5 Crore Home Loan Federal Bank

Federal Bank, a leader in customer service, offers diverse home loan options to empower your homeownership dream. They recognise the value of a secure haven and provide solutions for buying, building, or renovating. Federal Bank's home loans cater to various financial needs, with a maximum loan amount of Rs. 5 crore. Explore these home loan options easily through Urban Money's platform and connect with Federal Bank specialists. Turn your dream of homeownership into reality with Federal Bank and Urban Money.

5 Crore Home Loan Federal Bank – Highlights

5 Crore Home Loan EMI for 10 Years Federal Bank

5 Crore Home Loan EMI for 20 Years Federal Bank

5 Crore Federal Bank Home Loan – Fees and Charges

5 Crore Federal Bank Home Loan – Documents Required

To apply for a 5 crore home loan from Federal Bank, you will need to provide the following documents:

1. KYC Documents:

• Two passport-size photographs of the applicant and co-applicant.
• Identity Proof: Valid Passport, Voter ID, Driving License, PAN Card, Aadhaar Card.
• Address Proof: Same as Identity Proof.
• Age Proof: Passport, Birth Certificate, Driving License, SSLC, or AISSE Certificate.

1. Income Proof:

• For Salaried Individuals: Latest Salary Slips (last 3 months), Salary Certificate, IT Returns or Form 16 for the last 2 years, and bank statements for the last 6 months showing salary credits.
• For Self-Employed Individuals: Proof of business existence, Business Profile, IT returns for the last 2 years with Balance Sheet and Profit & Loss account, last 12 months’ bank account statements, and Tax paid challans wherever applicable.

1. Property Related Documents:

• Agreement for Sale & Construction.
• An allotment letter, or NOC, from the builder is required to mortgage the property.
• Title Deed, Prior Deed, if applicable.
• Encumbrance Certificate for the last 13 years minimum.
• Possession Certificate, if available.
• Approved Plan and Building Permit from the competent authority.
• NOC from Environmental, Pollution Control, Fire Safety, and other relevant authorities, if applicable.

1. Additional Documents for NRIs:

• Passport and Visa copies.
• Overseas Employment Proof.
• NRE/NRO bank account statements for the specified period.

1. Other Legal and Financial Documents:

• A Tripartite Agreement is needed before loan disbursal if the property is under construction.
• Location sketch of the property.
• Latest Land Tax receipt.

5 Crore Federal Bank Home Loan – Eligibility Criteria

For a 5 crore home loan from Federal Bank, the eligibility criteria include:

• Applicants must have sufficient and stable income to cover the EMI payments, which would be quite substantial for a loan of this size.
• A strong credit history with a good credit score is essential to demonstrating creditworthiness.
• The applicant should be within the working age group, usually 21 to 60 years for salaried individuals and up to 65 years for self-employed individuals. Salaried applicants should have a stable job with a minimum of 2-3 years in their current employment. Self-employed applicants should have been in business for at least five years.
• The loan amount generally does not exceed 85% of the property’s market value, so the property being purchased or constructed must be adequately valued to justify the loan amount.
• The property must have clear legal titles and meet the bank’s technical and legal scrutiny to qualify as collateral.
• Both Resident Indians and Non-Resident Indians (NRIs) with valid documents proving their status and income abroad can apply, but the terms might differ slightly for NRIs.