Overview
In Indian religions, a devaloka (literally, the realm of the devas) refers to a plane of existence inhabited by gods. Across Hindu traditions, devalokas are generally described as luminous abodes associated with goodness and well-being, often compared to the idea of heaven. Different Hindu denominations may use other names for such divine realms, including Svarga, with variations in non-fundamental details.
Hindu beliefs are vast and diverse, and Hinduism is frequently described as a family of religions rather than a single religion. Many Hindu sects view a devaloka as an intermediate stage on the way to a final, eternal destination. Higher realms cited within these traditions include Vishnuloka (Vaikuntha), Brahmaloka (Satyaloka) and Sivaloka (Kailasa), understood respectively as the abodes of union with Vishnu, Brahma and Shiva.
Within Hindu traditions, a devaloka is interpreted in more than one way. Some traditions describe it as a temporary plane of existence attained as a result of good karma, after which the soul must return to life on Earth to grow further and ultimately attain liberation (moksha). Once moksha is realised, further births are no longer necessary. Other traditions hold devaloka to be a permanent plane reached when an individual has become sufficiently attuned to light and goodness.
In Buddhism, a deva loka denotes a dwelling place of the Buddhist devas. The various deva worlds differ considerably from one another depending on the nature of their inhabitants, and they form part of the wider framework described in Buddhist cosmology.
References
Adapted from the English Wikipedia article on Devaloka.