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Federal Loan Against Property Eligibility Calculator

Federal Loan Against Property Eligibility Criteria 2021

Last Updated 23rd Nov 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 21 - 60 years 25 - 65 years
Maximum Loan Tenure 10 years 10 years
  • Federal Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • You can increase your Federal mortgage loan eligibility by adding earning family members, business firms and companies owners by main applicant as co-applicants or by applying for a longer tenure loan.
Loan Against Property Eligibility Calculator

Federal Bank Loan Against Property Eligibility

Federal Bank allows you to fund immediate or urgent needs with a loan against property. Federal Bank loan against property is a secured loan which does not come with any end usage restriction. The bank offers different types of mortgage schemes at affordable rates to eligible customers. The loan can be availed by both salaried and self-employed individuals. Federal Bank lap eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:-

Federal Bank Loan Against Property Eligibility Based on Age

    Federal Bank considers your age as one of the important parameters to calculate your Federal Bank property loan eligibility. To be eligible for availing a loan from Federal Bank, one has to be of 21 years of age. The maximum age for loan from Federal can be 60 years. Federal Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:

Your Current Age Max tenure for salaried Max tenure for self employed
25 Years 10 Years 10 Years
30 Years 10 Years 10 Years
40 Years 10 Years 10 Years
50 Years 10 Years 10 Years
60 Years - 5 Years

Federal Bank Loan Against Property Eligibility Based on Income

  • Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. Federal Bank typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by Federal Bank to approve property loan is ₹ 70,000 . For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.75% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
    Age Net Monthly Income (₹)
    50,000 75,000 100,000
    25 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    30 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    35 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    40 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    50 years 25.93 Lakh 38.90 Lakh 51.86 Lakh

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

  • Nature of Employment: Federal Bank will check whether you are salaried or self employed. 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.

Federal Bank Property Loan Eligibility Based on Value of Property

  • Value of Property: Federal Bank does not finance the entire property value. The maximum Loan Against Property Eligibility would Depend upon the value of the property. You can get a maximum of 50% of property’s value as a loan against residential property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 10 Lakh. The percentage of Federal Bank loans will get lower if it is against commercial property.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 50% ₹ 20 Lakh ₹ 10 Lakh
    Residential Property 50% ₹ 20 Lakh ₹ 10 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with Federal Bank, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Federal Bank.

Federal Bank Eligibility Based on CIBIL Score

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. Regular payment on secured loans can also increase your CIBIL score. Federal Bank requires a minimum credit score of 650 to be eligible for a property loan.

Federal Bank Mortgage Loan Eligibility Based on FOIR

Federal Bank calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Federal Bank calculates your fixed obligations to monthly income ratio that should not be more than 65% to get a mortgage loan from Federal Bank. Always calculate your eligibility with Federal Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

How to Calculate Federal Bank Loan Against Property Eligibility?

To check loan against property eligibility Federal Bank follow the below given steps:-

  • Visit to the Federal Bank website.
  • Click on Federal Bank loan against property.
  • To check eligibility criteria use a Federal Bank loan against property calculator.
  • Fill the required details like loan amount required, salary, age etc.

The formula used to calculate LTV is loan amount needed/ property amount*100

Apart from that you can also use MyLoanCare Loan Against Property Eligibility Criteria to determine your eligibility for Federal Bank Loan against property.

Documents Required for Federal Bank Loan on Property

To avail Federal Bank loan on property, you will be required the following documents:-

  • Application form
  • Passport size photograph
  • Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
  • Address Proof- Ration card, Utility bill, Driving license
  • Age proof- PAN Card, Passport, Class 10th certificate
  • Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
  • Processing fee cheque
  • Property documents of mortgaged property

FAQs

What factors determine the eligibility criteria of property loan from Federal?

The factors that determine the eligibility criteria of Federal Bank property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get Federal Bank mortgage loan?

The minimum income for salaried employees to get a loan against property should be ₹ 0 per month. If you do not fall under the eligibility criteria then you can increase income eligibility by adding a co-applicant and maintain a good cibil score above 650. Income and cibil score ensure Federal Bank of your ability to repay the loan.

What is the minimum and maximum age required for Federal Bank loan against property?

The minimum age of the applicant should be 21 years and maximum should be 60 years for loan against property from Federal. Federal considers your age as an important parameter to determine your Loan against property tenure.

What is the tenure of Federal property loan?

Federal Bank offers property loan for a tenure upto 10 years. However, longer the loan tenure, higher will be the eligibility. Also, higher loan tenure means higher rate of interest.

How much Federal Bank mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from Federal Bank up to 50% of the market value of the property if they mortgage residential property whereas you can avail up to 50% of the market value if you decide to pledge a commercial property.

Can I get a loan on my property from Federal Bank if I am not a Federal Bank customer?

Yes, you can get a loan against property from Federal Bank if you are not a Federal Bank customer. However, you can get a competitive interest rate if you are already a customer of a bank.

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Federal Loan Against Property News - Nov 2021
  • 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.
  • 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.
  • 2019-06-27 : Federal Bank plans to double its business to Rs. 5 lakh crore in the next 4 years
    Federal Bank is planning to double its business growth to Rs. 5 lakh crore in the next four years by focusing on lending to micro, small and medium enterprises, home loans and mortgage loans, and agriculture sectors. Also, it has plans to focus on maintaining high governance and financial performance during this fiscal to achieve growth.
  • 2019-05-21 : Federal Bank revises MCLR rates across loan tenure
    Federal Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for the month of May. The move is supposed to make retail loans like housing loans and mortgage loans cheaper. Now for overnight and one month, the rate stands at 8.70% and 8.80% respectively. For 3 months, the rate has been revised to 8.95%. While for 1 year the rate now stands at 9.15%. The revised rates are effective from May 16, 2019.
  • 2019-05-07 : Federal Bank Q4 net jumps 163% at Rs. 382 crores
    Private sector lender, Federal Bank has reported a 163% growth in net profit for the quarter ended March 31, boosted by strong growth across its retail loans segment including home loans and SME loans and fixed deposits. In addition, the lender’s Net interest income (NII) for the quarter increased by 16.57% to Rs. 4,176 crore. The housing loans registered a growth of 32.16%. While the SME loans grew by 12%.
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