Federal Bank Loan Against Property - First Attempt Financial Solutions

Federal Bank
Loan Against Property

Apply for Federal Bank Loan Against Property (LAP) starting at 10.10% p.a.
for up to 10 years. You can avail hassle free mortgage loan for a range of
business needs. Federal bank offers highly customised property loan as Term
Loan, Working Capital/ Non-Funded Limits and Demand Loan. Both self
-employed professionals as well as businesses can avail the benefit of the
lowest Federal Bank LAP rate.

Loan Against Property (LAP) can save you from the sudden panic caused by a financial crisis. It does not matter how rich someone is, as a financial crisis can hit anyone and at any time. For most individuals, a property act as a sense of security during times of financial issues but most of the time, it does not add any significant value on a daily basis. So why not use this security during the times of emergencies and address the financial problems in an efficient manner.

Federal Bank has emerged as one of the favourite LAP providers in India due to the several benefits on offer. Getting a Loan Against Property is now easier with Federal Bank offering the loan with minimal documentation and quick processing. Loan Against Property is a multi-purpose loan that can be used for anything be it the education of your child, wedding expenses, renovation of your house, repayment of a debt, or any other financial need of yours.

Federal Bank is a commercial bank with its head office in Kochi. With 8 million customers all over the country and 1.2 million NRI customers, Federal Bank claims to handle 15% of India’s inward remittances. Federal Bank handles remittances arrangements with around 110 banks offering significant ease of transferring money to and from India.

Federal Bank offers multiple financial products to its customers to enhance their user experience. One of the most popular credit products offered by the bank is Loan Against Property. Whether you own a residential property or an industrial property, you can easily get a loan against it from Federal Bank at attractive interest rate. Federal Bank allows you to use the borrowed money for business purpose as well. With the help of Federal Bank LAP, you can handle any type of financial requirement in an effective manner.

Additional Info: You can also avail Loan Against Property without Income Proof and ITR

Here are some of the major reasons that make Federal Bank Loan Against Property an option worth considering:
Quick loan processing and approval
Residents, Non-residents, PIOs, everyone can apply for the loan
fastmudra.in and equated monthly instalments (EMIs)
Loan can be availed for personal as well as business requirements
Loan can be availed as Term Loan as well as Overdraft
Minimal paperwork required
No stipulation of financial parameters
Flexible repayment options
Property Power can be availed against residential premises/ plot of land/ commercial properties, as per your convenience.
Additional Reading: Cibil score check free online by pan number

The bank offers the following features and benefits on LAP:

Longer repayment tenure of up to 20 years
Loan amount f up to 20 Crores
Affordable interest rates
Low processing fee
Surrogate Scheme available for self-employed applicants
Balance Transfer Programs available with additional finance
Equitable mortgage of immovable property will be required as security for SME Loan Against Property (with 25% margin).

Repayment can be done through Cheques, Standing instructions at your branch, Automated loan recovery, FedNet – Internet Banking, or Automated Payment through ECS.

Federal Bank offers Loan Against Property or Property Power Loan (LAP) at affordable interest rates. The applicable rates vary from 11.70% to 14.95% currently. The rates may vary depending on the type of scheme chosen, the income of the borrower, property’s value, loan amount, credit score of the borrower, and other factors.

Federal Bank has the following variants of Loan Against Property on offer for its customers:

Property Power

Purpose	This loan can be availed against the property for your personal, business, and family’s financial needs. Take your business to new heights, consolidate debts, or fund education or marriage of your children, with Property Power.
Loan Amount	Up to 5 Crores
Repayment Tenure	Up to 15 years
Eligibility	Residents, Non-resident, and PIO individuals can apply. The loan can be availed against residential/ commercial properties or a plot of land. Security Immovable property’s mortgage Property in close relative?s name will also be accepted For PIOs, the property should be in their own names The applicant has to inform the bank whenever there is a change in address/ employment.
Other Key Features	Loan is available as Overdraft as well as Term Loan. Surrogate Scheme available for self-employed Balance Transfer facility available with additional finance. Insurance options available at attractive premiums for Property Power Loan. The insurance amount can be included as a part of the bank?s loan component.

