Top Thumb Rules for a Burden-Free Home Loan Process in Hyderabad

Be it world-famous mouth-watering Hyderabadi Biryani or the beautiful pearls, the city of Nizams, Hyderabad leaves no stone unturned to make you fall in love with this place. A wonderful city riding on its glorious past with an old-world charm has now become one of the top IT hubs in the country. This city, with a charisma of its own, now harbors some of the most futuristic companies across the world and is perhaps the very reason why now more and more people are settling down in this wondrous city by taking home loans in Hyderabad.

This city on the fast-track to being developed as a smart city with its affordable property rates and comfortable and relaxed standard of living have been inspiring investors to take out housing loans in Hyderabad instead of renting a home. Although taking home loans might look like a solution, there are some thumb rules you need to remember; after all, a home loan is the longest commitment you are going to make.

Have the estimate of the budget for your home purchase!

When you are planning to buy a house in Hyderabad, make sure you have an estimate of the budget you are willing to spend on your home purchase. Thoroughly analyse your affordability, needs, and everything, and then decide the budget. Doing this will make sure that you do not overspend and will help to avoid future financial problems.

By following the 35/50 rule, one can easily keep track of their future finances!

While giving home loans, the lenders or banks usually ask about your existing liabilities from the personal loan, car loan, to education loan; this is why you should know about the 35/50 rule. If you are planning to take a home loan, it is better to make sure its EMI is not more than 35% of your monthly income, and the overall EMI including all the loans you have, should not exceed 50% of your monthly income. Doing this will reduce your burden and will allow you to save for future expenses.

Check your credit profile to grab a better deal!

A credit score check is one of the most important thumb rules you need to remember if you are applying for a home loan in Hyderabad. Banks usually offer a lower interest rate on home loans to individuals who have a higher credit score, preferably over 750, as it is considered by many in the community as an excellent credit score. Now you know a golden tip so, why not check it before applying for a home loan and who knows, you might end up getting better home loan deals because of your credit profile.

The shorter the tenure, the lower the interest would be!

It is natural that the longer the loan repayment tenure is, the more interest would be levied by the lender. So, to make your home loan less burdensome, as a rule, you should opt for a shorter tenure to keep the interest cost low.

If you are planning to take home loans in Hyderabad, make sure you follow these thumb rules for a happy borrowing and financially secure future. Now, keep all of them in mind and make loan applications easy to qualify for. Moreover, you can count on a dependable loan advisor to get quick help with your loan process.

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