A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Hyderabad Home Loan

    Hyderabad is one of the larger cities in India and it has a population of about 69 lakh people. Naturally, considering the number of people living in the city, demand for housing is high. Reports indicate that along with the increase in the demand for houses, there has also been a shift towards larger houses in general. The average house size that the people prefer in the city appears to be over 1,700 square feet as opposed to demands for smaller spaces in preceding years.

    With increases in demand for housing and space requirements, the price of houses has also, quite naturally, increased. There is a report that indicates that the city has seen a close to 30% increase in housing prices. This necessitates a need for home loans. There are a number of financial institutions, both banks and non-banking financial companies that offer home loans in Hyderabad. These institutions are listed here.


    Home Loan Interest Rates in Hyderabad

    There are a number of banks and NBFCs in Hyderabad that offer home loans for those wishing to avail them for reasons ranging from the purchase of a home to purchase of land or renovation of an existing house. The lowest home loan interest rates in Hyderabad starts at 8.40% p.a.

    Banks Interest Rate (p.a.)
    Union Bank of India 8.70%
    Central Bank of India 8.35% p.a. to 9.35% p.a.
    State Bank of India 9.15%
    HDFC LTD 8.60%
    LIC Housing Finance 8.45%
    Bank of Baroda 8.60%

    Home Loan Eligibility in Hyderabad

    In order to be eligible for a home loan, there are some criteria that have to be fulfilled. These criteria are mostly common across all providers with minor changes being applicable. For instance, some may allow people as young as 18 years of age to avail a loan while some may require a minimum eligibility age of 21 years. The following table gives the generic eligibility criteria to avail such a loan:

    Eligibility Criteria Requirement
    Minimum and maximum age Minimum age: 18 Maximum age: 70
    Net annual income Depending on the type of employment, a minimum of Rs.5 lakh is required
    Employment Can be an employee of a company or self-employed
    Residence Own residence or rented residence but should have resided in the same place for at least one year prior to the loan application
    Credit score/rating A good credit rating is required and this should be obtained from a recognized credit bureau

    One thing to note while availing a loan is that the bank or NBFC will not provide the applicant with the full amount required to finance the purchase or renovation. Instead, the institution will typically finance about 70–80% of the total amount required.

    Home Loan Documentation

    In order to avail any home loan, a person has to provide documentation to support their application. The following documentation is generally required:

    Type of Documentation Purpose Permitted documents
    Identity proof This is to serve as a photo ID and for proof of address
    • Driving licence (current)
    • Aadhaar Card
    • Voter ID
    • Passport (current)
    Income proof This is serve as proof of income to indicate that there is a supply to repay the loan
    • Salary slips for three months and IT return or Form 16 for applicants working with a business or organisation
    • IT returns for preceding three years and income computation for the same period along with a balance sheet mentioning profit and loss, audited by a chartered accountant for self-employed applicants
    Loan application form To serve as a request for a loan application
    • Signed and filled form with affixed photograph
    Other documents To serve as additional proof for the institution granting the loan
    • A cheque made out to the amount of the processing fee
    • Bank statements indicating payment for ongoing loans
    • Photographs of all loan applicants and co-applicants

    Types of Home Loans in Hyderabad

    There are a number of different types of home loans available and some of the most popular ones are given in the following table:

    Home Loan type/purpose Details
    Loan for new or pre-owned property Can be availed by a person who wishes to buy a new or pre-owned property. This is the most commonly availed loan type. The interest rates can be either fixed or floating.
    Loan for construction of property Can be availed by a person in the event that they wish to construct a house instead of buying an already constructed one. The cost of the plot of land used will also factor into the loan approval process.
    Loan for property expansion Can be availed by a person who wishes to increase the size of their property.
    Loan for home improvement/renovation Can be availed by a person who wishes to modify or renovate their house.
    Loan for NRIs Can be availed by non-resident Indians in order to purchase property within India.

