Home Loan Approval, Interest Rates, Check Eligibility & Offers – Apply Now
Get online home loan approval at lowest interest rates & it is start from 6.70% per annum floating and reducing with lowest processing fees, no hidden charge, loan amount start from Rs. 10 Lakhs to Rs. 25 Crore with simple documents, fully digital process & avail your instant principle approval, instant support and door step service. Home Loan available for Salaried, Self-employed, Self-employed Professionals and NRI customers in Pan India Cities.
A home loan is a loan that have endues to purchase of residential flat, bungalow, residential plot or plot purchase plus construction loans. So in this loan buying property will mortgage with loan provider banks or housing finance company, hence it is a secured loan by collateral property. Home Loan is the second largest demanding loan product available in financial market in India.
Here Dealsofloan brings customised features that have great benefits to our customers in across the India. These silent features made our platform as best opportunity platform to all customers,
Checkout the Dealsofloan offerings for home loan lowest interest rates, instant check eligibility & various offer from different banks or all housing finance companies and apply now with our digital application integrated systems now.
Twelve main things that can help to get best deal available in market at lowest interest with zero hidden cost, we will help you start from loan application to complete your disbursement, we give great values of our relationship and always ready to serve you the best of the market.
| • Interest Rate Start at 7.25% EMI start from Rs. 790/ Lakh for 20 Years | • Additional loan available for down payment of property | • Top Up Loan available at housing loan interest rates |
| • Digital Application Process Available get instant Approval | • Non Agriculture & Gram Panchayat Property Loan Available | • Ready possession and under construction Property allowed |
| • Custom made Home Loan program & that understand you need! | • Compare Offers From 30+ Home Loan Providers | • Up to Four Family members income clubbing option |
| • Cash Salary Loan Processing Program Available | • 12+ Eligibility Calculation Program to Enhance Loan Eligibility amount | • Cash Business Income Loan Eligibility Program |
| • Special Balance Transfer Loan Program with Zero Processing Fees | • Top-up loan at home Loan interest rate is available | • Avail 100% Loan against Purchase Agreement |
| • PMAY Home Loan Subsidy Scheme Available | • Extra Loan Available for Furniture & Interior | • Door Step Service at Zero service charges |
Dealsofloan.com offers the best rates available in the markets. You can compare all the loan providers offer under a single roof. A home loan can be used to buy a new property like flats, bungalow, and row houses also. Banks generally provide 75% to 90% of the property value as a home loan, we are offering 100% loan on agreement value on resale property purchase.
Under new property purchase customer has to paid as down payment amount and it has to be arranged as the initial down payment. You can also avail a personal loan for further down payment amount. Nowadays some builders provide fully furnished flats to enable higher loan amount. This also reduces the cost of furnishing the house on possession.
To apply for a Home Loan there are some parts included in availing Home Loan starting with identifying your property to fill up the loan application form, let’s have quick check about loan application process.
1) Complete your application details in given apply form as per the KYC and other documents, we suggest you to complete your application field in one go it will provide you instant decision.
2) Update your individual & your other co applicant net income details if required, customer can club up to four co-applicants to enhance the loan amount eligibility as per the requirement.
3) Check your loan eligibility on our platform easily, if you found less eligibility we will help you to enhance the loan amount with our various smart loan calculation program.
4) Get best offers from market from DOL team and complete you application login process after selecting the bank or housing finance option with the help of Dealsofloan team.
5) Upload your scan copy of KYC & income documents in PDF format on our platform to complete your digital login or physical copy of required documents and complete the signing process on all KYC and income documents along with bank loan application form provided by DOL team.
6) You can get principle home loan approval within 48 hours with our digital process to avail this digital application customer need to upload clear PDF copy of KYC documents along with other financial and income documents.
7) Track your loan application status on our dealsofloan loan mobile app, it is available on Google Play store, it will help our customers to track their step wise feedback and hold query from credit team of bank/finance, customers should resolve the hold/pending query on priority basis it will reduce the loan processing time.
