Home Loans in Hyderabad
Best home loans in Hyderabad are offered by various banks and financial institutions like HDFC, SBI, PNB housing finance, IIFL, Aadhar housing finance, and Indiabulls housing finance. The home loan interest rate starts from 8.50% whereas the processing fees are nominal starting from 0.25% + GST.
Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Hyderabad
When you are looking to get a home loan in Hyderabad, the first thing to do is to compare various banks and the rates at which they are offering home loan interest rates.
Let’s have a look below to know the same:
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Home Loan | 8.75% - 9.50% | 8.75% - 9.40% | 8.75% - 9.40% |
| HDFC Home Loan | 8.65% - 9.35% | 8.65% - 9.35% | 8.65% - 9.35% |
| LIC Housing Finance | 8.30% - 10.00% | 8.00% - 10.20% | 8.00% - 10.40%% |
| ICICI Bank Home Loan | 8.75% - 9.85% | 8.75% - 9.85% | 8.75% - 9.85% |
| Kotak Mahindra Bank Home Loan | 8.65% - 9.45% | 8.65% onwards | 8.65% onwards |
| Punjab National Bank Home Loan | 8.60% - 9.35% | 8.55% - 9.25% | 8.55% - 9.25% |
| Bank of Baroda Home Loan | 8.60% - 10.35% | 8.60% - 10.70% | 8.45% - 10.70% |
| Union Bank of India Home Loan | 8.60% -10.50% | 8.60% -10.70% | 8.60% -10.70% |
| IDFC First Bank Home Loan | 8.75% – 8.90% | 8.75% onwards | 8.75% onwards |
| L&T Housing Finance Home Loan | 8.40% - 8.60% | 8.40% - 8.60% | 8.40% - 8.60% |
| Bajaj Housing Finance Home Loan | 8.30% onwards | 8.30% onwards | 8.30% onwards |
| Godrej Housing Finance Home Loan | 8.39% -10.99% | 8.39% -10.99% | 8.39% -10.99% |
| Tata Capital Home Loan | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Federal Bank Home Loan | 8.37% – 9.60% | 8.37% – 9.65% | 8.37% - 9.70% |
Home Loan Interest Rate in Hyderabad
Home loans in Hyderabad and neighbouring areas start from 7.90% and can go on upto 14%
| Home Loan Parameters | Home Loan Details |
|---|---|
| Interest Rate | 8.30% - 14.00% |
| Processing Fee | 0% to 1.25 % of the loan amount |
| Tenure/ Repayment | 1-30 years |
Top Housing Finance Companies in Hyderabad
There are more than 30 banks and financial institutions that can give you the best home loans in Hyderabad. Here we are mentioning some of those lenders that give lucrative deals on your home loans.
HDFC Home Loan in Hyderabad
HDFC or HDFC Limited caters to home loans in Hyderabad under different loan slabs based on the required amount of home loan. There are different home loan interest rates for women that can benefit you greatly if one co-applicant of your home loan is a woman.
| Loan Slab | Home Loan Interest Rates (in % p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 8.60 - 9.10 |
| For Others* (upto 30 Lakhs) | 8.65 - 9.15 |
| For Women* (30.01 Lakhs to 75 Lakhs) | 8.85 - 9.35 |
| For Others* (30.01 Lakhs to 75 Lakhs) | 8.90 - 9.40 |
| For Women* (75.01 Lakhs & Above) | 8.95 - 9.45 |
| For Others*(75.01 Lakhs & Above) | 9.00 - 9.50 |
LIC Housing Finance Limited Home Loan in Hyderabad
LIC Housing Finance gives 7 different types of home loans in Hyderabad or any other place. The starting home loan interest rate starts from 8.50% for people having a CIBIL score of more than 800 and are salaried. For people whose CIBIL score is less than 600 and who are self-employed, for them, the home loan interest rate in Hyderabad is around 9.40%.
PNB Housing Finance Limited Home Loan in Hyderabad
PNB HFL starts giving home loans in Hyderabad from Rs 8 lakh onwards and takes approximately 10 days to process. The minimum home loan rate of interest in Hyderabad is 8.50% for salaried and 8.60% for self-employed professionals whose CIBIL or credit score is more than 800.
