Best Home Loan In Hyderabad
A home loan in Hyderabad is the best way to own your dream home in this growing metro. With affordable rates, easy documentation, and fast processing, home loan options in Hyderabad provide financial ease and flexibility for homeowners.
Looking for the best home loan options in Hyderabad? With a range of banks and financial institutions offering competitive interest rates and tailored plans, you can find the right financing solution to make your homeownership dreams come true. Discover your options today!
Eligibility For Home Loan In Hyderabad
Interested applicants need to meet certain criteria to be able to apply for a home loan in Hyderabad. They are:
- Age : Applicants must be at least 21 years old and must not exceed the age of 65 at the time when loan matures.
- Income : Lenders usually require a minimum annual income of Rs.2-3 lakh from applicants. However, the exact amount might vary depending on the lender.
- Employment stability : In an ideal scenario, the applicant should be employed for a minimum of 2-3 years, depending on the lender.
- Credit score : A credit score of 750 or above is preferred by most lenders, though it is subject to change depending on the lender.
- Property valuation : The property that the borrower intends to buy must meet the legal valuation standards set by the bank.
Documents Required To Get The Best Hyderabad Bank Home Loan Interest Rates
To apply for a home loan in Hyderabad, the applicant will be required to provide the following documents:
| DOCUMENT TYPE | DOCUMENT |
|---|---|
| KYC Documents | Aadhaar card, PAN card, passport, and voter ID card |
| Proof of Income | Salary slips, income tax returns, Form 16, and bank statements |
| Property-related Documents | Property registration papers, property tax receipts, and NOC from the builder or society |
| Proof of Employment | Offer letter, appointment letter, and employment contract |
| Others | Passport-size photographs, loan application form, and declaration of assets and liabilities |
It is important to note that the specific documents required for home loan application may differ based on the lender and the amount of the loan.
Comparing Home Loan Rates in Hyderabad
| Lender | Home Loan Interest Rates In Hyderabad | Processing Fees & Charges | Maximum Loan Amount | Maximum Loan Tenure |
|---|---|---|---|---|
| Aavas Financier Limited Home Loan | 8% | 2% | – | 30 Years |
| Aditya Birla Capital Home Loan | 9% – 12.50% | 1% | 10 Crores | 30 Years |
| Andhra Bank Home Loan | 8.15% – 9.20% | 0.50% or ₹15000 + GST (whichever is lower) | – | 30 Years |
| Axis Bank Home Loan | 8.75% – 14% | 1% | 10 Crores | 30 Years |
| Bank of Baroda Home Loan | 8.50% – 10.60% | 0.25%- 0.50% | 10 Crores | 30 Years |
| Bank of India Home Loan | 7.80% – 9.65% | – | 7.50 Crores | 30 Years |
| Bank of Maharashtra Home Loan | 8.40% | 0.25% or 25,000 (whichever is lower) | 1 Crore | 30 Years |
| Canara Bank Home Loan | 8.85%- 11.25% | ₹1,500 – ₹10,000 | 3 Crores | 30 Years |
| Central Bank of India Home Loan | 8.45% – 9.20% | 0.50% or ₹20,000 + GST (whichever of lower) | 75 Lakhs | 30 Years |
| DBS Home Loan | 8.25% – 9.75% | – | 5 Crores | 25 Years |
| Dena Bank Home Loan | 8.25% – 8.35% | 0.50% | 1.5 Crores | 30 Years |
| Dhanalakshmi Bank Home Loan | 7.2% | 1% or ₹10,00 + GST (whichever is higher) | 1 Crore | 30 Years |
| DHFL Home Loan | 8.75% | – | 5 Crore | 30 Years |
| Federal Bank Home Loan | 10.15% – 10.30% | – | 15 Crores | 30 Years |
| HDFC Ltd. Home Loan | 8.50% – 9.60% | 0.50% or ₹3000 (whichever is higher) | 10 Crores | 30 Years |
| IDBI Bank Home Loan | 8.75% – 11.45% | – | 10 Crore | 30 Years |
| IDFC First Bank Home Loan | 8% – 14% | 3% | 10 Crores | 30 Years |
| Indiabulls Home Loan | 8.75% | 1% | 2 Crores | 30 Years |
| Indian Overseas Bank Home Loan | 9.55% | – | – | 30 Years |
| India Shelter Finance Corporation Home Loan | 13% – 20% | 2% – 3% + GST | 50 Lakhs | 20 Years |
| Jammu and Kashmir Bank Home Loan | 8% | 0.25% + GST | 50 Lakhs | 30 Years |
| Karnataka Bank Home Loan | 9.08% – 10.38% | 0.50% – 2% | 5 Crores | 30 Years |
| Karur Vysya Bank Home Loan | 9.23% – 12.13% | ₹2500 – ₹7500 + GST | – | 25 Years |
| Kotak Mahindra Bank Home Loan | 8.85% – 9.40% | 0.50% | 10 Crores | 20 Years |
| LIC HFL Home Loan | 8.70% | 0.30% onwards | 10 Crores | 30 Years |
| PNB Housing Home Loan | 8.50% – 10.85% | – | 2 Crores | 30 Years |
| Reliance Home Finance Limited Home Loan | 9.35% – 13% | 0.50% – 1.50% | – | 20 Years |
