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The capital of Telangana, Hyderabad, has been witnessing significant economic and infrastructural boom with rapid escalation of market value, especially in real estate prices. Adding to this, low rates of interest have provided buyers with an opportunity to purchase real estate at affordable rates.
In case you are planning on investing in an asset, now would be the ideal time. If you already have a property in name, then you may consider taking a loan against property in Hyderabad for your second purchase.
Mortgaging an existing property can be a great way to obtain funds for personal goals or emergencies. There are multiple Loan Against Property loan providers in Hyderabad, with whom you can get a reasonable quote on the loan interest. Here are a few factors to keep in mind when comparing and applying for a loan.
Loan Against Property Loan Features and Benefits
Read on to know more about the features and benefits before you apply for a loan against property in Hyderabad.
Loan Amount
Property loans can run into crores, ranging as high as Rs. 5 crore or more. Such high value funding ensures you can meet any expenses, even on an urgent timeline.
High LTV Ratio
The LTV (Loan-to-value) ratio is a crucial factor when deciding on a Loan Against Property loan. This is because the LV ratio determines what percentage of the total loan value you will be receiving. Look for a lender that offers high LTV in the market. Typically, Loan Against Property LTV is capped at 70-75% of the property value.
Competitive Interest Rates
Assuming you have a good credit score and financial profile and are eligible for a Loan Against Property loan, you can get your hands on the most competitive interest rates in the market, starting as low as 8.25% per annum.
Easy Repayments with EMI
Property loan repayments are done through EMIs. It is a good idea to evaluate how much you need to pay every month to be able to repay the full amount before due time by using a loan against property EMI calculator before proceeding with an application.
Minimal Documentation
With most lending institutions having an online presence these days, the application procedure for property loans has become easier and more convenient than ever before. You can apply from the comfort of your home and even request a representative to pick up the documents from your residence.
Quick Processing
Some of the most common end-uses for a Loan Against Property include funds for business expansion or wedding preparations, or funds for higher studies or medical emergencies. In all these instances, funds can often be required on an urgent basis. With the right lender, you can get your Loan Against Property disbursed in only 3 days from document submission and verification.
Eligibility Criteria for Property Loan Buyers
All lenders have a set of criteria for property loan borrowers in Hyderabad. These are as follows:
- Age of the borrower must be between 23 years and 62 years
- He/she must have valid Indian citizenship
- He/she must have a steady income as a working professional with 3+ years of experience in public/private sectors and MNCs
It is advisable that you check the basic criteria with your chosen lender to ensure faster, hassle-free loan approvals.
How to Apply for a Loan Against Property in Hyderabad
As mentioned, applying for property loans online is extremely easy. All you have to do is follow these simple steps:
- Visit the lender’s website and access the loan application form
- Fill in your basic details, (name, contact, address, salary and employment status, any information related to the pledged property, etc.)
- Submit your documents along with a duly filled in application
- Get a representative to verify all information and property documents
- Get the loan sanction in place and wait for the amount to get disbursed (ideally within 3 days)
Property Loan – Important Documents
In case you are wondering which documents are needed at the time of filling in the application, below is a list of the same.
- Address proof
- ID proof (PAN/Aadhaar Card No.)
- Last 3 months’ bank account statement
- Last 6 months’ salary slips
- Proof of Income Tax Returns
- Copy of documents of the pledged property
Keeping these documents handy will help speed up the application process. Also, make sure all details and information shared are true in the best interest of both the lender and the buyer. Remember, any discrepancy or misinformation can get your application nullified or rejected.
Now that you know all about the loan against property in Hyderabad, getting one should not be a problem. Compare and avail of the best deals this time around.