8) Get dedicated support from our support team, our team will update you time to time about customer appointment for doing various verification like Property legal report, valuation report and other personal discussion with credit team, it will provide timely approval & disbursement.
| Bank Name | Interest Rate | Benchmark Type | Processing Fee |
|---|---|---|---|
| SBI Home Loan | 6.65% | RLLR | 0.50% , Min Rs. 1,000, Max Rs. 17,400 |
| HDFC Bank Home Loan | 6.70% | PLR | 0.50%, Min ₹ 3,000, Max ₹ 10,000 |
| Bank of Baroda Home Loan | 6.50% | RLLR | Min Rs. 7,500 |
| Federal Bank | 7.65% | RLLR | 0.50% , Min Rs. 3,000, Max Rs. 7,500 |
| PNB Housing Finance | 6.99% | PLR | 0.50%, Min Rs. 10,000 |
| Axis Bank Ltd | 6.65% | RLLR | 0.20% , Min Rs. 5,000, Max Rs. 25,000 |
| IDFC First Bank | 6.50% | RLLR | Min Rs. 5,000, Max Rs. 5,000 |
| IDBI Bank | 6.75% | RLLR | 0.50% , Min Rs. 5,000 |
| Piramal Housing Finance | 9.00% | PLR | 0.50% or Max Rs 10000 |
| Kotak Mahindra Bank | 6.55% | RLLR | 0.50% or Max Rs. 10,000 |
| Tata Capital Housing Finance | 6.90% | PLR | 0.50% to 1% |
| LIC Housing Finance | 6.66% | PLR | 0.25% |
| Magma Housing | 10.25% | PLR | Min Rs. 2,500 |
| Aadhar Housing | 10.25% | PLR | Min Rs. 2,500 |
| ICICI Bank | 6.70% | RLLR | 0.50% 1.00% |
| Edelweiss Housing | 10.50% | PLR | 0.50% |
| DCB Bank | 8.25% | 1 Year MCLR | 2.00%, Min Rs. 5,000 |
| South Indian Bank | 8.05% | RLLR | 1.00% , Max Rs. 10,000 |
| India bulls Home Finance | 8.65% | PLR | Min Rs. 7,500, Max Rs. 10,000 |
| DBS Bank | 7.30% | RLLR | Max Rs. 10,000 |
| DHFL Home Finance | 9.50% | PLR | 0.50%, Min Rs. 2,500, Max Rs. 20,000 |
| Jana Small Finance Bank | 9.50% | RLLR | 0.50%, Min Rs. 2,500, Max Rs. 20,000 |
| Canara Bank | 8.05% | RLLR | 0.50% , Min Rs. 1,500, Max Rs. 10,000 |
| Ujjivan Small Finance Bank | 12.50% | RLLR | 1.00% |
| Jammu And Kashmir Bank | 7.70% | RLLR | 0.25% , Min Rs. 500, Max Rs. 10,000 |
| Bank of Maharashtra | 6.40% | RLLR | 0.50% |
| Andhra Bank | 8.15% | RLLR | 0.50% , Max Rs. 10,000 |
| United Bank of India | 6.95% | RLLR | 0.59% , Min Rs. 1,180, Max Rs. 11,800 |
| Standard Chartered Bank | 6.99% | 3 Month MCLR | 1.00%, Min Rs. 5,000, Max Rs. 10,000 |
| Syndicate Bank | 8.00% | RLLR | 0.13% , Min Rs. 500, Max Rs. 5,000 |
| RBL Bank | 10.45% | 1 Year MCLR | Min Rs. 5,000, Max Rs. 15,000 |
| Karur Vysya Bank | 8.20% | RLLR | Min Rs. 5,000 |
| Indian Overseas Bank | 7.45% | RLLR | 0.53% , Min Rs. 8,900, Max Rs. 13,350 |
| HSBC Bank | 8.65% | RLLR | 1.00% , Max Rs. 10,000 |
| Central Bank of India | 6.85% | RLLR | 0.50% , Max Rs. 20,000 |
| Piramal Housing Finance | 9.00% | PLR | 0.10% |
| Bank of India | 6.85% | RLLR | 0.25% , Min Rs. 1,500, Max Rs. 20,000 |
| Yes Bank | 6.65% | 1 Year MCLR | 1.00%, Max Rs. 15,000 |
| Allahabad Bank | 8.25% | RLLR | 0.40% , Max Rs. 50,000 |
| Union Bank of India | 6.40% | RLLR | 0.59% , Min Rs. 1,180, Max Rs. 11,800 |
| Punjab and Sind Bank | 6.85% | RLLR | 0.25% , Min Rs. 1,000, Max Rs. 15,000 |
| Lakshmi Vilas Bank | 7.50% | RLLR | 0.40% , Min Rs. 10,000, Max Rs. 20,000 |
| Karnataka Bank | 8.55% | RLLR | 0.25% , Min Rs. 250 |
| Indian Bank | 7.55% | RLLR | 0.23% , Max Rs. 20,381 |
The Government of India offers tax benefits on home loans under the Income Tax Act of 1961. Home loan borrower can get benefit of tax deduction on principal repayment under section 80C, tax deduction on interest under section 24, and additional home loan interest tax benefit for first-time home buyers under section 80ee.