SME Loan Against Property

Purpose	This loan can be availed by entrepreneurs for their business needs and growth.
Loan Amount	No stipulation of financial parameters
Repayment Tenure	Up to 30 months for Running Overdraft/ Demand Loan. Up to 120 months for Term Loan Up to 30 Months for Non Funded Limits
Eligibility	Self-employed professionals, Firms, Companies, any other legal entity which is engaged in manufacturing/service/trading can apply (excluding NBFCs/ Real estate/ Chit Companies/ Export Credit). The bank will require immovable property’s equitable mortgage with 25% margin as security.
Other Key Features	Low processing fee of 0.50% Term Loan, Working Capital/ Non-funded limits, and Demand Loan available

Loan Against Rent Receivables

Purpose	This loan can be availed against the future rentals of a commercial property today.
Loan Amount	Up to 20 Crores
Repayment Tenure	Up to 120 months
Eligibility	Individuals/ Company/ Firm/ any legal entity with assured rental/ maintenance/ service income from reputed Companies/ PSUs/ Institutions/ Established Organisations can apply. Lower margin is required at 10% on the discounted value of the net rent receivables.
Other Key Features	Competitive interest rate Demand Loan, Term Loan, OD with diminishing Drawing Power (DP) available.

Federal Aashray Loan

Purpose	The Federal Aashray Loan provides an additional income source for senior citizens of India, who own a self-acquired property in the country, for any personal use except speculative trading and/or business.
Loan Amount	Loan amount is decided according to the value of the security which is being provided. Value of the property-to-be-mortgaged should be minimum 60% of qualifying loan amount. Monthly payout from 2,000 to 25,000
Repayment Tenure	10 to 15 years The remaining life of the property should be minimum 20 years.
Eligibility	Applicant should be at least 60 years of age and their spouse should not be below 58 years of age when applying for the loan. If spouses jointly own a property (with age restrictions mentioned above), they can be co-applicants. Number of surviving spouses on the loan sanction date should not be more than one. Borrower must have property in their own name.
Other Key Features	Bullet payment option available Prepayment the loan is allowed by giving 6 month’s notice. Settlement by legal heirs option is also available. Interest is reset every 5 years

Property Power for NRIs

Purpose	This loan can be availed against property for your personal, business, and family’s financial needs. Take your business to new heights, consolidate debts, or fund education or marriage of your children, with Property Power.
Loan Amount	Up to 50% of the security’s value Maximum 5 Crores
Repayment Tenure	Up to 15 years
Eligibility	NRIs and PIOs can apply The loan can be availed against residential/ commercial properties or a plot of land. Security Immovable property’s mortgage Property in close relative’s name will also be accepted For PIOs, the property should be in their own names The applicant has to inform the bank whenever there is a change in address/ employment.
Other Key Features	Loan is available as Overdraft as well as Term Loan. Surrogate Scheme available for self-employed Balance Transfer facility available with additional finance. Insurance options available at attractive premiums for Property Power Loan. Insurance amount can be included as a part of bank’s loan component.

Following are the documents required to be submitted along with duly filled and signed loan application form for Federal Bank Loan Against Property:

