Hyderabad has emerged as one of the best cities to live in, with one of the best quality of living provided to its citizens- this was a finding in Mercer’s- global human resource consulting firm headquartered in New York- Quality of Living rankings in 2017 and it had left Mumbai and Delhi in its wake. Globally, Vienna continues to be the best city to live in the world, fourth time in a row. Hyderabad too won this honor third time in a row among all Indian cities and it was ranked 154 on a global scale. Hence, owning a property in the city can be a very good investment and Home Loan in Hyderabad can be used to make this dream a reality.
The reason behind this success is that Hyderabad has far lower crime rates than most other Indian metropolitans, its town planning is worth setting an example and its attention to keeping air pollution under check has garnered accolades from various quarters. There are also premium English speaking schools which promises a brighter future for the children and compared to what schools in Delhi and Mumbai charge, the cost of education is just about one third of the expenses and yet students enjoy more perks. Mercer conducts this survey each year so that the MNCs could compensate their workers properly while they are away on international assignments. Hence, because of these reasons, the population of the city is one the rise and so is the demand for housing.
Many banks and NBFCs are offering really competitive Home Loan interest rates for buyers being able to afford housing in the city. With the help of a housing loan EMI calculator, one would be able to calculate instantly how much one have to pay towards monthly repayments each month would. The calculator would require certain information like income of the applicant, the loan tenure, the interest rate, the expected principal amount of the loan and whether there are any additional sources of income. The calculator will show you exactly how much would you be paying each month till the tenure comes to an end and how much would you have paid towards interest for the course of the tenure. If all seems well, you could very well apply for the loan.
Most leading banks and NBFCs would want to check some documents required for Home Loan and they include Photo ID and Age Proof, Address Proof and the IT returns for the last three consecutive years, which is the same for all. For salaried people, one would have to provide the salary slip of the last six months and the bank statement of the last three months. Those who are self employed or have their own business will also have to provide the TAN as a business proof, address of the warehouse, along with sales tax documents. The creditors might ask for some extra documents which is according to their discretion but if all goes well, buying a home in Hyderabad would prove to be quite simple.