15 Lakh Home Loan Federal Bank

If you're considering a 15 lakh home loan, Federal Bank offers an attractive package tailored to meet your financial needs and help you achieve your dream of owning a home. This guide provides a clear overview of what the Federal Bank offers, including favourable interest rates, flexible repayment terms, and a straightforward application process. By choosing Federal Bank, you'll benefit from expert guidance and support throughout your home-buying journey, ensuring a smooth and successful transaction. Learn how a 15 lakh loan from Federal Bank can be the key to your new home.

15 Lakh Home Loan Federal Bank – Highlights

The following are the salient features of the 15 Lakh home Loan of Federal Bank:

15 Lakh Home Loan EMI For Federal Bank

For an accurate calculation of your monthly repayments (EMI) for a 15 Lakh home loan from Federal Bank over tenures of 10 years and 20 years, you can utilise online tools like the Urban Money EMI Calculator. This calculator lets you input the loan amount, tenure, and interest rate (starting from 8.80% p.a. for Federal Bank housing loans) to compute the precise EMI. Using such tools allows you to experiment with different variables to see how they affect your monthly payments, helping you plan your finances effectively before committing to the loan. 

15 Lakh Federal Bank Home Loan – Fees and Charges

• Interest Rates: For housing loans, the interest rates start at 8.80% p.a.
• Processing Fees: 0.50% of the loan amount. 
• Penal Interest Rate: 2% of the overdue amount each month.
• Prepayment/Foreclosure Charges: Nil for floating rate loans, which offers flexibility for repayment without additional costs.

15 Lakh Federal Bank Home Loan – Documents Required

• Proof of Identity: Passport, Voter’s ID, Driving License, or PAN Card.
• Address Proof: Ration Card, Electricity Bill, Telephone Bill, Passport, or any other government-approved address proof.
• PAN Card: Copy of the applicant’s PAN card.
• Proof of Income for Salaried Applicants: A salary certificate, the last three months’ salary slips, Income Tax returns for the last two years or Form 16, and bank statements for the last six months.
• Proof of Income for Self-Employed and Business Owners: Proof of business existence, educational qualification certificates, business profile, tax returns for the last 2 years (with audited balance sheet and P&L), IT returns for the last 2 years, and bank statements for the last 12 months for both self and business.

15 Lakh Federal Bank Home Loan – Eligibility Criteria

• The applicant must be of legal age to contract and typically no older than 60-65 years at the time of loan maturity (this can vary based on the applicant’s employment status).
• Sufficient income to cover monthly repayments, with specific criteria depending on whether the applicant is salaried or self-employed.
• A credit score of 750 or above is generally required to qualify for favourable interest rates and terms.
• Stability and continuity of income are considered, with specific requirements for current employment or business years.
• The loan amount (such as 15 Lakh) should not exceed a certain percentage of the property value. Federal Bank offers up to 85% financing of the property value for housing loans.