About Home Loan

About Home Loan

Deal4ask believe in interfacing every person with a home of their life and for that we provide our simple & easy process, quick loan approvals, and attractive interest rates that will make your housing loans experience a great one. We offer our help with property selection, checking approvals of the properties, filing the documents, and calculating the perfect EMI and tenure for you.

At Deal4ask we provide quick home loans, home renovation loans with low interest rates without credit check. We are with you in every step of the way to ensure you have the best possible home buying experience.

We believe in transparency. Hence, to ensure a great housing loan experience for our customers, there will never be any hidden charges. With our quick loan approvals, you will not face any unnecessary delay that hinders you from getting your mortgage loan.

Should I take Home loan now or wait ?

Home loan is a long term investment plan. Generally, people opt for a home loan for 20 to 30 years.Mostly customers avail loan on floating interest rates. Rates keep changing and long-term loan such as for 20 years or more than that is impossible to decide. Home loan rates will change in 20 years, so making a decision to take a home loan just base of the reason of interest rates is not a smart idea. So thinking to start a loan at a lower rate has no relevance. The right time to take a Home loan is when:

  • The Property you intend to buy is good and cannot be missed or it is expected that the price of property will rise.
  • The EMI that you have to pay per month is above your monthly expense budgets etc.

Bonanza for home loan seekers as govt. offers interest subsidy for those earning ₹6 lakh - ₹18 lakh. The scheme has been envisaged for one year. Those who have been sanctioned housing loans and whose applications are under consideration since January 1 this year are also eligible for interest subsidy. Prime Minister Narendra Modi had earlier announced an interest subsidy of 4 per cent on housing loans of up to ₹9 lakh for those earning up to ₹12 lakh per year under PMAY SCHEME 2017. A subsidy of 3 per cent on housing loans of up to ₹12 lakh for those earning up to ₹18 lakh per year.

Major Home Loan providers in India

Bank Name Loan to Property Value Interest Rates MCLR Rates
State Bank of India (SBI) 75% -90% 8.30% - 8.60%


HDFC Ltd 75% -80% 8.35% - 8.55%


LIC Housing Finance 75% -80%
8.35% - 8.80%


Axis Bank Home Loan 75% - 85% 8.35% - 8.75%


ICICI Bank Home Loan Upto 85% 8.35% - 8.80%


Fedbank Home Loan Upto 85% 9.57% - 9.82%


PNB Home Loan 75% - 80% 8.35% - 8.45%


PNB Housing Finance 75% - 80% 8.35% - 9.25%


IDBI Home Loan 75% - 90% 8.35% - 8.40%/td>


DHFL Home Loan 80% - 85% 8.35%


Bajaj Finserv Home Loan 75% - 80% 8.85%


Indiabulls Home Loan 75% - 80% 8.35% - 8.80%


Allahabad Bank Home Loan 75% - 80% 8.30% - 8.40%


Bank of India Home Loan 75% - 85% 8.35% - 8.40%


Corporation Bank 9.60% Rs.18773


L&T Housing Finance 9.90% Rs.19168


Union Bank Home Loan 65% - 80% 8.30% - 8.35%


United Bank Home Loan 75% - 80% 8.45%


Uco Bank Home Loan 75% - 80% 8.45% - 8.75%


Bank of Baroda Home Loan 75% - 90% 8.30% - 8.50%


Kotak Home Loan up to 90% 8.35%


Vijaya Home Loan Upto 80% 8.50%


Standard Chartered Home Loan Upto 80% 8.51%


Indian Bank Home Loan 80% - 90% 8.35% - 9.35%


L & T Home Loan 80% - 90% 9.65% - 10.25% (for Salaried/ SEP) 9.65%-10.50%(SENP)


Shubham Housing Development Finance Company 75% - 80% 12%-14%(For Salaried) - 15%-17%(For Self-employed)


Home Loan – Let's simplify how this will go about and what are the steps.
The first step involved in the process is to find your property, which is followed by the verification of property documents, post that the documents are examined. Simultaneously, you can start searching for the lender who can offer the best home loan deal after checking your eligibility criteria.

Know the Home Loan Eligibility: Banks offer the loan amount based on your monthly income and the value of the property. They will give you max amount in which your EMI of home loan and others loans is 50-60% of your income. Other factor is value of that property.

Select the Best Home Loan after evaluation: Comparing home loan interest rates of various banks is the primary feature in the home loan selection process. However, you should not also forget to compare other fees & charges like application fees, processing fees, legal charges of different loan offers. To check the interest rates & other charges incurred by various banks, Deal4Loans has brought in a Home Loan Comparison Chart across various government and private banks. Banks offer fixed and floating rates in home loans.

Most customers choose Floating rates

Applying for the Loan : After you have selected your lender, you have to fill in the application form, wherein the lender requires complete information about your financial assets & liabilities; other personal & professional details together with the property details & its costs.

Documentation & Verification Process: You are required to submit the necessary documents to the bank, which will be verified together with the details in the application

Credit & default check: Bank checks out the borrower’s loan eligibility (through repayment capacity) & the amount of loan is confirmed. The borrower’s repayment capacity is reached, which is based on the income, salary, age, experience & nature of business etc. Bank also checks credit history through the Cibil Score, which plays a critical role in deciding & approving your loan application. Low credit score implies that the bank upfront rejects your application on the basis of earlier credit defaults; on the other hand high credit score gives a green signal to your application

Bank sanctions Loan & Offer letter to the borrower: After the credit appraisal of the borrower bank decides the final amount & sanctions the loan, the bank further sends an offer letter to the borrower, which constitutes the details like rate of interest, loan tenure & repayment options etc.

Acceptance Copy to the Bank: The borrower needs to send an acceptance copy to the bank after the borrower agrees with the terms & conditions in the offer letter.

Bank checks the legal documents: The bank further asks the legal documents of property from the borrower to check its authenticity, so as to keep them as a security for the loan amount given. The next step involved is the valuation of the property by the bank which determines the loan amount sanctioned by the bank.

Signing of agreement & the loan disbursal:
The borrower signs the loan agreement & the bank disburses the loan amount.

Documents required in Home Loan

Generally, the documents required to process your loan application are almost similar across all the banks; however they may differ with various banks depending upon specific requirement etc. Following documents are required by financial institutions to process the loan application:

  • Income
  • Age Proof
  • Address Proof
  • Income Proof of the applicant & co-applicant
  • Last 6 months bank A/C statement
  • Passport size photograph of the applicant & co-applicant

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