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Federal Housing Loan

Your dream home is never far away! Get hassle free home loans from Federal Bank to turn your dream home into reality. We assist you to realize your dream home. Avail your Housing Loan from us at competitive interest rates. The loan scheme assists borrowers for construction of house, acquisition of land & construction of house, repairs / renovation / remodeling / extension of house, reimbursement of debt incurred for construction / purchase / furnishing / beautification / purchase of flat / villa / house plots / takeover of housing loans / supplementary housing loan to employees of well-run companies / purchase of house plot for subsequent construction of house etc.

 

  • Features
  • Repayment Options
  • Speedy loan approval
  • Get loan up to 85% of project cost
  • Minimal paperwork
  • Longer repayment period
  • Loan amount up to Rs. 1500 Lakhs with a margin of 15 – 20%
  • Longer repayment period – up to 30 Years
  • Repayment can be done as easy EMIs
  • Security for the loan will be Mortgage of land and building.
  • Resident & Non resident individuals including salaried people, self-employed and business persons can apply for Federal Housing Loan.

Repayment of the loan is made as Equated Monthly Installments (EMI).

You can use any one of the ways to repay the loan:
 

List of Documents Required

Indicative list of documents required for Housing Loan are given below.

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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
  • Certified copy of Passport, Visa, Work Permit, ID card (Applicable for NRI customers)

Income Documents - For 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

Income Documents - For 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
 

Income Documents - For Non Resident Salaried

Either Option 1 or Option 2 is required.
 
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.

Income Documents - For Non Resident Self Employed

Either Option 1 or Option 2 is required:
 
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

For purchase of approved Flats under construction

  • Agreement for Sale & construction
  • Allotment letter / NOC from Builder to mortgage the flat
  • Tripartite Agreement( to be obtained before disbursal of loan)
 

For purchase of unapproved Flats under construction

  • Agreement for Sale and Construction
  • Allotment letter / NOC from Builder to mortgage the flat *
  • Title Deed *
  • Prior Deed (in cases where the Title Deed does not contain recitals explaining derivation for past 30 Years) *
  • EC for 13 years (minimum) *
  • Possession certificate *
  • Location Sketch *
  • Land Tax receipt (latest) *
  • Tripartite Agreement (to be obtained before disbursal of loan) *
  • Approval or permission from civic authorities *
  • Approved Plan and building permit
  • NOC from Environmental Department
  • NOC from pollution control board
  • Fire and safety Clearance
  • NOC from aviation department (if applicable)
  • NOC From Navy - Army (if applicable)
  • Certificate from Coastal Zone management Authority (if near seas, bays, estuaries, creeks, rivers, backwaters etc.)
 

For acquisition of land and subsequent construction of a house in that land

 
  • Agreement for Sale of Land
  • Title deed *
  • Prior Deed (in cases where the Title Deed does not contain recitals explaining derivation for past 30 Years) *
  • EC for 13 years (minimum) *
  • Possession Certificate
  • Location sketch *
  • Latest land tax receipt
  • Tentative plan and estimate for construction  
 
 

For acquisition of approved Ready Built Flats

  • Agreement for Sale & construction
  • Allotment letter / NOC from Builder to mortgage the flat
 
 

For acquisition of unapproved Ready Built Flats

 
  • Agreement for Sale and Construction
  • Allotment letter / NOC from Builder to mortgage the flat *
  • Title Deed *
  • Prior Deed (in cases where the Title Deed does not contain recitals explaining derivation for past 30 Years) *
  • EC for 13 years (minimum) *
  • Possession certificate *
  • Location Sketch  *
  • Land Tax receipt (latest) *
  • Tripartite Agreement (to be obtained before disbursal of loan) *
  • Approval or permission from civic authorities *
  • Approved Plan and building permit
  • NOC from Environmental Department
  • NOC from pollution control board
  • Fire and safety Clearance
  • NOC from aviation department (if applicable)
  • NOC From Navy - Army (if applicable)
  • Certificate from Coastal Zone management Authority (if near seas, bays, estuaries, creeks, rivers, backwaters etc.)

For acquisition of Ready built House

 
  • Agreement for Sale
  • Approved plan
  • Title Deed
  • Prior Deed (in cases where the Title Deed does not contain recitals explaining derivation for past 30 Years)
  • EC for 13 years (minimum)
  • Possession certificate
  • Location Sketch
  • Land & Building Tax receipt (latest)
 

For construction of house in the already owned land

 
  • Approved plan and Estimate for construction
  • Building Permit / NOC for construction *
  • Title Deed *
  • Prior Deed (in cases where the Title Deed does not contain recitals explaining derivation for past 30 Years) *
  • EC for 13 years (minimum) *
  • Possession certificate
  • Location Sketch *
  • Land Tax receipt (latest)
 
 

For repair, renovation, remodeling, extension of existing house, flat, villa

 
  • Approved plan and Estimate
  • NOC for construction in the case of extension
  • Title Deed
  • Prior Deed (in cases where the Title Deed does not contain recitals explaining derivation for past 30 Years)
  • EC for 13 years (minimum)
  • Possession certificate
  • Location Sketch
  • Land & Building Tax receipt (latest)