Home Loans in Hyderabad

Hyderabad, the capital of Telangana, with its rich historical past and a perfect blend of modernity, is a prime location for many aspiring homeowners. The city of Pearl offers relatively affordable property prices, which is why many prefer buying a home in Hyderabad. To help interested individuals, various banks and non-banking financial companies or NBFCs offer lucrative and easy home loans in Hyderabad. The standard interest rate for a housing loan in Hyderabad starts at 8.50% per annum. Most of these banks and NBFCs charge a nominal processing fee ranging between 0.25% - 0.50% from applicants applying for home loans in Hyderabad. The maximum loan repayment tenure is up to 30 years, and during this period, the applicants can avail of flexible repayment modes. Not just home loans, these banks and NBFCs also offer easy mortgage loans in Hyderabad to interest applicants.

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Home Loan Interest Rates in Hyderabad

It is not difficult for potential homebuyers to get a home loan in Hyderabad. The top banks and NBFCs in Hyderabad encourage by offering home loans at affordable interest rates starting at 8.50% per annum. The table below enlists the current home loan interest rates in Hyderabad offered by the top 10 banks and NBFCs:

BASIC Bank/NBFC Partner Name Max Tenure (in years) Rate of Interest Processing Fees (INR) Contact
bank LIC HFC 30 8.50% Up to 0.25% (Rs. 25,000 max) Enquire
bank Bajaj Housing Finance 40 8.50% - 9.10% 0.75% - 1.00% Enquire
bank L&T Finance 30 8.55% - 10.30% Rs. 10,000 Enquire
bank HDFC Bank 30 8.65% - 9.85% Up to 0.25% (Rs. 3,540 min) Enquire
bank PNB Housing 30 8.75% - 11.45% Up to 0.50% (Rs. 10,000 max) Enquire
bank IDFC First Bank 30 8.85% - 10.75% 0.25% - 0.50% Enquire
bank Tata Capital Ltd. 30 8.95% - 12.00% Up to 0.25% (Rs. 3,540 max) Enquire
bank State Bank of India 30 9.15% - 12.95% Up to 0.25% (Rs. 10,000 max) Enquire
bank ICICI Bank 30 9.25% - 10.05% 0.50% - 2.00% Enquire
bank Federal Home Loan 30 10.15% - 10.30% Rs. 20,000 max Enquire
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Eligibility Criteria for Home Loans in Hyderabad

Both salaried and self-employed individuals can apply for home loans in Hyderabad, provided they fulfill specific eligibility criteria fixed by the banks and NBFCs. These are general eligibility parameters such as age, citizenship, employment status, and CIBIL score. 

The table below enlists the standard criteria for home loan eligibility in Hyderabad:

Eligibility Parameters Salaried Individuals Self-Employed Individuals
Citizenship Indian/ NRI/ PIO Indian/ NRI/ PIO
Professional Experience 3 years 3 years
Age

Min: 21 years
Max: 70 years 

Min: 21 years
Max: 70 years

Monthly Income

Minimum Rs. 15,000 per month

Minimum Rs. 15,000 per month

CIBIL Score 750+ 750+

Note: Applicants are encouraged to declare any additional sources of income besides those mentioned in the table above to boost their chances of getting a home loan approval.

  • All home loan applicants trying to get housing finance at top Hyderabad banks and NBFCs must be Indian residents, but many lenders also offer home loans to NRIs and PIOs. 
  • Both salaried and self-employed home loan applicants should ideally be between 21 and 70 years of age.
  • Salaried applicants must have at least 3 years of professional experience, and self-employed applicants must show business continuity for at least 3 years.
  • Both salaried and self-employed home loan applicants must have a Credit/CIBIL score of more than 750 to qualify for availing home loans at Hyderabad banks.

Note: The eligibility criteria defined above are subject to variation from one bank/NBFC in Hyderabad to another. Kindly check with the particular financial institution that you apply for a home loan for its specific eligibility prerequisites.

Note:These criteria are subject to variation from one bank to another. It is recommended that you check with the specific bank you are applying to for a home loan for its eligibility requirements.