    There are other facilities like home conversion loans and home loan balance transfers that can also be availed by a home loan applicant. Home conversion loans can be availed when a person has already made use of a loan to buy a property and wishes to avail another loan. Home loan balance transfers allow a person to move their loan from one financial institution to another in order to take advantage of benefits offered by the second financial institution.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Hyderabad Home Loan Reviews

    • HDFC Limited
      "My dream came True"
      0.5 4.0/5 "Great!"
      My dream came true with HDFC Ltd. I had planned for my dream home to be constructed within a short period and it came true. My Home loan was processed within 3 weeks once I had submitted my documents. They had provided the interest rate of 9.4% it was low comparing with other banks. I had taken it for a tenure of 25 Years. I am very much happy with the service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 31, 2016
    • DHFL
      "High charges"
      0.5 3.0/5 "Satisfactory"
      True, a while back I had taken my home loan from DHFL. The process was completed on time, as per my requirement. The documents were collected on time the charges were really high. For a loan amount of five lakhs. There were charges of 40K in total and the rate of interest charged was of 14%.
      Was this review helpful? 1
      , khandwa
      Reviewed on Aug 19, 2016
    • DHFL
      "Awesome Experience "
      0.5 5.0/5 "Blown Away!"
      Such a quick and painless loan process. DHFL helped me sanction the loan in few days. Being NRI in USA, it was very very smooth process. No hassle sending documents back and forth to India. . It was amazing. DHFL made my dream come true.. Interest rate offered was 9.65% which is little higher than others and processing fees 23K. But, they need minimal documentation and very fast approval. I called executive, they said, there are no extra charges on top of that. So, there is no question why we shouldnt go ahead with DHFL.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 18, 2016
    • SBI
      "Home loan"
      0.5 5.0/5 "Blown Away!"
      A dream come true through SBI Team Sales and customer oriented team is excellent. It just took a matter of days to achieve my dream. It was truly an wonderful experience. Icing on the cake was no processing fee. Keep up the good work. :)
      Was this review helpful? 2
      , mumbai
      Reviewed on Nov 16, 2015
    • HDFC Limited
      "We Understand Your World "
      0.5 5.0/5 "Blown Away!"
      I am unable to get this loan with HDFC since my property have not been finalized yet and I really felt customer service is very good and they were friendly as well. They helped me in documentation and I am really happy with the way they explained about the process flow. The Interest rate offered was nominal and I have a good feedback for the response I got from them. I am sure I will contact HDFC once my property have been finalized. There LOGO is true ,"We Understand Your Life".
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 28, 2015
    • IDBI
      "pathetic idbi home loan process review"
      0.5 0.5/5 "Unacceptable"
      resident :mumbai idbi branch :kurla andheri my process of home loan started on nov 20 ,14 and went on till jan 22 with me ending up only to know that all the documents which i have submitted was asked again by the executive bcuz they all lost it and to restart the process again of loan .on the other hand the builder which has started charging me 28 % interest for installment not paid which was part of the loan applied money. I was shocked to know the idbi executives were so lousy in their job .At last they are govt ppls and what can u expect from them. This is a true life experience,plz forbid to take loan from such bad bank who has no value for clients, This is a real experience plz dont think as any hoax review... Regards, Srikant
      Was this review helpful? 12
      , mumbai
      Reviewed on Feb 21, 2015
    • Tata capital
      "Tata capital housing loan"
      0.5 5.0/5 "Blown Away!"
      It was awesome experience to buy a home and dream came true only because of THFL.It was just like hassle free give a call and rest is all assured.i have till date referred another 4 families and all their registrations completed.and i have taken in december 2014.see the speed.Buying home is buying groceries if you go for THFL.Go to sudhakar in hyderabad.it is a promise all customers
      Was this review helpful? 4
      , hyderabad
      Reviewed on Feb 14, 2015
    • LIC Housing
      "Good "
      0.5 5.0/5 "Blown Away!"
      LIC Housing finance is good. The main thing is I dont have to travel here and there to get my work done It is very easy they dont call and disturb the customer often. They only send SMS confirming the current status. There is no hidden cost its very transparent and simple. Statements are crystal true I would it is as good as SBI and it is much better than SBI.
      Was this review helpful? 9
      , pune
      Reviewed on Feb 05, 2015
    • HDFC Limited
      "Good Service Overall"
      0.5 3.0/5 "Satisfactory"
      Home Loan with HDFC It was true service my property was not decided thats why i closed, immediate response, they call and gave the information, interest rate was same as other banks, i have not used so their was no disadvantage they said processing fee was 1.25% it was normal i feel.
      Was this review helpful? 2
      , delhi
      Reviewed on Aug 19, 2014
    Common Loader Icon
    This Page is BLOCKED as it is using Iframes.