Federal Bank NRI Home Loan

Prepayment/pre-closure charges

Nil to 3% of the outstanding amount/drawing power

PF/Admin Fee

Rs.3,000 - Rs.7,500 (0.50% of loan amount)

Penalty for Delayed Repayment (more than 30 days)

2% p.m. of the outstanding amount

Switching loan from fixed to floating rates and VV

0.25% of the unpaid balance/drawing power

Documentation Charges

Rs.10,000

Age

Minimum is 18 years

Employment Type

Salaried individuals Self-employed individuals Business persons

Resident Type

Non-Resident Indians

KYC Documents (copy of each)

1. Certified Copy of Passport
2. ID Card
3. Valid Visa for continuance of employment
4. Work Permit
5. Passport
6. Voters ID
7. Driving License
8. Aadhaar Card
9. 2 copies of passport-size photograph of the applicant and co-applicant

Income Proof

(Salaried individuals) Option 1

1. Salary Certificate attested by Embassy/CRO/Last 3 months' salary slip
2. Latest 3 months' Salary Certificate or slip supported by 6 months' Salary Crediting Statement

Option 2

1. Last 2 years' NRE a/c statement of the customer with Federal Bank or other banks
2. Spouse/parents' resident accounts with Federal Bank or another bank in which fund is transferred

(Self-employed/Non-salaried individuals) Option 1

1. Proof of Business existence and Business Profile
2. Last 12 months' bank account statements
3. Balance Sheet
4. Last 2 years' Profit and Loss Account (mandatory)

Option 2

1. 2 years' NRE a/c statement of the customer
2. Spouse/parents' resident accounts with Federal Bank or another bank in which fund is transferred

Mandatory Documents

For Purchase of Ready-Built House/Flat/Villas, House Construction, and Renovation or Extension

1. Agreement of Sale between seller and purchaser
2. Original Agreement for Sale and Construction
3. Latest Land and Building Tax Receipt
4. Letter of Allotment/No Objection Certificate from the Builder to mortgage the flat
5. Approved Plan
6. Title Deed
7. Prior Deed (in cases where the Title Deed does not contain recitals explaining derivation for past 30 Years)
8. Encumbrance Certificate (EC) for 13 years
9. Possession Certificate
10. Location Sketch

Other Documents

For Purchase of Unapproved Ready-Built Flats and Flats under Construction:

1. Tripartite Agreement (must be collected before loan disbursal)
2. Approval or Permission from Civic Authorities
3. Approved Plan and Building Permit
4. NOC from Environmental Department
5. NOC from Pollution Control Board
6. NOC from Aviation department, Navy, and Army, if applicable
7. Fire and Safety Clearance
8. Certificate from Coastal Zone Management Authority, if the plot is close to seas, bays, rivers, backwaters, etc.

For Purchase of Land and Subsequent Construction of a House:

1. Tentative Construction Plan and Estimate

For Construction of House in Pre-owned Land:

1. Approved Construction Plan and Estimate
2. Building Permit/NOC for Construction

For Construction/Extension/Repairs and Renovation of House/Flat/Villa

1. Estimate report from Civil Engineer or Architect
2. Permission for construction from local authorities
3. Approved Construction Plan and Estimate
4. NOC for construction in the case of extension