Know the Process of Getting a Home Loan in Hyderabad

With the launch of several government housing schemes, the real estate market is expected to reach $1 Trillion by the financial year 2030. Analysts also say that this sector will contribute 13% to the GDP of India.

However, such Government schemes have stringent eligibility criteria that individuals may fail to meet. To help individuals with the finances for purchasing a home, several financial institutions and NBFCs provide a home loan in Hyderabad at affordable rates.

Before you avail a home loan, you must know the process to ensure hassle-free application and faster disbursal. Given below is a detailed description of the process and all other relevant information.

• Eligibility Criteria

While you avail loans, you are required to meet specific eligibility criteria. Calculate your home loan eligibility with the help of an eligibility calculator before you opt for a loan.

Firstly, you should maintain a credit score of 750 and above to maximize your chances of getting the loan approved. Besides that, Applicants should be between the age range of 23 and 70 years.

Also, you should have working experience of more than three years and should be a resident of India. Applicants should also have a stable source of income. Based on your source of income, you can extend your loan tenure up to 20 years. Longer tenure will help in making your EMIs inexpensive and will not strain your budget. You can make use of the EMI calculator to estimate your equated monthly installments.

• Application Process

The application process is convenient, and you can do it online. You can apply by following the below-mentioned process.

1. Visit the official website of your lender and select the home loan online apply option.

2. Fill the necessary application form available on the website. You will have to share your personal and financial details like your name, address, date of birth, annual income, etc. to fill the application form.

3. After you receive instant approval on your application, a representative of your chosen lender will visit you to collect relevant documents.

After your documents are verified, your loan amount will be directly transferred to your account.

They also provide a home loan in Hyderabad at a competitive interest rate against minimal documents and offers:

1. Balance transfer facilities

2. No part-payment and foreclosure charges

3. Online account access

4. Instant approval

5. Top-up loans to give your home a facelift

6. Substantial loan amount up to Rs. 3.5 Crore

Besides, they also provide a flexible tenure of up to 20 years and other lucrative benefits.

• Required Documents

To avail such advances, you will have to furnish some documents required for home loan such as:

1. Address proof- such as electricity bills, water bills, gas bills, telephone bills, etc.

2. KYC Documents- like Aadhaar card, PAN card, voter ID, passport, driving license, etc.

3. Income proof- these include account statements, salary slips, income tax returns, etc.

4. Business existence proof- such as GST certificates, SEBI certificates, partnership deeds, etc.

Apart from the above, you will have to submit passport-sized photographs and other documents as listed by your lender.

• Equated Monthly Instalments

EMIs consist of two components – the principal amount and home loan interest amount. Failing to pay your EMIs on time will result in debt accumulation and entail hefty penalties. Thus, to enjoy the benefits of such advances, always make timely repayments.

Apart from the above, compare the interest rates and additional expenses of your loan from different lenders. Also check the home loan offers and other add-on benefits such as balance transfer, top-up, joint home loan, tax benefit, etc.