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Federal Bank Home Loan Interest Rates - Updated in November 2024
Updated : November 3, 2024
Author :
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Federal Bank offers competitive home loan interest rates starting from 8.80% p.a. for individuals looking to purchase their dream homes. With financing options up to 30 years and coverage of up to 85% of the property value, these rates attract potential buyers. Senior citizens can enjoy even lower rates, starting at 8.80% p.a. While the Federal Bank doesn't publicly disclose a minimum credit score requirement, a credit score above 750 is generally favourable for loan approval and for lower Federal Bank housing loan rate of interest.
Home Loan Interest Rates of Different Schemes of Federal Bank in 2024
The interest rate ranges for the various home loan schemes from Federal Bank:
| Scheme | Interest Rate Range |
| Housing Loan | 8.80% – 10.25% |
| Property Power Loan | 8.80% Onwards |
| Women's Dream Home Loan | 8.80% Onwards |
| Senior Citizens' Home Loan | 8.80% Onwards |
| No Cost EMI Home Loan | 8.80% Onwards |
| Flexi Home Loan | 8.80% Onwards |
| Green Home Loan | 8.80% Onwards |
Different Types of Home Loans Offered by Federal Bank- A Detailed Overview
Federal Bank provides various types of home loans to suit different needs:
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Housing Loan
The bank offers a standard home loan scheme for both salaried and self-employed borrowers, providing financing opportunities for individuals from different employment backgrounds.
- Applicant Type: Salaried and self-employed borrowers
- Eligibility:
- Age: 21 years - 70 years
- Monthly income: INR 15,000 - INR 25,000.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 30 years
- Maximum Loan Amount: Up to INR 15 crores
- Interest Rate: The housing loan interest rate in federal bank ranges from 10.15%-10.25%
- Processing Fees: 0.50% of the loan amount + GST
Property Power Loan
The scheme is specifically designed for borrowers who are willing to leverage their property as collateral to secure a loan. It provides an attractive benefit of a reduced interest rate compared to the Housing Loan scheme. Borrowers can take advantage of its lower interest rate.
- Applicant Type: Women Borrowers
- Eligibility:
- Age: 21 years - 65 years
- Monthly income: INR 15,000.
- Employment Type: Not specified.
- Loan Tenure: Up to 20 years
- Maximum Loan Amount: Up to INR 10 crores
- Interest Rate: 10.15%
- Processing Fees: 0.50% of the loan amount + GST
Women's Dream Home Loan
The exclusive scheme for women borrowers aims to empower and support their financial goals by offering reduced housing loan interest rates in Federal Bank compared to the standard Housing Loan scheme. It creates a favorable lending environment, providing affordable home financing options with lower interest rates for women.
- Applicant Type: Women Borrowers
- Eligibility:
- Age: 21 years - 65 years
- Monthly income: INR 15,000.
- Employment Type: Not specified.
- Loan Tenure: Up to 20 years
- Maximum Loan Amount: Up to INR 10 crores
- Interest Rate: 10.15%
- Processing Fees: 0.50% of the loan amount + GST
Senior Citizens' Home Loan
The scheme caters specifically to senior citizens aspiring to purchase a home, offering favorable financing options with lower interest rates compared to the Housing Loan scheme. It ensures affordability and ease of repayment for senior borrowers, allowing them to fulfill their homeownership dreams with tailored features.
- Applicant Type: Senior citizen Borrowers
- Eligibility:
- Age: 60 years - 75 years
- Monthly income: INR 15,000.
- Employment Type: Not specified.
- Loan Tenure: Up to 20 years
- Maximum Loan Amount: Up to INR 10 crores
- Interest Rate: The Federal Bank housing loan interest rate for senior citizens starts at 8.80%
- Processing Fees: 0.50% of the loan amount + GST
No-Cost EMI Home Loan
The scheme provides salaried borrowers with enticing benefits such as a waived processing fee and a reduced interest rate. It is exclusively accessible to individuals who receive a regular salary. Salaried borrowers can take advantage of this scheme's cost-saving features, including the waived processing fee and lower interest rate, to facilitate their loan application process.
- Applicant Type: Salaried Borrowers
- Eligibility:
- Age: 21 years - 65 years
- Monthly income: INR 15,000.
- Employment Type: Salaried.
