Federal Bank Home Loan for Self Employed

Federal Bank offers conveniently-available home loans to self-employed business owners and professionals. The loan amount can range from Rs. 5 lakhs to Rs. 15 crores, with a maximum tenure of 30 years. There are low interest rates of 10.20% per annum and upwards. There is also a top-up provision for home loan borrowers. The repayment options are flexible while prepayment penalties are also absent. Here is a closer look at the Federal Bank home loan for Self-Employed individuals.

Federal Bank Home Loan for Self Employed – Highlights 

Federal Bank Home Loan for Self-Employed – Fees and Charges 

Here are the major fees and charges associated with the Self Employed home loan from Federal Bank.

Federal Bank Home Loan for Self-Employed – Documents Required

Here are the key Federal Bank home loan documents required for self-employed borrowers. 

Core Documents: 

• Aadhaar Card, Pan Card/Form 60
• Bank Statement for Last 6 Months
• Address, ID, and Signature Proof
• Proof of Existence of Business and the Business Profile
• Last 12 months’ statements of bank accounts 
• 2 years’ IT returns with P&L and balance sheet computation for the last two years 

Federal Bank Home Loan for Self-Employed – Eligibility Criteria

These are the major Federal Bank home loan eligibility for self-employed guidelines that you need to know about. 

• Should be Indian resident/ Person of Indian Origin (should have the requisite card)/NRI
• No age limit for Persons of Indian Origin while it is 55 years for NRIs
• Business should be in operation for two years with proper proof
• No stringent credit score criteria, although a high score is required