Federal Bank Home Loan Interest Rate
With over 1408 banking outlets spread across India, Federal Bank is a private sector bank offering affordable financial services to eligible applicants. The Federal Bank home loan interest rate starts at 8.80% per annum for home and plot purchase loans. The home loan interest in Federal Bank for property power loans starts at 12.60% per annum. The maximum loan repayment tenure offered for Federal Bank housing loans is up to 30 years. The bank charges a nominal processing fee of up to 0.50% of the loan amount or a minimum of Rs. 10,000 and a maximum of Rs. 45,000 for processing home loan applications.
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Principal Amount
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Total Interest
Federal Bank Home Loan Key Highlights
| Amount of Loan | Up to Rs. 15 crore |
|---|---|
| Rate of Interest | 8.80% p.a. onwards |
| Processing Fees |
Up to 0.50% of the loan amount |
| Max Tenure for Loan Repayment | 30 years |
Federal Bank Home Loan Interest Rates in 2024
The lowest home loan interest rate offered by Federal Bank starts at 8.60% - 8.75% per annum. The bank offers affordable home loans to both salaried as well as self-employed applicants in India. The tables given below highlight the Federal Bank home loan interest rate 2023 for different categories of loan applicants.
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Salaried | 8.80% per annum onwards |
| Self-Employed | 8.80% per annum onwards |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Repo Linked Lending Rate (RLLR) is 8.50%
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loan | 8.80% per annum onwards |
Federal Bank Housing Loan Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Existing Bank Customers | 8.80% per annum onwards |
Top-Up Loans Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Existing Bank Customers | 8.80% per annum onwards |
Interest rates were last updated on 24th November 2023
Federal Bank Home Loan Interest Rates for All Schemes in Indiav
Federal Bank offers all kinds of home loan schemes to interested people who wish to get financial help buying a home or a plot or to meet the expenses of a housewarming celebration for a new home. The table below will give you a clear idea of the home plan schemes offered by the bank and the standard rate of interest offered on each.
| Federal Bank Home Loan Schemes | Rates of Interest for Each Plan |
|---|---|
| Federal Bank Housing Loan |
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| Federal Bank Plot Purchase Loan |
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| Federal Bank Housewarming Loan |
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| Federal Property Power Loan |
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Federal Bank Home Loan Interest Rates for Balance Transfer, Top Up, and Overdraft
Federal Bank has on a platter three types of convenient home loan facilities for its customers who already have a home loan scheme with the bank, and these are listed below
Federal Bank Home Loan Balance Transfer
The Federal Bank wants existing home loan borrowers to enjoy home loans at a lower interest rate; therefore, it allows them to easily transfer their outstanding loan amount to the Federal Bank through its Balance Transfer Home Loan Scheme. The Federal Bank balance transfer home loan interest rate starts at 8.80% per annum.
Federal Bank Home Loan Top-Up
The Federal Bank tries its best to help existing home loan customers with extra financial help by providing them with easy Top-Up Home Loans. Opting for a home loan top-up from Federal Bank is a cost-effective measure, as it makes the customer eligible for tax benefits too. The Federal Bank home loan top-up interest rate starts at 8.80% per annum.
Federal Bank Home Loan Overdraft Option
The overdraft facility on home loans offered by Federal Bank is an excellent way through which the bank allows its customers to avail some additional funds as per their requirements. The Federal OD facility saves them from reapplying for a new loan amount. The customer can save on interest costs through the Federal Bank OD facility by keeping some extra funds in the account. The Federal Bank Overdraft home loan interest rate starts at 8.80% per annum.
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Compare Federal Bank Home Loan Interest Rate with Top Banks
A little comparison is always better when buying a product or service, be it a home loan from a bank. So, before you apply for a Federal Bank home loan, we suggest you compare its home loan interest rates with other competitor banks and NBFCs. The table below highlights the interest rates and processing fees of other leading home loan providers in the country
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| Bank of India Home Loan | 8.30% p.a. onwards | Nil (until 31 Dec 2023) |
| LIC HFC | 8.50% p.a. onwards | Up to 0.25% (Rs. 25,000 max) |
| PNB Housing | 8.75% - 11.45% p.a. | Up to 0.50% (Rs. 10,000 max) |
| Kotak Mahindra | 8.75% - 9.60% p.a. onwards | 0.5% - 1.0% of loan amount + taxes |
| SBI | 9.15% - 12.95% p.a. onwards | Up to 0.25% (Rs. 10,000 max) |
Federal Bank Home Loan Balance Transfer Interest Rates
Federal Bank knows the secret of reducing the financial burden of home loan borrowers through its Balance Transfer Home Loan Scheme. It is a flexible way through which existing home loan borrowers can easily transfer their outstanding balance on loan repayment from another bank to the Federal Bank’s lower rate of interest home loan schemes.