Bajaj Housing Finance Hyderabad
Bajaj Housing Finance offers attractive Home Loan interest rates starting at 8.30%* for salaried and professional individuals. Borrowers also have the advantage of availing of a sizable sanction with minimal documentation and quick processing and approval.
SBI Home Loan Hyderabad
State Bank of India is one of the premier banks of India so to get a home loan in Hyderabad is very easy with SBI. The cheapest SBI home loan interest rate is 8.55% and the maximum tenure for which a home loan can be availed is 30 yrs. The loan disbursement process can take up to 3 weeks in SBI home loan Hyderabad.
Indiabulls Housing Finance Hyderabad
Indiabulls Home Loans offers customers competitive interest rates that will make it easier to own a home of choice. The home loan interest rate at Indiabulls Housing Finance in Hyderabad starts from 8.95% p.a.
Aadhar Housing Finance Hyderabad
With 13 types of home-related loans Aadhar Housing Finance home loan interest rate is one of the good options.
| Customer Type | Home Loan Interest Rate* |
|---|---|
| Salaried - Home Loan | 11.75% to 16.50% |
| Self-Employed - Home Loan | 12.75% to 17.00% |
| Loan Against Property | 15.00% to 17.00% |
IIFL Home Loan in Hyderabad
IIFL Home Loans progressively works towards facilitating affordable home loans to first-time homebuyers in the country. Through a wide network of branches, backed by a digital infrastructure and social development intent, the Company caters to the evolving home finance needs of marginalized sections across the length and breadth of the nation.
The IIFL home loan interest rate in Hyderabad starts from 8.20% p.a.
Aditya Birla Housing Finance
Getting a home loan in Hyderabad is easy with Aditya Birla Housing Finance home loans. Below is the home loan interest rate based on salary.
| Home Loans | Salaried | Self Employed |
|---|---|---|
| Rate of Interest | 8.50% to 13.00% | 9.25% to 13.50% |
Sundaram Home Finance Hyderabad
With 6 types of home loan schemes, the home loan interest rate at Sundaram Home Finance in Hyderabad starts from 8.65% p.a.
| Details | Interest Rate/ Fees |
|---|---|
| For general customer | 8.65% |
| For women customers | 8.65% |
| Processing Fee | Maximum upto 0.50% + GST |
Indiabulls Home Loan
The final Indiabulls home loan rate of Interest depends upon Profile, Loan amount, tenor, property type, and other risk parameters. The lowest home loan rate in Hyderabad is 8.70% for 30 years. This can change depending on the creditworthiness of the applicant.
Axis Bank Home Loan
Axis Bank home loan in Hyderabad is one of the most searched options to get a home loan. The home loan interest rate varies depending on the applicant's profile, salary, and credit score.
Home Loan Interest Rate in Hyderabad for Salaried and Professional Individuals
| Loan Type | Effective ROI (p.a.) |
|---|---|
| Home Loan | 8.30%* to 14.00%* |
| Home Loan (Balance Transfer) | 8.30%* to 14.00%* |
| Top Up | 9.20%* to 15.00%* |
Interest Rate For Salaried Individuals in Hyderabad
| Type | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| Floating Rate | Repo Rate + 2.70% to Repo Rate + 3.05% | 8.60% - 8.95% p.a. |
| Fixed Rate | All Loan Amounts | 14% p.a. |
Home Loan Interest Rate For Self Employed Individuals in Hyderabad
| Loan Type | Effective ROI (p.a.) |
|---|---|
| Home Loan | 8.55%* to 14.00%* |
| Home Loan (Balance Transfer) | 8.90%* to 14.00%* |
| Top Up | 9.40%* to 15.00%* |
Interest Rate For Self Employed Individuals in Hyderabad
| Type | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| Floating Rate | Repo Rate + 2.80% to Repo Rate + 3.15% | 8.70% - 9.05% p.a. |
| Fixed Rate | All Loan Amounts | 14% p.a. |
Types of Home Loans Offered in Hyderabad
There are more than 10 types of home loans offered in Hyderabad. Have a look below to understand what different types of home loans you can take from banks and other financial institutions(FIs) or NBFCs(non-banking financial institutions):
| Types of Home Loan | Purpose of Home Loan |
|---|---|
| Home Loan | This type of loan is taken to purchase residential property like flats and apartments. |
| Loan Against Property | Get a loan by pledging your property to the bank. |
| Home Improvement Loan | This loan is taken for house renovation related activities like painting, wiring revamp etc. |
| Home Extension Loan | This type of loan is taken to extend an already existing loan. For example to build a floor, room and balcony. |
| Land Purchase Loan | This type of loan is taken to purchase a land. The construction of property should be completed within a fixed timeline. |
| House Construction Loan | This type of loan is taken to construct a house. |
| Home Loan Balance Transfer | Home loan balance transfer is used to transfer the existing home loan to a lower interest rate reducing the overall outgo in process. |
| Pre-approved Home Loan | This type of pre-approved home loan is given by banks and lending institutions to their existing customers on the basis of their creditworthiness and income. |
| Home Loan Top-ups | This is given as an extra loan on your existing home loan. |
| Home Loans for NRI | This type of home loan is suitable for people who live outside India but are willing to construct a house in India. |
| Home Loan Overdraft | Home loan overdraft allows borrowers to get more loan amount linked to their savings and current account. |
Mortgage Loans in Hyderabad
Mortgage loans in Hyderabad is another term for home loans in Hyderabad. So, if you are in need of any type of mortgage loan ie. home loan in Hyderabad then you are reading just the article where you will get all the information correctly.
