Generally speaking you apply for a Federal Bank Home Loan like any other you need to follow the steps given below: 

1. Firstly, you need to visit your nearest branch of Federal Bank and fill Physical Form
2. The next step will be to submit necessary documents such as KYC, Financial, and Property documents 
3. The loan process is then initiated which includes legal and technical verification 
4. Loan eligibility of the applicant is then determined which will lead to the bank providing you with a sanction letter. It will include the following critical 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 
5. After all the formalities of submitting required documents are completed and a loan disbursement request is sent, Federal Bank will issue you a home loan disbursement cheque 

However, if you are seeking a personalized service provided by a professional relationship manager, who helps in delivering a quick loan sanction, with the use of minimum documentation, and ensures that you receive the guaranteed lowest interest rate then, you need to visit the best DSA corporate in Mumbai ‘Loan Bazaar’ by clicking the link  https://loanbazaar.net.in/ and get an opportunity to do a Quick Call.

To apply for a home loan in most financial institutes including Federal Bank there are a few documents that you need to submit. They are as follows given in the table:

Federal Bank usually provides you with a home loan in a quick time through the use of minimum documentation. Also, they provide a 100% hassle high-quality ‘Digital’ service that enables you to get a home loan, at a click of a mouse button within the confines of your home.

Typically, after duly filling in the online home loan application form and submitting the required documents, it takes about anywhere between 4-7 working days to get approval from the Federal Bank.

Are you seeking a Federal Bank Home Loan currently? If you are then, you need to have a minimum credit score of 750 and above.

Typically, the maximum loan amount sanctioned by the Federal Bank is up to Rs 15 crore. The minimum is customized depending on the home loan applicant’s credit repayment capacity and credit score.

It is not compulsory that you have a co-applicant while applying for an Federal Bank Home Loan. Moreover, having one helps in significantly improving your loan eligibility thereby proving to your lender that you are ‘Creditworthy’ and chances to improve terms and conditions.

The interest rate during your Federal Bank Home loan tenure will change depending on the type of interest you choose. So, if you have opted for a floating rate then it will change in applicable interest rate. However, if you have taken a fixed interest rate then there will be no change seen. It is also necessary to note that interest rates on your Federal Home Bank Loan will change as per alterations made by RBI to its policies.

Usually, your chances of securing a Federal Bank Home Loan increase greatly, if you possess your returns for three financial years. However, in case you do not have them it is still possible for you to be eligible for a Federal Bank Home Loan provided, you seek a small loan amount and you have a good CIBIL score that shows your ‘Creditworthiness’.

On applying for a Federal Bank Home Loan and getting it sanctioned it usually takes around a week for it to get disbursed. Moreover, you need to understand that there could be a delay in loan disbursement for various reasons. In such a situation your Federal Bank Home Loan could take as long as 4-5 working days for it to get disbursed.

There are few other additional details about Federal Bank Home Loan that you need to understand. They are as follows: 

• Different types of Federal Bank Home Loans:

  There are three types of Federal Bank Home Loans. They are as follows: 

  1. Federal Bank Plot Purchase Loan:

     It is specifically for individuals looking to buy a plot to construct residential property that the Federal Bank provides you with this type of loan. 

     Typically, you can get loan amounts of up to Rs 25 lakhs for a tenure of about five years. This bank offers an LTV ratio of up to 60% of the price of land. 

  2. Federal Bank Housewarming Loan:

     This scheme offered by Federal Bank is a ‘Top-Up Loan’ offer. It is provided to both new and existing clients of this bank. 

     The main objective of this program is to fulfill all personal expenses involved during a housewarming ceremony. This financial institution provides a loan amount of Rs 2 lakhs for a tenure of up to five years. 

  3. Federal Bank Housing Loan:

     It is a regular Home Loan scheme that the Federal Bank provides for various purposes. They include the construction of homes, purchasing land, renovating existing homes, and extending existing home properties. 

     Besides, Federal Bank provides a Home Loan reimbursing debt acquired from the purchase of a home, buying of a plot, furnishing of an existing home, etc. 

     Typically, Federal Bank offers a loan amount of up to Rs 15 crore, an LTV ratio of 85% of project cost, and a tenure of up to 30 years. 

• How can you repay a Federal Bank Home Loan?

  Federal Bank provides for a 100% hassle free digital process to help you repay your home loans in the form of EMI’s. The steps you need to follow are given below: 

  Step 1:

  Visit the Federal Bank portal and enter the ‘Quick EMI Pay’ application and fill in your loan account number or savings account number.  And receive OTP on your registered mobile. 

  Step 2:

  Enter the OTP and click to continue seeing the Loan Account’s Number and amount due in each loan account. 

  Step 3:

  Click on the option ‘Pay Rs’ and get into the Home Loan payment option 

  Step 4:

  Finally, select the Home Loan option and complete the Home Loan payment. It will be reflected in the loan account within three working days.