In this article I will be writing about the check list needed while applying for the home loans. If you are not aware of all the fees and hidden charges on the home loans, you will have halvat pikavipit to pay more money that you would have been saved if you analyze the home loans with different banks.
List of facts to be known
When you are applying for a home loan, you must be knowing the following facts.
- Processing Fees
- Administrative fees
- Legal / Technical charges
- Stamp duty
- Prepayment / Foreclosure charges
- Switching your home loans to other banks
- Processing Fees
Most of the banks charge you the home loans processing fees which is not refundable. It is better you can learn what is the amount they would be charging as the processing fees. Mostly it ranges from 0.5% 1.0%. I have written detailed article about the processing fees and home loans. Read this article to know more about the processing fees involved in home loans.
This fees is specific to the bank which is charging for the administrative task done for sanctioning your loan. Most of the banks may not charge you the customer, but it is better to check with the lender. It is different from the processing fees involved in home loans.
Legal / Technical charges
This fees is for the lender to do any of the legal investigation done for your house before sanctioning the loan. This is done to verify your properties builder with the legal entity and the authority of the land approval to avoid any problem in the future.
You will have to pay the stamp duty amount to the state Govt.
Switching your home loans to another bank
You have paid the 50% of the home loans and in that time interest rates in the other bank has come down compare to your current lender. You would be thinking of switching your loans to the lower interest rates. Then you will have to ask them the fees and charges involved in that.