Disclaimer: Federal Bank is not a Paisabazaar partner for loan against property and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Federal Bank for loan against property. No offers/services from Federal Bank are being provided by Paisabazaar for loan against property. For further information about Federal Bank for loan against property, users are required to reach out directly to Federal Bank.
| Federal Bank Loan Against Property Highlights | |
| Interest Rate | 12.60% p.a. onwards |
| Loan tenure | Up to 15 years |
| Loan amount | Up to Rs 5 Crores |
| Minimum age | 24 years |
| Processing fee | 1% of the limit sanctioned with a minimum of Rs 3,000 |
Interest Rates are updated as of 9 December 2024
Check LAP Interest Rates For Various Lenders Click Here
Table of Contents
Federal Bank Loan Against Property Interest Rate
Federal Bank offers loan against property at interest rates starting from 12.60% p.a. The final loan against property interest rates offered to the loan applicant would vary according to the credit score, monthly income, job profile, employer’s profile, etc. of the loan applicant.
Compare Interest Rates on Loan Against Property for Top Banks & HFCs
| Name of the Lender | Interest Rate (% p.a.) | |
| State Bank of India | 10.00-11.30 | |
| Bank of Baroda | 10.85-18.60 | Apply Now |
| PNB Housing Finance | 9.25-15.00 | Apply Now |
| IDFC First Bank | 9.00-16.50 | Apply Now |
| HDFC Bank Limited | 9.50-11.00 | Apply Now |
| L&T Housing Finance | 9.50 onwards | Apply Now |
| LIC Housing Finance | 9.50-11.55 | Apply Now |
| Godrej Housing Finance | 9.75 onwards | Apply Now |
| ICICI Bank | 10.85-12.50 | Apply Now |
| Tata Capital | 9.00 onwards | Apply Now |
| Axis Bank | 10.50-10.95 | Apply Now |
| Punjab National Bank | 10.40-12.75 | Apply Now |
Check Lenders Offering Loan Against Property at Low Interest Rates Click Here
Federal Bank Loan Against Property Fees and charges
| Processing fee | 1% of the limit sanctioned with a minimum of Rs 3,000 |
| Foreclosure charges/Part payment charges | NIL |
| Charges for switching loan from fixed to floating rates and vice versa | 0.25% of the outstanding balance or drawing power (whichever is higher) |
| CERSAI registration charges | NIL |
LAP Balance Transfer Facility offered by Federal Bank
Federal Bank offers balance transfer programs along with top-up loans to the existing borrowers of other banks and NBFCs.
Federal Bank Eligibility Criteria-Property Power Loan
- Individuals (Residents, Non-residents and PIOs)
- Sole-proprietorships, family partnerships, professionals and salaried where end use is personal or business and where the collateral is in the name of individuals.
- Minimum age of the borrower should be 24 years.
Check LAP Interest Rates For Various Lenders Click Here
Documents Required for Federal Bank’s Loan Against Property
KYC documents
- Two passport size photos of each of the applicant/ and the co-applicant
- Identity Proof – Passport / Voter 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
Additionally, non-resident applicants will have to submit a certified copy of Passport, Visa, Work Permit and ID card
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
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 the last 2 years IT returns supported by Tax calculation sheet & Tax paid challans
For Non-Resident Salaried (either of option1 or option 2)
Option 1
- NRE account statement with any bank for the 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.
Non-Resident Self Employed (either of option1 or option 2)
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. Wherever 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
- Documents of title
- EC for 13 years
- Possession certificate
- Location sketch
- Land tax receipt Building tax receipt ( if applicable )
- Approved Plan
The bank may also ask for additional loan against property documents based on the applicant’s profile.