50 Lakh Home Loan Federal Bank

This home loan from Federal Bank is perfect for those with bigger dreams. Whether you're looking for a spacious new home, building your dream house from the ground up, or planning a major renovation, this 50 Lakh loan can help you make it happen. The bank is known for putting its customers first, which extends to its home loan options. The application process is designed to be stress-free. Federal Bank minimises paperwork and streamlines the process so you can secure financing quickly and efficiently. 

50 Lakh Home Loan Federal Bank – Highlights 

Following are the highlights of a 50 lakh home loan from Federal Bank:

50 Lakh Home Loan EMI for 10 Years Federal Bank 

The following data represents an estimate of a 10-year EMI on a ₹50 lakh Federal Bank home loan:

50 Lakh Home Loan EMI for 20 Years Federal Bank

The monthly payment for a ₹50 lakh Federal Bank home loan for 20 years is as follows:

50 Lakh Federal Bank Home Loan – Fees and Charges 

50 Lakh Federal Bank Home Loan fees and charges that may be applicable are as follows:

1. Processing Fee: You’ll pay a processing fee on your loan amount, between 0.50% (with a minimum of Rs. 10,000) and a maximum of Rs. 2 lakh (Rs. 200,000). There’s no processing fee for floating-rate loans for individual applicants.
2. Prepayment Charges: There are no prepayment charges for individuals with floating-rate loans. However, fixed-rate loans may have an early repayment fee of up to 3%.
3. Late Payment Penalty: If you miss a payment, a 2% monthly penalty will be applied to the overdue amount until it’s paid.
4. Loan Conversion Charges: Want to switch between fixed and floating interest rates? You can, but the conversion costs around 0.25% of your outstanding loan balance.
5. CERSAI Registration Fee: This fee (between Rs. 50 and Rs. 100) covers registering or modifying your loan details with CERSAI, an Indian credit information bureau.

50 Lakh Federal Bank Home Loan – Documents Required 

The following documents are essential to kick-starting your Federal Bank 50 lakh home loan application:

Prove Your Identity (KYC):

• Passport-sized photographs (applicant & co-applicant) – 2 copies each
• Valid ID proof (pick one): Passport, Voter ID, Driving License, PAN Card, Aadhaar Card
• Documents with your current address (same as ID proof)
• Proof of your age (pick one): Passport, Birth Certificate, Driving License, SSLC, or AISSE Certificate

Prove Your Financial Strength:

• Salaried Individuals: Please provide the latest salary slips (3 months), Salary certificate, Income Tax Returns (ITR) for the last 2 years or Form 16 for the same period, and Bank statements (last 6 months) with salary credits.
• Self-employed individuals: Proof of business existence and profile, ITR for the last two years with Balance Sheet and Profit & Loss account, Bank account statements for the last 12 months, and Tax payment challans (if applicable).

The Property in Focus:

• A Construction and Sale Agreement may be required
• Allotment letter or NOC
• The title deed or prior deed
• A Certificate of Encumbrance (of last 13 years or more)
• Certificate of Possession, if available

NRIs, Please Note:

• Visa and passport copies
• A proof of oversees employment may be required, as may an NRE/NRO bank statement for the designated time frame 

Additional Documents (if needed):

• Under construction properties require Tripartite Agreement 
• A map showing the property’s location
• Most recent receipt for land taxes 

50 Lakh Federal Bank Home Loan – Eligibility Criteria

Here’s the eligibility criteria set by the bank for a 50 lakh home loan with Federal Bank:

1. Financial Stability: A steady income allows you to manage your monthly loan payments comfortably.
2. Strong Credit Score: A positive credit history demonstrating responsible debt management.
3. Employment Track Record: Having a steady job or business for several years and being within the working age range (usually 21–60 for salaried workers and 65 for self-employed workers).
4. Property Approval: Selecting a property with clear ownership and meeting the bank’s requirements for financing.
5. Down Payment Plan: Be prepared for a down payment, as Federal Bank finances up to 85% of the property value.
6. Open to Residents and Some NRIs: Residency or NRI status with the necessary documentation can qualify you for the loan.