Federal Bank Home Loan for Bank Employees

Federal Bank offers home loans starting at 8.80% p.a. onwards for tenures of up to 30 years with a maximum loan amount of Rs 15 crore. The Federal Bank Home Loan for Bank Employees can be used for various purposes such as home construction, land purchase, renovation, alteration, and extension of existing properties. The bank also provides home loans for reimbursing debt obtained for purchasing or constructing a new house, furnishing existing homes, plot purchases, home loan balance transfers, and supplementary housing loans for employees of well-established companies. With high LTV ratios and flexible tenures, Federal Bank home loans are a great option for bank employees looking to purchase or construct their dream home.

Federal Bank Home Loan for Bank Employees – Highlights 

Federal Bank Home Loan for Bank Employees – Fees and Charges 

Federal Bank has no hidden charges, and all related fees and charges are stated upfront before the loan agreement is signed. Here are the major fees and charges associated with the Federal Bank Home Loan for Bank Employees.

Federal Bank Home Loan for Bank Employees – Documents Required

• Aadhaar Card
• Pan Card. Applicants who do not have a Pan Card can submit Form 60.
• Last 6 Months’ Bank Statement showing credited salary.
• Address proof, identity proof, and signature proof for KYC of the main applicant and co-applicant.
• Last 2 years’ IT returns/Form 16 (any one of the two)
• Last 3 months’ Salary slip

Apart from these documents, there are some special document requirements for NRI applicants.

• Passport copy
• VISA
• ID Card
• Work Permit 

Federal Bank Home Loan for Bank Employees – Eligibility Criteria

Here are the Federal Bank home loans for bank employees eligibility criteria.

• Residency – Either the applicant can be a citizen of India or an NRI
• Credit Score – The Bank does not have a specific criteria set for Credit Score. However, applicants must have an acceptance score not lower than 700.
• Age – While the Bank does not have a set age criteria for Indian residents, there is an age limit of 55 years imposed on NRIs.
• Work Experience – 2 years of work experience is the minimum requirement set by the Federal Bank. Plus, applicants must provide adequate proof of employment.