Property Power	KYC Documents 2 passport size photos the applicant and the co-obligant Identity proof: Passport/ Aadhaar Card/ Voter’s ID/ Driving License/ PAN Card. Address proof: Passport/ Aadhaar Card/ Voter’s ID/ Driving License Age proof: Passport/ Driving License/ Birth Certificate/ SSLC or AISSE Certificate. Additional documents for NRI applicants: Certified copy of Passport, Visa, Work Permit, and ID card.
	Income Documents Salaried – Resident Latest Salary Slip/ Salary Certificate for 3 months Copies of ITR or Form 16 for 2 years Latest Bank Account Statement for 6 months showing the salary credits Salaried – Non-Resident (either of the following 2 options) Option 1 NRE Account Statement of any bank for last 1 year Salary Certificate/ last 3 months’ Salary Slip/ latest Salary Certificate (Embassy/ CRO certified) along with 6 months’ Salary Crediting Statement. Option 2 NRE Account Statement for 2 years of the customer and/or Resident Accounts of parents/spouse (with Federal Bank or other bank) in which remittance is made. Self-employed – Resident Business Existence proof and Business Profile Bank Account statements for last 12 months ITR for 2 years along with Balance Sheet, P&L Account for the last 2 years. Tax Paid Challans (wherever available) or ITR for last 2 years supported by tax calculation sheet and Tax paid challans. Self-employed – Non-Resident (either of the following 2 options) Option 1 Business Existence proof and Business Profile Bank Account Statements for last 12 months Balance Sheet and P&L Account for the last 2 years Tax Paid Challans (wherever available) Option 2 NRE Account Statement for last 2 years of the customer and/or resident accounts of parents/ spouse (with Federal Bank or other bank) in which remittance is made.
	Property Documents Title documents Encumbrance Certificate for 13 years Possession Certificate Location Sketch Building Tax receipt (if applicable) Receipt of Land Tax Approved Plan
SME Loan Against Property	Identity proof: Passport/ Driving License/ Voter’s ID / PAN Card Address proof: Ration Card/ Passport/ Telephone Bill/ Electricity Bill/ Lease Agreement/ Trade License/ Sales Tax Certificate. Last 6 months’ Bank Statement Proof of continuation: ITR/ Establishment/Sales Tax Certificate/ Trade License ITR/Sales Tax Returns of proprietor/ firms/ partners/ companies (wherever applicable). Audited or unaudited financial statements (as applicable) for the last 2 years, for existing units. Projected financial statements Copy of NOC/ license from local body or license by competent authority for running the business. Other documents requested by the bank as per individual requirements
Loan Against Rent Receivables	Identity proof: Passport/ Driving License/ Voter’s ID/ PAN Card Address proof: Ration Card/ Passport/ Telephone Bill/ Electricity Bill/ Lease Agreement/ Trade License/ Sales Tax Certificate. Bank Statement for last 6 months Last 2 years ITR with computation of income, Balance Sheet and P&L account (audited). Continuation proof: ITR/ Trade License/ Sales Tax Certificate/ Establishment Copy of registered lease agreement/ service agreements/ maintenance, duly executed & acknowledged by lessor and lessee. Also, original agreement should be obtained & verified. Copy of the tax paid to local bodies or Tax Assessment order (wherever applicable). Other documents requested by the bank as per individual requirements

Additional Reading: How to improve cibil score immediately?

Simply log on to fastmudra, go to the loans tab and select Loan Against Property. Then fill in and submit all the required details. You will instantly get a call from our Mortgage Specialists to guide you further on the successful loan application.

The bank offers the following products apart from Loan Against Property:

Personal Loans	Car Loans	Gold Loans	Housing Loans	Education and Career Loans	FedPremia
Federal Easy Cash	Loan against Fixed Deposits	Loan for Senior Citizens	Loan against Shares	RD Xtra Gain	NRI Gold Loan
NRI Car Loan	NRI Property Loan	NRI Housing Loan	SME Business Loans	Agri Loans	Agri Allied Loans
Instant Digital Loan	Term Loans Bank	Working Capital Loans	Bill Discounting	Project Finance	Guarantee for Corporates
Letter of Credit	Packing Credit Limit	EBRD	PCFC	LC Bill Discounting	Bank Guarantee
Export Pre-Shipment Credit	Export Post-Shipment Credit	Savings Accounts	Noor Personal Accounts	Salary Accounts	RFC Domestic Account
RFC Account	GBD Super S1	Demat Accounts	NRE Savings Accounts	NRO Savings Accounts	NRE Current Accounts
NRO Current Accounts	NRI Priority Banking	Current Accounts	EEFC Accounts	Gilt Accounts	Deposits
NRI Deposits	Fixed Deposits	Cash Certificates	Recurring Deposits	Debit Cards	Credit Cards
Gift Cards	Forex Card	Life Insurance	Health Insurance	General Insurance	Fed-e-Trade (Online Trading)
National Pension System	Indian Gold Coin	Fed Oriental Pravasi Insurance	Portfolio Investment Scheme	Wealth Management	Cash Management Services & Merchant Banking Services

Additional Reading: What is good credit score range?

