How To Secure A Home Loan In Hyderabad?

By Author: Ravi
Total Articles: 39
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Hyderabad, also known as the pearl city' of India, is a thriving IT sector with a surge in real estate demand. With property prices rising, many individuals are turning to Home Loans to make their dream of owning a house a reality. Here are essential steps to secure a Home Loan in Hyderabad:
Check your eligibility
Every lender has specific eligibility criteria to assess whether you qualify for a Home Loan in Hyderabad.

You must be above 21 years of age at the time of application and not more than 65 years old at the time of Loan maturity.
Lenders assess your monthly income to ensure you can comfortably repay the Loan. Salaried employees must earn a minimum salary of Rs. 1.2 lakh per month and have a minimum work experience of a year. Business owners must meet the minimum criteria of yearly profit after taxes.
A minimum CIBIL score of 750 is mandatory. You may face higher interest rates or Home Loan rejection if your credit score is lower.

Documents required
Lenders require some documents to verify your identity, income, and the property you wish to ...
... purchase. Generally, the following documents are required:
Salaried individuals

ID proofs: Passport, Aadhaar, PAN card, or voter ID.
Address proofs: Utility bills, Aadhaar, passport, ration card, property tax receipt.
Income proofs: Last three months' salary slips, Form 16, or bank statements for the past 6 months.

Self-employed individuals

ID proofs: Passport, Aadhaar, PAN card, or voter ID.
Address proofs: Utility bills, Aadhaar, passport, ration card, property tax receipt.
Income proofs: Last two to three years' income tax returns, balance sheet, profit and loss statements, and six months' primary bank statements.

Apply for the Loan

Once you choose a lender, the next step is applying for the Home Loan in Hyderabad. You can apply online or offline.
After submitting your Home Loan application, the lender begins the process of verifying your documents and assessing your eligibility.
The lender verifies your identity, income, employment, and property documents.
Once the verification is complete the Loan amount will be attempted to be disbursed within 72 hours.
The entire process should not take more than 15-20 days.

EMI calculator

After disbursement, you start repaying the Loan through EMIs.
You can take the help of a Home Loan EMI calculator available on your lender's website to calculate an estimate of your EMI amount.
Make timely EMI payments to avoid penalties.

Tips for securing a Home Loan in Hyderabad

A healthy credit score significantly impacts your Home Loan approval chances.
Ensure that the EMI fits comfortably within your monthly budget. Avoid over-borrowing and take a Loan tenure that you can manage.

Conclusion
Securing a Home Loan in Hyderabad is manageable when you are well-prepared. Follow these steps, and you will be closer to purchasing your dream home in the beautiful city!