| South Indian Bank Home Loan | 7.95% – 9.60% | 0.50% + GST | 15 Crores | 30 Years |
| State Bank of India Home Loan | 9.55% | ₹2000 – ₹10000 + GST | 5 Crores | 30 Years |
| Sundaram Home Finance Ltd Home Loan | 6.95% – 8.30% | 0.50% | 4 Crores | 25 Years |
| Tamilnad Mercantile Bank Home Loan | 9.10% – 9.60% | 0.50% | 5 Crores | 30 Years |
| Tata Capital Limited Home Loan | 8.95% | 2% | 5 Crores | 30 Years |
| Union Bank Home Loan | 8.75% | 0.50% or ₹15000 + GST (whichever is lower) | – | 30 Years |
| Yes Bank Home Loan | 9.15% – 11.25% | 1.5% – ₹10000 (whichever is higher) | 10 crores | 35 Years |
Top 5 Locations To Buy Homes In Hyderabad
Here are the top leading and preferred locations in Hyderabad, viable for home purchase along with some supporting information:
- Banjara Hills : One of the most affluent areas in Hyderabad, Banjara Hills is known for its upscale properties, excellent shopping and dining options and other social infrastructures along with easy access to the city’s major landmarks.
- Jubilee Hills : Another upscale area in Hyderabad, Jubilee Hills is home to some of the city’s most luxurious properties, popular restaurants, and high-end shopping destinations
- Kondapur : Located close to Gachibowli and HITEC City, Kondapur has become a preferred location for homebuyers due to its well-developed infrastructure and connectivity.
- Madhapur : Another popular location for IT professionals, Madhapur has seen a surge in demand for homes due to its proximity to major IT companies and a range of entertainment options.
- Gachibowli : This area is known for its IT hubs, top educational institutions, and premium residential projects. It is a mix of commercial and residential infrastructure.
Tax Benefits On Home Loan Rates In Hyderabad
Home loans offer a number of tax benefits to the borrower. Here are the key tax benefits of home loans in Hyderabad:
- Tax deduction on interest payment : Section 24 of the Income Tax Act, 1961 allows a deduction of up to Rs. 2 lakh on interest paid for self occupied property and has no maximum limit for a rented-out property.
- Tax deduction on principal repayment : Under Section 80C of the Income Tax Act, 1961, borrowers can claim a deduction of up to Rs. 1.5 lakh on the principal repayment of a home loan.
- Tax benefits on joint home loans : If a home loan is taken jointly, each borrower can claim tax benefits on the interest paid and the principal repayment, proportionate to their share in the loan.
- Tax benefits on pre-construction interest : Borrowers can claim a tax deduction on the interest paid during the pre-construction period, in five equal instalments, starting from the year in which construction is completed.
- Tax benefits on stamp duty and registration charges : Borrowers can claim a deduction on stamp duty and registration charges paid while purchasing a house, subject to a maximum limit of Rs. 1.5 lakh under Section 80C.
NOTE:Tax benefits for home loans are subject to changes in tax laws and regulations, and borrowers are advised to consult a tax expert for detailed information.
FAQs
What is the difference between fixed and floating interest rates on home loans in Hyderabad?
Home loans can have either fixed or floating interest rates. Fixed rates remain unchanged throughout the loan tenure, whereas floating rates are subject to market fluctuations and can vary over time. With fixed rates, borrowers can enjoy stability and predictability in their loan repayments, while the floating rates have the potential to be lower than fixed rates when market conditions are favourable.
What is the maximum loan amount I can get for a home loan in Hyderabad?
Home loan eligibility in Hyderabad is based on several factors such as, income, credit score, and property value. Banks usually offer up to 80% of the property value, with the maximum loan amount varying by the lender. In Hyderabad, the upper limit for home loans is commonly set at Rs. 10-20 crores.
Can I prepay my home loan in Hyderabad without penalty?
While many banks allow prepayment of home loans without penalty, some may charge a fee if the prepayment amount exceeds a specific limit or if it occurs within a designated period, like the first year of the loan.
How long does it take to process a home loan application in Hyderabad?
The duration for processing home loans in Hyderabad differs across banks, and usually involves verifying documents, appraising the property, and approving the loan, which can take up to 2-3 weeks. Nonetheless, certain loan types may be eligible for faster processing options.