Mortgage Loan Interest Rates in Hyderabad
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh & Up to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| LIC Housing Finance | 8.00% – 10.00% | 8.00% – 10.20% | 8.00% – 10.40% |
| HDFC Ltd. | 8.40% – 10.00% | 8.40% – 10.25% | 8.40% – 10.35% |
| Tata Capital Housing Finance | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.30% onwards | 8.30% onwards | 8.30% onwards |
| PNB Housing Finance | 8.50% – 12.50% | 8.50% – 12.50% | 8.60% – 11.70% |
| Repco Home Finance | 8.10% onwards | 8.10% onwards | 8.10% onwards |
| GIC Housing Finance | 8.10% onwards | 8.10% onwards | 8.10% onwards |
| Indiabulls Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Aditya Birla Capital | 8.50% – 13.50% | 8.50% – 13.50% | 8.50% – 13.50% |
| ICICI Home Finance | 9.20% onwards | 9.20% onwards | 9.20% onwards |
| Home First Finance | 8.00% – 18.00% | 8.00% – 18.00% | 8.00% – 18.00% |
| Godrej Housing Finance | 7.99% – 10.99% | 7.99% – 10.99% | 7.99% – 10.99% |
| L&T Housing Finance | 7.70% – 8.70% | 7.70% – 8.70% | 7.70% – 8.70% |
Plot Loans in Hyderabad
Plot loans in Hyderabad can be availed upto a maximum amount of Rs 1 Cr. The rate of interest rate for plot loans in Hyderabad starts from 8.60% to a maximum of 9.50%.
Home Loan for CIBIL Defaulters in Hyderabad
If your CIBIL score or credit score is not up to the mark then you need not worry. You can get a home loan for CIBIL defaulters in Hyderabad from noteworthy housing finance companies.
Features and Benefits of Home Loan in Hyderabad
A Home Loan is a secured loan where the bank keeps possession of your home papers till the repayment is done. Let’s have a glance at some features of home loan in Hyderabad:
- Home loans in Hyderabad are usually offered at a minimum interest rate of 7.80% p.a.
- Tenures may be up to 30 years.
- LTV ratio: 80%-90% of the cost of property.
- Facilities like top-ups, overdrafts, and home loan balance transfers to existing home loan borrowers are easily available.
- Selected existing bank customers are offered pre-approved instant home loans.
- No prepayment charges.
- Pradhan Mantri Awas Yojna for economically weaker sections, middle-income groups and low-income groups with interest subsidy of up to Rs 2.76 lakh
Eligibility Criteria of Home Loans in Hyderabad
- Applicant’s nationality: Indian Resident, PIO, NRI
- Age- 21 years up to 70 years at the time of loan maturity
- Work experience: At least 3 years of salaried and self-employed
- Applicant’s job profile: Salaried (government and corporate professionals)/Self-Employed Non-Professionals (contractor, trader, commission agent)/Self-Employed Professionals (Doctors, CS, lawyers, CA, architect, consultant, engineer
- CIBIL/Credit score should be 750 and above for increased chances of availing of home loan at lower interest rates
Documents Required for Home Loan in Hyderabad
Below are the list of documents needed to get a home loan in Hyderabad:
Home Loan Documents For Salaried Loan Applicants
- Proof of Identity: PAN Card/Driving License/ Voter ID/Passport/Aadhar Card.
