Home Loan & Mortgage loans Features
- Home loans are usually offered @ 9% onwards in Hyderabad
- Tenures usually range up to 30 years
- LTV ratio: 90% of the cost of property
- Pradhan Mantri Awas Yojna for economically weaker sections, middle income groups and low income groups with credit linked interest subsidy of up to Rs 2.76 lakh
- Top-up loans are offered on existing home loans to meet the personal requirements of the borrowers
Home Loan overdraft facility is also provided to existing home loan borrowers - Home loan balance transfer to existing home loan borrowers of other lenders at lower rate of interest
- Select customers are offered pre-approved instant loans
- No pre-payment charges
- Income Requirements of Home Loan in Hyderabad: The minimum monthly income requirement is Rs 15,000 which can be higher for some lenders.
Eligibility Criteria of Home Loans in Hyderabad
- Nationality: Indian, PIO, NRI
- Age- Minimum: 21 years
- Maximum: Up to 70 years at the time of loan maturity
- Work experience: Minimum 3 years
- Job profile of the applicant:
- Salaried (government and corporate professionals)
- Self-Employed Non-Professionals (contractor, trader, commission agent)
- Self-Employed Professionals (Doctors, CS, lawyers, CA, architect, consultant, engineer
- Credit Score- 750 and above for better chances of availing home loan and at lower interest rates
Documents Required for Home Loans in Hyderabad
For Salaried Applicants
- KYC documents: PAN card, passport, voter ID, Aadhaar card, driving license
- Income Proof: Salary slips for last 3 months, Bank statement for past 6 months with salary credits, ITR/Form-16
- Employment contract/appointment letter if the job is less than an year old
- Bank statement showing loan repayment history
- Own contribution proof
- Property documents
- Processing fee cheque
Additional Documents for Self-Employed Applicants
- Recent Form 26AS
- Income Proof: ITR with income computation for past 3 years
- Savings account statement of individual for past 6 months
- Business profile
- Memorandum and Articles of Association of the company
- Current account statement of business entity
- Balance sheet and profit & loss account statement for last 3 years