- Loan Tenure: Up to 20 years
- Maximum Loan Amount: Up to INR 10 crores
- Interest Rate: 10.25%
- Processing Fees: Nil
Flexi Home Loan
The scheme empowers borrowers to choose their desired interest rate and repayment tenure, catering to both salaried and self-employed individuals. It provides flexibility and accessibility to a wide range of borrowers, allowing them to customize their loan terms based on their financial preferences.
- Applicant Type: Salaried and self-employed borrowers
- Eligibility:
- Age: 21 years - 70 years
- Monthly income: INR 15,000 - INR 25,000
- Employment Type: Salaried and self-employed.
- Loan Tenure: Up to 30 years
- Maximum Loan Amount: Up to INR 15 crores
- Interest Rate: 10.15% Onwards
- Processing Fees: 0.50% of the loan amount + GST
Green Home Loan
The scheme offers a lower interest rate incentive for borrowers purchasing homes that meet specific environmental standards. By promoting sustainable practices and supporting green initiatives, it encourages environmentally conscious homeownership. By opting for homes meeting these standards you can enjoy the financial advantage of a reduced interest.
- Applicant Type: Salaried and self-employed borrowers
- Eligibility:
- Age: 21 years - 70 years
- Monthly income: INR 15,000 - INR 25,000
- Employment Type: Salaried and self-employed.
- Loan Tenure: Up to 30 years
- Maximum Loan Amount: Up to INR 15 crores
- Interest Rate: 10.15% Onwards
- Processing Fees: 0.50% of the loan amount + GST
Federal Bank Home Loan Interest Rates for Women and Benefits
- CIBIL score requirement: The minimum CIBIL score required for a Federal Bank home loan is 700. However, if you are a woman, you may be eligible for a lower CIBIL score requirement of 650.
- Interest rate: The federal bank rate of interest for home loan for women is 10.15% for a CIBIL score of 700 and above. However, if your CIBIL score is above 750, you may be eligible for a lower interest rate.
- Benefits: Women who avail of Federal Bank's Women's Dream Home Loan scheme are eligible for the following benefits:
- Waiver of processing fee
- Lower interest rate
- Longer loan tenure
- Special discounts on home insurance premium
Federal Bank Home Loan Interest Rates and Eligibility for NRI
- CIBIL score requirement: For Federal Bank NRI home loan, a minimum CIBIL score of 700 is required. However, if you have a stable income and good credit history, you may qualify for a lower CIBIL score requirement.
- Interest rate: The interest rate for Federal Bank home loans for NRIs is 10.15% for a CIBIL score of 700 and above. If your CIBIL score is above 750, you may be eligible for a lower interest rate.
- Eligibility:
- The borrower must be an NRI and have a minimum monthly income of INR 15,000.
- Good credit score and a stable employment history.
- The property must be located in India.
- The loan amount must be used to purchase a residential property.
- Must have a valid NRI account with Federal Bank.
Key Features and Benefits of Federal Bank Home Loans
- Competitive interest rates: Federal Bank offers competitive rates on home loans based on factors like your CIBIL score, loan amount, and term.
- Flexible repayment options: Choose repayment terms up to 30 years and opt for fixed or variable monthly payments.
- No prepayment penalty: Repay your loan early without incurring any extra charges.
- Loan amount up to INR 15 crores: Borrow a substantial amount to purchase your dream home.
- Home loan insurance: Protect your loan in case of death or disability with Federal Bank's home loan insurance.
- Easy documentation: Benefit from a simplified and streamlined documentation process for quick and convenient home loan applications.
How to Apply for Federal Bank Home Loan?
Whether applying online through their website or visiting a Federal Bank branch, the process is designed to be simple and hassle-free. Follow a few essential steps, submit your application, provide the required documents, and await approval. Once approved, proceed with the loan agreement process and receive the sanctioned loan amount, bringing you closer to realizing your dream of homeownership.
- Check your eligibility:
Before you apply for a home loan, it is important to check your eligibility. You can use Federal Bank's home loan eligibility checker and determine.
- Gather your documents:
Once you have determined that you are eligible for a home loan, you will need to gather your documents. The documents that you will need to provide will vary depending on your circumstances.
- Apply for a loan:
You can apply for a home loan online or at a Federal Bank branch. When you apply for a loan, you will need to provide your personal information, the details of the property that you are buying, and the amount of the loan.
- Application processing:
Federal Bank will process your application, with the timeframe varying based on circumstances. Generally, it takes a few weeks.
- Loan approval:
If approved, you'll receive a loan offer letter detailing terms such as interest rate, repayment period, and processing fee.
