Our staff follows strict operating guidelines while handling
customer ornaments. This avoids ornament breakage and loss.
The ornaments are kept in safe custody (safe rooms or strong
rooms) with adequate security measures in the branch.
Fedfina Gold loans can be availed for any amount between Rs
3,000 to a maximum of Rs 1 core. Loans are available for
period of 3 month to 12 months. Our gold loans have a
minimum lock in period of 1 day and there are no prepayment
Our gold loan
schemes fall broadly into following categories:
- a) Maximum
Value for Gold: These schemes offer the maximum amount of
loan per gram.
- b) Low
interest rate: In this category, the interest rates are
lower which offers the customer a choice of higher/lower
Loan to Value (LTV) and tenure.
Flexible Repayment Option: Our products are tailored to suit
the requirement of customer as at their comfort levels with
respect to the interest rate and periodicity of repayment of
interest and principal. Incidentally, gold loans can be
availed at our branches for amounts as low as a Rs 3,000 and
as high as 1crore.
- d) Loan
Transfer: Balance transfer is designed to help customers to
transfer their gold loans with higher interest rate with
banks & NBFC to Fedbank Loan transfer scheme which offers
lower rate of interest.
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
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
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
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
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
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
Can the loan
amount be decreased after sanction? 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
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.
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.