Loan Against Property is not simply just another form of credit offered by financial institutions. It involves a lot of planning and careful execution for you to achieve the desired goals. Before taking a high-value loan like Loan Against Property, one must be ready with the plans for timely repayment. Thankfully, with the availability of online EMI Calculator at fastmudra, the planning process for the repayments has become relatively easier. The Federal Bank Loan Against Property EMI can be calculated using the http://www.fastmudra.in .

Following are the steps that you need to follow:

Click on the EMI Calculator that is mentioned under Financial Tools tab
Enter the following details:
Amount of loan
Rate of interest
Loan repayment tenure
After filling these fields, click on the calculate button, and you will get your result

Additional Info: You can also Check Loan Against Property EMI Calculator

The charges involved in obtaining Federal Bank Loan Against property are as follows:

Type of charges	Description
Processing fees/ Admin fees	Property Power Loan: 1% of the sanctioned limit, minimum 3,000. SME Loan Against Property: Up to 1% of the sanctioned limit. Federal Aashray Loan: 0.50% of the sanctioned limit, minimum 1,000 and 5,000.
Prepayment/ Foreclosure charges	Property Power Loan Floating interest rate loan to Individuals: Nil Fixed interest, Overdraft, Non Individuals: 3% of the balance outstanding or DP, whichever is higher. Hybrid loans: Fixed rate period: 3% of the balance outstanding or DP, whichever is higher. Floating rate period: Nil for Term Loan to Individuals and 3% of the balance outstanding or DP, whichever is higher, for Overdraft Loans to Non-individuals. SME Loan Against Property OD/CC: 3% of the limit sanctioned (includes adhoc limit, if sanctioned). Demand/ Term Loan/ OD with diminishing DP: 3% of the outstanding balance or DP, whichever is higher. BG/LC: Nil
Penalty for delayed repayment	Property Power Loan: 2% p.m. of the overdue portion. Additional penal interest is applicable for SMA accounts. SME Loan Against Property OD/CC: 2% of the overdue portion. Additional penal interest is applicable for SMA accounts. BG/LC: Maximum lending rate as applicable on non-priority loans from time to time. Term Loan/ OD/ Demand with diminishing DP: 2% of the overdue portion. Additional penal interest is applicable for SMA accounts.
Charges for switching loan from fixed to floating rates and vice versa	Property Power Loan: 0.25% of the outstanding balance or DP, whichever is higher.
Charges for CIBIL report (for loans above 2.00L)	SME Loan Against Property: 1,200
CIBIL Detect Charge	SME Loan Against Property: 15
Commitment charges	SME Loan Against Property: OD/CC: 0.15% per quarter of unutilised portion, 50% of processing fee (for un availed loans). Demand/ Term Loan/ OD with diminishing DP: 50% of processing fee (for un availed loans). BG/LC: NA

Click to Check: Cibil dispute status?

In case you have any complaint or query or need any kind of assistance, the Federal Bank is ready with its help 24×7.

Customers can simply call on the given toll-free numbers for any kind of assistance:

1800-425-1199

1800-420-1199

NRI customers can call on the given numbers in case of any query:

+91-484-2630994

+91-484-2630995

The customers are advised to keep their documents handy before calling the customer care centre.

Other than these toll-free numbers, customers can mail their query as well. They can mail their concerns at contact@federalbank.co.in or at support@federalbank.co.in.

NRIs can mail their concerns at nrisupport@federalbank.co.in.

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Trending Loan Against Property

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Pre-Approved ICICI Loan Against Property @8.35% p.a

ICICI bank loan against property up to Rs. 5 Crore can be availed of online as well as offline by salaried and self-employed applicants. The LAP can be for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.

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