40 Lakh Home Loan Federal Bank

Federal Bank’s 40 lakh home loan offers the robust support and financial flexibility you need to secure a larger sum for your dream home. Known for its strong market presence and customer loyalty, Federal Bank provides a comprehensive range of loan products that cater to high-value investments. We will acquaint you with the advantages of partnering with Federal Bank, including their detailed loan assessment process, competitive interest options, and dedicated customer service. Discover how Federal Bank's 40 lakh home loan can facilitate your purchase of a premium property, offering peace of mind and financial solutions that align with your aspirations and long-term goals. Let’s explore how this loan can be part of your success story.

40 Lakh Home Loan Federal Bank – Highlights

The following are the features of a ₹40 lakh home loan by Federal Bank:

40 Lakh home loan EMI for 10 years and 20 Years Federal Bank 

For a ₹40 Lakh home loan from Federal Bank, online calculators like the Urban Money EMI Calculator can accurately determine your monthly repayments (EMI). Enter the desired loan amount, the repayment period, and the applicable interest rate starting from 8.80% p.a. Experiment with various settings in the calculator to explore different repayment scenarios, which aids in financial planning and decision-making before committing to the loan.

40 Lakh Federal Bank home loan – Fees and Charges

Here’s the information about the fees and charges for the ₹25 Lakh Federal Bank home loan presented in bullet points:

• Interest Rates: Start at 8.80% per annum.
• Processing Fees: 0.5% of the loan amount. It can be between INR 10,000 and INR 2,00,000. 
• Penal Interest Rate: 2% per month on any overdue amount.
• Prepayment/Foreclosure Charges: None for loans with floating interest rates.
• Other Fees: These include CERSAI charges, switching fees, etc. 

40 Lakh Federal Bank Home Loan – Documents Required

Here’s a summary of the documents required for the application:

• • Proof of Identity: Acceptable documents include a Passport, Voter’s ID, Driving License, or PAN Card.
  • Address Proof: Options include a Ration Card, Electricity Bill, Telephone Bill, Passport, or any government-approved document.
  • PAN Card: A copy of the applicant’s PAN card is required.

• Proof of Income for Salaried Applicants:

• • • Salary certificate
    • Last 3 months’ salary slips
    • The last 2 years Income Tax returns or Form 16
    • The last 6 months’ bank statements

• Proof of Income for Self-Employed/Business Applicants:

• • Proof of business existence
  • Educational qualifications
  • Business Profile
  • Last 2 years’ tax returns with audited financial statements
  • IT returns for the last 2 years
  • Last 12 months’ bank statements for personal and business accounts

40 Lakh Federal Bank home loan – Eligibility Criteria

To qualify for a ₹25 Lakh Home Loan from Federal Bank, the applicant needs to meet these simplified criteria:

• Residency: Must be a resident Indian or a Person of Indian Origin (PIO) holding a valid PIO Card and a foreign passport.
• Co-obligant: A close relative living in India must join as a co-signer on loan.
• Age Limit: The applicant’s age must not exceed 55 years by the end of the loan period.
• Minimum Income: The borrower’s monthly income should be at least ₹50,000.