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Home Loans with DealsofLoan

One of the most availed loan types; Home Loans are the ones which bridge the gap between your dream and reality. In India, many have a dream of having a home of own, but under financial restrictions, the dreams of many remain unrealized. With the advent of Home loans, people are given a chance to make it happen. People are offered a great helping hand to make dream, a reality.

Factors to consider in Home Loans

There are several aspects of Home loans, which people must consider before opting for home loans. With the DealsofLoan, the people are offered the most genuine and trustworthy advice on the choice of Home loans as available in the market. Here, at DealsofLoan, we present you with some factors worth considering.

Affordability

Affordability is the first and foremost factor, which a person should consider before approaching for any home purchase. Most of the times, it has been that the people cross the lines while making a choice of the home to purchase. The DealsofLoan remind you that there are numerous home types, which are available in the market, which are way beyond your reach. Thus, realizing the budget of yours and affordability is the most important aspects, while making a choice of home. Analyze your income, your expenses and your liability and most importantly, your needs i.e., the size and location of the Home required.

Tax Benefits

Many times, people buy homes to avail tax benefits. While, this aspect of thinking plays wells in some scenario, we would be happy to remind you that there are many other tax saving ways, which you can adopt, which pays higher returns. Still, if you have done your homework, and are reluctant on tax savings through home buying, the DealsofLoan is quite happy to take things to the next step.

Loan Amount

The Loan amount is just another decisive factor, which a person has to calculate with utmost care. While, some money is required to be paid as Down payment for the purchase of Home, the remaining part has to be taken as a home loan. The Home Loan is the amount, which you need to take from your bank or lending agencies and must be calculated, keeping everything in consideration. This loan amount is the one, which ultimately decides the EMIs of yours and is going to affect your lifestyle. Also, the Home Loans calls for the rate of interest, which currently runs from 8.1% to around 10.0% depending on the choice of the banks. Thus, take a pause for the moment and get ready with your pen and paper and calculate the best amount, which you should take as a home loan. Even, DealsofLoan is quite happy to help you in this calculation.

Tenure of Home loans

The tenure is the duration for which you want to initially begin with, for your home loans. The tenure, however, has some locking period, after which you can pay the entire amount/partial amount, depending on the availability of the money with you. Most of times, people take loans for the longer tenure in order to reduce the EMIs, and after the lock in period, prepayment plays a major role. However, maintaining a balance between your tenure and the loan amount is quite necessary as the total amount (principal + interest rates), goes high during the longer tenure.

Home Loan Insurance

An important factor, which many times people ignore, is the Home Loan Insurance. In case, there is some accidents, which takes place during the loan tenure, your family doesn’t get affected, it is important that Home Loan Insurance must be taken. Before opting for any home Loan, take a deep consideration of Home Loan Insurance from your bank.

Affordable Housing for All

Ever since, the Indian Government announced the Pradhan Mantri Awas Yojana (PMAY) scheme, the rates of interest at Home Loans have seen a rapid decline. The lower rates of interest have motivated several buyers towards purchasing their own housing units. There are several other benefits as offered by the Indian Government in order to realize the dream ‘Housing for All by 2022’. Several exemptions are being announced by the Indian Government over the purchase of Housing units. Here are several charts denoting the Subsidy Scheme on home Loans:

 

Income Group

Annual Household Income

EWS

Up to Rs. 3 Lacs

LIG

Rs. 3.01 to Rs. 6 Lacs

MIG 1

Rs. 6.01 to Rs. 12 Lacs

MIG 2

Rs. 12.01 to Rs. 18 Lacs

 

The eligibility is dependent on the income group you fall in

 

Income Group

Subsidy on maximum Loan Amount

Interest Subsidy (%)

Maximum Subsidy Tenure

Max. Subsidy amount

(In years)

Up to 3 Lacs

6 Lacs

6.50%

20

2.67 lacs

Above 3 Lacs up to 6 Lacs

6 Lacs

6.50%

20

2.67 lacs

Above 6 Lacs up to 12 Lacs

9 Lacs

4%

20

2.35 lacs

Above 12 Lacs up to 18 Lacs

12 Lacs

3%

20

2.30 lacs

 