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Documents Requirement for Home Loans in Hyderabad

Documents play an important role in getting a housing loan scheme from the top banks and NBFCs in Hyderabad. Most of these financial organizations ask for the same kind of KYC documents when offering home loans in Hyderabad. The purpose is to verify the borrower’s credibility based on age, salary, citizenship, and bank transaction history. Listed below are the essential documents for home loan in Hyderabad for your reference:

1. For Salaried Loan Applicants

  • KYC documents such as Voter ID, Driving License, PAN card, Aadhaar Card, and Passport
  • Appointment letter, employment contract, letter of promotion
  • Proof of income such as salary slips of the previous 3 months, the latest Form 16, and the last year's IT return
  • Bank statements for the last 6 months with salary credits
  • A cheque for the processing fee for the loan application
  • Property documents such as sale deed, NOC from the builder or housing society, advance payment receipt to the builder, and approved construction plan

2. For Self-Employed Loan Applicants

  • KYC documents such as Voter ID, Driving License, PAN card, Aadhaar Card, and Passport
  • Latest Form 26AS
  • Savings account statement of previous 6 months 
  • Memorandum and Articles of Association of the company
  • ITR with computation of income for previous 3 years as proof of income
  • Profit & Loss account statements and Balance Sheets for the last 3 years attested by a CA
  • Business profile and license of the company 
Type of Document Required Examples of Documents that can be Submitted
Proof Of Residency Aadhaar Card, Valid Passport
Proof Of Income Bank Passbook, Bank statement, Last 3 years IT Return
Proof Of Age PAN Card, Voter ID, Birth Certificate, Registration Certificate Of Establishment
Proof Of Employment Certified Letter from Employee/Company Memorandum 
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Home Loan Options Available in Hyderabad

Several banks and housing finance companies in Hyderabad are ready to offer you affordable and hassle-free home loans. The table below highlights the common types of home loan options offered to those interested in buying a home in Hyderabad:

Type of Document Required The Object of the Loan
Home Purchase Loan To purchase residential housing such as flat/apartment
Home Construction Loan To construct a home on an already purchased plot
Home Extension Loan To add another floor, room, or balcony in an already existing home
Home Renovation/ Improvement Loan To renovate the house by wiring, painting, and other activities
Balance Transfer Home Loan To transfer the existing loan amount to a new lending party offering a lower rate of interest
Top-Up Loan To help the borrower meet personal and professional financial needs

Note:The options tabulated above are the most popular loan options availed of by most customers. Please check with your specific bank for other home loan options that they offer.

Best Bank and NBFCs for Home Loans in Hyderabad

The best home loan providers in Hyderabad offer a variety of home loan schemes to eligible borrowers. Listed below are the top 5 banks and housing finance companies in Hyderabad (partnered with BASIC Home Loan) that can help you get funds to buy a dream home in the city of pearls, Hyderabad:

Top Banks for Home Loans in Hyderabad (BASIC Partner) Top NBFCs for Home Loans in Hyderabad (BASIC Partner)
HDFC Bank Bajaj Housing Finance
Union Bank of India LIC HFC
ICICI Bank PNB Housing

FAQs

The current home loan interest rate in Hyderabad offered by several banks and non-banking housing companies starts at 8.50% per annum. However, it may go higher for some of these lenders based on the type of applicant applying for the loan. 

The minimum monthly salary for a home loan in Hyderabad is Rs. 15,000. However, this can be higher for some lenders, so please verify the same from your chosen lending bank or NBFC. 

Normally, banks and NBFCs in Hyderabad levy some additional charges for home loans, such as processing fees, document retrieval charges, cheque bounce charges, NOC charges, swapping charges, foreclosure or prepayment charges, and so on. 

Aspiring homeowners can fetch various tax benefits on home loans in Hyderabad. Take, for instance, tax deduction on the interest payment for a loan of up to Rs. 2 lakhs. However, this comes with some terms and conditions. So, we advise you to verify the same from the bank or NBFC you choose for a housing loan in Hyderabad.

Yes, there are several banks and NBFCs in Hyderabad that offer easy home loans to NRIs or Non-Resident Indians who wish to buy a residential property in India.