Faster
disbursement
Reach to
Urban areas
Loan for
all
Easy repayment
options
Maximum loan
tenure 20 years
Loan starting
from Rs. 5 lac
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Note: *While the document list given here is comprehensive, we may require additional documents to process your application.
Note: *While the document list given here is comprehensive, we may require additional documents to process your application.
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The loan availed to purchase a new residential property (builder purchase or resale) is called Home Loan. Home Loan taken by hypothecation of property (residential / commercial) is known as Loan against Property.The funds procured by Loan against Property can be used for various purposes.Any one qualifying the parameters of income & property can avail Home Loan or Loan Against Property.
The procedure to avail a Home Loan is quite simple – You need to call us or fill up the form with us, We will call you & take the essential financial & personal details required for the loan like Age, Net salary, Designation, Employer details, Total experience, Current experience, Period of stay in the city, the Current Residence & Details of all obligations being serviced. Also we would need the Property details like Type of Purchase, Location of the property, Built-up area, Rate per square feet, Agreement Value, Occupation certificate & so on. We will then revert you with the quotation of the lenders who would sanction the loan & also suggest the best lender suiting your needs, the final decision for which lender to go with lies with you. We would then inform you the List of Documents needed to apply for the loan, once the said documents are ready same would be picked up, the form signed & filled up, then the case would be logged in with the bank.
The Thumb rule for calculating eligibility: Net salary per month is calculated after tax deductions then 40% to 65% of that amount is taken as loan servicing capability [appraised income]. If one has additional income like Incentives, Overtime, LTA, Medical Reimbursements, Car Allowance etc. then it is averaged out to per month’s income & only 25% to 50% of the same is considered for eligibility. If you have any ongoing obligation then it is deducted from the appraised income, this amount is then divided by EMI per lacs for the considered term, and the arrived figure is the eligibility in lacs. Example shown below Net Salary pm after tax deduction = 80,000/- Averaged out incentive pm = 20,000/- Averaged out LTA pm = 2,000/- Current Personal Loan EMI = 5,500/- Loan Calculation based on the above information: 50% of Net salary = 40,000/- 25% of Incentive = 5,000/- 25% of LTA = 500/- Appraised Income = 45,500/- Appraised Income [-] less] ongoing EMI = Final Income to be considered. 45,500 [-] 5,500 = 40,000/- Suppose the loan is @ 10% for 20 years; then EMI per lac @ 10% for 20 years is Rs.965/- The eligibility would be Final Income / EMI per lac for the tenor. 40,000 / 965 = 41.45 lacs Hence, the eligibility is Rs. 41.45 lacs @ 10% for 20 years. Every banks has its own method for calculating eligibility. It is advisable to check the eligibility with the concerned person.
Yes! The banks also include the co-applicants income to determine the eligibility. The eligibility is based on the years remaining for retirement & the income. The banks readily include Spouse & parents income. Some financers also add the income of brothers & other closed relatives. This has to be categorically clarified with the lender as this is not a norm. It would also be advisable to clarify if the daughters [married / unmarried] income is clubbed with their parents as this is also an exception.
Most of the Lenders sanction Home Loan for salaried customer in 7 working days; for Business persons the time taken for sanctioning a case can be longer as various calculations are involved & there is also "Personal Discussion" done at the place of customer work.
The Income Tax Act, 1961 states that one can avail tax benefit under 3 sections for home loan 1. Section 80 (c) 2. Section 24(b) 3. Section 2(28A) 1. Section 80(c) - In this section the EMI component paid towards repayment of principal amount of the loan can be deducted from income. The borrower is eligible for a tax deduction for a maximum amount of Rs. 1L each year under section 80(c) irrespective of the tax bracket. To avail this deduction the property needs to be self-occupied. 2. Section 24(b) - The interest paid towards home loan is treated as an 'expense' under 'Income from house property' and is deductible under Section 24(b) from the total income. The maximum deduction permitted under this section is Rs.1.5L per annum. 3. Section 2(28A) - Processing fee can be treated as interest and a deduction can be claimed according to Section 2(28A) of the I-Tax Act
Yes!! The bank would disburse only the amount needed if it is lower than the
sanction amount. Lower amount will be disbursed if sanctioned amount exceeds the
property LTV norms
Can the loan amount be increased after sanction? No! To increase the loan amount
one needs to submit latest financial documents. Enhanced Fresh eligibility is
then decided based on the increased income. This is called a revalidation.
If you have Home Loan which is active & you plan to sell your home, this is possible. Here you can pay the outstanding loan amount & clear the loan or ask the buyer to do Balance Transfer of the Loan. Balance Transfer procedure is explained in detail in the following answer.
Payment of the outstanding amount by the buyers bank to the sellers bank is known as seller's Balance Transfer.
Yes! This is called switching - from fixed to floating & vice versa. Firstly to switch the lender must have attractive fixed / floating rate options. Lenders charge switching charges. This clause is generally written the loan agreement which is signed before disbursement.
I had always benefited by opting gold loan from Fedbank; there are different interest rates for loan amounts and staffs are helpful in counseling the right scheme that will benefit always beneficial. I had always received the maximum value for my gold . I am very happy with the staffs which made me to refer Fedbank to other customers.
The custom built schemes and lower rate of interest has made me opt for Fedbank gold loans .The staffs quick service and convenience is great when compared to other gold loan companies I am very happy that Fedbank gold loans presence in Hassan region.
I had transferred my gold loans kept at higher rate of interest to Fedbank when I came to know about their loan transfer facility at lower interest rate. I am happy with Fedbank service and associated with them for that last 5 months.
We are delighted to inform you that we are extremely happy with your services on processing 30 lacs Business Loan at Fedbank in December 2019. It has been quite some time that we have been dealing with you and your work culture and professional ethics represent some of the best business in the industry. We value your sincerity, honesty and promptness in problem solving solutions. We definitely wish to continue this association in the long run.
Fedbank enabled me to take advantage of an incredible opportunity to relocate and expand my business, at a pivotal time. The support I received from Fedfbank staff was priceless. Thank you Fedbank for having the faith in us to get us going!