These home loan tax benefits help borrowers save substantial amount of money every year. And even more so after the Finance Minister Nirmala Sitharaman presented her first 2019 Union Budget on 5th July. Let’s look at the updated income tax benefits on home loan FY 2019-20 so that you can make the most of it.
| Name of Act (Sections) | Housing Loan Tax – Exemption types | Maximum Allowed amount |
|---|---|---|
| Section 24(b) | Only Annual Paid Interest | Rs.2 lakh* |
| Section 80C | On Principal (including paid stamp duty & registration fee) | Rs.1.5 lakh |
| Section 80EE | Additional amount of interest (for first-time buyers) | Rs.50,000 |
The home loan borrower enjoys Tax exemption Benefits on both Interest paid amount to bank of finance company. Under Section 24(b) act in India for income tax, the deduction of interest payable on the home loan is up to a maximum of Rs. 2,00,000 on the self-occupied home loan property, it can be availed after filing annual income tax return, it can be adjusted in the calculation of expenses and the same will refunded by income tax department within two or three month after income tax return filled date.
| Particulars | Section of income tax 24 (b) of the Income Tax Act for Home Loan |
|---|---|
| Tax exemption allowed for | Only Interest part under section 24(B) |
| Type of Property | Any Residential Property |
| Basis of deduction on Income Tax | Accrual basis |
| Actual amount of Tax Deduction allowed | Self-Occupied Property: Rs. 2,00,000 Non Self Occupied Property: No Limit |
| End use of Loan | Purchase/ Construction/ Repair/ Renewal/ Reconstruction of a Residential House Property. |
| Income Tax deduction refund/ exemption eligibility | New Purchase/ Re or new Construction should be completed within 5 years |
| Sale of Property to be restricted | Nil |
Section 80C Exemption in India on the Housing Loan Annual Repayment of principle amount under Tax Deduction
Under Section 80(c) of Income Tax, Only for annual paid principal part in loan repayment amount for the repayment of loan along with other savings & investments is eligible for tax deduction up to a maximum limit of Rs. 1, 50,000 per annum.
Conditions of section 80C for FY 2022 -23 for Deduction of income tax on the Housing Loan Principal Repayment:
• This exemption is permitted only for the properties that are completed 100% construction or having completion certificate of the house of building, it is allowed in rural and urban both properties and allowed all kind of permitted zone areas in anywhere in India after the construction of the house is completed.
| Particulars | Section 80C of the Income Tax Act |
|---|---|
| Deduction permitted under Income tax | Principal amount only |
| Type of property | Only residential house property |
| Basis of tax deduction | Income Tax Filing online payment/ challan |
| Capped limit of Tax Deduction allowed | Rs. 1,50,000 |
| Primary End use of loan | Purchase / Construction of a new house property |
| Eligibility for claiming Income tax exemption | Nil |
| Restriction on sale of property | Deduction claimed would be reversed if property is sold within 5 yrs. |
One additional income tax exemption brings by our finance minister for all first time home buyers, additional amount of Rs 50000 are allowed to customers on interest payment of annual EMI for housing loans, this amount is additional amount of section 80C i.e. Rs. 150000 of interest part, so combined amount of Rs. 200000 is permitted in both sections (80C+ 80EE) on a single home loan.
