Federal Bank Plot Loan

Are you looking to invest in a plot for your new home? Well, it's easy with Federal Bank! The Federal Bank Plot Loan scheme is designed to assist individuals in realising their dream of owning residential land. This scheme provides financial support for purchasing house plots intended for subsequent construction. 

Urban Money has designed a concentrated guide for you to understand the nitty-gritty of the plot loan scheme. 

Federal Bank Plot Loan – Highlights

Federal Bank Plot Loan Interest Rates 

The interest rate of the Federal Bank plot loan starts from 8.40% (+ 2.30%) onwards.

Federal Bank Plot Loan Charges

Here are the additional charges for the Federal Bank plot loan:

Eligibility Criteria for Federal Bank Plot Loan

Eligibility Criteria for salaried and business owner individuals for Federal Bank Plot Loan:

• Should be a salaried or self-employed individual.
• PIOs are also eligible for the plot Loan with specific conditions:
• The loan must be secured by primary or collateral security of immovable property in India in the name of the PIO.
• The PIO should possess a valid PIO Card and a valid foreign passport.
• A close relative (as defined in the Companies Act) residing in India must join as a co-obligate to the loan.
• The borrower’s age should not exceed 55 years at the end of the loan tenure. 
• The borrower’s monthly income should be not less than Rs. 50,000.

Documents Required for Federal Bank Plot Loan   

The documents required by salaried and self-employed individuals for a Federal Bank Plot Loan are:

• • Identity Proof ( any one or two): Passport/Driving License/PAN Card/Voter ID

• • Residence Proof (all):
  • Electricity Bill
  • Ration Card
  • Telephone Bill
  • Lease Agreement
  • Sales Tax Certificate
  • Latest 6 months bank statement

• Property-related Documents

• • The title deed of the plot
  • Land Tax Receipt

Features of Federal Bank Plot loans

Here are the features of Federal Bank Plot Loans:

• Speedy loan approval process for minimal wait time.
• Requires minimal paperwork.
• Offers plot loans up to Rs.25 lakhs with a 40% margin cost.
• Covers up to 60% of the plot’s value in the loan.
• Interest is calculated using the MCLR method for competitive rates.
• 60-month repayment period with easy EMIs.
• Options for collection and repayment include cheques, internet banking, ECS, and mobile platforms.
• Collatral includes the Plot, which indirectly makes it non-collatral.

Notable Key Points of Federal Bank Plot Loan

Key Highlights of Federal Bank Plot Loan:

• Experience a swift and efficient loan approval process.
• Enjoy a hassle-free application with minimal paperwork.
• Secure loans up to Rs. 25 Lakhs with reasonable margins.
• Benefit from competitive interest rates calculated using the MCLR method.
• Choose from a repayment period of up to 60 months.
• Easily apply online or visit a Federal Bank branch, catering to the needs of salaried, self-employed, and business individuals.
• Your plot acts as collateral, simplifying the security process.
• Receive dedicated customer support.