Federal Bank Home Loan for Salaried Person

Federal Bank Home Loan for Salaried Persons is the perfect solution for salaried individuals wishing to purchase their dream homes. With attractive interest rates starting from just 8.80% p.a., Federal Bank Home Loans offer a wide range of benefits to eligible applicants. The bank offers up to 85% of the property value as a loan amount, with a repayment tenure of up to 30 years. Additionally, the bank offers a flexible EMI payment option to its customers. With easy documentation and quick processing time, Federal Bank Home Loans are a great choice for salaried individuals who wish to secure their dream homes easily.

Federal Bank Home Loan for Salaried Person – Highlights

Federal Bank Home Loan for Salaried Person – Fees and Charges 

• Processing Charge- 0.50% of sanctioned amount or Rs. 10,000-200,000.
• Prepayment- Nil for floating-rate home loans. 3% on outstanding balance or DP (whichever is more) for hybrid loans (fixed rate period), fixed rates- 3% on outstanding balance 
• Delayed payment- 2% each month of the overdue amount
• Interest-type switch costs- 0.25% of outstanding balance or DP (drawing power), whichever is more. 

Federal Bank Home Loan for Salaried Person – Documents Required

Here are the Federal Bank home loan documents for salaried persons that you should know more about. 

• PAN, Aadhar
• Bank statement for last 6 months 
• KYC documents- ID, address, and signature proof
• Form 16/2 years’ ITR/3 months’ salary slip 

Federal Bank Home Loan for Salaried Person – Eligibility Criteria

The Federal Bank home loan eligibility for salaried persons involves the following aspects: 

Residency

• Indian Resident 
• NRI

Credit Score

• Higher credit score will lead to better loan terms and conditions 

Age

• Federal Bank does not have a strict minimum or maximum age requirement. 
• The maximum age permissible for NRI is 55 years.

Work Experience

• 2 years of work experience with adequate proof of employment is necessary.