Looking to buy property in Hyderabad? Here are 5 crucial things you must know before applying for a home loan from eligibility to hidden costs.
So, you are thinking about buying a house in Hyderabad? First of all, brilliant choice. Hyderabad is a beautiful city and a perfect place for folks who are looking to settle down. And it is no surprise especially with its fast-growing infrastructure, vibrant job market and rich cultural charm of this beautiful city. So, is it any surprise that Hyderabad is a hot spot for property buyers right now? And the best way to get your dream is through home loans in Hyderabad.
Now, when it comes to home loans, there are 5 important things that you need to know before you even apply for one these can heavily impact your chances of approval. So, without any more unnecessary delays, let’s get right onto it.
#1 – Understand Your Eligibility First
Here is the deal about home loans just wanting one is not enough. You actually have to be qualified to receive these and honestly, it is not as easy as it may sound. There are several factors that are considered by Banks & NBFCs before they even consider your application. Their criteria are:
- Your Monthly & Annual Income
- Your Age
- Current Credit Score
- Your Job Stability (this is a big one)
- Your Current Employer, and more
If you have a CIBIL Score (commonly used in India) anywhere over the 750 mark, then it is your golden ticket. But on the other hand, if your credit history is even a little bit shaky, then that could be an issue.
#2 – Be A Pro When Comparing Interest Rates & Offers
Do you pick the first item that comes across your search? No, right? Then why would you do the same with your loans?
When it comes to loans, different lenders have different interest rates, processing fees & hidden charges and these can make a big difference in how much you repay over time. So take your time and do a deep dive before making any decision.
#3 – Know Your Documents
No one enjoys paperwork but it is unavoidable, especially when it comes to a loan. Being organised will make your task a lot easier. Here is a list of items that you would need more often than not during the process:
- Proof of Identity (Aadhaar, PAN, Passport)
- Proof of address
- Income proofs (salary slips, bank statements, or ITR if you are self-employed)
- Property documents
#4 – Do A Proper Check on The Property
Here is something about home loans that many people often overlook the property in question has to be eligible for a loan as well. Yes, this is actually true, as not all properties qualify for a home loan.
Make sure it has clear legal titles and approvals from local authorities. Also, you need to verify that there are no disputes or legal issues related to the land.
#5 – Budget for the “Extras”
Here is a sneaky part about home loans that many don’t realise your loan amount is not your full cost. There is the stamp duty to think about. Registration fees. Home insurance. Processing charges. GST. And sometimes even prepayment penalties.
A good rule of thumb here is to add 5-10% extra over your loan amount. Always better to be overprepared than short on cash in the moment when it matters.
Final Take
There you have it, folks our take on 5 things that you must know before you apply for these loans. And if home loans in Hyderabad is what you are looking for, then you could not find a better partner to help you out than Loan Paradise.
