20 Lakh Home Loan From Federal Bank

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If you want to purchase your first home, build your perfect haven, or breathe new life into your existing property, look no further than Federal Bank's 20 lakh home loan options. They understand the importance of a secure and comfortable living space, which is why they offer flexible and affordable financing solutions. Federal Bank takes pride in its competitive interest rates, making your dream home a more attainable reality. Don't hesitate to contact their friendly and knowledgeable representatives to discuss your options and get started on creating your dream home today!

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Table of Content

1. 20 Lakh Home Loan Federal Bank Highlights

2. 20 Lakh Home Loan EMI for 10 Years Federal Bank

3. 20 Lakh Home Loan EMI for 20 Years Federal Bank

4. 20 Lakh Federal Bank Home Loan Fees and Charges

5. 20 Lakh Federal Bank Home Loan Documents Required

6. Eligibility Criteria For A 20 Lakh Federal Bank Home Loan

Written By

Utsah Sharma

Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

20 Lakh Home Loan Federal Bank – Highlights

The table below highlights the features of a 20 Lakh Federal Bank home loan:

Feature	Details
Eligibility	People with solid incomes and credit histories, including PIOs and NRIs. Co-applicants (near relatives) are permitted.
Max Loan Amount	Maximum Rs. 20 lakh (depending on property value & income). Tenure of Loan
Loan Tenure	Tenure of the loan can only go up to 20 years maximum (for residents and NRIs).
Down Payment	15% of the minimum purchase price (bank financing up to 85%).
Processing Fee	Up to 0.5% of the total loan amount (minimum of 10,000 and maximum of 2 lakh rupees).
Security	Acquired property functions as collateral for loans.

20 Lakh Home Loan EMI for 10 Years Federal Bank

Explore 10-year EMIs for a 20 lakh home loan from Federal Bank:

Loan Amount	Interest Rate	Number of EMIs	EMI Amount	Total Amount Paid	Total Interest Paid
Rs. 20,00,000	8.80% per annum	120	Rs. 25,119	Rs. 30,14,302	Rs. 10,14,302

20 Lakh Home Loan EMI for 20 Years Federal Bank

The following table helps you give an estimate of your monthly payments for a 20 lakh Federal Bank home loan with a 20-year term.

Loan Amount	Interest Rate	Number of EMIs	EMI Amount	Total Amount Paid	Total Interest Paid
Rs. 20,00,000	8.80% per annum	240	Rs. 17,738	Rs. 42,57,137	Rs. 22,57,137

20 Lakh Federal Bank Home Loan – Fees and Charges

Here are the fees and charges for a 20 lakh Federal Bank home loan:

Processing Fee: Up to 0.5% of the loan amount (min Rs. 10,000, max Rs. 2 lakh). No fee for floating-rate loans (individuals). Fixed-rate loans may have a fee of up to 3%.
Prepayment Charges: No penalty for floating-rate loans (individuals). Fixed-rate loans may have an early repayment fee of up to 3%.
Late Payment Penalty: 2% monthly on the overdue amount.
Loan Conversion Charges: Around 0.25% of the outstanding loan for switching interest rate types.
CERSAI Registration Fee: Rs. 50-100 depending on the loan amount (for registration or modification with CERSAI).

20 Lakh Federal Bank Home Loan – Documents Required

Here’s a list of documents that the bank may request for when applying for a 20 lakh home loan with Federal Bank:

Category	Documents
Identity (KYC)	Two passport-sized photos (applicant & co-applicant) Valid ID proof (Passport, Voter ID, Driving License, PAN Card, Aadhaar Card) Address proof (same documents as ID proof) Age proof (Passport, Birth Certificate, Driving License, SSLC, or AISSE Certificate)
Income Verification	Salaried Individuals: Latest salary slips (3 months), Salary certificate, Income Tax Returns (ITR) for the last 2 years or Form 16 for the same period, Bank statements (last 6 months) showing salary credits Self-Employed Individuals: Proof of business existence and profile, ITR for the last 2 years with Balance Sheet and Profit & Loss account, Bank account statements for the last 12 months, Tax payment challans
Property	Agreement for Sale & Construction An allotment letter or No Objection Certificate (NOC) from the builder Title Deed and any Prior Deed Encumbrance Certificate for at least the past 13 years Possession Certificate Approved building plan and permit from relevant authorities NOCs from Environmental, Pollution Control, and Fire Safety departments
NRIs (if applicable)	Copies of Passport and Visa Proof of overseas employment NRE/NRO bank account statements for the required period
Additional	Tripartite Agreement (for properties under construction) Location sketch of the property Latest Land Tax receipt

Eligibility Criteria For A 20 Lakh Federal Bank Home Loan

Here is the eligibility criteria for a 20 lakh home loan from Federal Bank:

Income	Stable income to comfortably cover monthly EMIs.
Credit History	Good credit score demonstrating responsible debt management.
Employment	Within working age (21-60 salaried, 65 self-employed) with stable job/business for several years.
Property	Clear ownership and bank approval are required for financing.
Down Payment	Minimum 15% of the property value (as bank finances up to 85%).
Eligibility	Open to residents and some Non-Resident Indians (NRIs) with valid documents.

Frequently Asked Questions (FAQs)

What is the EMI for a 20 Lakh Home Loan for 20 years in Federal Bank?

Estimating your monthly payments (EMIs) is easy. For a 20-year loan at 8.80% interest, you'd be looking at around Rs. 17,738 per month.

Who is eligible for a 20 Lakh Home loan in Federal Bank?

Federal Bank offers home loans to residents and PIOs with a strong financial standing and a good credit history.

What is the monthly interest rate on a 20 lakh home loan in Federal Bank?

Instead of a fixed monthly interest rate, Federal Bank offers home loans with annual rates. With a starting rate of 8.80% per year, this translates to a rough monthly interest rate of 0.73%.

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