Home loan
Approved in 1-7 working days !!!
Avail home loans up to Rs.10 crore with interest rates starting at 6.50% p.a. with additional benefits such as extended loan terms and flexible repayment options. Simple documentation, quick processing, and excellent customer service with a response time of 30 – 45 minutes makes Dealsonloan a go-to place for all your housing loan needs.
Home Loan Eligibility
Eligibility Criteria | Requirement |
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Age | Minimum Age: 18 years and Maximum Age: 70 years |
Resident Type | The applicant must be (any one):Resident IndianNon-Resident India (NRI)Person of Indian Origin (PIO) |
Employment | The applicant can be (any one):SalariedSelf-employed |
Net Annual Income | At least Rs.5-6 lakh depending on the type of employment |
Residence | The applicant must have (any one):A permanent residenceA rented residence where he/she has resided for at least a year prior to applying for a loan |
Credit score | A good credit score of at least 750 or more obtained from a recognised credit bureau |
Home Loan Documents Required
Identity Proof (any one) | Residence Proof (any one) | Other Documents |
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Driving License | Copy of Electricity Bill/Water Bill/Telephone Bill | Employer Identity Card |
PAN | Copy of valid Passport/Aadhaar Card/Driving License | Duly filled loan application form affixed with 3 passport size photographs |
Voter ID | Loan account statement for the previous 12 months if the applicant has any other ongoing loan from other banks/financial institutions | |
Valid Passport | Bank account statements for all the bank accounts owned by the applicant for the last six months |
Income Proof Documents
For Self-employed Applicant/Co-applicant | For Salaried Applicant/Co-applicant |
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Income Tax Returns for the last 3 years | Salary Slips for the last three months |
Certificate of Qualification (for Doctors/CA and other professionals) | Copy of Form 16 or Income Tax Returns for the last two years |
Balance Sheet audited by a certified CA and Profit and Loss account for the previous 3 years | |
Business License Details | |
Business address proof | |
TDS Certificate |
Home Loan Fees and Charges
Depending on the type of loan you are applying for, the following charges may be levied:
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- Processing fees: This is a one-time non-refundable fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge varies depending on the bank and the loan scheme you are applying for.
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- Prepayment charges: Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure.
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- Conversion fees: Some banks also charge a conversion fee when you decide to switch to a different loan scheme in order to lower the interest rate associated with your current scheme.
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- Cheque dishonour charges: The fee is levied when the loan provider find that a cheque issued by the borrower is found to be dishonoured due to reasons such as insufficient funds in the borrower’s account.
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- Fees on account of external opinion: In some cases, you might want to consult an external expert such as a lawyer or a valuator for his/her opinion on the loan. This fee should be paid directly to the concerned person and not the lending institution.
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- Home insurance: The premium should be paid directly to the concerned company during the term to ensure that the insurance policy is running during the home loan tenure.
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- Default charges: Loan providers also charge a penalty on delayed repayments i.e. if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another.
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- Incidental charges: This charge covers for the expenses incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
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- Statutory/regulatory charges: The fee includes all charges associated with Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and stamp duty. You can visit www.cersai.org.in to know more about these charges.
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- Photocopy of documents: The fee is payable to the bank if you require a photocopy of your home loan documents for any personal needs.
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- Change in loan term: Some banks also charge a nominal fee if you wish to change the tenure associated with your loan.