- Loan disbursal:
Upon accepting the loan offer letter, the loan amount will be disbursed, enabling you to purchase your dream home.
Eligibility for Federal Bank Home Loan
To be eligible for a Federal Bank Home Loan, certain criteria must be met by applicants:
- Income criteria: Federal Bank requires that the applicant has a minimum monthly income of INR 15,000 for salaried individuals and INR 25,000 for self-employed individuals.
- CIBIL score criteria: Federal Bank requires a minimum CIBIL score of 700 for most home loan applications. However, applicants with a CIBIL score of 650 or above may be eligible for a loan with a higher interest rate.
- Age criteria: Federal Bank requires that the applicant must be at least 21 years old at the time of loan application and must not be older than 65 years at the time of loan maturity. However, there are some exceptions to this rule. For example, if the applicant is a senior citizen, he/she may be eligible for a loan with a longer repayment period.
- Employment type: Federal Bank requires that the applicant must have a stable source of income. Salaried individuals must have a minimum of 2 years of continuous employment with the same employer. Self-employed individuals must have a minimum of 3 years of continuous self-employment.
- Loan amount eligibility: Federal Bank's home loan amount eligibility varies depending on the applicant's income, CIBIL score, and employment type. However, the maximum loan amount is capped at INR 15 crores.
Documents Required for Federal Bank Home Loan
When applying for a Federal Bank Home Loan, applicants are required to provide the following documents:
- Proof of identity: This could be your passport, PAN card, or Aadhaar card.
- Proof of residence: This could be your passport, PAN card, or Aadhaar card, along with a utility bill or bank statement.
- Proof of age: This could be your passport, PAN card, or Aadhaar card.
- Income Proof: This could be your salary slips, business income statements, or rental income statements.
- Property-related Documents: This could be the sale deed, building plan, or architect's certificate.
Calculator for Federal Bank Home Loan EMIs - How to Calculate Federal Bank Home Loan EMIs?
Here's how you can calculate your Federal Bank home loan EMI. To calculate your EMI, you can use the following formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
- P = Loan amount
- R = Interest rate
- T = Repayment period in years
Home Loan Interest Rates of Federal Bank for the Last 10 Years
This table shows the interest rate ranges of Federal Bank home loans for the past 10 years:
| Year | Interest Rates |
|---|---|
| 2013 | 9.50% - 11.50% |
| 2014 | 9.25% - 11.25% |
| 2015 | 8.75 - 11.00% |
| 2016 | 8.50% - 10.75% |
| 2017 | 7:50% - 10.00% |
| 2018 | 7.25% - 9.75% |
| 2019 | 7.00% - 9.50% |
| 2020 | 7.00% - 9.50% |
| 2021 | 6.75% - 9.25% |
| 2022 | 6.50% - 9.00% |
Comparing Federal Bank Home Loan Interest Rates With Other Banks | 2024
| Bank/ NBFC Name | Interest Rate |
| Axis Bank | 8.85% - 14.00% |
| Aditya Birla Capital Home Loan | 9% - 12.50% |
| Bandhan Bank | 8.65% - 13.65% |
| Bank of Baroda | 8.50% - 10.60% |
| Bank of India | 7.80% - 9.65% |
| Bank of Maharashtra | 8.40% - 10.80% |
| Canara Bank | 8.85%- 11.25% |
| Central Bank of India | 8.45% - 9.20% |
| Citibank | 8.45% |
| Corporation Bank | 8.60% - 11.20% |
| Dena Bank | 8.40% |
| Federal Bank | 10.15% - 10.30% |
| Fullerton Bank | 9.50% |
| HDFC Bank | 8.95% - 9.85% |
| HSBC | 8.60% |
| ICICI Bank | 9.00% - 10.05% |
| IDBI Bank | 8.75% - 11.45% |
| IDFC First Bank | 8.85% |
| Indian Overseas Bank Home Loan | 9.55% |
| Indiabulls Housing Finance | 8.75% |
| Jammu and Kashmir Bank | 8% |
| Karnataka Bank | 9.08% - 10.38% |
| Karur Vysya Bank | 9.23% - 12.13% |
| Kotak Mahindra Bank | 8.85% - 9.40% |
| LIC HFL | 8.70% |
| PNB HFL | 8.50% - 10.85% |
| Reliance Home Finance | 9.35% - 13% |
| State Bank of India | 8.25% - 9.65% |
| Sundaram Home Finance Ltd Home Loan | 6.95% - 8.30% |
| Tata Capital | 8.95% |
| Union Bank of India | 8.75% |
| YES Bank | 9.15% - 11.25% |
Factors that Affect Federal Bank Home Loan Interest Rate
- Your CIBIL score: A higher CIBIL score will generally result in a lower interest rate. A CIBIL score is a three-digit number that reflects your credit history and payment behaviour. The higher your score, the lower your risk as a borrower, and the more likely you are to qualify for a loan with a lower interest rate.
