Hyderabad is a great city that offers a number of housing projects be it a new one or a pre-owned/ resale house. But this involves a lot of documentation and many legal procedures if you apply for a Home Loan in Hyderabad. If the property is a resale property, then the banks evaluate risk before they can lend you any money. Then banks check the history of people that owned the house since it was built and need proper municipal authorised certification to know whether the property has no disputes associated with it.
There are certain factors that need to be considered
Dealing with a Broker/Agent- Most of the resale properties and pre-owned housing sales are done through a broker or agent.
Arranging the Documents- The documents regarding the purchase and subsequent transfer of title should be properly stamped. Once you send the documents to a loan service company, the bank also will do their verification process.
Previous Existing Loan on the Property:
You need to check if the property does not have any existing loans associated with it, and should not have been kept as a collateral at any bank.
To know about the other factors, read:
