Fedbank Home Loan
Fedbank Financial Services Ltd., also known as Fedfina is a non-banking financial company empowering thousands of aspiring homeowners to buy a dream home. With 609 branches across the country, the Fedbank offers convenient financial services to eligible applicants and Fedbank Home Loan is one of those offerings starting at an interest rate of 19.00% per annum. Fedbank offers home loan repayment for a duration of up to 20 years.
Fedbank Home Loan EMI Calculator
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Fedbank Home Loan Highlights
Get the lowest interest rates with Fedbank Home Loan
| Loan Amount | Up to 90% of the property value |
|---|---|
| Rate of Interest | 19.00% per annum |
| RPLR | |
| Processing Fee |
Up to 2.5% of the principal loan amount + taxes |
| Maximum Tenure for Repayment | 20 years |
| Penal Rate of Interest | |
| Rate Packages | Fixed/ Floater |
| Charges for Prepayment/Foreclosure | Up to 6% of the outstanding loan amount + taxes |
Fedbank Home Loan Interest Rates in 2024
Fedfina Financial Services Ltd. offers home loans with faster disbursement and easy repayment options. The Fedbank home loan interest rate starts from 19.00% per annum. The Fedbank home loan starts from Rs. 5 lakh and the maximum amount an eligible borrower can get is up to 90% of the property value.
The table given below will give you a clear idea about the Fedbank home loan interest rate 2024:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Home Purchase Loan | Starting at 19.00% per annum (Salaried/ Self-Employed) |
| Plot Purchase and Construction Home Loan | Starting at 19.00% per annum (Salaried/ Self-Employed) |
| Home Improvement Loan | Starting at 19.00% per annum (Salaried/ Self-Employed) |
| Home Construction Loan | Starting at 19.00% per annum (Salaried/ Self-Employed) |
| Balance Transfer Home Loan | Starting at 19.00% per annum (Salaried/ Self-Employed) |
| Top-Up Home Loan | Starting at 19.00% per annum (Salaried/ Self-Employed) |
Interest rates were last updated on 21st May 2024
Fedbank Home Loan Eligibility Criteria
In order to get a Fedbank home loan, a person needs to fulfill its eligibility criteria. This includes general KYC information about the applicant such as his/ her age, income, credit history, and nationality.
Have a look at the table below to understand in detail the Fedbank home loan eligibility criteria:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 60 | 21 - 60 |
| Nationality | Indian Residents | Indian Residents |
| Minimum Income Earned | Rs. 25,000 per month | Rs. 25,000 per month |
Fedbank Home Loan Processing Fee and Charges
Be it a bank or an NBFC like Fedbank, each such financial institution charges a processing fee to process a home loan application to meet the expenses for the entire procedure. The Fedbank or Fedfina Financial Services Ltd. charges a processing fee of up to 2.5% of the outstanding loan and taxes on home loans.
The table given below will acquaint you with the latest Fedbank home loan processing fees and charges for 2024:
| Processing Fee | Up to 2.50% of the loan amount + taxes or Rs. 5,000 (whichever is higher) |
|---|---|
| Late Payment Charges | 3% per month |
| Cheque Bounce Charges | Rs. 750 + taxes |
| Cheque Swap Charges | Rs. 500 + taxes |
| Document Retrieval Charges | Rs. 500 + taxes |
| Non-Issuance Charges | Rs. 500 + taxes |
| Loan Cancellation Charges | Rs. 2,000 + taxes + interest charges from the disbursement date till cancellation request |
| Loan Switch Charges | 1% of the outstanding loan + taxes |
| Loan Rescheduling Charges | 0.25% of the outstanding loan + taxes |
| Prepayment Charges | Up to 6% of the outstanding loan + taxes |
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Fedbank Home Loan Schemes And Top Plans
The Fedfina Financial Services Ltd. understands the varied needs of home loan borrowers. Some want to buy a plot and construct a home, while others may simply want to improve their existing home, so keeping these varied needs in mind, Fedbank offers different types of housing loan schemes such as:
Home Purchase Loan
- Ideal housing loan scheme for the purchase of a new home
- Loan starting Rs. 5 lakhs
- Maximum loan tenure up to 20 years
Home Construction Loan
- Best home loan to construct a home on a residential plot
- Maximum loan tenure up to 20 years
- Easy repayment options
Plot Purchase and Construction Loan
- Suitable home loan to invest in a plot and construct a home on it within a limited time
- Maximum loan tenure up to 20 years
- Easy repayment options
Home Improvement Loan
- Best housing loan scheme to improve the condition of an existing home through services like flooring, painting, plumbing, carpentry, and so on
- Maximum loan tenure up to 20 years
- Easy repayment options
Balance Transfer Home Loan
- Flexible way to shift the outstanding loan amount from one lender to the Fedbank
- Affordable interest rates
- Easy repayment options
Top Up Home Loan
- Easy way to get additional finances on top of your home loan amount
- Maximum loan tenure of up to 20 years
- Easy repayment options
Note: All of the above home loan plans are made available to applicants solely at the discretion of Fedbank Home Loan, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For Fedbank Home Loan
When applying for a housing loan, borrowers typically need to provide a range of documents to support their application and demonstrate their financial stability. These include proof of identity, address, income, and property. Fedbank home loan documents required list is presented below in detail for your quick reference:
Documents Required for Salaried Applicants
- Recent Salary Slips (last 3 - 6 months)
- Bank Statements (last 3- 6 months)
- Latest Income Tax Return/ Form 16
- Duly filled application form
- Latest passport-size photographs
- Processing fee cheque in favour of Fedfina Financial Services Ltd.
- Address and identity proofs
Documents Required for Self-Employed Applicants
- Income Tax Returns (last 3 years)
- Bank Statements (last 6 months)
- P&L and Balance Sheets (last 3 years)
- Duly filled application form
- Latest passport-size photographs
- Processing fee cheque in favour of Fedfina Financial Services Ltd.
- Address and identity proofs
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof |
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| Documents Related to Property |
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Find Fedbank Home Loan Offices Near You
Although locating a Fedbank home loan office branch near you is not an issue, why take the trouble, when you can easily fill out the Free Consultation Form with the BASIC Home Loan team to seek help in applying for a Fedbank home loan.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
The Fedbank home loan interest rate 2024 starts at 19.00% per annum. However, we suggest you verify the same from the official website of the NBFC.
The minimum salary requirement for a Fedbank home loan is Rs. 25,000.
Yes, self-employed individuals can apply for a Fedbank home loan.
Preclosure of a home loan is a voluntary repayment of a home loan before the scheduled tenure ends, whereas foreclosure is a legal procedure generally initiated by the lender to recover the outstanding debt when the borrower defaults on payments.
Fedbank charges up to 6% of the outstanding loan amount and taxes as prepayment charges on home loan repayment.