Federal Bank Home Construction Loan

The Federal Bank construction loan offers a substantial loan amount of up to ₹15 crore. The funding covers up to 85% of the project cost, ensuring that your home-building journey is as smooth as possible.

The Federal Bank construction loan interest rate starts at a competitive 8.80% p.a., making it a cost-effective option for your construction needs.

Federal Bank Home Construction Loan Interest Rates

Federal Bank Construction Loan: Fees and Charges

The Federal Bank house construction loan includes a range of charges tailored for clarity and simplicity. Processing fees for these loans typically range from ₹10,000 to ₹45,000, varying with the loan’s specifics.

Notably, for individual borrowers with floating rate loans, there are generally no prepayments charged for plot plus construction loans by Federal Bank, offering flexibility to repay the loan early without extra costs. In cases of delayed EMI payments, a penal interest might be imposed, calculated as a percentage of the overdue amount.

Federal Bank Construction Loan Eligibility Criteria for Salaried Applicants

For salaried individuals, the Federal Bank sets specific criteria to ensure applicants have the financial stability and capacity to repay the loan. Here are the key eligibility requirements:

• Proof of Stable Income: Provide recent salary slips and employment details to demonstrate a regular income.
• Identity and Address Proof: Documents like Aadhaar, PAN, or Passport are required to verify identity and residence.
• Good Credit History: A strong credit record is essential to showing reliability in managing credit.

Federal Bank Construction Loan Eligibility Criteria for Self-employed Applicants

Self-employed individuals must meet distinct eligibility criteria for the Federal Bank home construction loan, reflecting their unique financial situations:

• Proof of Business Stability: Necessary documents include business registration and tax returns to confirm the business’s legitimacy and stability.
• Financial Statements: Submit recent bank statements and profit and loss accounts to demonstrate financial health.
• Strong Credit Record: A good credit history is crucial to proving creditworthiness and fiscal responsibility.

Federal Bank Construction Loan Documents Required for Salaried Applicants

Salaried applicants must prepare the following documents for a smooth loan application process:

• Income Proof: Recent salary slips and bank statements to evidence income levels.
• Identity Proof: Documents such as PAN card, Aadhaar card, and Passport.
• Address Proof: Utility bills, rental agreements, or lease agreements to confirm the current residential address.

Federal Bank Construction Loan Documents Required for Self-Employed Applicants

Self-employed individuals need to provide a different set of documents to apply for a construction loan:

• Business-Related Documents: Includes business registration certificates and tax returns to validate the existence and stability of the business.
• Financial Statements: Recent bank statements and balance sheets are needed to show the financial health of the business.
• Personal Identification Documents: Such as PAN card, Aadhaar card, and Passport for identity verification.

Features of Federal Bank Construction Loans

The house construction loan Federal Bank offers is packed with features designed to make your home-building journey smooth and stress-free. These features cater to various needs, from high loan amounts to innovative loan solutions.

• High Loan Amounts: Up to ₹15 crores, covering a significant part of construction costs
• Competitive Interest Rates: The Federal Bank home construction loan interest rate starts at 8.80% p.a., ensuring affordability
• Flexible Repayment Options: Up to 360 months of repayment period
• Minimal Documentation: Simplified process for quick and easy loan approval
• Innovative Loan Solutions: The plot plus construction loan combines land purchase and construction costs
• Hassle-Free Application Process: Streamlined procedures for a smooth experience