Federal Bank Home Loan in Mumbai

Last Updated : March 29, 2017, 10:23 a.m.

About Federal Bank Home Loan in Mumbai

Mumbai is the city of dreams and the entertainment capital of India. People wish to have their own home in the city of Mumbai. The city has one of the highest property rates in the market and it becomes difficult for the normal person to buy a house at such high rates. This is where a Federal Bank home loan Mumbai comes into the picture. The bank offers a home loan to interested applicants who are able to pass the eligibility test. The bank provides a long repayment tenure, attractive interest rate and speedy loan approval to the applicant. To facilitate the same, the bank has opened up more than 20 branches in the city that never sleeps.

Federal Bank Home loan in Mumbai at a glance

Important details about Federal Bank Home loan Mumbai have been given in the form of a table.

Eligibility criteria

Eligibility norms have to be fulfilled by every applicant who wishes to avail a Federal bank home loan Mumbai. The different norms have been mentioned below. Have a look at them.

• Self-employed individuals, businessmen, and salaried individuals are eligible to apply for a home loan.
• The total employment/business stability should be at least two years.
• The applicant should be working in their current job/profession/business for a period of at least one year
• The applicant must be earning sufficient enough to repay the loan. He/she must earn a minimum net monthly income of ₹15,000 in order to avail a home loan
• The applicant must be over the age of 21 at the time of loan application. The maximum age has been kept at 55 years.

Documents required for a Federal Bank Home loan Mumbai

The list of all the essential documents needed for a smooth and hassle free disbursal of a home loan is right here. Have a proper look at them-

• Two photographs of passport size of the applicant and the co obliged
• Proof of Age- Birth Certificate/Passport/ SSLC or AISSE Certificate/Driving License
• Completely filled application form
• Proof of Residence- Voter ID Card/Aadhar Card/Passport/Lease agreement/Ration card/Telephone bill/Electricity bill
• Proof Of Identity- Aadhar card/PAN Card/Passport/Driving License/Voter ID Card
• Proof of Income-

Salaried individuals

• Salary slip of three months /Latest salary certificate,
• IT returns of the past two years or Form 16
• bank statement of the past six months.

Self-employed –

• Bank account statements of the previous 12 months
• Income Tax returns of the previous two years along with Balance Sheet/ Profit & Loss account
• Proof of the existence of business and its profile
• IT returns of the past two years supported by tax calculation sheet

Property documents-

• Letter of Allotment
• Agreement for Sale & construction
• Certificate of possession
• Tripartite Agreement to be given before disbursal of home loan
• Detailed cost of construction and Land tax receipt

For extra information have a proper look at Home Loan Mumbai

Address of Federal Bank branches in Mumbai

The list of Federal Bank Mumbai branches has been given below with their complete addresses, IFSC and MICR details.