Property Power By Federal Bank

Features & Benefits

 

Key features

 

  • Quick loan processing
  • Longer repayment period-  up to 15 years
  • Lower Interest Rates & EMIs
  • Loan Amount up to Rs.5 Crore
  • Loan can be availed as overdraft as well as Term Loan
  • Minimal Paperwork
  • Surrogate Scheme for Self Employed Category available
  • Balance Transfer Programs with additional finance

 

Property Power is offered against residential premises, a plot of land or commercial properties as per your convenience.

Indicative List of Documents Required for Loan processing

 

The following documents are required for the purpose of credit appraisal:

 

  • Loan application form duly filled and signed
  • Your income documents and bank statements.
  • You address, Identity and age proofs
  • Any other documents as required by the bank

 

Repayment options

Period

 

  • Repayment period for Property Power is maximum 15 years.

 

Options

 

Repayment of the loan can be made using any one of the ways:

 

  • Cheques
  • Automated loan recovery
  • Standing instructions at your branch
  • FedNet - Internet Banking
  • Automated Payment through ECS

How Much Can You Borrow?

  • Up to 50% of the security value, maximum Rs.5 Cr

 

Terms & Conditions

Security:

 

  • Mortgage of immovable property
  • Property in the name of close relatives also will be accepted
  • For granting Property Power to PIOs, the property shall be in their own names.

 

Insurance:

 

  • Insurance options for Property Power Loan at attractive Premiums
  • Amount for insurance can be included as a part of our loan component subject to satisfactory repayment capacity & availability of required security margin as per norms.

 

Service Charges applicable

 

  • Processing Charges /Administrative Fee - 1% of the sanctioned limit (Any charge which may have to be incurred by the Bank over and above the Administrative Fee collected, with respect to processing/ sanction of the loan, will have to be met by the borrower).
  • Penalty for early closure- 2% of the balance outstanding or DP whichever is higher.

Other Conditions

  • Bank reserves the right to reject any application without assigning reasons thereof
  • The applicant will undertake to inform the Bank as and when there is a change in address or employment

 

The terms and conditions mentioned above and elsewhere under the scheme are subject to modification from time to time solely at Bank's discretion.

Interest Rates & Charges

  • Please visit the Interest Rates page for details

 

 

About

Federal Bank Limited is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than thousand branches and ATMs spread across different States in India.

The history of Federal Bank dates back to the pre-independence era. Though initially it was known as the Travancore Federal Bank, it gradually transformed into a full-fledged bank under the able leadership of its Founder, Mr. K P Hormis. The name Federal Bank Limited was officially announced in the year 1947 with its headquarters nestled on the banks of the river Periyar. Since then there has been no looking back and the bank has become one of the strongest and most stable banks in the country.

 

Loan Against property lets you unlock the full potential of your property, and use it to build a bigger life for yourself. Whether your property is residential, industrial or commercial, a loan against property will ensure maximum finance, taking care of your unique needs as either a salaried or self-employed individual. At My Loan Partner, we help to unlock the wealth in our client's real estate assets.

Your loan application is now a very simple process as never before and we will get your loan approved asap.

We have multiple options of financial institutions to provide various types of financial services to our esteemed customers at their doorsteps at competitive rates.

We are thus providing a list of documents which are required from your side to get your loan approved from the respective banks and financial institutions.

List of documents for Salaried persons
. Proof of Identity:- Passport/Driving Licence/Voters ID/PAN Card(any one).
. Proof of Residence:- Leave and License Agreement/Utility Bill(not more than 3 months old)/Passport(any one).
. Latest 3 months Bank Statement(where salary/income is credited).
. Salary slips for last 3 months.
. 2 Passport Size Photographs.

List of documents for Self-Employed
. KYC Documents:- Proof of Identity;Address proof;DOB proof.
. Proof of Residence:- Leave and License Agreement/Utility Bill(not more than 3 months old)/Passport(any one).
. Income proof(audited financials for the last two years).
. Latest 6 months Bank statement.
. Office address proof.
. Proof of residence or office ownership.
. Proof of continuity of business.

Interested? Please leave your details and we will contact you soon