Benefits and subsidy offered in this Yojana

Documents required for this scheme

The following is the list of documents required for successfully applying for Home Loans:

  • KYC Documents & Photograph

  • Self-certificate/affidavit as proof of income

  • Aadhar Card is mandatory

  • Salary slip or Certificate & updated bank statement for salaried applicants

  • Income Tax Returns of last two years and bank statement for self employed applicants

  • Customer declaration undertaking

  • Additional Application form

Rates of Interest on Home Loans as charged by Different Banks

Bank Name

Floating Interest rate

Per lac EMI

MCLR Rates

SBI – State Bank Of India

8.30% – 8.60%

Rs.855 – Rs.874

7.95%

ICICI Bank

8.35% – 8.80%

Rs.858 – Rs.886

8.20%

HDFC Ltd

8.35% – 8.55%

Rs.858 – Rs.871

16.15%

LIC Housing

8.35% – 8.80%

Rs.858 – Rs.886

8.15%

Bank of Baroda

8.30%

Rs.855

8.30%

AXIS Bank

8.35% – 8.75%

Rs.858 – Rs.884

8.15%

DHFL

8.35%

Rs.858

IDBI

8.35% – 8.40%

Rs.858 – Rs.861

8.80%

Union Bank of India

8.30% – 8.35%

Rs.855 – Rs.858

8.20%

Bank of India

8.35% – 8.40%

Rs.858 – Rs.861

8.30%

Indiabulls Housing Finance Limited

8.35% – 8.80%

Rs.858 – Rs.886

Corporation Bank

8.65% – 9.15%

Rs.877 – Rs.909

8.65%

L&T Housing Finance

9.65% – 10.25% (for Salaried/ SEP) 9.65%-10.50%(SENP)

Rs.942 – Rs.982 (for Salaried/ SEP) Rs.942 – Rs.998(SENP)

United Bank of India

8.45%

Rs.865

8.45%

Tata capital Housing Finance ltd

8.65%(For Women) – 8.90%(For Others)

Rs.877(For Women) – Rs.893(For Others)

Shubham Housing Development Finance Company

12%-14%(For Salaried) – 15%-17%(For Self-employed)

Rs.1101-Rs.1244(For Salaried) – Rs.1317-Rs.1466(For Self-employed)

HSBC Bank

8.65% – 8.75%

Rs.877 – Rs.884

8.15%

Deutsche Bank

10.50%

Rs.998

9.35%

Standard Chartered

8.51%

Rs.868

8.95%

Federal Bank

9.57% – 9.82%

Rs.937 – Rs.953

8.95%

Allahabad Bank

8.30% – 8.40%

Rs.855 – Rs.861

8.25%

Central Bank of India

8.30%

Rs.855

8.30%

UCO Bank

8.45% – 8.75%

Rs.865 – Rs.884

8.45%

Canara Bank

8.35% – 8.55%

Rs.858 – Rs.871

8.30%

Kotak Bank

8.35%

Rs.858

8.60%

Dena Bank

8.55% – 8.80%

Rs.871 – Rs.886

8.60%

Vijaya Bank

8.50%

Rs.868

8.50%

Syndicate Bank

8.75%

Rs.884

8.75%

Citibank

8.60% – 8.85%

Rs.874 – Rs.890

8.05%

PNB Housing Finance

8.35% – 9.25%

Rs.858 – Rs.916

Oriental Bank of Commerce

8.60% – 8.70%

Rs.874 – Rs.881

8.60%

Indian Overseas Bank

8.65% – 8.90%

Rs.877 – Rs.893

8.65%

Indian Bank

8.35% – 9.35%

Rs.858 – Rs.922

8.35%

Punjab National Bank

8.35% – 8.45%

Rs.858 – Rs.865

8.15%

Development Credit Bank

10.60%

Rs.1005

9.98%

State Bank of Travancore

8.30% – 8.60%

Rs.855 – Rs.874

7.95%

Bank of Maharastra

8.75% – 8.85%

Rs.884 – Rs.890

8.75%

Dhanalakshmi Bank

10.35% – 10.60%

Rs.988 – Rs.1005

10.10%

Andhra Bank

9.50% – 9.70%

Rs.932 – Rs.945

8.65%

DHFL Vyasa Housing Finance

9.75% – 10.25%

Rs.945 – Rs.982

GIC Housing Finance

10.25%

Rs.982

Gruh Finance Limited

9.75% – 15.25%

Rs.949 – Rs.1335

India Infoline Housing Finance Ltd.