Federal Bank home loan balance transfer interest rate starts at 8.80% per annum for all loans. This home loan facility is open for both salaried and self-employed borrowers. Have a look at the easiest way to apply for a Federal Bank balance transfer home loan:
- Go to the Repay Right section on the BASIC Home Loan website - Repay Right
- Enter the required information in the provided form and fill in the key details on the current outstanding loan amount, existing rate of interest per annum, new rate of interest per annum, existing loan repayment tenure, and existing EMI paid on the loan amount.
- Click on Next once you have entered the required details on the form.
- You can see your total savings with the Federal Bank Home Loan Balance Transfer option on the next page.
- Alternatively, you can get in touch with one of the team representatives of BASIC Home Loan, who can help maximize your savings with Federal Bank Balance Transfer on home loans.
Get Home Loan Starting at 8.5%*
How to Calculate Federal Bank Home Loan Interest Rates?
We strongly advise you to determine the interest rate payable on a Federal Bank home loan plan using the online home loan interest rate calculator at EMI. Use this easy online EMI calculator to plan your monthly finances better without any confusion. The table below provides a detailed estimate of the EMI payable and the interest rate on Federal Bank home loans
Federal Bank Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 8.80% p.a. | Rs. 12,560 | Rs. 8,869 | Rs. 7,903 |
| Rs. 20 lakh | 8.80% p.a. | Rs. 25,119 | Rs. 17,738 | Rs. 15,805 |
| Rs. 30 lakh | 8.80% p.a. | Rs. 37,679 | Rs. 26,607 | Rs. 23,708 |
| Rs. 40 lakh | 8.80% p.a. | Rs. 50,238 | Rs. 35,476 | Rs. 31,611 |
| Rs. 50 lakh | 8.80% p.a. | Rs. 62,798 | Rs. 44,345 | Rs. 39,514 |
| Rs. 60 lakh | 8.80% p.a. | Rs. 75,358 | Rs. 53,214 | Rs. 47,416 |
| Rs. 70 lakh | 8.80% p.a. | Rs. 87,917 | Rs. 62,083 | Rs. 55,319 |
| Rs. 80 lakh | 8.80% p.a. | Rs. 1,00,477 | Rs. 70,952 | Rs. 63,222 |
| Rs. 90 lakh | 8.80% p.a. | Rs. 1,13,036 | Rs. 79,821 | Rs. 71,125 |
| Rs. 1 crore | 8.80% p.a. | Rs. 1,25,596 | Rs. 88,690 | Rs. 79,027 |
The figures in the table above are based on an 8.80% p.a. interest rate offered by the Federal Bank. They may vary, however, based on the different interest rates offered by other banks, your monthly income, and other factors.
FAQ's
At present, the home loan interest rate on a Federal Bank home loan starts at 8.80% per annum. However, this is subject to change, so please refer to the latest updates on the bank’s official website.
The maximum tenure for a Federal Bank home loan is up to 30 years for eligible borrowers based on their chosen housing loan scheme.
The Federal Bank home loan interest rate for a self-employed individual starts at 8.80% per annum.
Federal Bank charges up to 0.50% of the loan amount or a minimum of Rs. 10,000 or a maximum of Rs. 45,000 as a processing fee on housing loans.
An applicant must have a decent CIBIL score. 750 or above is the preferred score to apply for a Federal Bank home loan.
No, it is not mandatory to have a guarantor to avail of a Federal Bank home loan.
The simple formula used to determine the total interest cost for a home loan is the principal amount multiplied by the rate of Interest multiplied by time divided by 100 (Principal Amount x Rate of Interest x Time/ 100).