Mr. Subramaniyam Reddy, a resident of Hyderabad, wanted to purchase a home of his dream! Since he did not have any savings or other means to arrange for funds, he was sure that he would apply for a Home Loan in Hyderabad.
However, as everyone knows that a decision to buy a home is made once in a lifetime, managing the Home Loan and repayment strategies need to be in order to afford it.
If you are looking for a right House Loan in Hyderabad just like Mr. Reddy, you need to know that a right Housing Loan should have some features to make it affordable for you.
Nowadays, many leading online lenders who offer multi-featured Home Loans in Hyderabad!
Home Loan in Hyderabad must-to-have features!
A Housing Loan in Hyderabad that could work in your favour should have some elements as below:
- It should offer a balance transfer facility
A Home Loan facility from your lender should also help you refinance or transfer your loan account to a new lender to avail a lower interest rate from an existing lender. Thus, if you are an existing Home Loan customer paying higher interest rates, opting for a Home Loan Balance Transfer loan can help you trim your EMIs.
- Top-up loan facility
Even if you have availed a Home Loan, you may need some funds to make up for some other needs such as fittings, interior decorations, and other personal tasks. A top-up loan can provide you an amount up to Rs.50 lakh with a long tenor and a lower interest rate. Ask your lenders if they offer a top-up loan or not!
Suppose during the tenor of your House Loan you get some surplus cash; you can always pre-pay an amount larger than your Home Loan EMIs. It helps in reducing the burden, trimming the EMI figure and overall reducing the burden of a Home Loan. Ask your creditor if they offer it or not!
- Zero foreclosure charges
Many lenders also let you close your Home Loan account if you have cleared paying at least one EMI. You need not pay any charges to avail it. Hence, if you have some money and if you think it’s better to foreclose the loan, you can do it.
- Property dossier
Does your online Home Loan lender also offer you a property dossier which is a financial and legal document containing the information of being a property owner? Ask for it!
- Online Home Loan account access
Prominent online Housing Loan creditors also let customers access their House Loan information such as loan amount, EMI due dates, previous payments, and more. The account could be accessed over the internet and from anywhere helping you keep steady progress of it.
The Bottom Line
Now that you are aware of the features that a Home Loan in Hyderabad or anywhere else should contain, research for a lender offering you all such benefits! Happy Home Loan application in Hyderabad!