9.55% – 10.50%

Rs.935 – Rs.998

Karnataka Bank

9.50% – 9.75%

Rs.932 – Rs.949

8.15%

Sundaram BNP Paribas Home Finance Ltd.

9.80% – 11.05%

Rs.952 – Rs.1036

National Trust Housing Finance Ltd.

14% – 16.50%

Rs.1244 – Rs.1429

Orange City Housing Ltd.

14%

Rs.1244

Reliance Home Finance Private Ltd.

10.60%

Rs.1005

Repco Home Finance Ltd.

9.60%

Rs.939

Types of Home Loans

The Home Loans are a broad category with several other needs and demands related to Homes, featuring under the Home Loans. Here are some types of Home Loans:

  • Home Purchase Loans: This type of home loan can be availed for the purpose of buying a home

  • Land Purchase Loans/Plot Loans: The land purchase loan or Plot Purchase Loan is used for the purpose of purchasing a plot of land for either for construction or as an investment. This Type of loan is used only for the purchasing a vacant plot.

  • Home Construction Loans: This type of home loan can be taken by the banks for the construction of a home. This type of loan is approved only if you already own a plot of land and want to plan a construction of your house on it

  • Home Improvement Loans: Home improvement loans can be taken when you are planning to opt for the renovation or for repairs of your current home. Such loans are increasingly becoming popular because of reasons like similar interest rates as home loans interest rates.

  • Home Extension Loans: Home Extension Loans are taken for the purpose of adding more space to your existing home. Thus, if you are aiming to add further space to your living area, you must opt for Home Extension loans.

  • Home Conversion Loans: Home Conversion loans are taken if you have a home with an existing Home Loan and are planning to purchase a new house.

Home Loans Characteristics

The following are the characteristics of the Home Loans:

  • The Home loans comes with the pledging of Property as a collateral

  • It’s a secured Loan Type

  • The final amount of Home Loan can vary depending upon the income, credit history/CIBIL Score, the locality, the city you are planning the purchase in and on various other factors

  • The Home Loans are the longer duration Loan Types and generally the tenure varies from 10 years to 20 years

  • The Home Loans comes with the prepayment options

  • The Home Loans comes with several other charges like processing fee, registration charge, penalty on prepayment, commitment charge and several other miscellaneous charges

  • Generally the Home loans covers around 80% of the actual value of the property

Things to compare in home Loans

As a home loan is one of the prime products of several banks, the rates and several other factors vary based on the choice of the banks. Thus, DealsofLoan advises customers to make the choice of home loan provider based on various factors, which are mentioned below:

Home Loan Processing Fees: The Home Loan processing fee is generally charged at around 1%. Thus, you must concentrate on lower processing fees. For this, you can contact DealsofLoan, which will get you the best deal over the processing fees.

Home Loan prepayment and foreclosure fees: Some banks typically, charge heavily on prepayment and foreclosure of home loans. It is one factor, which the borrowers must take off before signing the final deal through the preferred bank. Also, note that there are some loans, and some specific period of time until which entire amount cannot be paid.

Rate of Interest: The rate of interest is the main player in the entire discussion on Home Loans. We, DealsofLoan help in all possible manners to provide you the best deals on home loans, with the lower rate of interest. Contact us immediately.

Other Charges: There are several other hidden charges, which many times banks don’t disclose it to the borrowers. Thus, to avail transparent process, contact DealsofLoan!

The DealsofLoan is a modern era Fintech Company, which has the sole purpose of accumulating as many satisfied customers under their belt. The DealsofLoan urges all prospective borrowers to contact us immediately for the detailed discussion on the best offers on Home Loans.

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