India’s ‘Pearl City’, Hyderabad, offers tremendous opportunities. It is an IT powerhouse touted as the best city. With easy access to Home Loans, you can buy your dream house. Nowadays, many lenders accept offline and online applications for Home Loans.
Once all the documents are successfully verified, property evaluation is complete, and Loan approval is given, the Home Loan is attempted to be disbursed in 72 hours. The overall process from application to Loan sanction could take 15 to 21 days.
Special benefits
Nowadays, many lenders offer special benefits upon applying for a Home Loan in Hyderabad, such as Loan amounts of up to 90% of the property value, attractive interest rates leading to affordable EMIs, and flexible repayment tenures of up to 30 years. If you want to apply for a Home Loan, you need to submit certain documents, whether you are a salaried or self-employed individual. Here is a list:
Salaried individuals
-ID proofs like PAN Card, Voter’s ID, Driving License, and employee card
-Income proofs are last three months’ salary slips, the last two years’ Form 16, and the last six months’ bank statements with salary credits
-Residence proofs like Aadhar Card, latest utility bills (gas/electricity), and ration card
-Property tax/water bill
Self-employed individuals
-ID proofs like PAN Card, Voter ID card, and Driving License
-Income proofs such as last two years ITR with computation, CA audited Financial wherever applicable, and six months’ primary bank statement
-Residence proofs like Aadhaar, latest utility bills (gas/electricity), and ration card
-Property tax/water bill
Additional documents may be required according to the applicant’s profile and the lender’s policy. A Home Loan in Hyderabad is sanctioned at the lender’s discretion.
Easy eligibility criteria
-Salaried applicants must earn at least Rs. 1,20,000 per annum and have a minimum work experience of at least a year
-Self-employed applicants must meet the minimum criteria of yearly profit after taxes
-Minimum CIBIL score of 700 with good repayment history
Final eligibility for a Home Loan in Hyderabad is determined based on the lender’s policy at the time of Loan application. After receiving your application, the lender starts evaluating your repayment capacity and overall eligibility by analysing the CIBIL score, income details, existing Loan obligations (if any), and the size of the Home Loan amount.
You may discuss face-to-face with them to understand your repayment ability and clarify doubts about documentation. Officials may visit your present residential address, office address, and the property you wish to purchase before approving your Home Loan in Hyderabad. The lender can either reject or approve it with appropriate terms.
Conclusion
If the Home Loan application is approved, you will be contacted by the lender to discuss the interest rates and other terms. After confirmation, the lender will issue the sanction letter. Sign it to indicate your acceptance. The lender disburses the amount to your Bank Account after the non-refundable processing fees have been paid.
