 4 – 5 working days.
There are few important details about Federal Bank Mortgage Loan that you need to know given below:
-
Features of Federal Bank Mortgage Loan:
A few salient features of Federal Bank Mortgage are given below:
- A flexible loan repayment tenure
- 100% hassle free documentation
- Loan against property or LAP provided for wide range of purposes
EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Tenure (Years)
Years
Monthly EMI
₹ 21,617
Principal Amount
₹ 25,000,000
Interest Amount
₹ 23,000,000
Total Amount Payble
₹ 47,000,000
Interest Amount
Principal Amount
Apply for Mortgage Loan
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