Mr. Bangarappa Murugan Reddy, a resident of Hyderabad, and an IT professional, always had a dream of having his own home in the city. However, he had been unable to do so because he could not save enough to fund a home.
He had a credit card which he had maintained well by clearing the bill on-time! As a result, his Credit Score was healthy! Someone had told him having a strong CIBIL Score proves your creditworthiness and lenders may give a good deal on a Home Loan.
Bangarappa decided to give it a try and applied for a Home Loan in Hyderabad with a leading online non-banking finance company (NBFC). His loan was approved since he had a good Credit Score and a strong repayment history. Today, Bangarappa is a happy soul as he lives in his home and is managing the Home Loan EMIs easily.
If you live in Hyderabad and want to purchase a home using a Home Loan, you can also do so by applying to well-known online lenders and fulfil your wish. You can also use a Home Loan eligibility calculator to determine your eligibility and, a Home Loan EMI calculator to know an EMI even before applying for a loan.
Let’s provide you some indispensable features and benefits of Home Loans in Hyderabad provided by leading online lenders.
Home Loans in Hyderabad – Features and Benefits!
Flexi Home Loan Facility
You are free to avail only a desired Home Loan amount out of your sanctioned figure within a tenor and as many times as required. The best part is that you only need to pay interest on the utilized part as EMIs and nothing more. The remaining amount gets adjusted after the end of the loan duration.
Home Loan Balance Transfer
If you are not happy with the customer services of your existing Home Loan lender or paying a higher Home Loan rates, you can switch your loan account to a new lender. Like this, you can save money on the payment of the EMI and reduce the loan cost.
Top-up Loan Facility
Along with a Home Loan balance transfer, lenders also offer a lower rate and longer tenor on a top-up loan of up to Rs.50 lakh. You can utilize the money for needs best known to you.
Lenders also offer you a customized report to assist you with the entire legal and financial aspects of being a property owner.
Zero Prepayment and Foreclosure Charges
Some leading lenders also don’t want you to pay extra charges if you decide to prepay or foreclose a House Loan account before the stipulated tenor.
With a Home Loan tenor as wide as 25 years, it can easily help you spread out the loan cost into smaller EMIs and never feel financially burdened.
Online Account Management
You can also manage your Home Loan account via the digital customer portal of your lender and track the progress of the loan 24/7 and right from anywhere.
Home Loans in Hyderabad Eligibility at a Glance!
Here are some Home Loan eligibility criterions that you need to follow:
- You should be an Indian citizen
- Your age should be 25-58 years of age
- You should be working and should have the expertise of 3 years or more
- The minimum loan amount offered is Rs.30 lakh and the maximum is Rs.10 crore
You can also use a Home Loan eligibility calculator available at a lender’s website to gauge your eligibility instantly.
The Bottom Line
Home Loans in Hyderabad are easy to grab if you have the required creditworthiness. Now that you are aware of the features and benefits, and more, apply for it online and buy your dream home!