• The first condition for 80EE is customer should be the first home owner at the time of application of housing loan.
• The fare market valuation of the property should be less than Rs. 50 Lakh as per the valuation report by bank approved technical valuator.
• The scheme is to encourage affordable housing so the limit is capped for Rs 35 Lakhs.
• The home loan amount must have been approved to a customer between April 1, 2016 and March 31, 2017
| Section Particulars | Act of 80EE under Income Tax |
|---|---|
| Tax Deduction permitted for | Only on Interest amount |
| Type of property | Only residential house property |
| Basis of tax deduction | Paid basis |
| Amount capped of Tax allowed | Rs. 50,000 |
| End use of loan | Purchase / Construction of a new house property |
| Basic criteria for tax deduction exemption claiming | Nil |
| Restriction on sale of property | Nil |
Prime Minister Scheme for Affordable Housing is designed to increase demand in housing sector, it is called PMAY scheme, it is available for purchasing of first home with amount of less than 45 Lakhs
So the stamp duty can be exceed 45 Lakhs, as per the scheme of CLSS section 80EEA customer is allowed to take exemption on interest amount up to Rs. 150000.
PMAY scheme is available under new housing loan at our platform, we are offering various housing loan schemes for our customers at your door steps, apply for home loan and avail the benefits.
a) PMAY Scheme Housing Loan Eligibility criteria
PMAY scheme is available only for individual resident customers of India, means it is not available for any partnership firm, LLP, Private Limited Company or HUF or any other corporate of income tax payers. So if you are going to buy a property for you firm’s name or company name than you are not eligible for apply under PMAY scheme under housing loan for your property.
b) Exemption of amount available under PMAY scheme
A capping of deduction under PMAY scheme for annual interest payments on home loan repayments up to Rs 1,50,000 is allowed 80EEA. This is an additional benefit of under this scheme because this deduction is add on the deduction amount of Rs 2 lakh for overall calculation of annual payment for interest amount available under PMAY for the income tax act 24 of the Income Tax Act, so to use this scheme any individual customer can avail benefit of claiming a total deduction of Rs 3.5 Lakhs for housing loan interest amount.
| Scheme Details | EWS/LIG | MIG I | MIG II |
|---|---|---|---|
| Family Income (INR) | Up to 6,00,000 | 6,00,001-12,00,000 | 12,00,001-18,00,000 |
| Loan Purpose | Purchase/Self-Construction/Extension | Purchase/Self-Construction | Purchase/Self-Construction |
| Carpet Area (Max) | Not exceeding 60sqmts2 | Not exceeding 160sqmts | Not exceeding 200sqmts |
| Woman Ownership | Mandatory | Not Mandatory | Not Mandatory |
| 1st Property | Family should not own any pucca dwelling unit in any part of India | ||
| Max Subsidy Benefit (INR) | 2.67 Lacs | 2.35 Lacs | 2.30 Lacs |
| Documents Required | Salaried Customers | Self Employed Customers |
|---|---|---|
| Application Form | Signed by customer along with photographs | Signed with photographs with rubber stamp if required |
| Identity Proof | Clear Copy of PAN card Self signed | Copy of PAN card self-signed |
| Certificate and Proof of Business Existence | Not applicable | PAN, GST registration, Copy of partnership deed, Shop act, Trade license, Certificate of practice, Registration certificate issued by government |
| Current Address Proof | Copy Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ Bank statement (not more than 3 months old) | Bank statement, Utility bill, Reg, Lease or rent agreement, TAN allotment letter, Passport, Driving Licence, Voter ID card, Phone bill, Property bill |
| Office Address Proof | Not Applicable | Utility Bill, Bank Statement, Reg. Lease Rental Agreement |
| Income Proof | Form 16, Latest 6 months’ salary slip & Latest 6 months bank statement, Previous Job experience proof if required | Last 2 years ITR, Last 12 months bank statement ( ITR is not mandatory) |
| Property Documents | Past title chain if resale or builder master file – Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension (As per the property legal requirement by bank ) & Latest Draft Agreement, down payment receipt & down payment clearance proof as bank statement |
|
Colour Photo
PAN Card Copy
Last 6 months bank A/C statement
Passport size photograph of the applicant & co-applicant
Age proof of co-applicant
Residence Address Proof
A home loan applicant needs to check on the following important point when comparing home loans.
