Home Loans in Hyderabad- Check Interest Rates, Eligibility & Documents

Hyderabad is an investor’s paradise and a haven for property buyers. Want to buy a home in the city? There are many lenders willing to provide you with a mortgage loan in Hyderabad. The famed city of pearls is a perfect blend of ancient heritage and modern outlook. The people take immense pride in the local culture and have also embraced a global lifestyle with equal vigor. 

The city is well known for its IT prowess and also prides itself as the pharma hub of India. The tech boom, the excellent civic infrastructure, and favorable government policies have made it one of the most sought-after real estate destinations in the country. No wonder people flock to Hyderabad to own a piece of property here. Now you can easily apply for a home loan in Hyderabad and become a proud property owner.

Home Loan Interest Rates in Hyderabad

A number of banks & NBFCs offer housing loans for the purchase and construction of homes in Hyderabad. Home loans are also available for extension, renovation, and purchase of residential land in the city.

A comparison of interest rates offered by different lenders is given below. The rates are as on November 21, 2022.

Note: The lowest interest rates offered by the best home loan lenders in Hyderabad have been given in the table above. The actual rates may vary depending upon other factors such as the loan amount, tenure, date of disbursal, etc. Please check the exact details with the lenders before you apply for a home loan.

Features of Home Loans in Hyderabad

• Home loans are offered for a maximum tenure of 30 years.
• The loan-to-value ratio (LTV) will typically be in the range of 85-90%, i.e., the borrowers will have to make a minimum downpayment of 10-15% of the property value and borrow the rest.
• Many lenders offer a pre-approved home loans to borrowers based on their income, net worth, and creditworthiness. This helps prospective homebuyers to know the eligible loan amount before they finalize a property.
• Apart from the traditional banks & NBFCs, the new-age loan apps provide the best home loans in Hyderabad. There is no paperwork, and the documentation is minimal. The loan apps instantly approve the home loans and issue a sanction letter immediately.
• The lenders generally do not levy additional charges for early repayment of loans. The processing fee may also be waived for select applicants.
• Top-up loans are offered to existing home loan customers that can be used for their personal requirements.
• Concessions in interest rates are offered to women to encourage them to buy properties.

Eligibility Criteria for Home Loans in Hyderabad

To avail of a housing loan in Hyderabad city, the applicants have to fulfill the following criteria.

• Resident Indian citizens and Non-Resident Indians (NRIs) can apply for home loans.
• The minimum age requirement is 21 years at the time of applying, and the maximum age limit is 70 years when the loan matures.
• Both salaried and self-employed individuals can apply for housing loans. Salaried individuals should have a minimum monthly income of Rs.15,000, and self-employed people are required to have a minimum annual income of Rs.2 Lakh.
• Lenders offer the best Hyderabad home loan rates to people with a high credit rating, i.e., CIBIL score of 750 & above.
• A few institutions may insist upon the applicant residing in the same place for at least a year prior to the date of applying for a home loan.

Documents Required for Home Loans in Hyderabad

For Salaried Individuals

• Income Proof: Salary slips for the past three months, bank account statements of the past six months showing salary credits
• Job offer letter or a certificate of employment contract 
• Identity Proof: PAN, Aadhaar Card, Passport, DL, or the Voter ID which has the applicant’s recent photograph
• Address Proof: Aadhaar Card, Passport, DL, or Voter ID with the latest address details
• Copies of property documents such as sale agreement, sale deed, Khata certificate, encumbrance certificate, possession letter, occupancy certificate (OC), and NOC from the builder
• Own contribution receipt (OCR) along with bank statements as proof of downpayment

Additional Documents for Self-Employed People

The best home loan lenders in Hyderabad city require businessmen and self-employed professionals to submit the following additional documents

• Income tax (IT) returns for the last three years showing the computation of income
• Bank account statements for the past six months
• Form 26AS (recent)
• Details of the applicant’s business or profession
• Memorandum & Articles of Association of the company
• Balance Sheet and P&L account of the company for the last three years
• The company’s current account statements

Different Types of Home Loans in Hyderabad

Home loans are given for a wide variety of reasons. Some of the most common types of home loans are given below.

• Loans for Home Purchase: You can either purchase a new house or a pre-owned property by availing of the best home loans in Hyderabad
• Construction Loans: If you already own a residential plot, you can apply for construction loans to build a house
• Expansion or Extension Loans: If you want to increase the size of your house by adding another room/floor, etc., you can get an extension loan
• Improvement/Renovation Loan: You can undertake repairs, painting, interior designing, etc., to improve the aesthetics by availing of a home renovation loan
• Land Purchase Loan: Loans are also available for the purchase of land to construct a house later or to hold it as an investment

Conclusion

There is absolutely no doubt that Hyderabad is one of the best cities to buy a property in India. The current pace of economic and infrastructural development in the city is unprecedented. A cosmopolitan culture and good weather also make the city a great place to live in. 

If you delay now, you will only regret it later. So just decide to buy a home now and let the mortgage loan in Hyderabad do the rest for you!