- The loan amount: The higher the loan amount, the higher the interest rate. This is because the bank is taking on more risk by lending you a larger amount of money.
- The repayment period: The longer the repayment period, the lower the interest rate. This is because the bank has more time to collect the interest on the loan.
- Your income: The higher your income, the lower the interest rate. This is because you are more likely to be able to afford the monthly payments on a loan with a higher interest rate.
- Your assets: The more assets you have, the lower the interest rate. This is because you have more collateral to offer the bank in case you default on your loan payments.
Tips to Avail of Federal Bank Home Loan at Lower Interest
- Maintain a Good Credit Score: To maintain a high credit score, pay your bills on time and keep your credit utilisation ratio low.
- Opt for Shorter Loan Tenures: A lower interest rate can come from selecting a shorter loan term.
- Compare Different Schemes and Interest Rates: To choose the best option, investigate and contrast the various home loan schemes with Federal Bank housing loan rate of interest.
- Consider Making a Higher Down Payment: A larger down payment lowers the loan balance, which lowers the Federal Bank interest rate on home loan.
- Provide Accurate and Complete Documentation: To prevent delays and improve your chances of getting a lower interest rate, make sure all necessary documents are accurate and comprehensive.
- Build a Relationship with the Bank: You may be able to negotiate better housing loan interest rate in Federal Bank if you have a positive relationship with the bank.
Federal Bank rate of interest for home loan starts at 8.80% p.a. with flexible options for various customers, including women, self-employed individuals, salaried employees, and senior citizens. Whether you're buying a new house or transferring your existing loan, apply now to benefit from their affordable interest rates. For more information, visit the NoBroker Home Loan Services now.
Disclaimer
This article is solely for educational purposes. NoBroker doesn't take any responsibility for the information or claims made in the blog.
Frequently Asked Questions
The current SBI home loan interest rate for 2024 starts from 8.80% p.a. and may vary based on the scheme and the applicant's profile.
Federal Bank offers both fixed and floating interest rate options for home loans, allowing borrowers to choose the option that suits their needs.
Yes, the Federal Bank offers home loans to government employees at attractive interest rates. Government employees are considered to be a low-risk borrower, so they typically qualify for lower interest rates and other benefits.
Yes, Federal Bank provides a top-up loan facility to existing home loan borrowers who have a good repayment track record. This enables borrowers to access additional funds for various purposes, such as renovation or meeting other financial needs.
Federal Bank's home loan balance transfer option allows borrowers to transfer their existing home loan from another bank to the Federal Bank at attractive interest rates. Benefits include potential savings on interest costs, improved customer service, and a shorter repayment period, or a more flexible repayment schedule.
Yes, the Federal Bank allows borrowers to prepay their home loans partially or in full before the completion of the loan tenure. However, there may be a prepayment penalty depending on the terms of your loan agreement.
The processing fee charged by Federal Bank for home loans varies depending on the loan amount and the type of borrower. For salaried borrowers, the processing fee is 0.5% of the loan amount, with a minimum of Rs. 3,000 and a maximum of Rs. 7,500. For self-employed borrowers, the processing fee is 0.75% of the loan amount, with a minimum of Rs. 5,000 and a maximum of Rs. 10,000.
The processing time for a Federal Bank home loan application can vary depending on a number of factors, including the completeness of your application, the type of property you are buying, and the availability of funds. However, the bank typically aims to process and approve home loan applications within 15-30 days.
Yes, NRIs can apply for Federal Bank home loans. Federal Bank offers a variety of home loan products for NRIs, including fixed-rate loans, floating-rate loans, and top-up loans.
Yes, you can get a Federal Bank housing loan interest rate certificate for your Federal Bank home loan. An interest rate certificate is a document that shows the current interest rate on your loan. It can be used for a variety of purposes, such as calculating your monthly payments, applying for a loan, or refinancing your loan.
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