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Federal Home Loan Eligibility Calculator

Federal Bank Home Loan Eligibility in India 2021

Last Updated 20th May 2021

Eligibility CriteriaFederal Bank Home Loan
Eligible Age of Borrower21 - 60 years
  • Federal Bank home loan eligibility is dependent on factors like your age, income, property value and repayment capacity.
  • Federal calculates the amount of home loan you are eligible for using a formula that includes your net take home salary, the EMIs you have to pay and the value of property.
  • You can increase your eligibility to get a housing loan from Federal Bank by adding earning family members as co-applicants or by applying for a longer tenure loan.
Home Loan Eligibility Calculator

Federal Home Loan Eligibility

Federal offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Federal housing loan eligibility is based on factors like age, salary, occupation, property type and credit score. Detailed information on these factors is mentioned in the further sections.

Federal Home Loan Eligibility based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum age limit to get Federal Bank home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. Federal Bank offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

Federal Home Loan Eligibility based on Salary

Federal Bank offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Federal Bank:

  • Net income: Your net monthly income determines how much Federal Bank home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at interest rate of 6.75% offered by Federal Bank, the loan amount that you will be eligible for would be ₹ 27,19,981 to ₹ 45,80,598 depending on your age. Similarly, if your salary is ₹ 75,000, ou might get eligible for a loan amount of ₹ 54,39,963 to ₹ 91,61,196 for the same property at the same rate depending on your age at the time of loan application. However, Federal Bank asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years45.81 Lakh68.71 Lakh91.61 Lakh
30 years45.81 Lakh68.71 Lakh91.61 Lakh
35 years43.40 Lakh65.11 Lakh86.81 Lakh
40 years39.89 Lakh59.83 Lakh79.78 Lakh
45 years34.74 Lakh52.11 Lakh69.48 Lakh
50 years27.20 Lakh40.80 Lakh54.40 Lakh

You may consider repaying any loans with short tenure and high EMI in order to increase your Federal Bank home loan eligibility.

  • Nature of employment: Federal Bank will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Federal Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Home Loan Eligibility Federal Bank based on Value of Property

  • Value of property: Federal Bank does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Federal Bank's legal team.

The housing loan eligibility calculator of Federal Bank can be a useful tool to assess your eligibility for the loan.

Minimum CIBIL Score for Federal Home Loan

  • CIBIL Score: Federal considers credit score as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. Higher credit score increases your chances to get loan approval from Federal However, low CIBIL score reduces your chances to get a home loan. Federal requires a minimum credit score of 650 to be eligible for a home loan.

Federal Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Federal to determine your home loan eligibility. Federal Bank considers all your fixed obligations like current EMIs into account while estimating your eligibility. Minimum FOIR required to be eligible for Federal Bank home loan is 0.65. Calculate your eligibility with Federal Bank home loan calculator and apply for eligible loan amount hassle free.

Federal Bank Home Loan for Women Eligibility

Federal Bank offers the same rates to women borrowers starting at 6.75% with similar eligibility criteria for home loan. In case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

How can I Check my FederalHome Loan Eligibility ?

To check Federal Bank home loan eligibility perform the following steps:-

  • Go to the Federal Bank website
  • Now navigate to the option Federal Bank home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also you can contact the bank by calling on their customer care number 1800-425-1199/ 1800-420-1199.

Other Loan Calculators

FAQs

What is the criteria to get Federal Bank home loan?

The basic criteria to get a home loan from Federal Bank are as following:

Age21 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Federal Bank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Federal Bank?

The minimum salary required to avail home loan from Federal Bank is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Federal Bank.

Is Federal Bank good for home loan?

The lowest interest rate provided by Federal Bank is 7.65% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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Federal Home Loan News - Jun 2021
  • 2021-05-20 : Federal Bank revised its Marginal cost of lending rates
    With effect from 16 May 2021, Federal Bank changed its MCLR. The overnight and one-month MCLR is 7.65% and 7.75%, respectively. The MCLR for three months stands at 7.80%. Further, the MCLR for six months and one year is 7.85% and 7.90%, respectively. The revised rates will impact MCLR based home loans.
  • 2021-01-06 : Federal Bank’s gross advances rise 6% YoY in Q3
    Federal Bank reported a 12% increase in total deposits which includes fixed and recurring deposits for the third quarter of the fiscal. Further the bank reported an increase of 6% rise in gross advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans. CASA ratio stood at 34.48% at the end of December 31, 2020, from 33.38% as on September 30, 2020.
  • 2020-07-16 : Federal Bank Q1 net profit up 4.3%
    Federal Bank net profit backed by retail loans like home, personal, gold, car and two-wheeler along with business and mudra loans rose by 4.3% to Rs 400.77 crore in Q1 June 2020 over Q1 June 2019. Further, The Bank total deposits which include fixed and recurring deposits reached Rs 1,54,937.74 crore in Q1 June 2020, registering a 16.9% growth from Q1 June 2019.
  • 2020-05-29 : Federal Bank reported a Q4 net profit of Rs. 301.23 crores
    Federal Bank reported a 21.04% fall in its profits to Rs. 301.23 crores in the fourth quarter of 2019-20 with a sharp rise in provisions. Its net profit was ₹381.51 crores in the same period a year ago. Further, For the quarter ended March 31, 2020, the bank reported a 19.27% increase in total income to ₹4,107.95 crores from ₹3,444.04 crores a year ago backed by retail loans like home and personal loans along with business, car and mudra loans.
  • 2019-07-17 : Federal Bank net profit rises by 46% to Rs. 384 crores during FY19-20
    Private sector lender, Federal Bank’s net profit has witnessed a 46% growth to Rs. 384 crores in the first quarter of FY 19-20. Previous year the profit stood at Rs. 262 crores. The growth is driven by stable asset quality and robust non-core income. Also, the lender has plans to achieve significant growth across its retail loan segment, including home loans and mortgage loans this year.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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