Guide to different types of loans available in Hyderabad.

You might be having so many dreams that are to be fulfilled and one of them will be a house for yourself. Our own home will feel much better and much safer than staying in a rented house where every month you need to pay rent to the owner. Housing loans that are offered by many banks and lenders have made it easy for the people to get their own house and fulfill their dreams.

It is much better to pay for the loan amount every month rather than paying thousands of rupees for the rent. By spending the same rent amount for a house will make a house owned for yourself.

So, it is not always about getting a loan for purchasing a house, but it could also be for renovating or for getting a plot owned and other reasons. There are loans given for every need.

1. NRI home loan: Non-resident Indians (NRI) are the ones who have an Indian passport and have left the country for job purposes or for other reasons. If you come into this category and you are willing to get a house for yourself in your home place, even that has got easy now. Banks and lenders are giving out home loans for NRI’s also. You can apply for the loan and can get it approved without much difficulty, but there will be a lot of paperwork to be done, as you don’t stay in India. With the documents being perfect, it is uncomplicated to get the loan approved.
2. Home conversion loan: This loan type is the costliest to take yet it is taken by many people because it gives an option to opt for another home loan and convert the already existing loan to the new one. The purchase of a new house can be funded by moving the already existing loan to an older one. It doesn’t matter if you have not paid the older loan, it just gets transferred to the new one. This will be a little expensive when compared to others, but if you can manage the burden, then the loan can be a saviour.
3. Bridged loan: These loans are designed in order to help the individuals to complete the purchase of the new asset even before selling the already existing home. The loan amount is advanced for a term period and you need to mortgage the new house with the bank or lender.

For all these loans to get sanctioned there are documents required for the borrower to submit.

Documents that have to be submitted by businessman

• Residence proof
• Identity proof
• Educational qualification
• A photograph
• Balance sheet and income sheet of the last 3 years
• Proof of business existence
• An income tax return filed

All these documents are to be submitted to the lender and then upon verifying the whole documents, you will get informed with further process of the loan application. Take up the loan that will solve the main purpose of what you are looking for.

Hello, I am Alvina working as a content writer in Hyderabad.