3 BHK Flats in Kokapet buyers can familiarise themeselves with a rundown of the best home loan options available in the Hyderabad market in 2021.
When shopping for a home loan to buy a residential apartment in Hyderabad, it’s important to do one’s homework and to know what to look out for, in order to find the best fit.
- Begin with the kind of home loan or finance you need. You can get a loan to buy land or an apartment, to construct a home and also for home extensions and improvements.
- Loan amounts can range from 2 lakhs to 50 crores.
- Be aware of your credit score, maintaining a good score increases your chances of getting a loan.
- Do your research on interest rates, processing fees and loan tenure. Interest rates can range from 6.70% to 14% and tenures can range from 1 to 30 years.
- Look into down payment percentages and foreclosure rates to factor these into your financial planning.
- Use one of the numerous EMI and Home Loan Calculators available online to understand your monthly financial commitment.
- Keep in mind that RBI guidelines have eliminated the pre-payment penalty, so you can choose to make payments against your loan if and when you have extra cash in hand.
- It usually takes about two weeks to a month for a home loan to be processed and disbursed.
- Explore every option available to make sure that you get the best deal and interest rate.
Some of the best Home Loans and Finance options available from banks in 2021 are listed below.
- SBI offers competitive rates ranging from 6.70 to 6.75%
- HDFC Bank also offers competitive rates at the moment, starting at 6.70%
- Canara Bank’s rates range from 6.90 to 8.90%
- Axis Bank offers rates going from 7.75 to 8.40%
- Citibank’s offers interest rates starting at 6.65%
- ICICI Bank has home loans at interest rates from 6.70 to 7.95%
- Bank of Baroda’s interest rates start at 6.85%
- IDBI Bank offers home loans with interest rates ranging from 6.90 to 9.90%
Also consider loans from certified Housing Finance Companies and Institutions like LIC Housing Finance Ltd., Sundaram BNP Paribas Home Finance Ltd. and L & T Housing Finance Ltd.
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