- Proof of address: Passport/Utility bill/Aadhar Card
- Proof of Income: Latest salary slip/ ITR/Form-16
- Bank Statement: Last 3 months' bank statement/ last 6 months' bank passbook.
- Property Documents: Agreement sale copy, Certificate of possession, Land tax receipt, the detailed cost of construction, Letter of allotment, Original NOC.
Additional Home Loan Documents for Self-Employed Applicants
- Business Profile
- Recent Form 26AS
- Income Proof: ITR with income computation for the past 3 years
- Memorandum and Articles of Association of the company
- Balance sheet and profit & loss account statement for last 3 years
- Current account statement of business entity
- Savings account statement of an individual for the past 6 months
FAQs
Why only Hyderabad, you can apply for a home loan from anywhere in India using our website MyMoneyMantra.com or you can directly visit the link https://www.mymoneymantra.com/home-loans and fill in the form with your exact requirements.
Normally to buy a new home, a down payment of 10% of the total cost of the property is required. However, it is always advisable to go for a minimum home loan amount by paying around 20% to 30% as a down payment to the builder.
It takes anything between 7 to 21 days to get a home loan in Hyderabad.
If your monthly salary is more than Rs 25000 then you can get a home loan in Hyderabad.
To be eligible for a home loan in Hyderabad there are some requirements. Let’s see what are those requirements that will allow you to have your dream home in Hyderabad:
- Applicant’s nationality: Indian Resident, PIO, NRI
- Age- 21 years up to 70 years at the time of loan maturity
- Work experience: At least 3 years of salaried and self-employed
- Applicant’s job profile: Salaried (government and corporate professionals)/Self-Employed Non-Professionals (contractor, trader, commission agent)/Self-Employed Professionals (Doctors, CS, lawyers, CA, architect, consultant, engineer
- CIBIL/Credit score should be 750 and above for increased chances of availing of home loan at lower interest rates
The lowest home loan interest rate in Hyderabad is 7.80%. With the recent rate hike trend it is assumed that the search for cheapest home loans in Hyderabad might take a while.
Till then you can have a look at these banks / NBFCs and the home loan interest rates that they offer:
| Banks/NBFCs | Home Loan Interest Rate |
|---|---|
| HDFC | 8.60% onwards |
| LIC HFL | 8.50% onwards |
| SBI | 8.55% onwards |
| ICICI | 8.60% onwards |
| Kotak Bank | 8.50% onwards |
Home loans can be needed for multiple scenarios like loans against property in Hyderabad, loans against the power of attorney property in Hyderabad, and many more. So, there is no particular home loan for all but it will depend on the exact requirement of the customer to decide which type of home loan can best cater to their requirements.
The lowest home loan interest rate in Hyderabad is 8.55% p.a. Currently, it is offered by SBI.
All banks take almost similar time in disbursing your home loan amount. It takes from 7 to 21 days to get your home loan amount.
Plot loans are available for only a residential plot, unlike home loans which are available on all properties. The maximum Loan to Value (LTV) when it comes to plot loans is stipulated at 70%. For home loans, the LTV can go up to 90% in some cases.
Yes, you can prepay your home loan easily by paying a nominal fee as prescribed by the respective bank in case of any.
It must be made clear that even Home Loans are a type of mortgage loan; wherein the property you seek a loan is considered collateral for the sanction.
Yes, they can be increased if there is any room for doing so. Home loans have a long tenure of 15 years and above. During it you will encounter many interest-rate cycles. “Borrowers can either opt for the tenure increase option or the EMI increase option with the consent of the lender. Opting for a tenure increase will result in higher interest cost than the EMI increase option
If you are self-employed then yes your income tax returns will be needed to avail a home loan.
You can now apply for Top-Up on your existing Home Loan and use the funds to fulfill a host of requirements such as home renovation, marriage expenses, business expansion, funding of your child’s higher education, or any other personal need with a combination of overdraft facilities.
What’s more, if you have an existing Home Loan with ICICI Bank then applying for a Top-Up loan gets simpler, hassle-free, and with minimal documentation.