Federal Bank Home Loan for Senior Citizens & Pensioners

There is a convenient Federal Bank home loan for senior citizens that is available, with several features and benefits. Those with pensions or businesses may apply for these loans. The key advantages include lower rates of interest in tandem with repayment choices that are flexible. Borrower may jointly apply with eligible relatives or co-applicants while the funds may be helpful for home purchases, repairs, renovations, plot purchases, and construction. Top-up provisions are also available with these loans, along with overdraft facilities. 

Federal Bank Home Loan for Senior Citizen – Highlights 

• Rate- 10.20-10.30%
• Amount- Maximum of Rs. 15 crore 
• Hidden Costs- Nil
• Duration- 20-30 years 

Federal Bank Home Loan for Senior Citizen – Fees and Charges 

With zero hidden costs, here are the applicable charges/fees for the senior citizen home loan from Federal Bank.

• Processing charge- 0.5% of the amount with maximum being Rs. 2,00,000
• Prepayment- Zero for floating-rate home loan and 3% on outstanding balance/DP for fixed-rate home loan 
• Payment delay charges- 2% each month of the portion overdue
• Loan switch costs- 0.25% of outstanding balance/DP

Federal Bank Home Loan for Senior Citizen – Documents Required

There are some basic documents that senior citizens will require, namely the PAN card, Aadhar card, bank statements for the last six to twelve months, address, identity, and signature proof, business profile and existence proof if applicable, IT returns for two years backed by the profit and loss account and balance sheet for the previous two years, etc. 

Federal Bank Home Loan for Senior Citizen – Eligibility Criteria

NRIs and persons of Indian Origin (PIOs) may apply for the loan along with residents of India. The credit score should be high in order to scale up the chances of approvals. There is no stringent age limit, although it is 55 years for NRI applicants. The business should have a continuity of 2 years with operational status records for self-employed applicants. Otherwise, the proof of pensioner status is needed.