Home Loans in Hyderabad Eligibility Employees of both public and private sector units are supposed to apply for a home loan at a minimum age of 21 years. Also, they need to make sure they are not over 58 years by the time loan matures. The minimum age criteria for self-employed, however, is 24 years at the time of application. The maximum age permitted is not more than 65 years at the expiry of the tenure. Salaried and self-employed must have an annual income of ₹ 1, 80, 000 and ₹ 1, 80, 000-3, 00, 000, respectively, to pass the eligibility test. Salaried should have an overall work experience of 2 years with a minimum of 1 year at the existing employer. Self-employed needs to remain in the business for a minimum of 3 years. Land Purchase Loans/Plot Loans: The land purchase loan may be availed in order to complete the purchase of a plot of land for construction or as an investment. Land purchase loans are just like a home loan, the only difference being that this loan is used to purchase a vacant plot. The term, the interest rate and procedure for both home loan and land purchase loan are similar TWO TYPES OF INTEREST RATES IN HOME LOAN An individual who wishes to take a Home loan can choose between two types of interest rates. These interest rates vary according to the duration of the loan. FIXED INTEREST RATE home loan : duration first 3 to 10 years , This interest rate remains fixed first 3 to 10 years of the house loan duration. It varies from institution to institution but the general rate . FLOATING INTEREST FOR home loan process : duration 1 to 20 years and 30 years , This interest rate is not fixed and static, it varies according to prevailing market conditions. What is Floating Interest Rate for housing loans As the name suggests, floating interest rate varies with the market scenario. If you opt for a home loan with a floating interest rate, it means that you will be subjected to a base rate and a floating element will be added. This means that if the base rate changes, the floating rate will also vary. The main highlight of floating interest rate is that they are cheaper than fixed interest rate. For example, if the fixed interest rate is 12.25 % and floating interest rate is 8.75%, you will still be saving money even if the floating interest rate rises by 3.5% points. Further, even if the floating interest rate rises above the fixed rate, it will be temporary, and not for the entire tenure of the loan. The main drawback of floating interest rate is the fact that it is difficult to budget as it may change frequently. Planning your financials on a long term basis can be difficult with this type of interest rate . WE DEAL HOUSING LOAN IN HYDERABAD . MORTGAGE LOANS , LOAN AGAINST PROPERTY . home loan in hyderabad . home loan hyderabad agents . home loan consultant in hyderabad . home loan without income proof . bank loan consultants in hyderabad . private home loans in hyderabad . home loan in secunderabad . loan against property without itr . mortgage house in hyderabad . HOME LOAN IN SECUNDERABAD . HOME LOAN . MORTGAGE LOAN . home loans hyderabad, telangana .