• Actual purpose of home loan i.e. purchases a new ready home or any re sale property.
• Eligible for maximum home loan amount
• EMI and interest rate flexibility
• Lower processing fees on home loan
• Special discount on Pre-payment and pre-closure fees
• Comparison & multiple option of the customer experience by previous customers
Yes, You can avail .Apart from Home purchase you can avail home loan for Home Improvement Loan, Home Extension Loan, Home Conversion Loan, Home Construction Loan.
Yes, Government registration charges, transfer charges and stamp duty costs are some of the costs in addition to the cost of the home cost
Following are the extra costs:
• Normally Bank/Lender processing charge/Loan booking fee: Bank or Finance Company charge some fee for processing there loan application is called processing fee, when the customer apply for a home loan. Generally It could between .5 % to 1 % of the loan amount.
• Pre-payment or Foreclosure Charges: For home loan product If any of loan amount is paid back to Bank or Finance Company before the end of the agreed loan tenure, a Pre payment penalty is charged by banks/lenders, which could be up to 2% to 4 % of the amount pre-paid . However, most lenders currently do not charge a pre-payment fee for floating rate loans.
• Additional Charges /fee or Costs: In Indian financial markets some Loan lenders may charge a documentation charge. This is also known as “Application fee”, in some Banks.
• Property Loan Registration charges – Home registration charges are to be paid at the local Sub-Registrar’s Office it can goes up to .5 % to 1.5 % , as Charges for transferring the rights of the property from the builder/seller, and registering it in the name of the buyer (the loan applicant).
Yes, it is very good to have a co-borrower. This can easily enhance your loan amount, you are eligible for as the income of the co-applicant is also taken into consideration. There is no need to provide additional security like bonds, fixed deposits and LIC policies will also help in enhancing eligibility.
EMI meaning; In the financial market EMI is simply the way of monthly repayments of loan. (EMI) is the fixed amount that is paid back to the Finance Company on a monthly installment. It made in with two parts; one is the principal amount portion and second is the interest portion on the principal amount equally divided across each month goes up to end of the last tenure month. The installments of loan are always paid up to the bank or lender on a fixed date each month until the total amount due is paid up during the tenure.
As a loan provider platform we have a dynamic EMI calculator with amortization schedule. Amortization is a calculative table giving the reduction of your loan amount by monthly installments. The amortization chart gives the breakup of every EMI towards repayment of interest and outstanding principal of your loan.
Yes, As per Income tax rule of India under Section 80C and Section 24 tax deductions are capped at 1 lakh for the principal repaid and 1.5 lakh for the interest repaid on hole loan.
Customer can select a loan tenure on the basis of comfortable with, ranging between 1 yr to 25 years, provided the term does not extend beyond your reaching 65 years of age or retirement age, whichever is earlier.
We are helping NRI’s to availing Home Loans in India .The Bankers are offered to NRIs normally do not exceed 7 years of Loan tenure. The repayment for the loan is by way of monthly fixed installments. The EMIs begin only after the entire loan is disbursed. In case of a part disbursement, you will pay only the interest amount on the disbursed loan amount every month instead of the EMI. This is called as pre-EMI.
Till now no benefit allowed to NRI’s as per Indian Income tax low, there are no tax benefits are available for NRI customers unless you file returns and hence become eligible to avail the tax rebates available for home loans.
No, Dealsofloan.com’s services come to you totally free of cost
Dealsofloan will never share your information data with any third party other than the financial institution that you decide to apply to. Our fare technology practices ensure a highly secure environment.
Once your application is electronically submitted on Dealsofloan.com; we will verify and send it securely to the financial institution as per your choice. This Bank/financial institution will then get in contact with you directly to take the process forward. Dealsofloan.com will also keep you updated on the status of your application via email and SMS alerts.
Your credit report is one of the most important factors when it comes to deciding your eligibility for a particular loan.
We provide credit reports for free so you can understand the health of your credit history.
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