Property Power

Features & Benefits

Now your Property can take care of your Personal, Business and family's needs. Your dream of building the business to new heights, consolidating debts, education of your children or even arranging funds for a marriage in the family can now be fulfilled with Property Power. With this facility, unleash the power you never knew you had! Property Power is the mortgage loan offered by Federal Bank that provides loan against your property.  You can avail loan against property for fulfilling personal needs such as meeting expenditure on education, marriage, healthcare, business or any other lawful purpose.
 
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Quick loan processing
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Individuals (Residents, Non-residents, PIOs) can apply for the loan
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Longer repayment period-  up to 15 years
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Lower Interest Rates & EMIs
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Loan Amount up to Rs.5 Crore
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Loan can be availed as overdraft as well as Term Loan
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Minimal Paperwork
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Surrogate Scheme for Self Employed Category available
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Balance Transfer Programs with additional finance
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Property Power is offered against residential premises, a plot of land or commercial properties as per your convenience.

*Conditions apply

Documents Required

KYC Documents

  • Two passport size photos each of the applicant/ and the co obligant
  • Identity Proof – Passport / Voters ID / Driving License/ PAN Card / Aadhaar Card
  • Address Proof – Passport / Voters ID / Driving License / Aadhaar Card
  • Age Proof – Passport / Birth Certificate / Driving License / SSLC or AISSE Certificate

Additional documents for Non Resident Customers

  • Certified copy of Passport, Visa, Work Permit, ID card

 

Income Documents

Resident Salaried

  • Latest Salary Certificate /  Salary Slip (3 months)
  • Copies of IT returns (2 years) or Form No.16 (2 years) 
  • Latest 6 month's Bank Account statement evidencing the salary credits

 

Resident Self Employed

  • Proof of Business existence & Business Profile
  • Last 12 months bank a/c statements
  • IT returns for 2 years supported by Balance Sheet, P&L Account for the past two years. Where ever available, Tax paid challans may also be collected OR Last 2 years IT returns supported by Tax calculation sheet & Tax paid challans

 

Non Resident Salaried (either of option1 or option 2)

  • Option 1
  • NRE account statement with any bank for last one year
  • Embassy / CRO certified Salary Certificate/ latest 3 months salary Slip OR Latest Salary Certificate / Slip (3 months) supported by 6 months Salary Crediting Statement
  • Option 2
  • Two years NRE a/c statement of the customer and/or resident accounts of spouse/parents (with us/ other Bank) in which remittance is made.

 

Non Resident Self Employed (either of option1 or option 2)

  • Option 1
  • Proof of Business existence & Business Profile
  • Last 12 months bank a/c statements
  • Balance Sheet, P&L Account for the past two years. Where ever available, Tax paid challans may also be collected
  • Option 2
  • Two years NRE a/c statement of the customer and/or resident accounts of spouse/parents (with us/ other Bank) in which remittance is made.

 

Property Documents

  • Documents of title *
  • EC for 13 years *
  • Possession certificate
  • Location sketch *
  • Land tax receipt
  • Building tax receipt ( if applicable )
  • Approved Plan

Repayment options

Repayment period for Property Power is maximum 15 years. Repayment of the loan can be made using any one of the ways:

Terms & Conditions

Security

  • Mortgage of immovable property
  • Property in the name of close relatives also will be accepted
  • For granting Property Power to PIOs, the property shall be in their own names.

 

Insurance

  • Insurance options for Property Power Loan at attractive Premiums
  • Amount for insurance can be included as a part of our loan component subject to satisfactory repayment capacity & availability of required security margin as per norms.

 

Interst Rates & Service Charges applicable

 

Other Conditions

  • Bank reserves the right to reject any application without assigning reasons thereof
  • The applicant will undertake to inform the Bank as and when there is a change in address or employment
  • The terms and conditions mentioned above and elsewhere under the scheme are subject to modification from time to time solely at Bank's discretion.

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