The federal bank provides an opportunities to fulfill their dream by them property loan and housing loans.
- Federal Housing Loan
You will get struggle free loans from the Federal bank to achieve your dream home. They provide speed loan processing and approval from higher authorities. You will get loan amount up to Rs.1500 lakhs with longer repayment period. You can use this loan for construction of the house, for the payment of land that you wish to buy and for the renovation/repair/ furnishing of your house. You can also purchase villa and flats. They provide loan repayment period up to 20 years with interest. The NRI peoples with a high salaried job or business holders can apply for this loan. The monthly income of the applicant should be more than Rs.30,000. You only need the proof of identity that is passport copy, the copy of visa, proof of income, an address proof and passport size photo of the applicant. These documents are for the identification. And you need to submit the other documents such as land tax receipt, possession certificate, property sketch and an approved building plan.
They will provide several ways to repay the monthly installments through cheques, Fednet internet banking, mobile banking and payments through ECS.
- Loan for Purchase of House Plots
This kind of loan will provide up to Rs.25 lakhs with the loan repayment period of 60 months. The loan is provided for purchasing house plots and for the construction of houses. The repayment can be done as EMI’s. The person who has a high rate of income and business tycoons can apply for this loan. You only need to submit the proof of identity, address proof, bank statement of last 6 months, land tax receipt and title deed with the fully filled application form. The repayment can be done through cheques, Fednet, mobile banking and the payment through ECS.
- Property Power
You can take loans by submitting your documents to fulfill your dreams such as for the education of your children, to build a business entity and you can arrange fund for a marriage of your family member. You will get the loan amount up to Rs.5 Cr with the maximum repayment period of 15 years. Insurance facility is also available for this. The NRI individuals and PIOs can apply for this loan via online or by visiting the bank. You only need the fully filled application form, your address, identity and age proofs, bank statements and income documents. You can submit you close relative’s document for granting this loan.
- House Warming Loan
It is an attractive loan for the construction or purchase of the house. It will provide the money for housewarming and other expenses. It has only 2% interest for the loan. They will provide 60 months for the repayment of the amount. The existing and new housing loan customers can apply for this loan. The maximum loan amount is Rs.2 Lakhs. The repayment can be made through Fednet, mobile banking and by submitting cheques.