Home Loan Offers' Start from 8.50%,
Fee and Charges for Home Loan ProcessDepends on the type of housing loan you apply for; Levi can assess the following charges:
- Processing fees: This is a one-time the non-refundable charge that cost to the home loan provider upon approval of the loan application.
- Prepaid fees: Prepaid penalty is the charge that you may have to pay to the lender if you plan to repay the home loan after completion of the loan duration.
- Conversion fees: Some banks charge a conversion fee when you decide to switch to a different loan scheme to lower the interest rate associated with your current plan.
- Cheque bounce charges: The cost is Levi when the loan provider finds that a cheque received by the customer is found bounce due to reasons such as No funds in the borrower account.
- External Opinion Fees: In some cases, you may Charge to an expert on both the loan for advice, such as a lawyer and validator. This fee will pay directly to the person concerned, not to the institution which lends it.
- Home insurance: The premium will pay directly to the insurance company, ensure that the insurance policy is running during the home loan term.
- Default charges: Lenders also charge a penalty on delay repayments, i.e., if you fail to make your Monthly Instalments (EMIs) or Pre-EMIs on time. The default
- Penalty charges: This fee includes the bank costs for retrieving duties from a borrower who failed to make his monthly installments on time.
- Regulatory charges: The fee includes all expenses associated with Central Registry of Securitization Fees vary from bank to bank. Visit www.cersai.org.in for more detail on those charges.
- Photocopy of documents: If you need a photocopy of your home loan documents for any personal needs, the fee is payable to the bank. Change in loan term: If you wish to change the period associated with your loan, some banks often charge a nominal fee.
Home Loan Prepayment and Foreclosure Charges :
- Home loan prepayment: When a borrower plans his or her home loan partially before the end of the term of the loan. Prepaid loans help to reduce the principal loan amount, which subsequently reduces the EMI amount. If the customer has agreed to continue with the current EMI amount, they can request the lender to reduce the loan tenure instead of lowering the loan EMI.
- Home loan foreclosure: When the borrower ultimately repays the home loan with one payment instead of paying in installments before the end of the loan term. Previously on floating rate home loans, lenders used to impose fees for prepayment and foreclosure. But now, when individuals pre-close the loan, RBI has directed all lenders not to add loan foreclosure and prepaid charges on floating rate housing loans. However, on fixed-rate home loans, some lenders still levy these charges.